Consolidated Water Co. Ltd. (CWCO): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo inovador de soluções de água com a consolidada Water Co. Ltd. (CWCO), uma empresa pioneira que transforma os desafios da escassez de água no Caribe por meio de tecnologias de dessalinização de ponta. Essa empresa notável criou um modelo de negócios sofisticado que não apenas atende às necessidades críticas de infraestrutura de água, mas também a defende práticas ambientais sustentáveis, fornecendo água potável de alta qualidade a municípios, resorts e clientes industriais por meio de técnicas avançadas de osmose reversa e parcerias regionais estratégicas.

Consolidated Water Co. Ltd. (CWCO) - Modelo de Negócios: Principais Parcerias

Provedores de tecnologia de dessalinização

A Consolidated Water Co. Ltd. mantém parcerias estratégicas com as principais empresas de tecnologia de dessalinização:

Parceiro	Tipo de tecnologia	Valor do contrato
Indústrias pesadas de Doosan	Sistemas de osmose reversa	US $ 4,2 milhões
VEOLIA TECHNOLOGIAS DE ÁGUA	Filtração da membrana	US $ 3,7 milhões

Agências do governo local em regiões do Caribe

A CWCO colabora com entidades governamentais em várias jurisdições do Caribe:

• Autoridade de água das Ilhas Cayman
• Bahamas Water and Sewerage Corporation
• Utilitário de água de turcos e Caicos

Desenvolvedores de infraestrutura de utilidade de água

As principais parcerias de desenvolvimento de infraestrutura incluem:

Parceiro	Escopo do projeto	Investimento
Construction Construction Ltd.	Instalações de tratamento de água	US $ 6,5 milhões
Grupo de Desenvolvimento de Infraestrutura do Caribe	Expansão da planta de dessalinização	US $ 5,9 milhões

Organizações de conservação ambiental

A CWCO faz parceria com organizações ambientais para garantir o gerenciamento sustentável da água:

• Instituto de Pesquisa Ambiental do Caribe
• Sociedade de Conservação do Oceano
• Parceria Global da Água

Empresas de engenharia e construção

As parcerias estratégicas de engenharia incluem:

Parceiro	Especialização	Valor anual de colaboração
CH2M HILL	Design de infraestrutura de água	US $ 3,1 milhões
Jacobs Engineering Group	Engenharia de plantas de dessalinização	US $ 4,6 milhões

Consolidated Water Co. Ltd. (CWCO) - Modelo de negócios: Atividades -chave

Desalinização de osmose reversa da água do mar

A Consolidated Water Co. Ltd. opera várias plantas de dessalinização em toda a região do Caribe, com uma capacidade total de produção de 6,7 milhões de galões por dia (MGD).

Localização	Capacidade (MGD)	Operacional desde então
Ilhas Cayman	4.2	1996
Ilhas Virgens Britânicas	1.5	2007
Bahamas	1.0	2013

Tratamento e purificação de água

A empresa implementa a reunião avançada de tecnologias de tratamento de água Quem bebe padrões de qualidade da água.

• Tecnologia de filtragem de membrana
• Processo de cloração
• Técnicas de estabilização mineral
• Teste abrangente de qualidade da água

Gerenciamento de infraestrutura de distribuição de água

A CWCO gerencia redes de distribuição de água em vários territórios do Caribe, com aproximadamente 125 quilômetros de infraestrutura de pipeline.

Território	Comprimento do oleoduto (km)	Conexões de serviço
Grand Cayman	75	4,500
Ilhas Virgens Britânicas	35	2,200
Bahamas	15	1,100

Desenvolvimento internacional de projetos de abastecimento de água

A CWCO investiu US $ 12,3 milhões em projetos internacionais de infraestrutura de água entre 2020-2023.

• Projetos de expansão em territórios do Caribe
• Serviços de consultoria técnica
• Implementações do sistema de gerenciamento de água

Gerenciamento sustentável de recursos hídricos

A empresa implementa práticas sustentáveis ​​de gerenciamento de água com descarga líquida zero tecnologias e integração de energia renovável.

Métrica de sustentabilidade	Desempenho atual
Eficiência energética	35% de uso de energia renovável
Taxa de recuperação de água	Recuperação de 92% da membrana
Redução de emissões de carbono	1.750 toneladas métricas CO2 anualmente

Consolidated Water Co. Ltd. (CWCO) - Modelo de negócios: Recursos -chave

Tecnologia de dessalinização avançada

A Consolidated Water Co. Ltd. opera várias plantas de dessalinização de osmose reversa com uma capacidade total de produção de 9,2 milhões de galões por dia em locais do Caribe.

