Segment information

9 Months Ended

Sep. 30, 2025

Segment information

Segment information

3. Segment information

The Company has five reportable segments: retail, bulk, services, manufacturing and corporate. The retail segment operates the water utility for the Seven Mile Beach and West Bay areas of Grand Cayman pursuant to an exclusive license granted by the Cayman Islands government. The bulk segment supplies potable water to government utilities in Grand Cayman and The Bahamas under long-term contracts. The services segment designs, constructs and sells water infrastructure and provides management and operating services to third parties. The manufacturing segment manufactures and services a wide range of custom and specialized water-related products applicable to commercial, municipal and industrial water production, supply and treatment. The corporate segment consists of various expenses of a general and

administrative nature incurred at the parent company level, as well as the expenses incurred by Aquilex, a U.S. subsidiary that provides financial, engineering, information technology, administrative and supply chain management support services to all the Company’s subsidiaries and its affiliate.

Frederick W. McTaggart, Chief Executive Officer and President, is the Company’s chief operating decision maker (“CODM”).

For the retail, bulk, services, and manufacturing segments, the CODM uses revenue, gross profit, and income before income taxes to assess segment performance and in deciding the allocation of resources to each segment. The CODM considers actual versus budget and current period versus prior period variances on a monthly, quarterly, and annual basis for each of these financial measures. The CODM also considers variances from the budget and the prior period for major corporate expenses (such as employee costs, insurance and professional fees) when making decisions regarding capital and resource allocation.

The accounting policies of the segments are consistent with those described in Note 2. All intercompany transactions are eliminated for segment presentation purposes. Intersegment revenue transactions are insignificant to the Company and are eliminated. Segment information previously disclosed in 2024 did not separately disclose those expenses currently reported in the corporate segment, as such expenses were previously included in the retail segment. The 2024 segment information provided herein has been recast to conform to the current period presentation.

The Company’s segments are strategic business units that are managed separately because each segment sells different products and/or services, serves customers with distinctly different needs and generates different gross profit margins.

The following sets forth the Company’s income statements by segment.

	Three Months Ended September 30, 2025
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Revenue	$	7,770,344	$	8,394,614	$	14,289,315	$	4,664,433	$	—	$	35,118,706
Cost of revenue		3,447,262		5,484,613		10,444,894		2,796,028		—		22,172,797
Gross profit		4,323,082		2,910,001		3,844,421		1,868,405		—		12,945,909
General and administrative expenses		952,102		267,292		1,955,186		459,038		3,585,104		7,218,722
Gain on asset dispositions, net		6,600		—		22,495		5,000		—		34,095
Income (loss) from operations		3,377,580		2,642,709		1,911,730		1,414,367		(3,585,104)		5,761,282
Interest income		45,787		190,772		175,407		1		225,565		637,532
Interest expense		—		—		(901)		—		—		(901)
Income (loss) from affiliates		—		—		—		(935)		81,249		80,314
Other		19,797		3,651		70,998		90		(254)		94,282
Other income (loss), net		65,584		194,423		245,504		(844)		306,560		811,227
Income (loss) before income taxes		3,443,164		2,837,132		2,157,234		1,413,523		(3,278,544)		6,572,509
Provision for income taxes		—		—		492,401		334,608		—		827,009
Net income (loss) from continuing operations		3,443,164		2,837,132		1,664,833		1,078,915		(3,278,544)		5,745,500
Income from continuing operations attributable to non-controlling interests		—		175,936		—		—		—		175,936
Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders	$	3,443,164	$	2,661,196	$	1,664,833	$	1,078,915	$	(3,278,544)		5,569,564
Net loss from discontinued operations												(37,220)
Net income attributable to Consolidated Water Co. Ltd. stockholders											$	5,532,344

