Business Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Business Segment Information

Business Segment Information

At December 31, 2025, the Company is organized and operated as one operating and reportable segment as the Company is not organized around specific products and services, geographic regions, or regulatory environments. Further, the Company currently operates solely within the state of Arizona. Operating revenue is substantially derived from regulated water, wastewater, and recycled water service provided to customers based upon tariff rates approved by the ACC. Refer to Note 4 — “Revenue Recognition” for additional information on the Company’s sources of revenue, and refer to the Consolidated Financial Statements for measures of profit and loss, total assets, and capital expenditures of the Company.

The Company’s CODM is the Chief Executive Officer. While the Company reports revenue disaggregated by service type on the face of its Consolidated Financial Statements, the Company does not manage the business based on any performance measure at the individual revenue stream level. The CODM uses consolidated financial information, as outlined below, to evaluate performance against budget and peers and to make all significant decisions regarding the allocation of the Company’s resources, and communicate results and performance to the Company’s board of directors.

The CODM regularly reviews the results of the Company based on GAAP net income as well as non-GAAP measures, EBITDA and Adjusted EBITDA. The CODM uses GAAP net income in the assessment of performance and to make strategic decisions regarding resource allocation predominantly in the annual budget.

The CODM reviews the following significant expense categories:

	Years Ended December 31,
(in thousands)	2025		2024
Segment Revenue	$	55,758	$	52,692
Segment Expenses
Personnel costs - operations and maintenance	5,637		5,014
Utilities, chemicals and repairs	4,671		3,927
Other operations and maintenance expenses	5,441		4,785
Personnel costs - general and administrative	9,119		9,173
Professional fees	1,899		1,687
Other general and administrative expenses	6,837		6,022
Depreciation, amortization and accretion	14,998		12,720
Other Income (Expense)
Buckeye growth premiums	2,412		2,916
Other segment income and expenses	(5,585)		(4,418)
Income tax expense	(1,026)		(2,073)
Net Income	$	2,957	$	5,789

Other operations and maintenance and other general and administrative expenses include contract services, business development, board compensation, rent, insurance and taxes other than income taxes. Other segment income expenses include interest income, interest expense, AFUDC, and gains and losses on disposal of assets.

The Company does not have any customers that contribute more than 10% to the Company’s revenue or revenue streams.