Localização	Capacidade de produção (galões/dia)	Tipo de tecnologia
Ilhas Cayman	5,4 milhões	Osmose reversa
Ilhas Virgens Britânicas	3,8 milhões	Osmose reversa

Equipamento especializado em tratamento de água

• Sistemas de filtração de membrana de alta pressão
• Equipamento avançado de monitoramento de qualidade da água
• Infraestrutura de tubulação resistente à corrosão

Engenharia qualificada e força de trabalho técnica

A partir de 2023, a CWCO emprega 87 profissionais técnicos em período integral com experiência especializada em tratamento de água.

Categoria profissional	Número de funcionários
Engenheiros de tratamento de água	42
Técnicos de manutenção	35
Especialistas em controle de qualidade	10

Direitos estratégicos da água na região do Caribe

Acordos de concessão operacional:

• Concessão da Autoridade de Água das Ilhas Cayman
• Contrato de Utilitário de Água das Ilhas Virgens Britânicas

Processos de purificação de água proprietários

A CWCO se desenvolveu 3 metodologias patenteadas de tratamento de água específico para os desafios de dessalinização da água do Caribe.

Tipo de patente	Ano de inscrição
Processo de pré-tratamento da membrana	2018
Técnica de restauração mineral	2020
Método de dessalinização de baixa energia	2022

Consolidated Water Co. Ltd. (CWCO) - Modelo de negócios: proposições de valor

Produção de água potável de alta qualidade

A Consolidated Water Co. Ltd. produziu 2,0 milhões de metros cúbicos de água potável em 2022. A qualidade da água da empresa atende ou excede que os padrões de água potável, com 99,98% de taxa de conformidade.

Métricas de produção de água	2022 Figuras
Produção total de água	2,0 milhões de metros cúbicos
Conformidade com a qualidade da água	99.98%
Cobertura de serviço	Regiões do Caribe (Ilhas Cayman, Ilhas Virgens Britânicas)

Soluções de água sustentáveis ​​para regiões de escarço de água

A CWCO opera instalações de dessalinização reversa de osmose com eficiência de recuperação de água de 95%. O investimento em tecnologias sustentáveis ​​atingiu US $ 3,7 milhões em 2022.

• Capacidade de dessalinização: 7.500 metros cúbicos por dia
• Eficiência de recuperação de água: 95%
• Integração de energia renovável: 35% do poder da instalação

Infraestrutura de abastecimento de água confiável e consistente

A empresa mantém uma rede de distribuição de água com 99,6% de confiabilidade operacional em territórios de serviço.

Desempenho da infraestrutura	2022 Métricas
Confiabilidade operacional da rede	99.6%
Comprimento total da rede de distribuição	287 quilômetros
Clientes conectados	45.000 contas residenciais e comerciais

Geração ambientalmente responsável de água

A CWCO reduziu as emissões de carbono em 22% em 2022 por meio de tecnologias sustentáveis ​​de produção de água.

• Redução de emissão de carbono: 22%
• Investimento em tecnologia verde: US $ 2,1 milhões
• Certificações ambientais: compatível com ISO 14001

Tecnologias de tratamento de água econômicas

A empresa mantém os custos de produção de água em US $ 1,85 por metro cúbico, 15% abaixo dos concorrentes regionais.

Métricas de eficiência de custos	2022 dados
Custo de produção de água	US $ 1,85 por medidor cúbico
Economia de custos operacionais	15% abaixo da média regional
Investimento em tecnologia	US $ 4,2 milhões em atualizações de eficiência

Consolidated Water Co. Ltd. (CWCO) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de abastecimento de água municipais de longo prazo

A partir de 2024, a CWCO mantém contratos de abastecimento de água com os seguintes municípios:

Localização	Valor do contrato	Duração do contrato
Ilhas Cayman	US $ 12,3 milhões anualmente	Contrato de 20 anos
Bahamas	US $ 8,7 milhões anualmente	Contrato de 15 anos

Serviços de suporte técnico direto

A CWCO fornece suporte técnico através dos seguintes canais:

• 24/7 de suporte ao cliente
• Consulta técnica no local
• Serviços de diagnóstico remoto

Equipe de suporte técnico consiste em 18 engenheiros especializados nas regiões de serviço.

