Form 8-K - Current report

0000928340false00009283402024-11-142024-11-14

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

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Washington, D.C. 20549

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FORM 8-K

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CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

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November 14, 2024

(Date of earliest event reported)

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CONSOLIDATED WATER CO. LTD.

(Exact Name of Registrant as Specified in Charter)

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Cayman Islands, B.W.I.	0-25248	98-0619652
(State or Other Jurisdiction of	(Commission File No.)	(IRS Employer Identification No.)
Incorporation)

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Regatta Office Park

Windward Three, 4^th Floor

West Bay Road, P.O. Box 1114

Grand Cayman, KY1-1102

Cayman Islands

(Address of Principal Executive Offices)

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[phone]

(Registrant’s telephone number, including area code)

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Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

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☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Securities registered pursuant to Section 12(b) of the Act:

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Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Class A common stock, $0.60 par value		CWCO		The Nasdaq Global Select Market

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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Emerging growth company  ☐

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐

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Item 2.02. Results of Operations and Financial Condition.

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On November 14, 2024, Consolidated Water Co. Ltd. (the “Company”) issued a press release announcing its results of operations for the third quarter ended September 30, 2024. A copy of the press release is attached as Exhibit 99.1 to this report.

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The information in this report, including the exhibit hereto, is being “furnished” in accordance with General Instruction B.2 of Form 8-K. As such, this information is not deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filings with the Securities and Exchange Commission unless it is explicitly so incorporated in such filings.

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Item 9.01.

Financial Statements and Exhibits.

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(d) Exhibits

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Exhibit No.		Title
99.1		Press release issued by the Company on November 14, 2024.
104	​	Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURE

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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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	CONSOLIDATED WATER CO. LTD.
	By:	/s/ David W. Sasnett
	Name:	David W. Sasnett
	Title:	Executive Vice President & Chief Financial Officer
Date: November 15, 2024

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‌Exhibit 99.1

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Consolidated Water Reports Third Quarter 2024 Operating Results

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GEORGE TOWN, Grand Cayman, Cayman Islands, November 14, 2024 -- Consolidated Water Co. Ltd. (NASDAQ Global Select Market: CWCO), a leading designer, builder and operator of advanced water supply and treatment plants, reported results for the third quarter ended September 30, 2024. All comparisons are to the same prior year period unless otherwise noted.

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Consolidated Water will hold a conference call at 11:00 a.m. Eastern time tomorrow to discuss the results (see dial-in information below).

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Third Quarter 2024 Financial Key Points

●

Total revenue declined 33% to $33.4 million, due to two large construction projects that were underway in 2023 but were completed earlier this year. Meanwhile, the company’s ongoing $147 million design-build-operate desalination plant project in Hawaii continues to progress through development towards the construction phase.

●

Retail revenue increased 5% to $7.6 million on higher sales volumes.

●

Bulk revenue increased 3% to $8.8 million.

●

Manufacturing revenue decreased by $362,000 to $4.4 million.

●

Services revenue declined by 57% (or approximately $16.7 million) to $12.7 million due to a $20.6 million decline in construction revenue that was partially offset by a $2.5 million increase in recurring operations and maintenance (O&M) revenue and a $1.3 million increase in design and consulting revenue.

●

Net income from continuing operations attributable to company stockholders totaled $5.0 million or $0.31 per diluted share, compared to $8.8 million or $0.55 per diluted share in the third quarter of 2023.

●

Net income including discontinued operations attributable to company stockholders totaled $4.5 million or $0.28 per diluted share, compared to $8.6 million or $0.54 per diluted share in the third quarter of 2023.

●

Cash and cash equivalents totaled $104.9 million and working capital was $133.9 million as of September 30, 2024.

Third Quarter 2024 Operational Key Points

●

Volume of retail water sold in the company’s utility service area in Grand Cayman increased 4.2% compared with the same period in 2023. The volume of water sold increased due to a 4.8% increase in the number of customer connections in the company’s license area from September 30, 2023 to September 30, 2024.

