Cadiz Financials
This page shows Cadiz (CDZI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Cadiz's revenue declined 100% year-over-year, from $9.6M to $0. This contraction results in a growth score of 0/100.
Cadiz has a moderate D/E ratio of 3.13. This balance of debt and equity financing earns a leverage score of 38/100.
Cadiz's current ratio of 1.22 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 20/100, which could limit financial flexibility.
Cadiz generates a -133.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -91.7% the prior year.
Cadiz passes 2 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Cadiz generates $0.61 in operating cash flow (-$18.9M OCF vs -$31.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Cadiz earns $-3.0 in operating income for every $1 of interest expense (-$23.2M vs $7.9M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Cadiz generated $0 in revenue in fiscal year 2025. This represents a decrease of 100.0% from the prior year.
Cadiz's EBITDA was -$22.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 0.2% from the prior year.
Cadiz reported -$31.1M in net income in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Cash & Balance Sheet
Cadiz generated -$26.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 18.0% from the prior year.
Cadiz held $8.6M in cash against $72.7M in long-term debt as of fiscal year 2025.
Cadiz had 83M shares outstanding in fiscal year 2025. This represents an increase of 10.7% from the prior year.
Margins & Returns
Cadiz's ROE was -133.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 42.2 percentage points from the prior year.
Capital Allocation
Cadiz invested $7.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 711.1% from the prior year.
CDZI Income Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.1M+0.6% | $4.1M+39.7% | $3.0M-37.8% | $4.8M+47.3% | $3.2M+528.5% | $513K-54.2% | $1.1M+63.9% | $684K |
| Cost of Revenue | $3.0M+13.1% | $2.7M+28.2% | $2.1M-31.5% | $3.0M+25.9% | $2.4M+182.7% | $852K-15.1% | $1.0M-28.5% | $1.4M |
| Gross Profit | $1.1M-22.4% | $1.5M+66.8% | $876K-49.0% | $1.7M+110.7% | $815K+340.4% | -$339K-389.7% | $117K+116.2% | -$721K |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $5.7M-17.4% | $6.9M-14.5% | $8.1M+0.9% | $8.0M+52.3% | $5.3M-16.3% | $6.3M+33.3% | $4.7M+7.0% | $4.4M |
| Operating Income | -$4.9M+15.3% | -$5.8M+23.3% | -$7.5M-13.7% | -$6.6M-39.0% | -$4.8M+31.4% | -$6.9M-41.6% | -$4.9M+9.9% | -$5.4M |
| Interest Expense | $2.2M+11.4% | $2.0M-5.2% | $2.1M+3.0% | $2.0M-1.3% | $2.0M+5.3% | $1.9M-0.9% | $1.9M+48.4% | $1.3M |
| Income Tax | N/A | N/A | N/A | $3K0.0% | $3K+50.0% | $2K-33.3% | $3K0.0% | $3K |
| Net Income | -$7.1M+8.5% | -$7.7M+19.4% | -$9.6M-11.2% | -$8.6M-27.0% | -$6.8M+23.4% | -$8.9M-29.5% | -$6.8M-1.4% | -$6.8M |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
CDZI Balance Sheet
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $128.0M-6.1% | $136.4M-6.3% | $145.6M+8.2% | $134.5M+19.5% | $112.6M-4.7% | $118.1M0.0% | $118.1M+10.0% | $107.4M |
| Current Assets | $11.7M-44.3% | $21.0M-31.2% | $30.6M+18.6% | $25.8M+114.8% | $12.0M-30.3% | $17.2M-29.8% | $24.5M+206.0% | $8.0M |
| Cash & Equivalents | $4.4M-66.5% | $13.2M-38.8% | $21.6M+24.7% | $17.3M+419.9% | $3.3M-67.1% | $10.1M-47.4% | $19.2M+326.7% | $4.5M |
| Inventory | $2.8M-7.2% | $3.0M-1.3% | $3.1M+1.1% | $3.0M-30.5% | $4.3M-3.4% | $4.5M+63.2% | $2.8M+30.9% | $2.1M |
| Accounts Receivable | $3.6M-10.8% | $4.1M-17.7% | $5.0M+8.3% | $4.6M+41.4% | $3.2M+100.3% | $1.6M+2.4% | $1.6M+74.9% | $904K |
| Goodwill | $5.7M0.0% | $5.7M0.0% | $5.7M0.0% | $5.7M0.0% | $5.7M0.0% | $5.7M0.0% | $5.7M0.0% | $5.7M |
| Total Liabilities | $100.3M-0.5% | $100.8M-0.7% | $101.5M+1.0% | $100.5M+9.4% | $91.9M+1.5% | $90.5M+1.8% | $88.9M+31.9% | $67.4M |
| Current Liabilities | $9.3M-19.5% | $11.6M-17.1% | $14.0M-2.9% | $14.4M+62.9% | $8.8M-3.0% | $9.1M+6.3% | $8.6M+46.9% | $5.8M |
| Long-Term Debt | $59.8M+1.9% | $58.8M+1.8% | $57.7M+1.8% | $56.7M+1.8% | $55.7M+1.8% | $54.7M+0.9% | $54.2M+43.8% | $37.7M |
| Total Equity | $27.7M-22.0% | $35.6M-19.2% | $44.0M+29.7% | $34.0M+64.1% | $20.7M-24.9% | $27.6M-24.7% | $36.6M-8.4% | $40.0M |
| Retained Earnings | -$682.4M-1.0% | -$675.4M+1.7% | -$687.0M-1.6% | -$676.1M-1.5% | -$666.2M-1.2% | -$658.1M-1.6% | -$648.0M-1.3% | -$639.9M |