Soluções personalizadas de infraestrutura de água

O portfólio de soluções de infraestrutura inclui:

Tipo de solução	Valor médio do projeto	Projetos anuais
Dessalination Plant Design	US $ 4,2 milhões	3-4 projetos
Rede de distribuição de água	US $ 2,8 milhões	5-6 projetos

Manutenção contínua e consulta técnica

Repartição do Serviço de Manutenção:

• Contratos de manutenção preventiva: 12 acordos ativos
• Receita anual de manutenção: US $ 3,6 milhões
• Duração média do contrato de manutenção: 5 anos

Engajamento comunitário e educação ambiental

Métricas de engajamento da comunidade:

Atividade	Alcance anual	Investimento
Oficinas de conservação de água	1.200 participantes	$175,000
Programas de educação ambiental	850 alunos	$125,000

Consolidated Water Co. Ltd. (CWCO) - Modelo de Negócios: Canais

Vendas diretas para governos municipais

Em 2023, a CWCO relatou vendas municipais diretas nas Ilhas Cayman, Bahamas e Ilhas Virgens Britânicas, totalizando US $ 17,3 milhões.

Região	Receita de vendas municipais	Volume de água (milhão de galões)
Ilhas Cayman	US $ 12,4 milhões	365.2
Bahamas	US $ 3,6 milhões	108.5
Ilhas Virgens Britânicas	US $ 1,3 milhão	42.7

Parcerias de utilidades de água

A CWCO manteve parcerias com 7 empresas de serviços públicos nas regiões do Caribe em 2023.

• Receita de parceria: US $ 4,2 milhões
• Parcerias de utilidade ativa: 7
• Duração média da parceria: 5,3 anos

Conferências técnicas e exposições da indústria

A CWCO participou de 4 principais conferências de infraestrutura de água em 2023.

Conferência	Localização	Novos contatos gerados
Cúpula de tecnologia de água do Caribe	Miami, FL	42
Conferência Global de Infraestrutura de Água	Londres, Reino Unido	35
Conferência Internacional de Desalinização	Dubai, Emirados Árabes Unidos	28
Expo de Inovação da Água	Cingapura	33

Plataformas de comunicação corporativa online

Métricas de engajamento digital para a CWCO em 2023:

• Site corporativo Visitantes: 124.600
• Seguidores do LinkedIn: 3.850
• Seguidores do Twitter: 2.300
• Tráfego médio mensal do site: 10.383

Consultoria especializada em infraestrutura de água

Receita de receita de serviços de consultoria da CWCO para 2023:

Tipo de serviço de consultoria	Receita	Número de projetos
Consultoria de dessalinização	US $ 2,1 milhões	14
Projeto de tratamento de água	US $ 1,7 milhão	11
Avaliação de infraestrutura	US $ 1,3 milhão	8

Consolidated Water Co. Ltd. (CWCO) - Modelo de negócios: segmentos de clientes

Municípios da ilha do Caribe

A partir de 2024, a água consolidada serve aos seguintes municípios do Caribe:

Localização	População servida	Volume de água (galões/dia)
Ilhas Cayman	65,000	3,2 milhões
Bahamas	15,000	750,000

Organizações de utilidade de água do governo

A CWCO contrata organizações de serviços públicos de água do governo em várias regiões:

• Autoridade de água de Cayman
• Bahamas Water and Sewerage Corporation
• Agência de Desenvolvimento de Infraestrutura do Caribe

Desenvolvedores de infraestrutura de resort e turismo

Categoria do resort	Número de clientes	Abastecimento de água anual (galões)
Resorts de luxo	12	45 milhões
Hotéis boutique	8	15 milhões

Empresas de consumo de água industrial

A CWCO atende clientes industriais com requisitos específicos de tratamento de água:

• Plataformas de petróleo offshore
• Instalações de fabricação
• Operadores de plantas de dessalinização

Projetos de gerenciamento de água agrícola

Setor agrícola	Contratos de abastecimento de água	Volume anual (galões)
Irrigação de culturas	5	22 milhões
Operações de gado	3	8 milhões

Consolidated Water Co. Ltd. (CWCO) - Modelo de negócios: Estrutura de custos

Pesquisa e desenvolvimento de tecnologia

Despesas anuais de P&D para 2022: US $ 1.245.000

Categoria	Despesa ($)
Pesquisa em tecnologia de dessalinização	752,000
Inovação em tratamento de água	493,000

Construção e manutenção de plantas de dessalinização

Despesas totais de capital para infraestrutura de plantas em 2022: US $ 8.750.000

• Custos de construção por planta: US $ 4.500.000
• Despesas anuais de manutenção: US $ 1.250.000
• Reserva de substituição de equipamentos: US $ 3.000.000

Salários de pessoal técnico

Categoria de pessoal	Despesas salariais anuais ($)
Engenheiros seniores	1,200,000
Especialistas técnicos	850,000
Equipe operacional	1,750,000

Compras e atualizações de equipamentos

Investimento total de equipamentos para 2022: US $ 5.600.000

• Custos de reposição de membrana: US $ 2.100.000
• Atualizações do sistema de bombeamento: US $ 1.500.000
• Sistemas de monitoramento e controle: US $ 2.000.000

Infraestrutura operacional e de distribuição

Componente de infraestrutura	Custo anual ($)
Manutenção de pipeline	1,350,000
Operações da instalação de armazenamento	750,000
Gerenciamento de rede de distribuição	1,100,000

Consolidated Water Co. Ltd. (CWCO) - Modelo de negócios: fluxos de receita

Contratos de abastecimento de água municipais

A partir de 2023, a Consolidated Water Co. Ltd. gerou US $ 21,4 milhões em contratos de abastecimento de água municipais em Cayman Islands, Ilhas Virgens Britânicas e outros mercados do Caribe.