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●

Continued piloting, design and permitting of a $147 million project to design, construct, operate and maintain a seawater desalination plant for the Board of Water Supply of Honolulu, Hawaii.

●

Recognized $2.1 million in operations and maintenance revenue from REC which Consolidated Water acquired in October 2023 to provide a new channel for expansion in water-stressed regions of Colorado.

Management Commentary

“In the third quarter, our revenue and profitability were consistent with our expectations, given the completion of two large design-build projects earlier this year,” stated company CEO, Rick McTaggart. “We were pleased to see the continuing trend of increasing retail water sales in our exclusive utility service area on Grand Cayman due to the continued business and population growth on the island.

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“While our Bulk segment had relatively consistent revenue compared to last year, we saw an increase in gross margin from our new operations and maintenance (O&M) contract for the new Red Gate II plant that we completed earlier this year for the Water Authority-Cayman.

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“Services revenue declined by about half due to our anticipated reduction in construction revenue related to the conclusion of our Liberty Utilities and Red Gate II projects. These projects had a major impact on 2023 revenue but were completed prior to the start of the current quarter.

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“The decline in construction revenue was partially offset by a $2.5 million increase in recurring O&M revenue. The increase included $2.1 million from our REC subsidiary in Colorado which we acquired in October of last year. REC provides us a new channel for expansion of our design-build and O&M businesses into water-stressed regions of Colorado. The balance of the increase in recurring revenue from O&M contracts was generated by our PERC Water subsidiary.

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“Despite the small decline in manufacturing revenue this quarter, manufacturing gross profit grew 84% to $1.6 million—thanks to our relentless pursuit of higher-margin products and maximizing production efficiency. Based on the opportunities we see ahead of us, we believe that this improving trend in our manufacturing segment will continue and its operating results will remain stable and profitable.

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“We continue to advance our development activities on the $147 million project to design, construct, operate and maintain a seawater desalination plant for the Board of Water Supply of Honolulu in Hawaii. Since we announced the project in June of last year, we have been advancing through the piloting, design and permitting stage. We plan to begin the construction phase late next year, which represents the largest portion of the revenue we expect to generate from the project.

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“Looking ahead, we remain excited about the future and for many reasons. At the macro level, growing water scarcity continues to build interest in advanced treatment and desalination solutions for impaired resources. As water supply challenges increase, there is a rising demand for the specialized capabilities we provide.

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“Specific positive factors include the strong water sales growth in Grand Cayman and long-term recurring revenue from our Caribbean-based bulk water business and U.S.-based O&M business. Our manufacturing business continues its positive trend, and we expect our desalination plant project in Hawaii to significantly enhance revenue and earnings over the coming years.

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“Enabled by an exceptionally strong balance sheet, we will continue to invest in new long-term projects. This includes the new desalination plants in the Bahamas on Cat Island, as well as new infrastructure for serving the growing water needs of our utility customers in the Cayman Islands which will ultimately drive future bulk and retail revenue growth.

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“Our strong balance sheet also enables us to move quickly on any potential acquisitions. While we are currently in a period between large construction projects, we believe that our award-winning plant designs, our cost-efficient project delivery models, and our unmatched industry experience will help us secure new projects we are pursuing.

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“The course we charted for our company several years ago, which involved diversifying our product offerings and market areas beyond seawater desalination in the Caribbean, has continued to prove successful and lays the path for strong growth ahead.

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“As we complete 2024 and prepare for the new year, we anticipate that all of these positive factors will continue to support our long-term growth, enhance future profitability, and further strengthen shareholder value.”

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Third Quarter 2024 Financial Summary

Revenue totaled $33.4 million, declining 33% from $49.9 million in the third quarter of 2023. The decrease was due to decreases of $16.7 million in the services segment and $362,000 in the manufacturing segment. The decreases were partially offset by increases of $369,000 in the retail segment and $279,000 in the bulk segment.

