Segment information (Tables)

3 Months Ended

Mar. 31, 2025

Segment information

Schedule of segment reporting information, by segment

	Three Months Ended March 31, 2025
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Revenue	$	9,411,342	$	8,411,716	$	10,078,268	$	5,814,059	$	—	$	33,715,385
Cost of revenue		3,706,063		5,584,089		8,061,877		4,057,069		—		21,409,098
Gross profit		5,705,279		2,827,627		2,016,391		1,756,990		—		12,306,287
General and administrative expenses		788,812		346,081		2,195,338		664,078		3,729,650		7,723,959
Gain (loss) on asset dispositions and impairments, net		29,976		—		(1,541)		—		—		28,435
Income (loss) from operations		4,946,443		2,481,546		(180,488)		1,092,912		(3,729,650)		4,610,763
Interest income		32,866		204,103		143,319		1		236,305		616,594
Interest expense		—		—		(1,528)		—		—		(1,528)
Income (loss) from affiliates		—		—		—		(34,004)		64,478		30,474
Other		28,308		14,933		36		74		—		43,351
Other income, net		61,174		219,036		141,827		(33,929)		300,783		688,891
Income (loss) before income taxes		5,007,617		2,700,582		(38,661)		1,058,983		(3,428,867)		5,299,654
Provision (benefit) for income taxes		—		—		(35,893)		246,010		—		210,117
Net income (loss) from continuing operations		5,007,617		2,700,582		(2,768)		812,973		(3,428,867)		5,089,537
Income from continuing operations attributable to non-controlling interests		—		165,427		—		—		—		165,427
Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders	$	5,007,617	$	2,535,155	$	(2,768)	$	812,973	$	(3,428,867)		4,924,110
Net loss from discontinued operations												(133,081)
Net income attributable to Consolidated Water Co. Ltd. stockholders											$	4,791,029

	Three Months Ended March 31, 2024
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Revenue	$	8,624,938	$	8,342,094	$	17,417,611	$	5,304,747	$	—	$	39,689,390
Cost of revenue		3,551,344		5,565,258		12,668,939		4,025,826		—		25,811,367
Gross profit		5,073,594		2,776,836		4,748,672		1,278,921		—		13,878,023
General and administrative expenses		766,698		344,141		1,597,854		517,702		3,337,634		6,564,029
Income (loss) from operations		4,306,896		2,432,695		3,150,818		761,219		(3,337,634)		7,313,994
Interest income		56,593		204,319		73,204		1		25		334,142
Interest expense		(31,123)		—		(2,378)		—		—		(33,501)
Income from affiliate		—		—		—		—		77,566		77,566
Other		20,599		5,960		601		11,660		1,157		39,977
Other income, net		46,069		210,279		71,427		11,661		78,748		418,184
Income (loss) before income taxes		4,352,965		2,642,974		3,222,245		772,880		(3,258,886)		7,732,178
Provision (benefit) for income taxes		—		—		778,286		169,153		(325,743)		621,696
Net income (loss) from continuing operations		4,352,965		2,642,974		2,443,959		603,727		(2,933,143)		7,110,482
Income from continuing operations attributable to non-controlling interests		—		169,068		—		—		—		169,068
Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders	$	4,352,965	$	2,473,906	$	2,443,959	$	603,727	$	(2,933,143)		6,941,414
Net loss from discontinued operations												(467,066)
Net income attributable to Consolidated Water Co. Ltd. stockholders											$	6,474,348

The Company’s cost of revenue consists of:

