Segment information

6 Months Ended

Jun. 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 Company’s income statements by segment are presented below.

	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 and impairments, 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 affiliates		—		—		—		(259)		52,538		52,279
Other		7,395		6,942		(1,996)		90		(331)		12,100
Other income (loss), 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 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

	Three Months Ended June 30, 2024
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Revenue	$	8,181,884	$	8,447,958	$	11,922,469	$	3,926,847	$	—	$	32,479,158
Cost of revenue		3,670,133		6,097,460		8,458,537		2,632,814		—		20,858,944
Gross profit		4,511,751		2,350,498		3,463,932		1,294,033		—		11,620,214
General and administrative expenses		781,706		363,268		1,196,624		667,586		3,597,110		6,606,294
Gain (loss) on asset dispositions and impairments, net		(6,130)		—		3,000		—		—		(3,130)
Income (loss) from operations		3,723,915		1,987,230		2,270,308		626,447		(3,597,110)		5,010,790
Interest income		50,825		213,393		116,623		1		12		380,854
Interest expense		(31,123)		—		(2,315)		—		—		(33,438)
Income from affiliate		—		—		—		—		48,797		48,797
Other		15,680		6,468		10		116		(61)		22,213
Other income, net		35,382		219,861		114,318		117		48,748		418,426
Income (loss) before income taxes		3,759,297		2,207,091		2,384,626		626,564		(3,548,362)		5,429,216
Provision for income taxes		—		—		593,438		144,752		325,743		1,063,933
Net income (loss) from continuing operations		3,759,297		2,207,091		1,791,188		481,812		(3,874,105)		4,365,283
Income from continuing operations attributable to non-controlling interests		—		122,872		—		—		—		122,872
Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders	$	3,759,297	$	2,084,219	$	1,791,188	$	481,812	$	(3,874,105)		4,242,411
Net income from discontinued operations												11,607,846
Net income attributable to Consolidated Water Co. Ltd. stockholders											$	15,850,257

The Company’s cost of revenue consists of:

	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

	Three Months Ended June 30, 2024
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Subcontractor and other project costs	$	—	$	—	$	4,114,343	$	2,011,212	$	—	$	6,125,555
Employee costs		777,318		548,543		4,027,895		449,931		—		5,803,687
Electricity		1,198,550		938,410		72,108		7,050		—		2,216,118
Fuel oil		—		2,211,300		—		—		—		2,211,300
Depreciation		605,982		665,226		93,140		39,499		—		1,403,847
Maintenance		201,980		661,485		102,797		101,182		—		1,067,444
Insurance		170,591		420,760		8,802		—		—		600,153
Retail license royalties		514,905		—		—		—		—		514,905
Other		200,807		651,736		39,452		23,940		—		915,935
	$	3,670,133	$	6,097,460	$	8,458,537	$	2,632,814	$	—	$	20,858,944

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 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

	Three Months Ended June 30, 2024
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Employee costs	$	375,685	$	89,501	$	640,120	$	332,125	$	2,054,819	$	3,492,250
Professional fees		23,282		24,870		160,708		32,032		566,320		807,212
Insurance		95,554		93,529		59,474		54,025		213,629		516,211
Depreciation and amortization		8,566		6,662		158,408		25,907		19,410		218,953
Other		278,619		148,706		177,914		223,497		742,932		1,571,668
	$	781,706	$	363,268	$	1,196,624	$	667,586	$	3,597,110	$	6,606,294

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.

	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 and impairments, 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 (loss) from affiliates		—		—		—		(34,263)		117,016		82,753
Other		35,703		21,875		(1,960)		164		(331)		55,451
Other income (loss), 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 loss from discontinued operations												(215,637)
Net income attributable to Consolidated Water Co. Ltd. stockholders											$	9,887,234