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Retail revenue increased due to a 4.2% increase in the volume of water sold. The volume of water sold increased due to a 4.8% increase in the number of customer accounts in the company’s license area from September 30, 2023 to September 30, 2024.

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The increase in bulk segment revenue was due to the commencement on May 1, 2024 of the operating and maintenance contract for the new Red Gate desalination plant for the Water Authority of the Cayman Island. The increase was also due to an amendment of the company’s North Sound contract, which became effective May 1, 2024.

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The decrease in services segment revenue was due to plant construction revenue decreasing from $24.2 million in 2023 to $3.6 million in 2024 as the result of two construction projects being completed earlier this year. Revenue generated under operations and maintenance contracts totaled $7.5 million in the third quarter of 2024, an increase of 49% from the third quarter of 2023. Newly acquired REC contributed $2.1 million to the increase, with the remainder related to incremental PERC contracts.

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Manufacturing segment revenue decreased by $362,000 to $4.4 million as compared to $4.7 million in the third quarter of 2023.

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Gross profit for the third quarter of 2024 was $11.6 million (34.8% of total revenue), as compared to $16.6 million (33.3% of total revenue) in the third quarter of 2023.

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Net income from continuing operations attributable to Consolidated Water stockholders for the third quarter of 2024 was $5.0 million or $0.31 per diluted share, compared to net income of $8.8 million or $0.55 per diluted share in the third quarter of 2023.

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Including discontinued operations, net income attributable to Consolidated Water stockholders for the third quarter of 2024 was $4.5 million or $0.28 per diluted share, compared to net income of $8.6 million or $0.54 per diluted share in the third quarter of 2023.

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Cash and cash equivalents totaled $104.9 million as of September 30, 2024, with working capital of $133.9 million, debt of $0.2 million, and stockholders’ equity of $209.8 million.

First Nine Months 2024 Financial Summary

Revenue for the first nine months of 2024 was $105.6 million, down 17% compared to $127.0 million in the same year-ago period. The decrease was attributable to decreases of $0.4 million in the bulk segment and $24.2 million in the services segment. The decreases were partially offset by increases of $1.8 million in the retail segment and $1.4 million in the manufacturing segment.

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Retail revenue increased primarily due to a 6.9% increase in the volume of water sold. The volume of water sold increased due to a 4.8% increase in the number of customer accounts in the company’s license area from September 30, 2023 to September 30, 2024.

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The decrease in bulk segment revenue was due to a decrease in energy costs for CW-Bahamas, which decreased the energy pass-through component of CW-Bahamas’ rates.

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The decrease in services segment revenue was due to a $36.4 million decrease in plant construction revenue. Revenue generated under operations and maintenance contracts totaled $21.7 million in the first nine months of 2024, up 70% as compared to $12.8 million in the same year-ago period. Newly acquired REC contributed $5.9 million of the increase, with the remainder related to incremental PERC contracts.

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The increase in manufacturing segment revenue was due to increased production activity.

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Gross profit for the first nine months of 2024 was $37.1 million (35.2% of total revenue), down 13% from $42.6 million (33.6% of total revenue) in the same year-ago period.

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Net income from continuing operations attributable to stockholders for the first nine months of 2024 was $16.1 million or $1.01 per diluted share, compared to net income of $20.4 million or $1.28 per diluted share for the first nine months of 2023.

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Including discontinued operations, net income attributable to Consolidated Water stockholders for the first nine months of 2024 was $26.8 million or $1.68 per fully diluted share, up from net income of $19.7 million or $1.24 per fully diluted share in the same period of 2023. The increase was primarily due to a $12.1 million gain on sale of land and project documentation in Mexico during the second quarter of 2024.