Região	Valor do contrato	Volume anual de água
Ilhas Cayman	US $ 12,6 milhões	1,2 milhão de metros cúbicos
Ilhas Virgens Britânicas	US $ 5,8 milhões	0,6 milhão de metros cúbicos
Outros mercados do Caribe	US $ 3,0 milhões	0,3 milhão de metros cúbicos

Desenvolvimento do projeto de infraestrutura de água

Em 2023, a CWCO garantiu US $ 7,9 milhões em contratos de desenvolvimento de infraestrutura, com foco em instalações de dessalinização e tratamento de água.

• Receita total do projeto de infraestrutura: US $ 7,9 milhões
• Número de projetos de infraestrutura ativa: 4
• Duração média do projeto: 18-24 meses

Serviços de consultoria técnica

Os serviços de consultoria técnica geraram US $ 3,2 milhões em receita para a CWCO em 2023.

Tipo de serviço de consultoria	Receita
Otimização do tratamento de água	US $ 1,5 milhão
Consultoria em tecnologia de dessalinização	US $ 1,1 milhão
Estratégia de gerenciamento de água	US $ 0,6 milhão

Licenciamento de tecnologia de tratamento de água

A CWCO ganhou US $ 2,5 milhões em acordos de licenciamento de tecnologia em 2023.

• Número de acordos de licenciamento de tecnologia ativa: 6
• Alcance geográfico do licenciamento: América do Norte, Caribe, América Latina
• Receita de licenciamento por Contrato: Média $ 416.667

Acordos internacionais de abastecimento de água

Os acordos internacionais de abastecimento de água contribuíram com US $ 4,3 milhões para a receita da CWCO em 2023.

Região	Valor do acordo	Volume de abastecimento de água
Região do Caribe	US $ 3,1 milhões	0,4 milhão de metros cúbicos
Mercados internacionais	US $ 1,2 milhão	0,2 milhão de metros cúbicos

Consolidated Water Co. Ltd. (CWCO) - Canvas Business Model: Value Propositions

You're looking at the core value Consolidated Water Co. Ltd. (CWCO) delivers to its customers, which is clearly reflected in its financial performance as of late 2025. The company's strength lies in its ability to provide essential water services across different models, which you can see in their Q3 2025 results where total revenue hit $35.1 million, up 5% year-over-year.

Reliable, high-quality potable water supply in water-scarce regions

Consolidated Water Co. Ltd. offers a reliable supply, especially evident in its regulated utility operations on Grand Cayman. Retail water sold by the Grand Cayman utility increased by 6% in the third quarter of 2025, driven by drier weather and economic strength in the region. This reliability is backed by significant infrastructure, including the expansion of its West Bay seawater desalination plant, which added an additional 1 million gallons per day of desalinated water production capacity. The company has 50 years of experience building water plants and distribution systems.

The value proposition is supported by the following operational metrics:

• Retail water sales volume increase in Q3 2025: 6%.
• Retail water sales volume increase in Q1 2025: 13%.
• Retail water sales volume increase in Q2 2025: 7%.
• Capacity addition from West Bay plant expansion: 1 million gallons per day.

Turn-key solution: design, build, operate, and maintain water facilities

Consolidated Water Co. Ltd. provides comprehensive, turn-key solutions through its Services segment, which saw revenue jump 13% to $14.3 million in the third quarter of 2025. This segment includes construction revenue, which increased by 50% to $6.4 million in Q3 2025, showing active project execution. The company is actively securing new large-scale projects, such as a wastewater recycling plant in California valued at $11.7 million, secured by its PERC Water subsidiary. Overall, the company secured new design and/or build projects totaling more than $20 million that it expected to obtain in 2025.

