Persistent negative operating cash flow of $5.5 million in 2026Q1 highlights a reliance on external financing to sustain operations and fund dividend distributions.
Cadiz Inc. (CDZI) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Mar'96 |
|---|
| Cash from Operations | -26.09M | -18.93M | -21.53M | -20.92M | -18.6M | -15.27M | -13.43M | -13.71M | -12.19M | -10.47M | -9.51M | -12.57M | -10.12M | -15.77M | -11.4M | -7.51M | -6.76M | -6.38M | -7.13M | -5.28M | -5.28M | -3.7M | -7.64M | -6.58M | -10.13M | -4.3M | -7.65M | -2.6M | -7.9M | 158K | -2.83M |
| Operating CF Growth % | -483.06% | 12.08% | -2.91% | -12.5% | -21.77% | -13.75% | 2.04% | -12.43% | -16.5% | -10.01% | 24.3% | -24.18% | 35.81% | -38.31% | -51.72% | -11.14% | -6% | 10.58% | -35.02% | -0.13% | -42.56% | 51.55% | -16.02% | 35.02% | -135.54% | 43.79% | -194.95% | 67.14% | -5098.1% | 105.58% | 16.68% |
| Operating CF / Revenue % | -220.26% | -116.04% | -224.1% | -1050.93% | -1239.11% | -2708.16% | -2482.07% | -3108.39% | -2771.14% | -2394.97% | -2309.22% | -4134.21% | -3012.2% | -5238.21% | -3149.17% | -737.39% | -660.9% | -789.36% | -719.05% | -1240.14% | -859.28% | -309.19% | -16253.19% | -208.22% | -8.87% | -4.29% | -7.1% | -2.25% | -7.41% | 0.16% | -521.73% |
| Net Income | -36.83M | -34.15M | -31.14M | -31.45M | -24.79M | -31.25M | -37.82M | -29.53M | -26.27M | -33.86M | -26.34M | -24.01M | -18.88M | -22.68M | -19.57M | -16.84M | -15.9M | -14.4M | -15.91M | -13.63M | -13.82M | -23.02M | -16.04M | -11.49M | -21.88M | -25.72M | -22.46M | -8.59M | -7.47M | -8.54M | -4.59M |
| Depreciation & Amortization | 1.61M | 1.62M | 1.38M | 1.37M | 672K | 438K | 381K | 265K | 258K | 274K | 292K | 270K | 254K | 254K | 350K | 365K | 344K | 342K | 2.72M | 2.17M | 977K | 257K | 4.29M | 1.6M | 13.24M | 11.66M | 10.93M | 11.06M | 10.6M | 9.23M | 1.45M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.52M | 3.5M | 2.25M | 0 | 0 | 835K | 0 | 19.17M | 4.74M | 583K | -3.61M | -2.26M | 2.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 7M | 7.16M | 6.36M | 9.06M | 4.24M | 11.16M | 24.21M | 15.96M | 15.08M | 14.13M | 13.6M | 10.07M | 8.52M | 7.64M | 6.82M | -13.58M | 110K | 4.27M | 6.53M | 5.54M | 3.13M | 17.58M | 4.81M | 1.75M | 3.82M | 3.17M | 369K | -404K | -10.53M | -4.28M | 320K |
| Working Capital Changes | -2.15M | 1.15M | -2.73M | -1.41M | -595K | -367K | -2.29M | -972K | -205K | 3.19M | -615K | -11K | -1.09M | -2.34M | 621K | 985K | -67K | 557K | -467K | 636K | 83K | 1.49M | -708K | 1.56M | -5.32M | 6.59M | 3.51M | -4.66M | -496K | 3.75M | -12K |
| Capital Expenditures | -5.14M | -12.58M | -934K | -5.79M | -3.38M | -22.91M | -9.84M | -2.5M | -3.73M | -1.01M | 0 | -906K | -72K | -167K | -3.23M | -4.14M | -1.18M | 4.38M | -4.83M | -1.1M | -22K | -68K | 2.12M | -3.46M | -2.09M | -5.46M | -2.69M | -12.62M | -7.31M | -2.11M | -3.37M |
| CapEx / Revenue % | 43.38% | 77.09% | 9.72% | 290.66% | 224.92% | 4061.7% | 1818.48% | 567.57% | 846.82% | 230.21% | 0% | 298.03% | 21.43% | 55.48% | 891.16% | 406.28% | 115.74% | 542.2% | 486.69% | 259.39% | 3.58% | 5.68% | 4519.15% | 109.27% | 1.83% | 5.44% | 2.5% | 10.95% | 6.86% | 2.11% | 620.26% |
| CapEx / D&A | 3.19x | 7.78x | 0.68x | 4.23x | 5.02x | 52.30x | 25.82x | 9.45x | 14.44x | 3.67x | 0.00x | 3.36x | 0.28x | 0.66x | 9.22x | 11.34x | 3.44x | 12.81x | 1.78x | 0.51x | 0.02x | 0.26x | 0.49x | 2.16x | 0.16x | 0.47x | 0.25x | 1.14x | 0.69x | 0.23x | 2.32x |
| CapEx Coverage (OCF/CapEx) | -5.08x | -1.51x | -23.05x | -3.62x | -5.51x | -0.67x | -1.36x | -5.48x | -3.27x | -10.40x | - | -13.87x | -140.57x | -94.41x | -3.53x | -1.81x | -5.71x | -1.46x | -1.48x | -4.78x | -239.82x | -54.43x | -3.60x | -1.91x | -4.85x | -0.79x | -2.84x | -0.21x | -1.08x | 0.07x | -0.84x |