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Third Quarter Segment Results

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Three Months Ended September 30, 2024

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Retail

Bulk

Services

Manufacturing

Total

Revenue

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$

7,585,992

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$

8,767,168

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$

12,677,837

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$

4,359,560

$

33,390,557

Cost of revenue

​

3,606,944

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5,969,292

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9,409,325

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2,770,338

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21,755,899

Gross profit

​

3,979,048

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2,797,876

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3,268,512

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1,589,222

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11,634,658

General and administrative expenses

​

4,359,476

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381,230

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1,469,845

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745,418

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6,955,969

Gain on asset dispositions and impairments, net

​

201,582

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—

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—

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—

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201,582

Income (loss) from operations

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$

(178,846)

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$

2,416,646

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$

1,798,667

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$

843,804

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4,880,271

Other income, net

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​

​

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​

724,040

Income before income taxes

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​

​

​

​

5,604,311

Provision for income taxes

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​

​

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​

490,209

Net income from continuing operations

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​

​

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​

5,114,102

Income from continuing operations attributable to non-controlling interests

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​

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​

156,784

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

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​

​

​

​

4,957,318

Net loss from discontinued operations

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(502,854)

Net income attributable to Consolidated Water Co. Ltd. stockholders

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​

​

​

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$

4,454,464

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Three Months Ended September 30, 2023

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Retail

Bulk

Services

Manufacturing

Total

Revenue

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$

7,216,574

​

$

8,488,615

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$

29,427,664

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$

4,721,222

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$

49,854,075

Cost of revenue

​

3,371,891

​

5,835,837

​

20,174,645

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3,857,274

​

33,239,647

Gross profit

​

3,844,683

​

2,652,778

​

9,253,019

​

863,948

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16,614,428

General and administrative expenses

​

4,225,825

​

347,668

​

861,835

​

437,162

​

5,872,490

Income (loss) from operations

​

$

(381,142)

​

$

2,305,110

​

$

8,391,184

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$

426,786

​

10,741,938

Other income, net

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​

​

​

​

236,066

Income before income taxes

​

​

​

​

​

10,978,004

Provision for income taxes

​

​

​

​

​

1,976,453

Net income from continuing operations

​

​

​

​

​

9,001,551

Income attributable to non-controlling interests

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​

​

​

​

163,428

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

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​

​

​

​

8,838,123

Net loss from discontinued operations

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​

​

​

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(232,994)

Net income attributable to Consolidated Water Co. Ltd. stockholders

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​

​

​

​

$

8,605,129

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First Nine Months Segment Results

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Nine Months Ended September 30, 2024

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Retail

Bulk

Services

Manufacturing

Total

Revenue

​

$

24,392,814

​

$

25,557,220

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$

42,017,917

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$

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

​

12,842,624

​

1,088,639

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4,264,323

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1,930,706

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20,126,292

Gain on asset dispositions and impairments, net

​

195,452

​

—

​

3,000

​

—

​

198,452

Income from operations

​

$

917,221

​

$

6,836,571

​

$

7,219,793

​

$

2,231,470

​

17,205,055

Other income, net

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​

​

​

​

​

​

1,560,650

Income before income taxes

​

​

​

​

​

18,765,705

Provision for income taxes

​

​

​

​

​

2,175,838

Net income from continuing operations

​

​

​

​

​

16,589,867

Income from continuing operations attributable to non-controlling interests

​

​

​

​

​

448,724

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

​

​

​

​

​

16,141,143

Net income from discontinued operations

​

​

​

​

​

10,637,926

Net income attributable to Consolidated Water Co. Ltd. stockholders

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​

​

​

​

$

26,779,069

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Nine Months Ended September 30, 2023

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Retail

Bulk

Services

Manufacturing

Total

Revenue

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$

22,560,998

​

$

25,975,483

​

$

66,243,328

​

$

12,180,519

​

$

126,960,328

Cost of revenue

​

10,355,817

​

18,010,718

​

46,466,864

​

9,489,870

​

84,323,269

Gross profit

​

12,205,181

​

7,964,765

​

19,776,464

​

2,690,649

​

42,637,059

General and administrative expenses

​

12,668,467

​

1,080,543

​

2,855,067

​

1,289,990

​

17,894,067

Gain (loss) on asset dispositions and impairments, net

​

(7,287)