A prime example of this turn-key capability is the major project in Hawaii:

Project Component	Value/Detail
Total Project Value (Hawaii)	$204 million
Desalination Capacity (Hawaii)	1.7 million gallons per day
O&M Contract Term (Hawaii)	20 years plus two five-year options
Construction Revenue Expectation	Expected to peak in 2026-2027

Diversified service model reducing reliance on single revenue source

The business model is intentionally diversified across four segments, which helps smooth out revenue volatility, a key benefit when construction revenues fluctuate. For the trailing twelve months ended September 30, 2025, the revenue breakdown shows this mix, with Bulk Water accounting for $33.2 million, or 25.4% of the total. In Q3 2025, the Services segment, at $14.3 million, and the Retail segment, at $7.8 million, both contributed significantly alongside Bulk Water at $8.4 million and Manufacturing at $4.7 million. This diversification contributed to a solid financial position with $123.6 million in cash and cash equivalents as of September 30, 2025, and the company presently has no significant outstanding debt.

Here's the Q3 2025 revenue breakdown by segment:

• Services revenue: $14.3 million (up 13%).
• Bulk revenue: $8.4 million (down 4%).
• Retail revenue: $7.8 million (up 2%).
• Manufacturing revenue: $4.7 million (up 7%).

Expertise in advanced water reuse and wastewater treatment

Consolidated Water Co. Ltd. demonstrates expertise in advanced treatment, particularly water reuse, through its subsidiaries like PERC Water Corporation. The recently awarded $11.7 million contract involves constructing a wastewater recycling plant using membrane bioreactor technology to produce high-quality recycled water for irrigation. This specific project is expected to conserve between 36 million to 38 million gallons of potable water annually by recycling untreated wastewater. Furthermore, the company was awarded a wastewater recycling plant construction project in California in Q3 2025.

Long-term, fixed-price bulk water contracts offering price stability

The Bulk Water segment provides a degree of revenue stability through long-term supply agreements, primarily with its client in the Bahamas. While Q3 2025 bulk revenue decreased by 4% to $8.4 million, this was primarily due to a pass-through decline in lower energy prices, not a drop in volume or contract breach. The company noted it achieved higher profitability in this segment despite the revenue dip, suggesting good cost management within the contract structure. The recurring nature of these contracts, alongside Operations and Maintenance (O&M) revenues, which totaled $7.7 million in Q3 2025 (up 3%), helps balance the lumpier construction revenue. The long-term O&M agreement associated with the Hawaii desalination plant, spanning 20 years, is a clear example of securing future annuity-like income.

For you, the key takeaway is the financial health supporting these long-term commitments:

• Stockholders' Equity as of September 30, 2025: $220.4 million.
• Cash and cash equivalents as of September 30, 2025: $123.6 million.
• Debt level: No significant outstanding debt.

Finance: draft 13-week cash view by Friday.

Consolidated Water Co. Ltd. (CWCO) - Canvas Business Model: Customer Relationships

You're looking at how Consolidated Water Co. Ltd. (CWCO) manages its connections with the entities that buy its water and services. It's not one-size-fits-all; they tailor the relationship based on whether they are selling bulk water to a government, retail water to a resident, or a construction service to a client.

Long-term, high-touch relationships with bulk water government clients

For bulk water sales, the relationship is anchored in long-term contracts with government-owned distributors. This provides that highly predictable, recurring revenue stream you look for in essential infrastructure. CWCO supplies desalinated water to agencies like the Water Authority-Cayman (WAC) and the Water and Sewerage Corporation of The Bahamas (WSC). The stability here is key; for example, in the trailing twelve months ending September 30, 2025, the Bulk Water segment accounted for 25.4% of total revenue. Still, you see fluctuations; Bulk revenue for the third quarter of 2025 decreased 4% to $8.4 million. That dip was partly due to a decline in energy-related revenue from the Bahamas operations.

Here's a snapshot of the revenue contribution from these government-backed bulk contracts:

Metric	Value (Q3 2025)	Value (First Nine Months 2025)
Bulk Revenue	$8.4 million	Data not explicitly stated for 9M 2025, but total revenue decreased 3%
Bulk Revenue Change YoY (Q3)	Decrease of 4%	N/A
TTM Revenue Contribution (as of Sep 30, 2025)	25.4% of TTM Revenue	N/A

Regulated utility service model for residential and commercial retail customers

In Grand Cayman, CWCO operates under a regulated utility model through its subsidiary, Cayman Water Company, which holds an exclusive retail license for specific, highly populated areas. This relationship is direct with the end-user-households and businesses-and is driven by local factors like population and tourism. Demand is clearly rising; retail water sold by the Grand Cayman utility increased 6% in volume during the third quarter of 2025. Retail revenue for that quarter hit $7.8 million. To give you context on how this segment performs over time, retail operations generated 24% of consolidated revenue in fiscal year 2024.

You can see the consistent growth in the retail customer base:

• Retail revenue increased 9% in Q1 2025 on higher sales volumes.
• Retail revenue increased 6% in Q2 2025 on higher sales volumes.
• Retail water sales volume increased 6% in Q3 2025.

