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Segment information (Tables)
12 Months Ended
Dec. 31, 2025
Segment information  
Schedule of segment reporting information, by segment

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

Year Ended December 31, 2025

  ​ ​ ​

Retail

  ​ ​ ​

Bulk

  ​ ​ ​

Services

  ​ ​ ​

Manufacturing

  ​ ​ ​

Corporate

  ​ ​ ​

Total

Revenue

$

33,587,952

$

33,481,307

$

46,312,325

$

18,691,784

$

  ​ ​ ​

$

132,073,368

Cost of revenue

 

14,593,693

 

22,470,197

 

34,449,844

 

12,180,824

 

 

83,694,558

Gross profit

 

18,994,259

 

11,011,110

 

11,862,481

 

6,510,960

 

 

48,378,810

General and administrative expenses

 

3,734,676

 

1,614,759

 

7,885,756

 

2,102,759

 

14,778,378

 

30,116,328

Gain on asset dispositions, net

 

40,578

 

 

52,131

 

5,000

 

 

97,709

Income (loss) from operations

15,300,161

9,396,351

4,028,856

4,413,201

(14,778,378)

 

18,360,191

Interest income

 

171,351

 

772,514

 

839,190

 

3

886,982

2,670,040

Interest expense

(4,420)

(4,420)

Income (loss) from affiliates

(29,354)

257,240

227,886

Other

71,262

(9,322)

69,735

344

(581)

131,438

Other income (loss), net

242,613

763,192

904,505

(29,007)

1,143,641

3,024,944

Income (loss) before income taxes

 

15,542,774

 

10,159,543

 

4,933,361

 

4,384,194

(13,634,737)

 

21,385,135

Provision for income taxes

 

 

 

1,132,590

 

1,026,316

5,742

 

2,164,648

Net income (loss) from continuing operations

 

15,542,774

 

10,159,543

 

3,800,771

 

3,357,878

(13,640,479)

 

19,220,487

Income from continuing operations attributable to non-controlling interests

 

 

593,179

 

 

 

593,179

Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders

$

15,542,774

$

9,566,364

$

3,800,771

$

3,357,878

$

(13,640,479)

 

18,627,308

Net loss from discontinued operations

 

  ​

 

  ​

 

  ​

 

  ​

 

(290,635)

Net income attributable to Consolidated Water Co. Ltd. stockholders

 

  ​

 

  ​

 

  ​

 

  ​

$

18,336,673

 

Year Ended December 31, 2024

  ​ ​ ​

Retail

  ​ ​ ​

Bulk

  ​ ​ ​

Services

  ​ ​ ​

Manufacturing

Corporate

  ​ ​ ​

Total

Revenue

$

31,741,343

$

33,673,387

$

50,956,489

$

17,595,414

  ​ ​ ​

$

$

133,966,633

Cost of revenue

 

14,199,088

 

23,360,360

 

38,511,535

 

12,271,202

 

 

88,342,185

Gross profit

 

17,542,255

 

10,313,027

 

12,444,954

 

5,324,212

 

 

45,624,448

General and administrative expenses

 

3,263,593

 

1,564,975

 

6,055,409

 

2,456,807

 

14,196,652

 

27,537,436

Gain on asset dispositions, net

 

2,286

 

 

2,714

 

 

192,786

 

197,786

Income (loss) from operations

14,280,948

8,748,052

6,392,259

2,867,405

(14,003,866)

 

18,284,798

Interest income

 

198,180

 

865,584

 

458,732

 

4

571,690

2,094,190

Interest expense

(93,368)

(8,409)

(70)

(101,847)

Income from affiliates

16,701

252,754

269,455

Other

78,647

39,625

(5,634)

11,993

7,247

131,878

Other income, net

183,459

905,209

444,689

28,698

831,621

2,393,676

Income (loss) before income taxes

 

14,464,407

 

9,653,261

 

6,836,948

 

2,896,103

(13,172,245)

 

20,678,474

Provision for income taxes

 

 

 

1,528,398

 

672,040

18,076

 

2,218,514

Net income (loss) from continuing operations

 

14,464,407

 

9,653,261

 

5,308,550

 

2,224,063

(13,190,321)

 

18,459,960

Income from continuing operations attributable to non-controlling interests

 

 

577,590

 

 

 

577,590

Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders

$

14,464,407

$

9,075,671

$

5,308,550

$

2,224,063

$

(13,190,321)

 

17,882,370

Net income from discontinued operations

 

  ​

 

  ​

 

  ​

 

  ​

 

10,355,184

Net income attributable to Consolidated Water Co. Ltd. stockholders

 

  ​

 

  ​

 

  ​

 

  ​

$

28,237,554

 

Year Ended December 31, 2023

  ​ ​ ​

Retail

  ​ ​ ​

Bulk

  ​ ​ ​

Services

  ​ ​ ​

Manufacturing

Corporate

  ​ ​ ​

Total

Revenue

$

30,158,051

$

34,595,058

$

97,966,650

$

17,491,474

  ​ ​ ​

$

$

180,211,233

Cost of revenue

 