​

12,270

​

—

​

1,933

​

6,916

Income (loss) from operations

​

$

(470,573)

​

$

6,896,492

​

$

16,921,397

​

$

1,402,592

​

24,749,908

Other income, net

​

​

​

​

​

522,256

Income before income taxes

​

​

​

​

​

25,272,164

Provision for income taxes

​

​

​

​

​

​

​

​

​

​

​

​

​

​

4,366,005

Net income from continuing operations

​

​

​

​

​

20,906,159

Income from continuing operations attributable to non-controlling interests

​

​

​

​

​

463,775

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

​

​

​

​

​

20,442,384

Net loss from discontinued operations

​

​

​

​

​

(699,858)

Net income attributable to Consolidated Water Co. Ltd. stockholders

​

​

​

​

​

$

19,742,526

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​

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Conference Call

Consolidated Water management will host a conference call tomorrow to discuss these results, which will include a question-and-answer period.

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Date: Friday, November 15, 2024

Time: 11:00 a.m. Eastern time (8:00 a.m. Pacific time)

Toll-free dial-in number: 1-844-875-6913

International dial-in number: 1-412-317-6709

Conference ID: 5709326

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Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization. If you require any assistance connecting with the call, please contact CMA at 1-949-432-7566.

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A replay of the call will be available after 1:00 p.m. Eastern time on the same day through November 22, 2024, as well as available for replay via the Investors section of the Consolidated Water website at www.cwco.com.

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Toll-free replay number: 1-877-344-7529

International replay number: 1-412-317-0088

Replay ID: 5709326

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About Consolidated Water Co. Ltd.

Consolidated Water Co. Ltd. develops and operates advanced water supply and treatment plants and water distribution systems. The company designs, constructs and operates seawater desalination facilities in the Cayman Islands, The Bahamas and the British Virgin Islands, and designs, constructs and operates water treatment and reuse facilities in the United States. The company recently entered the U.S. desalination market with a contract to design, construct, operate and maintain a seawater desalination plant in Hawaii.

The company also manufactures and services a wide range of products and provides design, engineering, management, operating and other services applicable to commercial and municipal water production, supply and treatment, and industrial water and wastewater treatment. For more information, visit cwco.com.

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Cautionary Note Regarding Forward-Looking Statements

This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe", "estimate", "project", "intend", "expect", "should", "will" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to (i) continued acceptance of the company's products and services in the marketplace; (ii) changes in its relationships with the governments of the jurisdictions in which it operates; (iii) the outcome of its negotiations with the Cayman government regarding a new retail license agreement; (iv) the collection of its delinquent accounts receivable in the Bahamas; and (v) various other risks, as detailed in the company's periodic report filings with the Securities and Exchange Commission (“SEC”). For more information about risks and uncertainties associated with the company’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the company’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting the company’s Secretary at the company’s executive offices or at the “Investors – SEC Filings” page of the company’s website at http://ir.cwco.com/docs. Except as otherwise required by law, the company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Company Contact:
David W. Sasnett
Executive Vice President and CFO
Tel [phone]
Email Contact

Investor & Media Relations Contact:
Ron Both or Grant Stude
CMA Investor & Media Relations
Tel [phone]
Email Contact
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CONSOLIDATED WATER CO. LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