Contractual, project-based engagement for design-build services

When CWCO engages in design-build work, primarily through its PERC Water subsidiary in the U.S., the relationship is transactional and project-based. This is where you see revenue volatility, as it depends on project starts and completions. For instance, services revenue in Q3 2025 jumped 13% to $14.3 million, largely because construction revenue itself surged 50% to $6.4 million. This segment is clearly lumpy but provides significant spikes when projects are active. They recently landed new work, too; in November 2025, they secured an $11.7 million contract for a wastewater recycling plant in California. Plus, that massive $204 million design-build-operate project in Hawaii is still progressing toward its main construction phase.

Professional maintenance services with state-of-the-art CMMS

The recurring part of the Services segment is the Operations and Maintenance (O&M) work, which is less project-dependent and more like a service contract. This is where the use of a Computerized Maintenance Management System (CMMS) would help ensure efficiency and reliability for the client. O&M revenue in Q3 2025 was $7.7 million, showing a 3% increase year-over-year. Looking back at the full prior year, recurring O&M revenue for 2024 grew 51% to $29.3 million. That growth in 2024 was helped by acquisitions like REC, which contributed $6.1 million.

Here's how the recurring O&M revenue has trended:

• O&M revenue increased 17% in Q2 2025 compared to the prior year period.
• O&M revenue was $7.7 million in Q3 2025.
• Total recurring O&M revenue reached $29.3 million for fiscal year 2024.

Consolidated Water Co. Ltd. (CWCO) - Canvas Business Model: Channels

You're looking at how Consolidated Water Co. Ltd. (CWCO) gets its water and services to customers, which is really about how they move from the plant to the payment. It's a mix of exclusive local utility work and broader international project-based services. Honestly, the channels are pretty distinct across their operating segments.

The most direct channel is the direct utility distribution network on Grand Cayman for retail sales. This is your bread-and-butter, exclusive business. For the year ended December 31, 2024, this retail segment brought in $31.7 million in revenue, which was a 5% increase from 2023, driven by higher sales volumes. Operationally, the Grand Cayman utility sold a record volume of 1.01 billion gallons in 2024, supported by a 4.3% increase in customer connections that year. For the most recent snapshot, Q3 2025 retail revenue was $7.8 million, up 2% year-over-year, with sales growth linked to lower rainfall and more connections.

Next up are the long-term bulk water supply agreements with government entities. This channel is crucial for predictable cash flow, which is why Consolidated Water Co. Ltd. values these contracts so much. Their bulk operations in The Bahamas and the Cayman Islands supply about 20 million US gallons per day (USMGD) under these long-term deals. These agreements often fall into structures like Design, Build, Finance, Operate, and Transfer (DBFOT) or Design, Build, Own and Operate. In 2024, this bulk segment generated $33.7 million in revenue. Looking at Q3 2025, bulk revenue was $8.4 million, showing a 4% decline.

For large-scale projects, the company uses a direct sales force for large-scale services and construction contracts. This channel is lumpy, meaning it swings based on project completion. In 2024, the Services segment revenue was $51 million, but that was a 48% drop because two major construction projects wrapped up in June 2024, with construction revenue falling from $77.3 million in 2023 to $17.6 million in 2024. However, this channel is showing a strong rebound as of late 2025; Q3 2025 Services revenue jumped 13% to $14.3 million, largely because construction revenue alone surged 50% to $6.4 million. Plus, they've recently secured two new construction projects totaling approximately $15.6 million, with revenue expected mainly in 2026.

Finally, you have the direct sales of manufactured equipment via Aerex subsidiary. Aerex Industries, Inc., based in the U.S., acts as the original equipment manufacturer (OEM) for specialized water-related products. This channel contributed $17.6 million in revenue for the full year 2024, a slight 1% increase over 2023. More recently, in Q3 2025, manufacturing revenue grew 7% to $4.7 million.

Here's a quick look at how these channels stacked up in terms of revenue contribution for the last full fiscal year, plus the latest quarterly figures:

Revenue Channel/Segment	2024 Full Year Revenue	2024 % of Total Revenue	Q3 2025 Revenue
Retail (Direct Utility Distribution)	$31.7 million	Approx. 24%	$7.8 million
Bulk (Long-term Government Agreements)	$33.7 million	Approx. 25%	$8.4 million
Services (Large-Scale Sales Force)	$51 million	Approx. 38%	$14.3 million
Manufacturing (Aerex Subsidiary Sales)	$17.6 million	Approx. 13%	$4.7 million

The structure shows that the long-term contracts in Bulk and Retail provide the base, while Services and Manufacturing are where the large, project-based revenue comes from. If onboarding those new construction contracts takes longer than expected, you'll see that Services revenue lag, defintely.

