Consolidated Water Co. Ltd.

08/10/2026 | Press release | Distributed by Public on 08/10/2026 15:26

Consolidated Water Reports Second Quarter 2026 Results (Form 8-K)

​
Consolidated Water Reports Second Quarter 2026 Results

GEORGE TOWN, Grand Cayman, Cayman Islands, August 10, 2026 -- Consolidated Water Co. Ltd. (NASDAQ Global Select Market: CWCO), a leading designer, builder and operator of advanced water treatment plants, reported results for the second quarter ended June 30, 2026. All comparisons are to the same prior-year period unless otherwise noted.

Consolidated Water will hold a conference call at 11:00 a.m. Eastern time tomorrow to discuss the results (see dial-in information below).

Second Quarter 2026 Financial Summary

● Total revenue decreased 2% to $32.9 million.
● Retail revenue was relatively consistent at $8.7 million, up 0.3%.
● Bulk revenue increased 20% to $9.9 million primarily due to a significant increase in energy-related revenue in the Bahamas operations and, to a lesser extent, revenue from two new seawater desalination plants on Cat Island, The Bahamas, commissioned in 2026.
● Services revenue increased slightly by 1% to $11.6 million.
● Manufacturing revenue decreased by 49% to $2.7 million primarily due to a decrease in the total dollar amount of new purchase orders.
● Net income from continuing operations attributable to company stockholders totaled $4.0 million or $0.25 per diluted share, compared to $5.2 million or $0.32 per diluted share in the second quarter of 2025.
● Including discontinued operations, net income attributable to company stockholders totaled $3.9 million or $0.24 per diluted share, compared to $5.1 million or $0.32 per diluted share in the second quarter of 2025.
● Cash and cash equivalents increased to $132.6 million, and working capital increased to $144.6 million as of June 30, 2026.

Second Quarter 2026 Operational Highlights

● Received a 25-year exclusive water production and supply concession and water utility license to provide water to Seven Mile Beach and West Bay, two of the three most populated areas of Grand Cayman.
● Commissioned a seawater desalination plant on Cat Island, The Bahamas, bringing to two the total plants commissioned on the island in 2026. The plants supply potable water to the Water and Sewerage Corporation of The Bahamas.
● Received an extension of the operating and maintenance agreements for the Water Authority-Cayman's North Sound and North Side Water Works plants in Grand Cayman from July 1, 2026, through March 31, 2027.
● Appointed Sachin Chawla to the new position of senior vice president, strategy and growth. He brings to Consolidated Water more than 25 years of water industry leadership experience spanning public and private sector businesses, including a deep background in large-scale desalination projects, public utility operations and complex project development.

Management Commentary

"In Q2, revenue grew across our retail, bulk and services segments, while manufacturing revenue fell by about half, reducing consolidated revenue by 2%," said Consolidated Water CEO Rick McTaggart. "Manufacturing revenue declined due to a decline in the total dollar amount of new purchase orders for 2026 projects compared with last year, when a large late-2024 order benefited first-half revenue in 2025.

"Retail revenue was relatively consistent despite slightly wetter weather, which contributed to a 2% decline in the water volume we sold in Grand Cayman. The volume decline was offset by a base water rate increase for a major non-potable water customer resulting from the expiration of that customer's concessionary water purchase agreement in May 2026.

"Bulk revenue increased 20% and gross profit increased 27%, primarily due to higher energy pass-through charges by CW-Bahamas driven by significantly higher energy costs. Revenue and gross profit also benefited from two new Cat Island desalination plants supplying potable water to the Water and Sewerage Corporation of The Bahamas.

"Cost reductions lowered G&A expenses in the retail and bulk segments, contributing to income from operations growth in both segments. Services G&A expenses also decreased but were offset by higher cost of revenue due to a revenue mix this past quarter comprising a higher proportion of construction revenue and a lower proportion of higher-margin O&M, design and consulting revenue.

"Services revenue from O&M contracts declined by about $2.2 million due to the expiration of PERC's contracts with two customers in the first quarter of 2026. Lower O&M revenue was partially offset by a new municipal contract in southern California, awarded to PERC in November 2025, that is expected to generate approximately $4.5 million in revenue over the three-year contract term.