CDZI Cash Flow Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$7.0M-417.0% | -$1.4M+62.8% | -$3.6M+41.3% | -$6.2M-15.3% | -$5.4M+23.7% | -$7.1M-145.8% | -$2.9M+48.0% | -$5.5M |
| Capital Expenditures | $450K-90.0% | $4.5M+250.0% | $1.3M+212.9% | $412K+649.1% | $55K-80.4% | $281K+51.1% | $186K-90.6% | $2.0M |
| Free Cash Flow | -$7.5M-27.2% | -$5.9M-18.9% | -$4.9M+25.5% | -$6.6M-21.7% | -$5.4M+25.9% | -$7.3M-140.1% | -$3.1M+59.2% | -$7.5M |
| Investing Cash Flow | -$450K+90.0% | -$4.5M+28.3% | -$6.3M-850.0% | -$662K-1103.6% | -$55K+80.4% | -$281K-51.1% | -$186K+90.6% | -$2.0M |
| Financing Cash Flow | -$1.3M+47.3% | -$2.5M-114.8% | $16.8M-19.2% | $20.8M+1660.9% | -$1.3M+24.4% | -$1.8M-109.9% | $17.8M+1456.4% | -$1.3M |
| Dividends Paid | $1.3M+1.8% | $1.3M-1.8% | $1.3M+1.8% | $1.3M-1.8% | $1.3M+1.8% | $1.3M-1.8% | $1.3M+1.8% | $1.3M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
CDZI Financial Ratios
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 27.3%-8.1pp | 35.4%+5.8pp | 29.6%-6.5pp | 36.1%+10.9pp | 25.3%+91.4pp | -66.1%-76.5pp | 10.4%+115.9pp | -105.4% |
| Operating Margin | -118.0%+22.0pp | -140.0%+115.0pp | -255.0%-115.5pp | -139.5%+8.4pp | -147.9%+1206.7pp | -1354.6%-916.8pp | -437.8%+358.2pp | -796.0% |
| Net Margin | -170.4%+16.9pp | -187.3%+137.4pp | -324.8%-143.2pp | -181.6%+29.1pp | -210.7%+1518.7pp | -1729.4%-1118.4pp | -611.1%+376.5pp | -987.6% |
| Return on Equity | -25.5%-3.8pp | -21.7%+0.1pp | -21.8%+3.6pp | -25.4%+7.4pp | -32.8%-0.6pp | -32.2%-13.5pp | -18.7%-1.8pp | -16.9% |
| Return on Assets | -5.5%+0.2pp | -5.7%+0.9pp | -6.6%-0.2pp | -6.4%-0.4pp | -6.0%+1.5pp | -7.5%-1.7pp | -5.8%+0.5pp | -6.3% |
| Current Ratio | 1.26-0.6 | 1.81-0.4 | 2.19+0.4 | 1.79+0.4 | 1.36-0.5 | 1.89-1.0 | 2.86+1.5 | 1.37 |
| Debt-to-Equity | 2.16+0.5 | 1.65+0.3 | 1.31-0.4 | 1.67-1.0 | 2.69+0.7 | 1.98+0.5 | 1.48+0.5 | 0.94 |
| FCF Margin | -179.8%-37.6pp | -142.2%+24.8pp | -167.0%-27.6pp | -139.4%+29.4pp | -168.8%+1262.8pp | -1431.6%-1158.7pp | -272.9%+822.7pp | -1095.6% |
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Frequently Asked Questions
What is Cadiz's annual revenue?
Cadiz (CDZI) reported $0 in total revenue for fiscal year 2025. This represents a -100.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Cadiz's revenue growing?
Cadiz (CDZI) revenue declined by 100% year-over-year, from $9.6M to $0 in fiscal year 2025.
Is Cadiz profitable?
No, Cadiz (CDZI) reported a net income of -$31.1M in fiscal year 2025.
What is Cadiz's EBITDA?
Cadiz (CDZI) had EBITDA of -$22.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Cadiz have?
As of fiscal year 2025, Cadiz (CDZI) had $8.6M in cash and equivalents against $72.7M in long-term debt.
What is Cadiz's return on equity (ROE)?
Cadiz (CDZI) has a return on equity of -133.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Cadiz's free cash flow?
Cadiz (CDZI) generated -$26.5M in free cash flow during fiscal year 2025. This represents a -18.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Cadiz's operating cash flow?
Cadiz (CDZI) generated -$18.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Cadiz's total assets?
Cadiz (CDZI) had $140.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Cadiz's capital expenditures?
Cadiz (CDZI) invested $7.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Cadiz's current ratio?
Cadiz (CDZI) had a current ratio of 1.22 as of fiscal year 2025, which is considered adequate.
What is Cadiz's debt-to-equity ratio?
Cadiz (CDZI) had a debt-to-equity ratio of 3.13 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Cadiz's return on assets (ROA)?
Cadiz (CDZI) had a return on assets of -22.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Cadiz's cash runway?
Based on fiscal year 2025 data, Cadiz (CDZI) had $8.6M in cash against an annual operating cash burn of $18.9M. This gives an estimated cash runway of approximately 5 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Cadiz's Piotroski F-Score?
Cadiz (CDZI) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Cadiz's earnings high quality?
Cadiz (CDZI) has an earnings quality ratio of 0.61x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Cadiz cover its interest payments?
Cadiz (CDZI) has an interest coverage ratio of -3.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Cadiz?
Cadiz (CDZI) scores 14 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.