	Three Months Ended September 30, 2024
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Revenue	$	7,585,992	$	8,767,168	$	12,677,837	$	4,359,560	$	—	$	33,390,557
Cost of revenue		3,606,944		5,969,292		9,409,325		2,770,338		—		21,755,899
Gross profit		3,979,048		2,797,876		3,268,512		1,589,222		—		11,634,658
General and administrative expenses		787,403		381,230		1,469,845		745,418		3,572,073		6,955,969
Gain on asset dispositions, net		8,796		—		—		—		192,786		201,582
Income (loss) from operations		3,200,441		2,416,646		1,798,667		843,804		(3,379,287)		4,880,271
Interest income		48,945		204,807		139,822		1		233,226		626,801
Interest expense		(31,123)		—		(1,634)		—		(44)		(32,801)
Income from affiliate		—		—		—		—		73,620		73,620
Other		20,046		36,379		89		90		(184)		56,420
Other income, net		37,868		241,186		138,277		91		306,618		724,040
Income (loss) before income taxes		3,238,309		2,657,832		1,936,944		843,895		(3,072,669)		5,604,311
Provision for income taxes		—		—		255,534		234,675		—		490,209
Net income (loss) from continuing operations		3,238,309		2,657,832		1,681,410		609,220		(3,072,669)		5,114,102
Income from continuing operations attributable to non-controlling interests		—		156,784		—		—		—		156,784
Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders	$	3,238,309	$	2,501,048	$	1,681,410	$	609,220	$	(3,072,669)		4,957,318
Net loss from discontinued operations												(502,854)
Net income attributable to Consolidated Water Co. Ltd. stockholders											$	4,454,464

The Company’s cost of revenue consists of:

	Three Months Ended September 30, 2025
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Subcontractor and other project costs	$	—	$	—	$	5,973,677	$	1,958,385	$	—	$	7,932,062
Employee costs		752,990		510,286		4,103,148		656,068		—		6,022,492
Electricity		1,068,659		1,021,140		33,870		10,749		—		2,134,418
Fuel oil		—		1,921,144		—		—		—		1,921,144
Depreciation		626,525		709,512		120,627		45,805		—		1,502,469
Maintenance		144,331		407,705		80,289		100,329		—		732,654
Insurance		188,443		311,651		40,604		—		—		540,698
Retail license royalties		488,962		—		—		—		—		488,962
Other		177,352		603,175		92,679		24,692		—		897,898
	$	3,447,262	$	5,484,613	$	10,444,894	$	2,796,028	$	—	$	22,172,797

	Three Months Ended September 30, 2024
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Subcontractor and other project costs	$	—	$	—	$	4,875,016	$	2,103,943	$	—	$	6,978,959
Employee costs		744,844		495,717		4,232,268		509,387		—		5,982,216
Electricity		1,191,856		1,051,352		30,552		6,656		—		2,280,416
Fuel oil		—		2,125,905		—		—		—		2,125,905
Depreciation		611,573		675,404		90,015		39,869		—		1,416,861
Maintenance		287,891		463,373		105,387		87,734		—		944,385
Insurance		173,551		453,106		11,238		—		—		637,895
Retail license royalties		461,770		—		—		—		—		461,770
Other		135,459		704,435		64,849		22,749		—		927,492
	$	3,606,944	$	5,969,292	$	9,409,325	$	2,770,338	$	—	$	21,755,899

Other cost of revenue segment expenses above primarily include chemicals and other supplies, government fees and licenses, and freight costs.

The Company’s general and administrative expenses consist of:

	Three Months Ended September 30, 2025
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Employee costs	$	417,321	$	90,065	$	1,171,174	$	311,471	$	1,840,811	$	3,830,842
Professional fees		20,491		44,018		175,517		17,940		746,094		1,004,060
Insurance		104,394		97,796		53,031		43,304		216,036		514,561
Depreciation and amortization		10,460		4,761		157,607		27,048		16,604		216,480
Other		399,436		30,652		397,857		59,275		765,559		1,652,779
	$	952,102	$	267,292	$	1,955,186	$	459,038	$	3,585,104	$	7,218,722

	Three Months Ended September 30, 2024
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Employee costs	$	364,182	$	87,966	$	852,656	$	347,001	$	1,986,384	$	3,638,189
Professional fees		29,880		38,109		141,749		63,887		625,193		898,818
Insurance		124,299		97,179		63,652		52,459		221,009		558,598
Depreciation and amortization		9,595		6,260		157,315		25,906		17,297		216,373
Other		259,447		151,716		254,473		256,165		722,190		1,643,991
	$	787,403	$	381,230	$	1,469,845	$	745,418	$	3,572,073	$	6,955,969

General and administrative segment expenses set forth in the “Other” category above include Board of Directors fees and expenses, maintenance, office rent, information technology costs, amortization of intangible assets, provisions for credit losses and investor relations costs.

