Consolidated Water Reports FY25 Revenue of $132.1M
Reports FY25 revenue $132.1M, one estimate $137.9M. "Our retail, bulk and manufacturing revenues and operating incomes in 2025 were consistent with our expectations," commented Consolidated Water CEO, Rick McTaggart. "However, our services revenue from continuing operations did not meet our expectations due to a permitting delay related to our 1.7 million gallon per day seawater desalination plant project in Kalaeloa, Hawaii. We believe that this type of delay is common for the complex, multi-agency permitting process required for a project of this scale and is not due to any failures on the part of Consolidated Water. We have achieved all other major project milestones and continue to work closely with the Honolulu Board of Water Supply and regulatory authorities to advance the permitting process and mitigate schedule impacts. Although our services segment revenue was less than expected, total revenue on a consolidated basis was relatively consistent from the previous year. In addition, our gross margin improved across all segments - up 2.6 percentage points on a consolidated basis - and our consolidated net income from continuing operations increased 4% compared to 2024. The continued strength of the Cayman Islands economy and historically low rainfall in our exclusive utility service area on Grand Cayman resulted in our retail segment revenue increasing about 6% compared to the previous year, reflecting a record volume of water sold to a record number of customers. This increase in customers was due to the ongoing growth in population and business activity on the island. While bulk segment revenue decreased less than 1% this past year due to lower fuel pass-through charges, bulk profitability increased in dollars and gross profit percentage due to lower costs of revenue reflecting our unwavering focus on operational excellence."