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​	​	​	​	​	​	​	​
​	​	​	September 30,	​	​	December 31,
​		​	2024	​	​	2023
​	​	(Unaudited)		​	​	​	​
ASSETS		​			​		​
Current assets		​			​		​
Cash and cash equivalents	​	$	104,869,627	​	$	42,621,898	​
Accounts receivable, net	​		37,199,621	​		38,226,891	​
Inventory	​		3,928,851	​		6,044,642	​
Prepaid expenses and other current assets	​		5,675,517	​		4,056,370	​
Contract assets	​		1,958,361	​		21,553,057	​
Current assets of discontinued operations	​		314,847	​		211,517	​
Total current assets	​	​	153,946,824	​		112,714,375	​
Property, plant and equipment, net	​		53,203,218	​		55,882,521	​
Construction in progress	​		2,799,135	​		495,471	​
Inventory, noncurrent	​		5,180,540	​		5,045,771	​
Investment in OC-BVI	​		1,384,891	​		1,412,158	​
Goodwill	​		12,861,404	​		12,861,404	​
Intangible assets, net	​		2,860,907	​		3,353,185	​
Operating lease right-of-use assets	​	​	3,328,936	​	​	2,135,446	​
Other assets	​		2,801,873	​		3,407,973	​
Long-term assets of discontinued operations	​		—	​		21,129,288	​
Total assets	​	$	238,367,728	​	$	218,437,592	​
​	​	​	​	​	​	​	​
LIABILITIES AND EQUITY	​			​			​
Current liabilities	​			​			​
Accounts payable, accrued expenses and other current liabilities	​	$	7,108,726	​	$	11,604,369	​
Accrued compensation	​		3,747,516	​		3,160,030	​
Dividends payable	​		1,803,926	​		1,572,655	​
Current maturities of operating leases	​	​	633,971	​	​	456,865	​
Current portion of long-term debt	​	​	151,276	​	​	192,034	​
Contract liabilities	​		6,018,720	​		6,237,011	​
Deferred revenue	​	​	170,551	​	​	317,017	​
Current liabilities of discontinued operations	​		451,839	​		364,665	​
Total current liabilities	​		20,086,525	​		23,904,646	​
Long-term debt, noncurrent	​	​	91,561	​	​	191,190	​
Deferred tax liabilities	​		227,253	​		530,780	​
Noncurrent operating leases	​	​	2,784,742	​	​	1,827,302	​
Other liabilities	​		153,000	​		153,000	​
Deferred revenue	​	​	38,424	​	​	—	​
Total liabilities	​		23,381,505	​		26,606,918	​
Commitments and contingencies	​			​			​
Equity	​			​			​
Consolidated Water Co. Ltd. stockholders' equity	​			​			​
Redeemable preferred stock, $0.60 par value. Authorized 200,000 shares; issued and outstanding 44,650 and 44,297 shares, respectively	​		26,790	​		26,578	​
Class A common stock, $0.60 par value. Authorized 24,655,000 shares; issued and outstanding 15,834,459 and 15,771,545 shares, respectively	​		9,500,675	​		9,462,927	​
Class B common stock, $0.60 par value. Authorized 145,000 shares; none issued	​		—	​		—	​
Additional paid-in capital	​		93,074,517	​		92,188,887	​
Retained earnings	​		107,164,155	​		85,148,820	​
Total Consolidated Water Co. Ltd. stockholders' equity	​		209,766,137	​		186,827,212	​
Non-controlling interests	​		5,220,086	​		5,003,462	​
Total equity	​		214,986,223	​		191,830,674	​
Total liabilities and equity	​	$	238,367,728	​	$	218,437,592	​

​

​

​

9

​

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‌​

​

​

​

CONSOLIDATED WATER CO. LTD.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30,

Nine Months Ended September 30,

​

2024

2023

2024

2023

Revenue

​

$

33,390,557

​

$

49,854,075

​

$

105,559,105

​

$

126,960,328

Cost of revenue

​

21,755,899

​

33,239,647

​

68,426,210

​

84,323,269

Gross profit

​

11,634,658

​

16,614,428

​

37,132,895

​

42,637,059

General and administrative expenses

​

6,955,969

​

5,872,490

​

20,126,292

​

17,894,067

Gain on asset dispositions and impairments, net

​

201,582

​

—

​

198,452

​

6,916

Income from operations

​

4,880,271

​

10,741,938

​

17,205,055

​

24,749,908

​

​

​

​

​

​

​

​

​

​

​

​

​

Other income (expense):