	Nine Months Ended September 30, 2025
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Revenue	$	25,819,712	$	25,081,146	$	35,815,785	$	15,708,527	$	—	$	102,425,170
Cost of revenue		10,929,083		16,807,609		26,563,654		10,040,643		—		64,340,989
Gross profit		14,890,629		8,273,537		9,252,131		5,667,884		—		38,084,181
General and administrative expenses		2,726,531		1,008,123		6,143,566		1,653,668		10,991,031		22,522,919
Gain on asset dispositions, net		37,416		—		52,131		5,000		—		94,547
Income (loss) from operations		12,201,514		7,265,414		3,160,696		4,019,216		(10,991,031)		15,655,809
Interest income		123,702		622,345		580,061		3		685,003		2,011,114
Interest expense		—		—		(3,614)		—		—		(3,614)
Income (loss) from affiliates		—		—		—		(35,198)		198,265		163,067
Other		55,500		25,526		69,038		254		(585)		149,733
Other income (loss), net		179,202		647,871		645,485		(34,941)		882,683		2,320,300
Income (loss) before income taxes		12,380,716		7,913,285		3,806,181		3,984,275		(10,108,348)		17,976,109
Provision for income taxes		—		—		870,688		962,245		—		1,832,933
Net income (loss) from continuing operations		12,380,716		7,913,285		2,935,493		3,022,030		(10,108,348)		16,143,176
Income from continuing operations attributable to non-controlling interests		—		470,741		—		—		—		470,741
Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders	$	12,380,716	$	7,442,544	$	2,935,493	$	3,022,030	$	(10,108,348)		15,672,435
Net loss from discontinued operations												(252,857)
Net income attributable to Consolidated Water Co. Ltd. stockholders											$	15,419,578

	Nine Months Ended September 30, 2024
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Revenue	$	24,392,814	$	25,557,220	$	42,017,917	$	13,591,154	$	—	$	105,559,105
Cost of revenue		10,828,421		17,632,010		30,536,801		9,428,978		—		68,426,210
Gross profit		13,564,393		7,925,210		11,481,116		4,162,176		—		37,132,895
General and administrative expenses		2,335,807		1,088,639		4,264,323		1,930,706		10,506,817		20,126,292
Gain on asset dispositions, net		2,666		—		3,000		—		192,786		198,452
Income (loss) from operations		11,231,252		6,836,571		7,219,793		2,231,470		(10,314,031)		17,205,055
Interest income		156,362		622,520		329,649		3		233,263		1,341,797
Interest expense		(93,369)		—		(6,327)		—		(44)		(99,740)
Income from affiliate		—		—		—		—		199,983		199,983
Other		56,324		48,807		700		11,866		913		118,610
Other income, net		119,317		671,327		324,022		11,869		434,115		1,560,650
Income (loss) before income taxes		11,350,569		7,507,898		7,543,815		2,243,339		(9,879,916)		18,765,705
Provision for income taxes		—		—		1,627,258		548,580		—		2,175,838
Net income (loss) from continuing operations		11,350,569		7,507,898		5,916,557		1,694,759		(9,879,916)		16,589,867
Income from continuing operations attributable to non-controlling interests		—		448,724		—		—		—		448,724
Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders	$	11,350,569	$	7,059,174	$	5,916,557	$	1,694,759	$	(9,879,916)		16,141,143
Net income from discontinued operations												10,637,926
Net income attributable to Consolidated Water Co. Ltd. stockholders											$	26,779,069

The Company’s cost of revenue consists of:

	Nine Months Ended September 30, 2025
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Subcontractor and other project costs	$	—	$	—	$	13,064,351	$	7,678,086	$	—	$	20,742,437
Employee costs		2,272,261		1,571,674		12,533,716		1,854,210		—		18,231,861
Electricity		3,398,245		3,128,782		102,226		33,113		—		6,662,366
Fuel oil		—		5,583,464		—		—		—		5,583,464
Depreciation		1,861,706		2,091,347		304,320		121,122		—		4,378,495
Maintenance		685,176		1,446,647		286,483		267,687		—		2,685,993
Insurance		534,633		1,168,427		88,166		—		—		1,791,226
Retail license royalties		1,640,448		—		—		—		—		1,640,448
Other		536,614		1,817,268		184,392		86,425		—		2,624,699
	$	10,929,083	$	16,807,609	$	26,563,654	$	10,040,643	$	—	$	64,340,989

	Nine Months Ended September 30, 2024
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Subcontractor and other project costs	$	—	$	—	$	16,889,209	$	7,412,469	$	—	$	24,301,678
Employee costs		2,199,019		1,538,671		12,716,853		1,533,683		—		17,988,226
Electricity		3,652,656		2,890,194		175,353		22,819		—		6,741,022
Fuel oil		—		6,446,878		—		—		—		6,446,878
Depreciation		1,828,300		2,005,305		275,793		119,562		—		4,228,960
Maintenance		672,865		1,528,524		316,481		256,076		—		2,773,946
Insurance		514,191		1,271,807		25,022		—		—		1,811,020
Retail license royalties		1,498,859		—		—		—		—		1,498,859
Other		462,531		1,950,631		138,090		84,369		—		2,635,621
	$	10,828,421	$	17,632,010	$	30,536,801	$	9,428,978	$	—	$	68,426,210

Other cost of revenue segment expenses above primarily include chemicals and other supplies, government fees and licenses, and freight costs.

