Cadiz Q2 Revenue Plunges 76% as Losses Widen; Debt Maturities Extended
CDZI sits 22% above its 52-week low of $2.865.
Summary
Cadiz's Q2 revenue fell 76% YoY to $0.98M, net loss widened to $11.4M, and working capital dropped to $1.6M. Debt maturities were extended to 2028, and a third $10M draw was made under the Lytton facility.
Key Events · Earnings and Guidance · CDZI
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Revenue Plunges 76%
Q2 2026 revenue fell to $0.98M from $4.13M in Q2 2025, driven by reduced ATEC filter sales.
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Net Loss Widens
Net loss increased to $11.4M in Q2 2026 from $7.7M in Q2 2025, with operating loss of $8.8M.
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Liquidity Tightens
Working capital fell to $1.6M at June 30, 2026, and cash used in operations was $12.2M for H1 2026.
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Debt Maturities Extended
Fifth Amendment extended secured and unsecured convertible loan maturities from June 30, 2027 to June 30, 2028.
Analysis · CDZI · Energy & Transportation
A sharp revenue decline to $0.98M in Q2 2026 from $4.13M a year earlier, driven by reduced ATEC filter sales, underscores the company's top-line pressure. Net loss widened to $11.4M from $7.7M. Working capital fell to just $1.6M, and cash used in operations hit $12.2M for the first half. Debt maturities were extended to June 2028 and an additional $10M was drawn under the Lytton facility, but liquidity remains tight. Two lawsuits filed in late July challenge the BLM right-of-way grant for the Northern Pipeline, adding regulatory risk to the core project.
At the time of this filing, CDZI was trading at $3.50 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $295.1M. The 52-week trading range was $2.87 to $6.96. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.