"Construction revenue increased $2.5 million, driven by two previously announced water treatment plant construction projects, specifically a $3.9 million drinking water plant expansion in Colorado, and an $11.7 million wastewater recycling plant in California. Both of these projects are scheduled to be completed this year.

"In July, our client issued a limited notice to proceed for a $204 million project to design, construct, operate and maintain a 1.7-million gallon-per-day seawater desalination plant in Kalaeloa, Hawaii. The notice authorizes approximately $6 million for procurement of long-lead equipment. Procuring long-lead

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equipment at this stage should help reduce potential scheduling pressure and enable the project to move forward more efficiently once all of the required permits are in place. We continue to expect construction to start later this year and believe the project will significantly contribute to revenue and earnings growth in future periods.

"Subsequent to the quarter, we announced the receipt of purchase orders totaling approximately $10.1 million for municipal water treatment equipment in Florida. These purchase orders represent our largest municipal membrane equipment order and our largest horizontal cartridge filter order to date, demonstrating the strength and breadth of our manufacturing capabilities.

"Based on current backlog, we expect manufacturing revenue to improve in future periods. We are seeing a very active market for our products and services for the remainder of this year, particularly for municipal water projects in Florida. Our extensive experience manufacturing large-scale membrane-based water treatment systems, combined with our Ft. Pierce, Florida location, positions us well to capitalize on growth opportunities in the Florida market, which we believe will benefit 2026 and 2027 performance.

"We expect our diversified water solutions platform to continue driving growth and enhanced shareholder value. Our Grand Cayman retail operations, recurring Caribbean bulk water revenue, and expanding opportunities across U.S. manufacturing, design-build and O&M provide multiple avenues for sustained performance. Supported by a strong balance sheet, we believe we are well positioned to move decisively on desalination and water infrastructure opportunities across the Caribbean and North America, while also pursuing strategic acquisitions and partnerships that can further accelerate growth."

Second Quarter 2026 Financial Results

Revenue totaled $32.9 million, decreasing 2% from $33.6 million in the second quarter of 2025 The decrease was due to a $2.5 million decline in the manufacturing segment, partially offset by increases of $23,000 in the retail segment, $1.7 million in the bulk segment and $137,000 in the services segment.

Retail revenue remained consistent despite a 2% decrease in the volume of water sold. The decrease was offset by an increase in the rate charged and volume of water sold to a major non-potable water customer.

The increase in bulk segment revenue was primarily due to an increase in energy-related revenue in the Bahamas operations, and to a lesser extent from revenue earned from CW-Bahamas' new plants on Cat Island, The Bahamas.

The increase in services segment revenue was primarily due to construction revenue that totaled $5.3 million, up 89% from the second quarter of 2025. The increase in construction revenue was due to incremental revenue generated by a project in Colorado and a project in California. The increase in services segment revenue was partially offset by a decrease of revenue generated under O&M contracts that totaled $6.0 million for the second quarter of 2026, a decrease of 27% from the second quarter of 2025. The decrease in O&M revenue was due to the expiration of two PERC contracts.

Manufacturing segment revenue decreased by $2.5 million, or 49%, to $2.7 million, as compared to $5.2 million in the second quarter of 2025. The decrease was due to a decrease in the total dollar amount of new purchase orders.

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Gross profit for the second quarter of 2026 was $11.0 million (33% of total revenue), as compared to $12.8 million (38% of total revenue) in the second quarter of 2025. The decrease was due to the decline in manufacturing revenue mentioned above.

Net income from continuing operations attributable to Consolidated Water stockholders for the second quarter of 2026 was $4.0 million, or $0.25 per diluted share, compared to net income of $5.2 million, or $0.32 per diluted share, in the second quarter of 2025.

Including discontinued operations, net income attributable to Consolidated Water stockholders for the second quarter of 2026 was $3.9 million or $0.24 per diluted share, compared to net income of $5.1 million, or $0.32 per diluted share, in the second quarter of 2025.

Cash and cash equivalents totaled $132.6 million as of June 30, 2026, with working capital of $144.6 million and stockholders' equity of $225.6 million.

