Segment information

6 Months Ended

Jun. 30, 2026

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 water production and supply concession and water utility license issued to Cayman Water by the Cayman Islands government and OfReg, respectively. 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.

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 June 30, 2026
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Revenue	$	8,660,947	$	9,934,060	$	11,585,573	$	2,689,782	$	—	$	32,870,362
Cost of revenue		3,805,970		6,722,244		9,686,546		1,692,213		—		21,906,973
Gross profit		4,854,977		3,211,816		1,899,027		997,569		—		10,963,389
General and administrative expenses		899,499		340,147		1,474,321		519,072		4,009,983		7,243,022
Gain (loss) on asset dispositions, net		24,589		—		(270)		—		—		24,319
Income (loss) from operations		3,980,067		2,871,669		424,436		478,497		(4,009,983)		3,744,686
Interest income		28,819		184,812		245,179		—		186,775		645,585
Interest expense		—		—		(237)		—		(242)		(479)
Income (loss) from affiliates		—		—		—		(429)		61,850		61,421
Other		17,203		6,222		384		90		213		24,112
Other income (loss), net		46,022		191,034		245,326		(339)		248,596		730,639
Income (loss) before income taxes		4,026,089		3,062,703		669,762		478,158		(3,761,387)		4,475,325
Provision for income taxes		—		—		164,460		103,286		—		267,746
Net income (loss) from continuing operations		4,026,089		3,062,703		505,302		374,872		(3,761,387)		4,207,579
Income from continuing operations attributable to non-controlling interests		—		170,259		—		—		—		170,259
Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders	$	4,026,089	$	2,892,444	$	505,302	$	374,872	$	(3,761,387)		4,037,320
Net loss from discontinued operations												(105,574)
Net income attributable to Consolidated Water Co. Ltd. stockholders											$	3,931,746

	Three Months Ended June 30, 2025
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Revenue	$	8,638,026	$	8,274,816	$	11,448,202	$	5,230,035	$	—	$	33,591,079
Cost of revenue		3,775,758		5,738,907		8,056,883		3,187,546		—		20,759,094
Gross profit		4,862,268		2,535,909		3,391,319		2,042,489		—		12,831,985
General and administrative expenses		985,617		394,750		1,993,042		530,552		3,676,277		7,580,238
Gain on asset dispositions, net		840		—		31,177		—		—		32,017
Income (loss) from operations		3,877,491		2,141,159		1,429,454		1,511,937		(3,676,277)		5,283,764
Interest income		45,049		227,470		261,335		1		223,133		756,988
Interest expense		—		—		(1,185)		—		—		(1,185)
Income (loss) from affiliate		—		—		—		(259)		52,538		52,279
Other		7,395		6,942		(1,996)		90		(331)		12,100
Other income, net		52,444		234,412		258,154		(168)		275,340		820,182
Income (loss) before income taxes		3,929,935		2,375,571		1,687,608		1,511,769		(3,400,937)		6,103,946
Provision (benefit) for income taxes		—		—		414,180		381,627		—		795,807
Net income (loss) from continuing operations		3,929,935		2,375,571		1,273,428		1,130,142		(3,400,937)		5,308,139
Income from continuing operations attributable to non-controlling interests		—		129,378		—		—		—		129,378
Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders	$	3,929,935	$	2,246,193	$	1,273,428	$	1,130,142	$	(3,400,937)		5,178,761
Net loss from discontinued operations												(82,556)
Net income attributable to Consolidated Water Co. Ltd. stockholders											$	5,096,205

The Company’s cost of revenue consists of:

	Three Months Ended June 30, 2026
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Subcontractor and other project costs	$	—	$	—	$	5,695,513	$	936,861	$	—	$	6,632,374
Employee costs		839,289		498,755		3,629,642		570,508		—		5,538,194
Electricity		1,221,993		1,052,291		13,725		12,169		—		2,300,178
Fuel oil		—		3,133,366		—		—		—		3,133,366
Depreciation		653,116		766,520		106,954		76,814		—		1,603,404
Maintenance		233,542		334,914		141,964		67,784		—		778,204
Insurance		181,101		323,492		18,577		—		—		523,170
Retail license royalties		550,265		—		—		—		—		550,265
Other		126,664		612,906		80,171		28,077		—		847,818
	$	3,805,970	$	6,722,244	$	9,686,546	$	1,692,213	$	—	$	21,906,973

	Three Months Ended June 30, 2025
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Subcontractor and other project costs	$	—	$	—	$	3,633,272	$	2,435,559	$	—	$	6,068,831
Employee costs		761,403		518,088		4,160,205		608,921		—		6,048,617
Electricity		1,156,000		1,064,256		35,329		11,561		—		2,267,146
Fuel oil		—		1,842,264		—		—		—		1,842,264
Depreciation		621,297		692,319		93,095		36,455		—		1,443,166
Maintenance		320,220		637,300		78,677		67,403		—		1,103,600
Insurance		174,656		405,169		21,278		—		—		601,103
Retail license royalties		553,400		—		—		—		—		553,400
Other		188,782		579,511		35,027		27,647		—		830,967
	$	3,775,758	$	5,738,907	$	8,056,883	$	3,187,546	$	—	$	20,759,094