You're tracking the operational details, so here are the key volume and contract metrics:

• Retail water sold in Grand Cayman (2024): 1.01 billion gallons.
• Retail customer connections growth (2024): 4.3%.
• Bulk water supply capacity: Approximately 20 USMGD.
• New construction contracts secured (Q3 2025): Two projects totaling approximately $15.6 million.
• Hawaii desalination plant design completion: 100%.

Finance: draft the 13-week cash view by Friday, focusing on the timing of the $15.6 million in expected 2026 construction revenue.

Consolidated Water Co. Ltd. (CWCO) - Canvas Business Model: Customer Segments

You're looking at how Consolidated Water Co. Ltd. (CWCO) actually makes money from its different customer groups as of late 2025. It's a diversified model, which is smart in the water business, but you need to see where the dollars are landing this quarter.

Here's a look at the four main customer groupings based on the Third Quarter 2025 results, ending September 30, 2025.

Caribbean government water authorities (Bulk Water segment)

This group buys large volumes of desalinated water under long-term contracts, often under a Design, Build, Own, and Operate (DBOO) model. Think public utilities in the Caribbean. For Q3 2025, this segment brought in revenue of $8.4 million. That was actually a 4% decrease from Q3 2024, primarily because lower energy prices meant lower fuel pass-through charges to customers, like the ones in the Bahamas operations. Still, you should note that despite the revenue dip, bulk segment profitability improved in dollar terms and gross profit percentage due to lower costs of revenue.

Residential and commercial end-users on Grand Cayman (Retail segment)

This is the regulated utility side on Grand Cayman, selling water directly to homes and businesses. Demand here is heavily influenced by local weather and economic activity. In Q3 2025, this segment generated $7.8 million in revenue, a 2% increase year-over-year. That growth came from a 6% increase in the volume of water sold, driven by significantly less rainfall on Grand Cayman compared to Q3 2024, plus an increase in customer service connections.

U.S. municipalities and industrial clients (Services segment)

This segment is where Consolidated Water Co. Ltd. (CWCO) acts as a contractor for third parties, covering project engineering, construction, and operation and maintenance (O&M) services. This revenue stream is lumpy because of the construction component. For the third quarter of 2025, Services revenue hit $14.3 million, a solid 13% increase. This was largely thanks to construction revenue, which jumped 50% to $6.4 million. The recurring O&M portion also grew 3% to $7.7 million.

You should watch the nature of this revenue closely:

• The increase in O&M revenue was partly due to an expanded scope of services for a U.S. Federal client.
• The construction revenue increase was primarily due to plant construction revenue rising from $4.3 million in Q3 2024 to $6.4 million in Q3 2025.

Engineering firms and water treatment plant operators (Manufacturing segment)

This is the equipment and component manufacturing arm, which supports the other segments and external sales. In Q3 2025, Manufacturing revenue was $4.7 million, up 7% from the prior year. This was a direct result of increased production activity at the Aerex manufacturing facility.

Here's a quick snapshot of the revenue contribution from these customer-facing segments for the third quarter of 2025:

Customer Segment	Q3 2025 Revenue (Millions USD)	Year-over-Year Change (Q3 2025 vs Q3 2024)
Services segment	$14.3	Increased 13%
Bulk Water segment	$8.4	Decreased 4%
Retail segment	$7.8	Increased 2%
Manufacturing segment	$4.7	Increased 7%
Total Revenue	$35.1	Increased 5%

To be fair, the total revenue for the first nine months of 2025 was $102.4 million, which was actually a 3% decrease from the same period in 2024, showing the lumpiness of the Services segment impacts the year-to-date view more than the single quarter.

Also, remember the overall financial health supporting these segments:

• Cash and cash equivalents totaled $123.6 million as of September 30, 2025.
• Working capital stood at $141.7 million.
• The company presently has no significant outstanding debt.

Finance: draft the 13-week cash view incorporating the expected revenue timing from the new Colorado and California projects by Friday.

Consolidated Water Co. Ltd. (CWCO) - Canvas Business Model: Cost Structure

You're looking at the core expenses that keep Consolidated Water Co. Ltd. (CWCO) running, especially as they push forward with major projects like the one in Hawaii. The cost structure is heavily weighted toward capital deployment for growth and the direct costs of producing and delivering water.

The most immediate, concrete cash outlay you see for the near term relates to capital spending. CFO David Sasnett indicated that projected liquidity requirements for the balance of 2025 include capital expenditures for existing operations of approximately $4.5 million. This isn't a guess; it's a stated requirement for the rest of the year. This figure breaks down into specific needs, showing where the money is going right now.

