Consolidated Water Reports Third Quarter 2026 Results
Key Highlights
- ➤Q3 revenue fell 11.9% to $30.9 million year over year
- ➤Q3 net income fell to $2.3 million, or $0.14 per share
- ➤Florida municipality awarded approximately $10.1 million in equipment orders
- ➤Pismo Beach awarded approximately $39.8 million design-build agreement
- ➤Hawaii project carries more than $150 million of unrecognized contracted backlog
Expert Statements
Rick McTaggart, CEO of Consolidated Water Co. Ltd.
“Increases to our third-quarter retail and bulk revenue were offset by lower construction, O&M and manufacturing revenue,”
Rick McTaggart, CEO of Consolidated Water Co. Ltd.
“Cayman Water’s new 25-year retail license, effective August 1, 2026, establishes a long-term regulatory framework and provides exclusive rights within our licensed service area.”
Rick McTaggart, CEO of Consolidated Water Co. Ltd.
“The new rate structure lowers base rates for customers and retains an annual water rate adjustment mechanism, subject to regulatory verification and approval.”
Rick McTaggart, CEO of Consolidated Water Co. Ltd.
“Although lower retail rates reduced quarterly retail gross profit, higher energy pass-through charges, a 1% increase in water sales volume, and an increased rate for a major commercial customer increased retail revenue.”
Rick McTaggart, CEO of Consolidated Water Co. Ltd.
“Our bulk segment revenue increased primarily from higher energy pass-through charges and, to a lesser extent, revenue from our new Cat Island, Bahamas desalination plants.”
Rick McTaggart, CEO of Consolidated Water Co. Ltd.
“Bulk gross profit increased, but higher diesel costs and incremental maintenance expenses reduced gross margin as a percentage of revenue.”
Rick McTaggart, CEO of Consolidated Water Co. Ltd.
“Manufacturing revenue declined as the total dollar amount of contracts completed and in progress decreased.”
Rick McTaggart, CEO of Consolidated Water Co. Ltd.
“Based on current projections, we continue to expect full-year 2026 manufacturing revenue to be below 2025 levels.”
Rick McTaggart, CEO of Consolidated Water Co. Ltd.
“These orders, which are our largest municipal membrane equipment and horizontal cartridge filter orders to date, demonstrate the breadth of our manufacturing capabilities.”
Rick McTaggart, CEO of Consolidated Water Co. Ltd.
“Additionally, we have bid for water equipment manufacturing projects valued at approximately $10 million that are expected to be decided and awarded in the fourth quarter of this year and are tracking approximately $45 million in Florida municipal water projects that are expected to go out for bid within the next six months.”
Rick McTaggart, CEO of Consolidated Water Co. Ltd.
“All of this bodes well for a strong 2027 for our manufacturing business.”
Rick McTaggart, CEO of Consolidated Water Co. Ltd.
“After quarter-end, we announced on October 12 that we had been awarded an approximately $39.8 million design-build agreement by the City of Pismo Beach, California, for the Central Coast Blue Advanced Water Purification Facility.”
Rick McTaggart, CEO of Consolidated Water Co. Ltd.
“Construction is anticipated to begin in spring 2027, with design, permitting, construction, startup and commissioning expected to span approximately 24 months overall.”
Rick McTaggart, CEO of Consolidated Water Co. Ltd.
“Early procurement should help reduce scheduling pressure and position us to advance construction efficiently once the remaining permits and approvals are secured.”
Rick McTaggart, CEO of Consolidated Water Co. Ltd.
“Design and construction of the Hawaii project represents more than $150 million of contracted backlog which has not yet been recognized as revenue.”
Rick McTaggart, CEO of Consolidated Water Co. Ltd.
“Once construction of this project commences in the first half of 2027, we expect it to have a significant impact on our revenue and earnings.”
Rick McTaggart, CEO of Consolidated Water Co. Ltd.
“We anticipate beginning construction in the first half of 2027, subject to obtaining the remaining permits and approvals.”
Rick McTaggart, CEO of Consolidated Water Co. Ltd.
“Following commissioning, we are contracted to operate and maintain the Kalaeloa facility for 20 years, with two additional five-year extension options at the client’s discretion.”
Rick McTaggart, CEO of Consolidated Water Co. Ltd.
“We believe our diversified business and disciplined approach to growth provide a solid foundation for the future.”
Rick McTaggart, CEO of Consolidated Water Co. Ltd.
“Our priority remains translating these strengths into sustainable long-term growth and enhanced shareholder value.”
GEORGE TOWN, Cayman Islands, Nov. 09, 2026 (GLOBE NEWSWIRE) -- Consolidated Water Co. Ltd. (NASDAQ Global Select Market: CWCO), a leading designer, builder and operator of advanced water treatment plants, reported results for the third quarter ended September 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).
Get started
Create a free account to read the full story.