First Half 2026 Financial Results

Revenue for the first half of 2026 was $62.8 million, a decrease of 7% from $67.3 million in the same year-ago period. The decrease was due to decreases of $811,000 in the retail segment and $7.0 million in the manufacturing segment. These decreases were partially offset by increases of $2.0 million in the bulk segment and $1.3 million in the services segment.

Retail revenue decreased due to a 6.3% decrease in the volume of water sold. The decrease was attributable to significantly greater rainfall on Grand Cayman in 2026, as 2025 rainfall was well below historical norms.

The increase in bulk segment revenue was primarily due to an increase in energy-related revenue in the Bahamas operations and, to a lesser extent, from revenue earned from CW-Bahamas' new plants on Cat Island, The Bahamas.

The increase in services segment revenue was primarily due to construction revenue that totaled $7.4 million, up 47% from the first half of 2025. The increase in construction revenue was due to incremental revenue generated by a project in Colorado and a project in California. The increase in services segment revenue was partially offset by a decrease of revenue generated under O&M contracts that totaled $14.9 million for the first half of 2026, a decrease of 7% from the first half of 2025. The decrease in O&M revenue was due to the expiration of two PERC contracts.

Manufacturing segment revenue decreased by $7.0 million, or 63%, to $4.1 million as compared to $11.0 million in the first half of 2025.

Gross profit for the first half of 2026 was $21.9 million (35% of total revenue), as compared to $25.1 million (37% of total revenue) in the first half of 2025. The decrease was primarily due to a decrease of $2.7 million in manufacturing segment gross profit and, to a lesser extent, decreases in the retail segment and the services segment gross profit. The decrease in gross profit was partially offset by an increase in gross profit for the bulk segment. The improvement in bulk segment gross profit reflects a $226,000 decrease in insurance expense for CW-Bahamas.

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Net income from continuing operations attributable to Consolidated Water stockholders for the first half of 2026 was $7.9 million, or $0.49 per diluted share, compared to net income of $10.1 million, or $0.63 per diluted share, in the first half of 2025.

Including discontinued operations, net income attributable to Consolidated Water stockholders for the first half of 2026 was $7.7 million or $0.48 per diluted share, compared to net income of $9.9 million or $0.62 per diluted share in the first half of 2025.

Second Quarter 2026 Segment Results
​

Three Months Ended June 30, 2026

Retail

​ ​ ​

Bulk

​ ​ ​

Services

​ ​ ​

Manufacturing

​ ​ ​

Corporate

​ ​ ​

Total

Revenue

$

8,660,947

$

9,934,060

$

11,585,573

$

2,689,782

$

-

​ ​ ​

$

32,870,362

Cost of revenue

3,805,970

6,722,244

9,686,546

1,692,213

-

21,906,973

Gross profit

4,854,977

3,211,816

1,899,027

997,569

-

10,963,389

General and administrative expenses

899,499

340,147

1,474,321

519,072

4,009,983

7,243,022

Gain (loss) on asset dispositions, net

24,589

-

(270)

-

-

24,319

Income (loss) from operations

3,980,067

2,871,669

424,436

478,497

(4,009,983)

3,744,686

Interest income

28,819

184,812

245,179

-

186,775

645,585

Interest expense

-

-

(237)

-

(242)

(479)

Income (loss) from affiliates

-

-

-

(429)

61,850

61,421

Other

17,203

6,222

384

90

213

24,112

Other income (loss), net

46,022

191,034

245,326

(339)

248,596

730,639

Income (loss) before income taxes

4,026,089

3,062,703

669,762

478,158

(3,761,387)

4,475,325

Provision for income taxes

-

-

164,460

103,286

-

267,746

Net income (loss) from continuing operations

4,026,089

3,062,703

505,302

374,872

(3,761,387)

4,207,579

Income from continuing operations attributable to non-controlling interests

-

170,259

-

-

-

170,259

Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders

$

4,026,089

$

2,892,444

$

505,302

$

374,872

$

(3,761,387)

4,037,320

Net loss from discontinued operations

​

​

​

​

(105,574)