The Company’s general and administrative expenses consist of:

	Nine Months Ended September 30, 2025
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Employee costs	$	1,188,916	$	268,946	$	3,463,647	$	950,038	$	6,103,836	$	11,975,383
Professional fees		47,940		84,870		691,610		109,654		1,991,918		2,925,992
Insurance		313,242		291,623		124,356		202,864		652,036		1,584,121
Depreciation and amortization		31,308		15,179		474,402		79,286		50,642		650,817
Other		1,145,125		347,505		1,389,551		311,826		2,192,599		5,386,606
	$	2,726,531	$	1,008,123	$	6,143,566	$	1,653,668	$	10,991,031	$	22,522,919

	Nine Months Ended September 30, 2024
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Employee costs	$	1,100,764	$	263,038	$	2,426,917	$	959,747	$	6,009,959	$	10,760,425
Professional fees		75,362		79,408		390,744		99,249		1,638,772		2,283,535
Insurance		310,836		282,481		179,354		166,878		639,326		1,578,875
Depreciation and amortization		27,437		19,737		474,837		77,768		57,156		656,935
Other		821,408		443,975		792,471		627,064		2,161,604		4,846,522
	$	2,335,807	$	1,088,639	$	4,264,323	$	1,930,706	$	10,506,817	$	20,126,292

General and administrative segment expenses set forth in the “Other” category above include Board of Directors fees and expenses, maintenance, office rent, information technology costs, amortization of intangible assets, provisions for credit losses and investor relations costs.

The Company’s segment assets are presented below.

	As of September 30, 2025
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Cash and cash equivalents	$	13,811,367	$	34,434,833	$	42,225,132	$	6,327,391	$	26,755,925	$	123,554,648
Accounts receivable, net	$	2,803,608	$	17,011,930	$	7,154,835	$	2,015,722	$	10,739	$	28,996,834
Inventory, current and non-current	$	3,509,239	$	5,104,409	$	—	$	1,547,433	$	—	$	10,161,081
Contract assets	$	—	$	—	$	2,458,141	$	4,273,720	$	—	$	6,731,861
Property, plant and equipment, net	$	32,242,134	$	16,992,299	$	1,739,687	$	4,375,782	$	203,154	$	55,553,056
Construction in progress	$	937,927	$	4,268,056	$	—	$	4,551	$	—	$	5,210,534
Intangibles, net	$	—	$	—	$	1,706,757	$	497,779	$	—	$	2,204,536
Goodwill	$	1,170,511	$	1,948,875	$	7,756,807	$	1,985,211	$	—	$	12,861,404
Total segment assets	$	56,837,257	$	81,343,368	$	66,447,339	$	21,528,556	$	30,941,204	$	257,097,724
Assets of discontinued operations											$	136,928
Total assets											$	257,234,652

	As of December 31, 2024
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Cash and cash equivalents	$	19,167,484	$	13,339,206	$	34,181,902	$	4,768,376	$	27,893,153	$	99,350,121
Accounts receivable, net	$	3,223,190	$	28,807,257	$	6,593,276	$	946,846	$	10,413	$	39,580,982
Inventory, current and non-current	$	3,437,771	$	4,865,117	$	167,856	$	5,828,567	$	—	$	14,299,311
Contract assets	$	—	$	—	$	1,204,522	$	3,265,721	$	—	$	4,470,243
Property, plant and equipment, net	$	31,689,586	$	18,093,155	$	858,352	$	1,601,501	$	189,688	$	52,432,282
Construction in progress	$	1,951,559	$	2,480,999	$	—	$	711,159	$	—	$	5,143,717
Intangibles, net	$	—	$	—	$	2,129,037	$	567,778	$	—	$	2,696,815
Goodwill	$	1,170,511	$	1,948,875	$	7,756,807	$	1,985,211	$	—	$	12,861,404
Total segment assets	$	62,994,011	$	71,743,161	$	56,792,772	$	20,095,648	$	31,415,104	$	243,040,696
Assets of discontinued operations											$	272,485
Total assets											$	243,313,181