Consolidated Water Co. reported first-quarter 2026 revenue of $30.0 million, down 11% from $33.7 million a year earlier, as declines in manufacturing and retail outweighed gains in bulk water and services.
Retail revenue fell 9% to $8.6 million from $9.4 million, with water volume sold down 10.2% amid heavier rainfall in Grand Cayman. Manufacturing revenue dropped 76% to $1.4 million from $5.8 million, a decline of $4.4 million tied to lower new purchase orders and the timing of work on those orders.
By contrast, bulk revenue rose 4% to $8.7 million from $8.4 million, helped by new revenue from the Cat Island desalination facility in the Bahamas. Services revenue increased 12% to $11.3 million from $10.1 million, including an 15% increase in operations and maintenance revenue to $8.9 million from $7.7 million.
Gross profit declined to $10.9 million from $12.3 million a year earlier, while gross margin slipped to 36% from 37%.
Net income attributable to stockholders was $3.8 million, or $0.23 per diluted share, compared with $4.8 million, or $0.30 per diluted share, in the first quarter of 2025. Net income from continuing operations was $3.8 million, or $0.24 per diluted share, versus $4.9 million, or $0.31 per diluted share, last year.
Cash and cash equivalents increased to $126.3 million from the prior year period, and working capital rose to $144.3 million. Stockholders’ equity stood at $223.6 million at March 31, 2026.
Within services, construction revenue was $2.1 million, down slightly from $2.2 million, while design and consulting revenue increased to $261,749 from $134,740. Operations and maintenance revenue rose to $8.9 million from $7.7 million.
On a segment basis, retail operating income was $4.0 million, down from $4.9 million. Bulk operating income rose to $2.6 million from $2.5 million. Services swung to $1.1 million of operating income from a loss of $180,488 a year earlier. Manufacturing posted an operating loss of $337,767, compared with operating income of $1.1 million in the prior-year quarter.
The company said it expects manufacturing revenue to improve from first-quarter levels over the rest of 2026, though full-year manufacturing revenue is still expected to trail 2025’s record. It also said remaining revenue from the Colorado and California projects should exceed $13 million and be realized primarily in 2026. The market has reacted to these announcements by moving the company's shares -7.78% to a price of $30.305. Check out the company's full 8-K submission here.