	Three Months Ended March 31, 2025
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Subcontractor and other project costs	$	—	$	—	$	3,457,402	$	3,284,142	$	—	$	6,741,544
Employee costs		757,868		543,300		4,270,363		589,221		—		6,160,752
Electricity		1,173,586		1,043,386		33,027		10,803		—		2,260,802
Fuel oil		—		1,820,056		—		—		—		1,820,056
Depreciation		613,884		689,516		90,598		38,862		—		1,432,860
Maintenance		220,625		401,642		127,517		99,955		—		849,739
Insurance		171,534		451,607		26,284		—		—		649,425
Retail license royalties		598,086		—		—		—		—		598,086
Other		170,480		634,582		56,686		34,086		—		895,834
	$	3,706,063	$	5,584,089	$	8,061,877	$	4,057,069	$	—	$	21,409,098

	Three Months Ended March 31, 2024
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Subcontractor and other project costs	$	—	$	—	$	7,899,850	$	3,297,314	$	—	$	11,197,164
Employee costs		676,857		494,411		4,456,690		574,365		—		6,202,323
Electricity		1,262,250		900,432		72,693		9,113		—		2,244,488
Fuel oil		—		2,109,673		—		—		—		2,109,673
Depreciation		610,745		664,675		92,637		40,193		—		1,408,250
Maintenance		182,994		403,666		108,297		67,160		—		762,117
Insurance		170,049		397,941		4,982		—		—		572,972
Retail license royalties		522,184		—		—		—		—		522,184
Other		126,265		594,460		33,790		37,681		—		792,196
	$	3,551,344	$	5,565,258	$	12,668,939	$	4,025,826	$	—	$	25,811,367

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 March 31, 2025
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Employee costs	$	380,860	$	88,809	$	1,002,379	$	341,560	$	2,173,287	$	3,986,895
Professional fees		15,162		21,265		340,000		67,562		624,690		1,068,679
Insurance		103,871		97,009		37,100		84,809		214,949		537,738
Depreciation and amortization		10,580		5,327		155,691		26,179		17,071		214,848
Other		278,339		133,671		660,168		143,968		699,653		1,915,799
	$	788,812	$	346,081	$	2,195,338	$	664,078	$	3,729,650	$	7,723,959

	Three Months Ended March 31, 2024
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Employee costs	$	360,897	$	85,571	$	934,141	$	280,621	$	1,968,756	$	3,629,986
Professional fees		22,200		16,429		88,287		3,330		447,259		577,505
Insurance		90,983		91,773		56,228		60,394		204,688		504,066
Depreciation and amortization		9,276		6,815		159,114		25,955		20,449		221,609
Other		283,342		143,553		360,084		147,402		696,482		1,630,863
	$	766,698	$	344,141	$	1,597,854	$	517,702	$	3,337,634	$	6,564,029

Other general and administrative segment expenses primarily include Board of Directors fees and expenses, maintenance, office rent, amortization of intangible assets, and investor relations costs.

The Company’s segment assets are presented below.

	As of March 31, 2025
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Cash and cash equivalents	$	19,590,795	$	20,476,902	$	41,443,086	$	1,620,997	$	24,720,452	$	107,852,232
Accounts receivable, net	$	3,719,025	$	25,961,825	$	5,974,673	$	512,067	$	24,522	$	36,192,112
Inventory, current and non-current	$	3,430,692	$	5,133,101	$	826,704	$	3,253,475	$	—	$	12,643,972
Contract assets	$	—	$	—	$	1,331,507	$	8,186,161	$	—	$	9,517,668
Property, plant and equipment, net	$	32,917,197	$	17,888,288	$	948,957	$	1,597,357	$	191,543	$	53,543,342
Construction in progress	$	627,517	$	2,208,200	$	—	$	1,641,983	$	—	$	4,477,700
Intangibles, net	$	—	$	—	$	1,988,277	$	544,445	$	—	$	2,532,722
Goodwill	$	1,170,511	$	1,948,875	$	7,756,807	$	1,985,211	$	—	$	12,861,404
Total segment assets	$	63,355,243	$	75,452,021	$	63,654,305	$	19,757,550	$	27,980,139	$	250,199,258
Assets of discontinued operations											$	169,707
Total assets											$	250,368,965

	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