CADIZ INC

Cadiz Inc. held its 2026 Annual Meeting of Stockholders on June 18, 2026. Stockholders approved an amendment to the Certificate of Incorporation, increasing the number of authorized common shares from 100 million to 125 million. Additionally, all nine director nominees were elected, PricewaterhouseCoopers LLP was approved as the independent auditor for 2026, and executive compensation received advisory approval.

Cadiz Inc.'s CEO, Susan Kennedy, provided a shareholder letter detailing significant progress on key initiatives. The company is in late-stage diligence with equity investors for the Mojave Water Infrastructure Co. LLC and received a US EPA WIFIA invitation for up to $194 million for the Northern Pipeline project. Permitting for the Northern Pipeline conversion is nearing completion. Additionally, ATEC Water Systems reported record production and revenues in 2025, with baseline orders growing 74%, and Cadiz Ranch is advancing plans for the largest hydrogen production facility in California with RIC Energy. The company anticipates Northern Pipeline conversion to begin this year, with the full project operational within 24-36 months.

Cadiz Inc. reported a net loss of $(8.6) million for Q1 2026, an improvement from $(9.6) million in Q1 2025, primarily due to lower stock-based compensation. Basic and diluted net loss per common share improved to $(0.12) from $(0.14) year-over-year. Total revenues, however, decreased to $1.63 million from $2.95 million in the prior year quarter. The company drew an additional $15 million from the Lytton Credit Agreement in March 2026, bringing the total drawn to $30 million for the Mojave Groundwater Bank project.

Cadiz Inc. announced its 2026 Annual Meeting of Stockholders will be held virtually on Thursday, June 18, 2026. Shareholders will consider and act upon the election of nine directors, an amendment to increase the number of authorized shares of common stock, the ratification of PricewaterhouseCoopers LLP as auditors, and a non-binding advisory resolution on executive compensation. The record date for stockholders entitled to vote is April 22, 2026.