13,891,229

 

24,128,132

 

66,797,762

 

13,467,005

 

 

118,284,128

Gross profit

 

16,266,822

 

10,466,926

 

31,168,888

 

4,024,469

 

 

61,927,105

General and administrative expenses

 

2,978,164

 

1,737,264

 

4,271,808

 

1,838,284

 

13,926,846

 

24,752,366

Gain (loss) on asset dispositions, net

 

(21,716)

 

12,720

 

 

2,233

 

(349)

 

(7,112)

Income (loss) from operations

13,266,942

8,742,382

26,897,080

2,188,418

(13,927,195)

 

37,167,627

Interest income

 

181,468

 

362,422

 

151,706

 

4

808

696,408

Interest expense

(123,867)

(21,417)

(145,284)

Income from affiliate

169,728

169,728

Other

93,795

10,793

1,024

2,020

(171)

107,461

Other income, net

151,396

373,215

131,313

2,024

170,365

828,313

Income (loss) before income taxes

 

13,418,338

 

9,115,597

 

27,028,393

 

2,190,442

(13,756,830)

 

37,995,940

Provision (benefit) for income taxes

 

 

 

6,388,457

 

440,111

(78,554)

 

6,750,014

Net income (loss) from continuing operations

 

13,418,338

 

9,115,597

 

20,639,936

 

1,750,331

(13,678,276)

 

31,245,926

Income from continuing operations attributable to non-controlling interests

 

 

573,791

 

 

 

573,791

Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders

$

13,418,338

$

8,541,806

$

20,639,936

$

1,750,331

$

(13,678,276)

 

30,672,135

Net loss from discontinued operations

 

  ​

 

  ​

 

  ​

 

  ​

 

(1,086,744)

Net income attributable to Consolidated Water Co. Ltd. stockholders

 

  ​

 

  ​

 

  ​

 

  ​

$

29,585,391

The Company’s cost of revenue consists of:

Year Ended December 31, 2025

Retail

Bulk

Services

Manufacturing

Corporate

Total

Subcontractor and other project costs

  ​ ​ ​

$

  ​ ​ ​

$

  ​ ​ ​

$

16,416,318

  ​ ​ ​

$

9,043,929

  ​ ​ ​

$

  ​ ​ ​

$

25,460,247

Employee costs

3,039,052

2,103,790

16,721,727

2,452,499

24,317,068

Electricity

4,527,864

4,177,008

138,467

44,415

8,887,754

Fuel oil

7,477,674

7,477,674

Depreciation

2,510,023

2,794,444

416,486

190,351

5,911,304

Maintenance

934,015

2,001,297

413,831

313,657

3,662,800

Insurance

717,718

1,475,176

99,034

2,291,928

Retail license royalties

2,120,923

2,120,923

Other

744,098

2,440,808

243,981

135,973

3,564,860

$

14,593,693

$

22,470,197

$

34,449,844

$

12,180,824

$

$

83,694,558

Year Ended December 31, 2024

  ​ ​ ​

Retail

  ​ ​ ​

Bulk

  ​ ​ ​

Services

  ​ ​ ​

Manufacturing

  ​ ​ ​

Corporate

  ​ ​ ​

Total

Subcontractor and other project costs

$

$

3,787

$

20,366,236

$

9,535,078

$

$

29,905,101

Employee costs

2,895,606

2,069,920

17,062,858

2,042,518

24,070,902

Electricity

4,755,308

3,864,863

212,337

33,551

8,866,059

Fuel oil

8,330,914

8,330,914

Depreciation

2,427,254

2,689,432

364,473

160,211

5,641,370

Maintenance

877,882

2,138,584

439,883

344,042

3,800,391

Insurance

686,073

1,721,846

38,408

2,446,327

Retail license royalties

1,945,470

1,945,470

Other

611,495

2,541,014

27,340

155,802

3,335,651

$

14,199,088

$

23,360,360

$

38,511,535

$

12,271,202

$

$

88,342,185

Year Ended December 31, 2023

  ​ ​ ​

Retail

  ​ ​ ​

Bulk

  ​ ​ ​

Services

  ​ ​ ​

Manufacturing

  ​ ​ ​

Corporate

  ​ ​ ​

Total

Subcontractor and other project costs

$

$

$

53,830,817

$

10,869,688

$

$

64,700,505

Employee costs

2,797,130

1,927,313

12,311,403

1,899,167

18,935,013

Electricity

4,846,974

4,306,439

301,247

48,006

9,502,666

Fuel oil

9,024,836

9,024,836

Depreciation

2,376,747

2,831,368

256,537

168,347

5,632,999

Maintenance

845,596

1,705,585

83,998

357,693

2,992,872

Insurance

587,238

1,468,508

5,751

2,061,497

Retail license royalties

1,842,924

1,842,924

Other

594,620

2,864,083

8,009

124,104

3,590,816

$

13,891,229

$

24,128,132

$

66,797,762

$

13,467,005

$

$

118,284,128

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:

Year Ended December 31, 2025

Retail

Bulk

Services

Manufacturing

Corporate

Total

Employee costs

  ​ ​ ​

$

1,654,945

  ​ ​ ​

$

383,111

  ​ ​ ​

$

4,624,683

  ​ ​ ​

$

1,178,544

  ​ ​ ​

$

8,115,730

  ​ ​ ​

$

15,957,013

Professional fees

66,338

105,113

831,897

156,997

2,738,962

3,899,307

Insurance

421,156

388,840

170,005

269,620

869,877

2,119,498

Depreciation and amortization

42,042

19,940

571,689

106,408

72,702

812,781

Other

1,550,195

717,755

1,687,482

391,190

2,981,107

7,327,729

$

3,734,676

$

1,614,759

$

7,885,756

$

2,102,759

$

14,778,378

$

30,116,328

Year Ended December 31, 2024

  ​ ​ ​

Retail

  ​ ​ ​

Bulk

  ​ ​ ​

Services

  ​ ​ ​

Manufacturing

  ​ ​ ​

Corporate

  ​ ​ ​

Total

Employee costs

$

1,555,619

$

375,479

$

3,443,005

$

1,286,141

$

8,031,817

$

14,692,061

Professional fees

85,739

82,452

646,610

133,229

2,448,386

3,396,416

Insurance

417,604

384,932

214,983

215,241

834,612

2,067,372

Depreciation and amortization

37,691

25,086

630,544

103,674

73,940

870,935

Other

1,166,940

697,026

1,120,267

718,522

2,807,897

6,510,652

$

3,263,593

$

1,564,975

$

6,055,409

$

2,456,807

$

14,196,652

$

27,537,436

Year Ended December 31, 2023

  ​ ​ ​

Retail

  ​ ​ ​

Bulk

  ​ ​ ​

Services

  ​ ​ ​

Manufacturing

  ​ ​ ​

Corporate

  ​ ​ ​

Total

Employee costs

$

1,485,647

$

359,923

$

2,529,548

$

1,071,012

$

8,244,023

$

13,690,153

Professional fees

122,067

93,754

422,196

88,882

1,285,193

2,012,092

Insurance

351,259

341,391

127,993

196,539

886,674

1,903,856

Depreciation and amortization

38,883

22,180

528,810

105,013

69,216

764,102

Other

980,308

920,016

663,261

376,838

3,441,740

6,382,163

$

2,978,164

$

1,737,264

$

4,271,808

$

1,838,284

$

13,926,846

$

24,752,366

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 December 31, 2025

  ​ ​ ​

Retail

  ​ ​ ​

Bulk

  ​ ​ ​

Services

  ​ ​ ​

Manufacturing

  ​ ​ ​

Corporate

  ​ ​ ​

Total

Cash and cash equivalents

$

15,693,394

$

20,343,683

$

46,444,679

$

6,620,358

$

34,686,276

$

123,788,390

Accounts receivable, net

$

3,274,109

$

20,882,114

$

6,364,226

$

2,240,036

$

8,052

$

32,768,537

Inventory, current and non-current

$

3,555,946

$

4,999,261

$

24,178

$

720,602

$

$

9,299,987

Contract assets

$

$

$

1,144,943

$

2,145,872

$

$

3,290,815

Property, plant and equipment, net

$

32,371,991

$

16,284,441

$

1,666,099

$

4,608,544

$

220,683

$

55,151,758

Construction in progress

$

1,348,572

$

5,316,061

$

$

31,023

$

$

6,695,656

Intangibles, net

$

$

$

1,627,110

$

474,445

$

$

2,101,555

Goodwill

$

1,170,511

$

1,948,875

$

7,756,807

$

1,985,211

$

$

12,861,404

Total segment assets

$

59,410,635

$

71,300,554

$

69,172,997

$

19,454,784

$

38,101,745

$

257,440,715

Assets of discontinued operations

$

124,630

Total assets

$

257,565,345

 

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

Schedule of revenues earned by major geographic region

Year ended December 31, 

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Cayman Islands

$

37,840,267

$

37,137,424

$

41,728,340

The Bahamas

 

29,298,791

 

29,675,947

 

31,221,633

United States

 

64,421,664

 

66,662,406

 

106,768,621

Revenue earned from management services agreement with OC-BVI

 

512,646

 

490,856

 

492,639

$

132,073,368

$

133,966,633

$

180,211,233

Revenue earned from major customers was:

Year ended December 31, 

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Revenue earned from the WSC

$

29,298,791

$

29,675,947

$

31,221,633

Percentage of consolidated revenue earned from the WSC

 

22%

 

22%

 

17%

Revenue earned from one service segment customer

$

$

$

64,149,170

Percentage of consolidated revenue earned from the one service segment customer

 

0%

 

0%

 

36%

Schedule of long-lived assets by geographic areas

December 31, 

  ​ ​ ​

2025

  ​ ​ ​

2024

Cayman Islands

$

32,530,208

$

31,882,111

The Bahamas

 

16,201,134

 

17,903,191

United States

 

6,420,416

 

2,646,980

$

55,151,758

$

52,432,282