| Cash from Investing | -5.14M | -12.58M | -1.18M | -5.79M | -4.12M | -23.47M | -9.84M | -2.5M | -3.73M | -1.01M | 0 | -906K | -72K | -167K | -3.29M | -4.14M | -1.18M | 4.38M | -4.83M | -1.35M | -22K | -68K | 2.12M | -3.46M | -2.09M | -5.46M | -2.69M | -12.62M | 2.67M | -2.9M | -3.37M |
| Acquisitions | 0 | 0 | 0 | 0 | -963K | -564K | -3.11M | -904K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -8.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | 0 | -5M | 0 | 0 | 0 | 0 | -1M | 0 | -2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.5M | -8.82M | 0 | 0 | 0 | -2.14M | 0 | 0 | -525K | 0 | 0 | 0 | 0 |
| Sale of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.5M | 4.5M | 8.82M | 8.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 0 | 0 | -250K | 0 | 217K | 0 | 0 | 0 | -2M | 0 | 0 | -906K | -167K | -167K | -63K | -4.14M | -4.5M | 0 | -235K | -250K | 22K | 0 | 2.13M | -1.17M | -1.45M | -3.88M | -915K | -7.79M | 9.97M | -785K | -1.86M |
| Cash from Financing | 23.34M | 25.44M | 35.51M | 17.57M | 16.65M | 51.18M | 14.87M | 19.34M | 15.45M | 12.33M | 19M | -42K | 14.51M | 26.14M | 5M | 17.11M | 4.98M | 8.86M | 5.05M | 5.16M | 10.37M | 40K | 11.12M | 10.23M | 13.99M | 7.93M | 10.58M | 6.12M | 13.57M | -25.27M | 4.25M |
| Dividends Paid | -5.11M | -5.11M | -5.11M | -5.11M | -5.11M | -1.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Debt Issuance (Net) | 1.95M | 1000K | 1000K | -1000K | 117K | -1000K | 107K | -59K | -56K | 1000K | 1000K | -42K | -11K | 1000K | 1000K | 1000K | 1000K | 26K | -9K | -9K | 1000K | 40K | -1000K | 328K | 1000K | -1000K | 1000K | -685K | 1000K | -1000K | 500K |
| Stock Issued | 0 | 18.34M | 22.14M | 38.49M | 21.64M | 32.46M | 14.77M | 19.39M | 15.5M | 10.51M | 10.51M | 0 | 14.52M | 0 | 0 | 15.13M | 500K | 8.84M | 5.06M | 5.17M | 1.05M | 0 | 21.27M | 10.3M | 764K | 1.58M | 1.03M | 6.8M | 2.15M | 0 | 0 |
| Share Repurchases | -25K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -199K | -1.43M | -52K | -861K | 0 | -3.71M | 0 | 0 | 0 | 0 | -960K | 0 | 0 | -1.24M | 0 | 0 | 0 | 0 | 0 | 0 | -408K | 0 | -150K | -400K | 0 | 0 | 0 | 0 | 0 | -5.8M | -6.54M |
| Net Change in Cash | -7.89M | -6.07M | 12.79M | -9.15M | -6.07M | 12.43M | -8.39M | 3.13M | -472K | 858K | 9.48M | -13.52M | 4.32M | 10.2M | -9.69M | 5.46M | -2.97M | 6.86M | -6.91M | -1.48M | 5.09M | -3.73M | 5.61M | 193K | 1.77M | -1.83M | 231K | -9.1M | 8.34M | -28.01M | -1.95M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 19.29M | 17.43M | 4.64M | 13.78M | 19.86M | 7.42M | 15.82M | 12.69M | 13.16M | 12.17M | 2.69M | 16.21M | 11.89M | 1.69M | 11.37M | 5.91M | 8.88M | 2.01M | 8.92M | 10.4M | 5.3M | 9.03M | 3.42M | 3.23M | 1.46M | 3.29M | 4.54M | 13.63M | 5.3M | 33.31M | 4.41M |
| Cash at End | 8.08M | 11.36M | 17.43M | 4.64M | 13.78M | 19.86M | 7.42M | 15.82M | 12.69M | 13.03M | 12.17M | 2.69M | 16.21M | 11.89M | 1.69M | 11.37M | 5.91M | 8.88M | 2.01M | 8.92M | 10.4M | 5.3M | 9.03M | 3.42M | 3.23M | 1.46M | 4.77M | 4.54M | 13.63M | 5.3M | 2.45M |
| Free Cash Flow | -31.23M | -31.51M | -22.47M | -26.71M | -21.98M | -38.18M | -23.27M | -16.21M | -15.92M | -11.47M | -9.51M | -13.47M | -10.19M | -15.93M | -14.63M | -11.65M | -7.95M | -2M | -11.96M | -6.39M | -5.3M | -3.77M | -5.51M | -10.04M | -12.22M | -9.76M | -10.35M | -15.22M | -15.21M | -1.96M | -6.2M |
| FCF Growth % | -11.07% | -40.24% | 15.89% | -21.55% | 42.45% | -64.11% | -43.52% | -1.83% | -38.76% | -20.58% | 29.39% | -32.19% | 36.03% | -8.94% | -25.5% | -46.68% | -297.85% | 83.3% | -87.24% | -20.57% | -40.57% | 31.66% | 45.06% | 17.86% | -25.2% | 5.64% | 32.01% | -0.07% | -677.35% | 68.46% | -12.75% |
| FCF Margin % | -263.64% | -193.13% | -233.83% | -1341.59% | -1464.02% | -6769.86% | -4300.55% | -3675.96% | -3617.95% | -2625.17% | -2309.22% | -4432.24% | -3033.63% | -5293.69% | -4040.33% | -1143.67% | -776.64% | -247.15% | -1205.75% | -1499.53% | -862.87% | -314.87% | -11734.04% | -317.49% | -10.7% | -9.73% | -9.6% | -13.21% | -14.27% | -1.95% | -1141.99% |