​

​

​

​

Interest income

​

626,801

​

196,567

​

1,341,797

​

396,348

Interest expense

​

(32,801)

​

(34,020)

​

(99,740)

​

(108,111)

Profit-sharing income from OC-BVI

​

20,250

​

12,150

​

52,650

​

38,475

Equity in the earnings of OC-BVI

​

53,370

​

37,182

​

147,333

​

108,012

Other

​

56,420

​

24,187

​

118,610

​

87,532

Other income, net

​

724,040

​

236,066

​

1,560,650

​

522,256

Income before income taxes

​

5,604,311

​

10,978,004

​

18,765,705

​

25,272,164

Provision for income taxes

​

490,209

​

1,976,453

​

2,175,838

​

4,366,005

Net income from continuing operations

​

5,114,102

​

9,001,551

​

16,589,867

​

20,906,159

Income from continuing operations attributable to non-controlling interests

​

156,784

​

163,428

​

448,724

​

463,775

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

​

4,957,318

​

8,838,123

​

16,141,143

​

20,442,384

Net income (loss) from discontinued operations

​

​

(502,854)

​

​

(232,994)

​

​

10,637,926

​

​

(699,858)

Net income attributable to Consolidated Water Co. Ltd. stockholders

​

$

4,454,464

​

$

8,605,129

​

$

26,779,069

​

$

19,742,526

​

​

​

​

​

​

​

​

​

​

​

​

​

Basic earnings (loss) per common share attributable to Consolidated Water Co. Ltd. common stockholders

​

​

​

​

Continuing operations

​

$

0.31

​

$

0.56

​

$

1.02

​

$

1.30

Discontinued operations

​

​

(0.03)

​

​

(0.01)

​

​

0.67

​

​

(0.05)

Basic earnings per share

​

$

0.28

​

$

0.55

​

$

1.69

​

$

1.25

​

​

​

​

​

​

​

​

​

​

​

​

​

Diluted earnings (loss) per common share attributable to Consolidated Water Co. Ltd. common stockholders

​

​

​

​

Continuing operations

​

$

0.31

​

$

0.55

​

$

1.01

​

$

1.28

Discontinued operations

​

​

(0.03)

​

​

(0.01)

​

​

0.67

​

​

(0.04)

Diluted earnings per share

​

$

0.28

​

$

0.54

​

$

1.68

​

$

1.24

​

​

​

​

​

​

​

​

​

​

​

​

​

Dividends declared per common and redeemable preferred shares

​

$

0.11

​

$

0.095

​

$

0.30

​

$

0.265

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted average number of common shares used in the determination of:

​

​

​

​

Basic earnings per share

​

15,833,715

​

15,742,854

​

15,830,599

​

15,734,234

Diluted earnings per share

​

15,989,601

​

15,928,604

​

15,986,019

​

15,909,725

​

10

​

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Document and Entity Information	Nov. 14, 2024
Document and Entity Information [Abstract]
Document Type	8-K
Document Period End Date	Nov. 14, 2024
Entity File Number	0-25248
Entity Registrant Name	CONSOLIDATED WATER CO. LTD.
Entity Incorporation, State or Country Code	KY
Entity Tax Identification Number	98-0619652
Entity Address, Address Line One	Regatta Office Park
Entity Address, Adress Line Two	Windward Three, 4th Floor
Entity Address, Address Line Three	West Bay Road, P.O. Box 1114
Entity Address, City or Town	Grand Cayman
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	KY1-1102
City Area Code	345
Local Phone Number	945-4277
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Class A common stock, $0.60 par value
Trading Symbol	CWCO
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Central Index Key	0000928340
Amendment Flag	false

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