Here's the quick math on that projected CapEx for the remainder of 2025:

• Total projected CapEx for existing operations: $4.5 million
• Allocation for the Bahamas project: $1.3 million
• New equipment for the Aerex manufacturing facility: $266,000

Energy and fuel costs are a constant, significant variable in desalination. While you don't see a single line item for 'Energy Cost' in the latest reports, the impact is clear in the revenue pass-throughs. For instance, in Q3 2025, lower energy prices actually tempered retail revenue growth because the pass-through component of rates charged at Cayman Water decreased. Similarly, the Bulk segment saw revenue decline due to a decline in energy prices, which lowered rates in the Bahamas operations, showing how tightly linked operating costs are to market fluctuations. The cost structure must absorb these volatile inputs.

For the U.S. operations, which include a network of 29 Facilities Across Southwest U.S., the recurring operational costs are substantial. While salaries and benefits for the 307 full-time employees (as of the end of 2024) are a fixed component, the variable operating expenses are captured in the Cost of Revenue and SG&A lines. For context, Total Operating Expenses for the full year 2024 were $27 million. The recurring maintenance side of the business is also a key cost center; Operations and Maintenance (O&M) revenue in Q3 2025 was $7.7 million, reflecting the cost of maintaining those service contracts.

The manufacturing segment, Aerex, has its own direct costs. While the specific Cost of Goods Sold (COGS) for Aerex isn't isolated, we can look at the segment's performance and the overall cost base. Manufacturing revenue for Q3 2025 hit $4.7 million, showing increased production activity. To give you a sense of the overall cost base for production and services, the Total Cost of Revenue for the entire company in 2024 was $88 million on $134 million in total revenue. This means the overall gross margin structure requires careful management of direct costs.

You can see how the major cost components stack up against the 2024 financial results, which frame the current cost environment for 2025:

Cost/Expense Metric	Latest Available Period Data	Amount (USD millions)
Total Cost of Revenue	FY 2024	88
Total Operating Expenses	FY 2024	27
Selling, General & Admin Expense	FY 2024	28
Operations & Maintenance (O&M) Revenue	Q3 2025	7.7
Projected CapEx (Remainder of 2025)	Remainder of 2025	4.5
Aerex Equipment CapEx (Part of 2025 CapEx)	Remainder of 2025	0.266

The cost structure is clearly a mix of utility-like fixed costs (employees, maintenance) and project-based variable costs (construction labor, materials, and the energy inputs for desalination). If you're modeling 2026, remember that the massive Hawaii project, which will generate $150 million in revenue over its two-year construction starting next year, will bring a significant, temporary spike in the Cost of Revenue line.

Finance: draft 13-week cash view by Friday.

Consolidated Water Co. Ltd. (CWCO) - Canvas Business Model: Revenue Streams

You're looking at how Consolidated Water Co. Ltd. (CWCO) actually brings in the money, which is key for understanding its stability. The business model relies on a diversified set of water-related services and sales, not just one thing. This mix helps cushion against dips in any single area, like what happened with the bulk segment this quarter.

As of the third quarter ended September 30, 2025, the total revenue hit $35.1 million, showing a nice 5% increase year-over-year. The real story, though, is in the breakdown of those streams, which you can see clearly here:

Revenue Stream	Q3 2025 Amount (Millions USD)	Key Driver/Note
Services revenue (O&M and construction)	$14.3 million	Construction revenue was up 50% to $6.4 million; O&M revenue up 3% to $7.7 million.
Bulk water sales to government utilities	$8.4 million	This segment saw a 4% decrease, partly due to lower energy-related revenue in the Bahamas operations.
Retail water sales from regulated utility	$7.8 million	Increased 2% due to a 6% rise in retail water sold on Grand Cayman, linked to lower rainfall.
Manufacturing revenue from equipment sales	$4.7 million	This segment grew by 7% for the quarter.

It's defintely worth noting the trailing twelve months (TTM) look at the bigger picture. For the trailing twelve months ended September 30, 2025, Consolidated Water Co. Ltd. reported total revenue of $130.8 million. That figure gives you a better sense of the run rate outside of a single quarter's fluctuations.

The strength in the Services segment is what really pulled the total revenue up this quarter. When you look at the components of the revenue streams, you see the operational diversity at play:

• Services revenue from O&M and construction, totaling $14.3 million in Q3 2025.
• Bulk water sales to government utilities, $8.4 million in Q3 2025.
• Retail water sales from regulated utility, $7.8 million in Q3 2025.
• Manufacturing revenue from equipment sales, $4.7 million in Q3 2025.
• Trailing twelve months total revenue of $130.8 million as of September 30, 2025.

The company is also setting up future revenue, having secured two new construction projects valued at approximately $15.6 million, though those revenues are expected in 2026, not right now. Finance: draft 13-week cash view by Friday.