Net income attributable to Consolidated Water Co. Ltd. stockholders

​

​

​

​

$

3,931,746

Three Months Ended June 30, 2025

​ ​ ​

Retail

​ ​ ​

Bulk

​ ​ ​

Services

​ ​ ​

Manufacturing

​ ​ ​

Corporate

​ ​ ​

Total

Revenue

$

8,638,026

$

8,274,816

$

11,448,202

$

5,230,035

$

-

$

33,591,079

Cost of revenue

3,775,758

5,738,907

8,056,883

3,187,546

-

20,759,094

Gross profit

4,862,268

2,535,909

3,391,319

2,042,489

-

12,831,985

General and administrative expenses

985,617

394,750

1,993,042

530,552

3,676,277

7,580,238

Gain on asset dispositions, net

840

-

31,177

-

-

32,017

Income (loss) from operations

3,877,491

2,141,159

1,429,454

1,511,937

(3,676,277)

5,283,764

Interest income

45,049

227,470

261,335

1

223,133

756,988

Interest expense

-

-

(1,185)

-

-

(1,185)

Income (loss) from affiliate

-

-

-

(259)

52,538

52,279

Other

7,395

6,942

(1,996)

90

(331)

12,100

Other income, net

52,444

234,412

258,154

(168)

275,340

820,182

Income (loss) before income taxes

3,929,935

2,375,571

1,687,608

1,511,769

(3,400,937)

6,103,946

Provision (benefit) for income taxes

-

-

414,180

381,627

-

795,807

Net income (loss) from continuing operations

3,929,935

2,375,571

1,273,428

1,130,142

(3,400,937)

5,308,139

Income from continuing operations attributable to non-controlling interests

-

129,378

-

-

-

129,378

Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders

$

3,929,935

$

2,246,193

$

1,273,428

$

1,130,142

$

(3,400,937)

5,178,761

Net loss from discontinued operations

​

​

​

​

(82,556)

Net income attributable to Consolidated Water Co. Ltd. stockholders

​

​

​

​

$

5,096,205

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First Half Segment Results

Six Months Ended June 30, 2026

​ ​ ​

Retail

​ ​ ​

Bulk

​ ​ ​

Services

​ ​ ​

Manufacturing

​ ​ ​

Corporate

​ ​ ​

Total

Revenue

$

17,238,005

$

18,678,829

$

22,836,917

$

4,090,311

$

-

​ ​ ​

$

62,844,062

Cost of revenue

7,448,127

12,458,230

18,113,702

2,944,601

-

40,964,660

Gross profit

9,789,878

6,220,599

4,723,215

1,145,710

-

21,879,402

General and administrative expenses

1,802,106

744,370

3,260,317

1,004,980

7,850,317

14,662,090

Gain (loss) on asset dispositions, net

(52,165)

-

19,279

-

-

(32,886)

Income (loss) from operations

7,935,607

5,476,229

1,482,177

140,730

(7,850,317)

7,184,426

Interest income

75,052

362,319

485,054

1

370,387

1,292,813

Interest expense

-

-

(2,973)

-

(242)

(3,215)

Income (loss) from affiliates

-

-

-

(9,062)

122,092

113,030

Other

43,061

16,245

385

7,558

328

67,577

Other income (loss), net

118,113

378,564

482,466

(1,503)

492,565

1,470,205

Income (loss) before income taxes

8,053,720

5,854,793

1,964,643

139,227

(7,357,752)

8,654,631

Provision (benefit) for income taxes

-

-

480,509

(10,063)

-

470,446

Net income (loss) from continuing operations

8,053,720

5,854,793

1,484,134

149,290

(7,357,752)

8,184,185

Income from continuing operations attributable to non-controlling interests

-

326,394

-

-

-

326,394

Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders

$

8,053,720

$

5,528,399

$

1,484,134

$

149,290

$

(7,357,752)

7,857,791

Net loss from discontinued operations

​

​

​

​

(148,616)

Net income attributable to Consolidated Water Co. Ltd. stockholders

​

​

​

​

$

7,709,175

Six Months Ended June 30, 2025

​ ​ ​

Retail

​ ​ ​

Bulk

​ ​ ​

Services

​ ​ ​

Manufacturing

Corporate

​ ​ ​

Total

Revenue

$

18,049,368

$

16,686,532

$

21,526,470

$

11,044,094

​ ​ ​

$

-

$

67,306,464

Cost of revenue

7,481,821

11,322,996

16,118,760

7,244,615

-

42,168,192

Gross profit

10,567,547

5,363,536

5,407,710

3,799,479

-

25,138,272

General and administrative expenses

1,774,429

740,831

4,188,380

1,194,630

7,405,927

15,304,197

Gain on asset dispositions, net

30,816

-

29,636

-

-

60,452

Income (loss) from operations

8,823,934

4,622,705

1,248,966

2,604,849

(7,405,927)