| FCF / Net Income % | 84.79% | 92.31% | 72.15% | 84.94% | 88.64% | 122.19% | 61.52% | 54.9% | 60.59% | 33.88% | 36.12% | 56.11% | 53.99% | 70.27% | 74.72% | 69.22% | 49.97% | 13.87% | 75.18% | 46.86% | 38.32% | 16.37% | 34.39% | 87.02% | 54.99% | 37.95% | 46.07% | 177.05% | 203.55% | 22.91% | 135.07% |
Quick answers to the most common questions about buying CDZI stock.
Cadiz Inc. (CDZI) generated $-18.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cadiz Inc. (CDZI) reported negative free cash flow of $31.5M in 2025, indicating capital requirements exceeded cash from operations.
Cadiz Inc. (CDZI) spent $12.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Cadiz Inc. (CDZI) returned $5.1M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Liquidity and regulatory dependence
Metrics are mathematically derived from official filings.
Absence of Regulated Cash Flow
According to quarterly financial data, Cadiz Inc. consistently reports negative operating cash flow, with a $5.5 million outflow in 2026Q1, highlighting that the company lacks the predictable, recurring cash generation typical of a regulated utility and remains entirely dependent on external capital to fund its operations.
The company's operating cash flow is currently insufficient to cover even basic administrative overhead, let alone fixed obligations. This suggests that the business is not yet functioning as a utility, but rather as a development-stage entity where cash flow is dictated by project-specific legal and permitting milestones.
Persistent Reliance on External Capital
As reported in recent SEC filings, the company has frequently resorted to equity issuance, such as the $18.3 million raised in 2025Q1, to offset a persistent free cash flow deficit that reached $5.8 million in 2026Q1, indicating a high sensitivity to capital market conditions.
The reliance on equity dilution to bridge the gap between operating cash burn and development costs suggests that the company's financing capacity is tethered to investor sentiment regarding the water project's viability. Investors should monitor whether the company can secure non-dilutive financing as the project matures, as current trends indicate a structural need for ongoing capital injections.
Dividend Payments Amidst Cash Burn
Based on the provided cash flow statements, the company has maintained a consistent quarterly dividend payment of $1.3 million despite reporting negative operating cash flow in every period, which implies that these distributions are being funded through external financing rather than internally generated cash from operations.
The decision to pay dividends while the company is in a deep cash-burning phase appears counterintuitive for a utility-focused entity. This practice warrants further investigation, as it effectively accelerates the need for external capital and may indicate a strategy to maintain shareholder support despite the lack of operational profitability.
Hidden Costs of Project Delay
Analysis of the cash flow statement reveals that the company's persistent negative free cash flow, which totaled $5.8 million in 2026Q1, likely masks significant unfunded legal and environmental compliance obligations that are essential for the eventual monetization of the Fenner Valley water assets.
The cash flow statement does not explicitly capture the potential for future decommissioning or remediation costs associated with the water project's infrastructure. Consequently, the current burn rate may understate the total capital required to reach a state of commercial operation, suggesting that the company's long-term liquidity needs may be higher than current projections imply.