	Six Months Ended June 30, 2024
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Revenue	$	16,806,822	$	16,790,052	$	29,340,080	$	9,231,594	$	—	$	72,168,548
Cost of revenue		7,221,477		11,662,718		21,127,476		6,658,640		—		46,670,311
Gross profit		9,585,345		5,127,334		8,212,604		2,572,954		—		25,498,237
General and administrative expenses		1,548,404		707,409		2,794,478		1,185,288		6,934,744		13,170,323
Gain (loss) on asset dispositions and impairments, net		(6,130)		—		3,000		—		—		(3,130)
Income (loss) from operations		8,030,811		4,419,925		5,421,126		1,387,666		(6,934,744)		12,324,784
Interest income		107,417		417,713		189,827		2		37		714,996
Interest expense		(62,246)		—		(4,693)		—		—		(66,939)
Income from affiliate		—		—		—		—		126,363		126,363
Other		36,278		12,428		611		11,776		1,097		62,190
Other income, net		81,449		430,141		185,745		11,778		127,497		836,610
Income (loss) before income taxes		8,112,260		4,850,066		5,606,871		1,399,444		(6,807,247)		13,161,394
Provision for income taxes		—		—		1,371,724		313,905		—		1,685,629
Net income (loss) from continuing operations		8,112,260		4,850,066		4,235,147		1,085,539		(6,807,247)		11,475,765
Income from continuing operations attributable to non-controlling interests		—		291,940		—		—		—		291,940
Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders	$	8,112,260	$	4,558,126	$	4,235,147	$	1,085,539	$	(6,807,247)		11,183,825
Net income from discontinued operations												11,140,780
Net income attributable to Consolidated Water Co. Ltd. stockholders											$	22,324,605

The Company’s cost of revenue consists of:

	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

	Six Months Ended June 30, 2024
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Subcontractor and other project costs	$	—	$	—	$	12,014,193	$	5,308,526	$	—	$	17,322,719
Employee costs		1,454,175		1,042,954		8,484,585		1,024,296		—		12,006,010
Electricity		2,460,800		1,838,842		144,801		16,163		—		4,460,606
Fuel oil		—		4,320,973		—		—		—		4,320,973
Depreciation		1,216,727		1,329,901		185,778		79,693		—		2,812,099
Maintenance		384,974		1,065,151		211,094		168,342		—		1,829,561
Insurance		340,640		818,701		13,784		—		—		1,173,125
Retail license royalties		1,037,089		—		—		—		—		1,037,089
Other		327,072		1,246,196		73,241		61,620		—		1,708,129
	$	7,221,477	$	11,662,718	$	21,127,476	$	6,658,640	$	—	$	46,670,311

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:

	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

	Six Months Ended June 30, 2024
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Employee costs	$	736,582	$	175,072	$	1,574,261	$	612,746	$	4,023,575	$	7,122,236
Professional fees		45,482		41,299		248,995		35,362		1,013,579		1,384,717
Insurance		186,537		185,302		115,702		114,419		418,317		1,020,277
Depreciation and amortization		17,842		13,477		317,522		51,862		39,859		440,562
Other		561,961		292,259		537,998		370,899		1,439,414		3,202,531
	$	1,548,404	$	707,409	$	2,794,478	$	1,185,288	$	6,934,744	$	13,170,323

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 June 30, 2025
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Cash and cash equivalents	$	18,763,280	$	21,590,270	$	43,238,326	$	3,954,149	$	24,700,574	$	112,246,599
Accounts receivable, net	$	3,197,475	$	29,376,750	$	6,881,648	$	2,495,925	$	584	$	41,952,382
Inventory, current and non-current	$	3,537,711	$	5,059,756	$	1,073,194	$	2,134,486	$	—	$	11,805,147
Contract assets	$	—	$	—	$	564,834	$	5,194,196	$	—	$	5,759,030
Property, plant and equipment, net	$	32,462,450	$	17,683,255	$	1,687,013	$	1,739,503	$	174,576	$	53,746,797
Construction in progress	$	822,163	$	3,196,962	$	—	$	2,503,811	$	—	$	6,522,936
Intangibles, net	$	—	$	—	$	1,847,518	$	521,111	$	—	$	2,368,629
Goodwill	$	1,170,511	$	1,948,875	$	7,756,807	$	1,985,211	$	—	$	12,861,404
Total segment assets	$	61,553,364	$	79,833,925	$	66,788,163	$	20,904,696	$	28,299,795	$	257,379,943
Assets of discontinued operations											$	123,625
Total assets											$	257,503,568

	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