Cost of revenue segment expenses set forth in the “Other” category 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 June 30, 2026
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Employee costs	$	462,030	$	92,355	$	968,512	$	310,232	$	2,118,294	$	3,951,423
Professional fees		12,374		25,308		62,284		3,989		704,774		808,729
Insurance		107,342		96,570		9,202		63,784		224,812		501,710
Depreciation and amortization		12,054		6,312		62,751		26,667		22,251		130,035
Other		305,699		119,602		371,572		114,400		939,852		1,851,125
	$	899,499	$	340,147	$	1,474,321	$	519,072	$	4,009,983	$	7,243,022

	Three Months Ended June 30, 2025
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Employee costs	$	390,735	$	90,072	$	1,290,094	$	297,007	$	2,089,738	$	4,157,646
Professional fees		12,287		19,587		176,093		24,152		621,134		853,253
Insurance		104,977		96,818		34,225		74,751		221,051		531,822
Depreciation and amortization		10,268		5,091		161,104		26,059		16,967		219,489
Other		467,350		183,182		331,526		108,583		727,387		1,818,028
	$	985,617	$	394,750	$	1,993,042	$	530,552	$	3,676,277	$	7,580,238

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

	Six Months Ended June 30, 2026
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Revenue	$	17,238,005	$	18,678,829	$	22,836,917	$	4,090,311	$	—	$	62,844,062
Cost of revenue		7,448,127		12,458,230		18,113,702		2,944,601		—		40,964,660
Gross profit		9,789,878		6,220,599		4,723,215		1,145,710		—		21,879,402
General and administrative expenses		1,802,106		744,370		3,260,317		1,004,980		7,850,317		14,662,090
Gain (loss) on asset dispositions, net		(52,165)		—		19,279		—		—		(32,886)
Income (loss) from operations		7,935,607		5,476,229		1,482,177		140,730		(7,850,317)		7,184,426
Interest income		75,052		362,319		485,054		1		370,387		1,292,813
Interest expense		—		—		(2,973)		—		(242)		(3,215)
Income (loss) from affiliates		—		—		—		(9,062)		122,092		113,030
Other		43,061		16,245		385		7,558		328		67,577
Other income (loss), net		118,113		378,564		482,466		(1,503)		492,565		1,470,205
Income (loss) before income taxes		8,053,720		5,854,793		1,964,643		139,227		(7,357,752)		8,654,631
Provision (benefit) for income taxes		—		—		480,509		(10,063)		—		470,446
Net income (loss) from continuing operations		8,053,720		5,854,793		1,484,134		149,290		(7,357,752)		8,184,185
Income from continuing operations attributable to non-controlling interests		—		326,394		—		—		—		326,394
Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders	$	8,053,720	$	5,528,399	$	1,484,134	$	149,290	$	(7,357,752)		7,857,791
Net loss from discontinued operations												(148,616)
Net income attributable to Consolidated Water Co. Ltd. stockholders											$	7,709,175

	Six Months Ended June 30, 2025
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Revenue	$	18,049,368	$	16,686,532	$	21,526,470	$	11,044,094	$	—	$	67,306,464
Cost of revenue		7,481,821		11,322,996		16,118,760		7,244,615		—		42,168,192
Gross profit		10,567,547		5,363,536		5,407,710		3,799,479		—		25,138,272
General and administrative expenses		1,774,429		740,831		4,188,380		1,194,630		7,405,927		15,304,197
Gain on asset dispositions, net		30,816		—		29,636		—		—		60,452
Income (loss) from operations		8,823,934		4,622,705		1,248,966		2,604,849		(7,405,927)		9,894,527
Interest income		77,915		431,573		404,654		2		459,438		1,373,582
Interest expense		—		—		(2,713)		—		—		(2,713)
Income from affiliates		—		—		—		(34,263)		117,016		82,753
Other		35,703		21,875		(1,960)		164		(331)		55,451
Other income, net		113,618		453,448		399,981		(34,097)		576,123		1,509,073
Income (loss) before income taxes		8,937,552		5,076,153		1,648,947		2,570,752		(6,829,804)		11,403,600
Provision for income taxes		—		—		378,287		627,637		—		1,005,924
Net income (loss) from continuing operations		8,937,552		5,076,153		1,270,660		1,943,115		(6,829,804)		10,397,676
Income from continuing operations attributable to non-controlling interests		—		294,805		—		—		—		294,805
Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders	$	8,937,552	$	4,781,348	$	1,270,660	$	1,943,115	$	(6,829,804)		10,102,871
Net income from discontinued operations												(215,637)
Net income attributable to Consolidated Water Co. Ltd. stockholders											$	9,887,234