9,894,527

Interest income

77,915

431,573

404,654

2

459,438

1,373,582

Interest expense

-

-

(2,713)

-

-

(2,713)

Income from affiliates

-

-

-

(34,263)

117,016

82,753

Other

35,703

21,875

(1,960)

164

(331)

55,451

Other income, net

113,618

453,448

399,981

(34,097)

576,123

1,509,073

Income (loss) before income taxes

8,937,552

5,076,153

1,648,947

2,570,752

(6,829,804)

11,403,600

Provision for income taxes

-

-

378,287

627,637

-

1,005,924

Net income (loss) from continuing operations

8,937,552

5,076,153

1,270,660

1,943,115

(6,829,804)

10,397,676

Income from continuing operations attributable to non-controlling interests

-

294,805

-

-

-

294,805

Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders

$

8,937,552

$

4,781,348

$

1,270,660

$

1,943,115

$

(6,829,804)

10,102,871

Net income from discontinued operations

​

​

​

​

(215,637)

Net income attributable to Consolidated Water Co. Ltd. stockholders

​

​

​

​

$

9,887,234

The following table presents the company's revenue disaggregated by revenue source.

Three Months Ended June 30,

Six Months Ended June 30,

​ ​ ​

2026

​ ​ ​

2025

​ ​ ​

2026

​ ​ ​

2025

Retail revenue

$

8,660,947

$

8,638,026

$

17,238,005

$

18,049,368

Bulk revenue

9,934,060

8,274,816

18,678,829

16,686,532

Services revenue

11,585,573

11,448,202

22,836,917

21,526,470

Manufacturing revenue

2,689,782

5,230,035

4,090,311

11,044,094

Total revenue

$

32,870,362

$

33,591,079

$

62,844,062

$

67,306,464

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Services revenue consists of the following:

Three Months Ended June 30,

Six Months Ended June 30,

​ ​ ​

2026

​ ​ ​

2025

​ ​ ​

2026

​ ​ ​

2025

Construction revenue

$

5,338,043

$

2,825,935

$

7,439,180

$

5,044,167

Operations and maintenance revenue

6,044,002

8,255,408

14,932,460

15,980,704

Design and consulting revenue

203,528

366,859

465,277

501,599

Total services revenue

$

11,585,573

$

11,448,202

$

22,836,917

$

21,526,470

Conference Call

Consolidated Water management will host a conference call tomorrow to discuss these results, followed by a question-and-answer period.

Date: Tuesday, August 11, 2026

Time: 11:00 a.m. Eastern time (8:00 a.m. Pacific time)

Toll-free dial-in number: 1-844-875-6913

International dial-in number: 1-412-317-6709

Participant web phone: click here

Conference ID: 4016150

Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization. If you require any assistance connecting with the call, please contact Encore at 1-949-432-7450.

A replay of the call will be available after 1:00 p.m. Eastern time on the same day through August 18, 2026, as well as available for replay via the Investors section of the Consolidated Water website at www.cwco.com.

Toll-free replay number: 1-855-669-9658

International replay number: 1-412-317-0088

Replay ID: 4016150

About Consolidated Water Co. Ltd.

Consolidated Water Co. Ltd. develops and operates advanced water treatment plants and water distribution systems. The company designs, constructs and operates seawater desalination facilities in the Cayman Islands, The Bahamas and the British Virgin Islands, and designs, constructs and operates water treatment and reuse facilities in the United States.
​

The company also manufactures and services a wide range of products and provides design, engineering, management, operating and other services applicable to commercial and municipal water production, supply and treatment, and industrial water and wastewater treatment.

For more information, visit cwco.com.
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Consolidated Water Co. Ltd. published this content on August 10, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on August 10, 2026 at 21:27 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]