The Company’s cost of revenue consists of:

	Six Months Ended June 30, 2026
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Subcontractor and other project costs	$	—	$	28,750	$	9,539,528	$	1,423,663	$	—	$	10,991,941
Employee costs		1,633,426		962,665		7,879,037		1,122,036		—		11,597,164
Electricity		2,371,179		2,103,363		41,901		22,455		—		4,538,898
Fuel oil		—		4,975,131		—		—		—		4,975,131
Depreciation		1,299,367		1,516,859		214,481		152,344		—		3,183,051
Maintenance		419,376		1,054,880		274,835		157,664		—		1,906,755
Insurance		365,671		632,629		36,547		—		—		1,034,847
Retail license royalties		1,083,877		—		—		—		—		1,083,877
Other		275,231		1,183,953		127,373		66,439		—		1,652,996
	$	7,448,127	$	12,458,230	$	18,113,702	$	2,944,601	$	—	$	40,964,660

	Six Months Ended June 30, 2025
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Subcontractor and other project costs	$	—	$	—	$	7,090,674	$	5,719,701	$	—	$	12,810,375
Employee costs		1,519,271		1,061,388		8,430,568		1,198,142		—		12,209,369
Electricity		2,329,586		2,107,642		68,356		22,364		—		4,527,948
Fuel oil		—		3,662,320		—		—		—		3,662,320
Depreciation		1,235,181		1,381,835		183,693		75,317		—		2,876,026
Maintenance		540,845		1,038,942		206,194		167,358		—		1,953,339
Insurance		346,190		856,776		47,562		—		—		1,250,528
Retail license royalties		1,151,486		—		—		—		—		1,151,486
Other		359,262		1,214,093		91,713		61,733		—		1,726,801
	$	7,481,821	$	11,322,996	$	16,118,760	$	7,244,615	$	—	$	42,168,192

Cost of revenue segment expenses set forth in the “Other” category above primarily include chemicals and other supplies, government fees and licenses, and freight costs.

The Company’s general and administrative expenses consist of:

	Six Months Ended June 30, 2026
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Employee costs	$	917,364	$	181,741	$	2,161,997	$	611,504	$	4,276,339	$	8,148,945
Professional fees		24,548		44,599		240,814		35,789		1,340,554		1,686,304
Insurance		233,458		193,787		42,863		125,431		436,024		1,031,563
Depreciation and amortization		22,929		11,821		127,400		53,992		44,113		260,255
Other		603,807		312,422		687,243		178,264		1,753,287		3,535,023
	$	1,802,106	$	744,370	$	3,260,317	$	1,004,980	$	7,850,317	$	14,662,090

	Six Months Ended June 30, 2025
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Employee costs	$	771,595	$	178,881	$	2,292,473	$	638,567	$	4,263,025	$	8,144,541
Professional fees		27,449		40,852		516,093		91,714		1,245,824		1,921,932
Insurance		208,848		193,827		71,325		159,560		436,000		1,069,560
Depreciation and amortization		20,848		10,418		316,795		52,238		34,038		434,337
Other		745,689		316,853		991,694		252,551		1,427,040		3,733,827
	$	1,774,429	$	740,831	$	4,188,380	$	1,194,630	$	7,405,927	$	15,304,197

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

The Company’s segment assets are presented below.

	As of June 30, 2026
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Cash and cash equivalents	$	18,235,488	$	29,204,272	$	50,839,226	$	7,746,078	$	26,603,942	$	132,629,006
Accounts receivable, net	$	3,387,398	$	18,991,018	$	4,716,648	$	1,504,678	$	27,674	$	28,627,416
Inventory, current and non-current	$	3,504,917	$	5,353,438	$	118,564	$	701,606	$	—	$	9,678,525
Contract assets	$	—	$	—	$	1,730,196	$	1,480,487	$	—	$	3,210,683
Property, plant and equipment, net	$	31,856,818	$	21,047,548	$	1,489,340	$	4,874,576	$	187,794	$	59,456,076
Construction in progress	$	3,830,127	$	15,992	$	—	$	238,850	$	—	$	4,084,969
Intangibles, net	$	—	$	—	$	1,528,924	$	427,779	$	—	$	1,956,703
Goodwill	$	1,170,511	$	1,948,875	$	7,756,807	$	1,985,211	$	—	$	12,861,404
Total segment assets	$	63,430,680	$	77,257,158	$	72,585,380	$	19,427,647	$	30,037,166	$	262,738,031
Assets of discontinued operations											$	130,470
Total assets											$	262,868,501

	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