Cadiz, Inc. · NASDAQ:CDZI
Cadiz — B.Riley Securities Conference 2025
22 slides from Cadiz's conference presentation, May 2025
Slide 1: Clean, affordable water for people
Clean, affordable water for people NASDAQ: CDZI May 2025
Slide 2: Safe Harbor Agreement
Investor Presentation | 2025 Safe Harbor Agreement During the course of this presentation, we may make forward-looking statements. Any statement that is not a historical fact is a forward-looking statement. Forward-looking statements refer to expectations, projections or other characterizations of f
Slide 3: Summary Highlights
Summary Highlights Asset-Based Water Solutions Leader 2.5 Million AF of Cadiz is an asset-rich company with a developed portfolio of the most valuable new water resources in drought-prone New Water Supply Southwestern U.S. and a strong new leadership team able to unlock the value of these assets for
Slide 4: A water solutions company
A water solutions company 30-50 million acre-feet of groundwater in storage At the center of one of the most drought prone regions of the world 4
Slide 5: Unique Assets
Unique Assets 2.5 million acre-feet of new 1 million acre-feet of underground water supply over 50 years Water Storage storage for imported surface water 300+ miles of pipeline assets to 46,000 acres of land & water connect with Colorado River and for agriculture, solar and Land Clean Water Pipeline
Slide 6: Wide moat across all business segments
Wide moat across all business segments Land The only large landowner with fully-entitled water rights to one of the largest groundwater aquifer systems in California. The only new water supply in the Colorado River Basin with Supply 1000 years of water already in storage. Storage The largest new lar
Slide 7: Segment Updates
Segment Updates 7
Slide 8: Mojave Groundwater Bank
Mojave Groundwater Bank • 2,000 sq. mile watershed system in eastern Mojave. • 30–50 million AF of groundwater in storage today. More than Lake Mead – America’s largest surface reservoir. • 1,000 years of water from natural recharge. • Closed basin - all groundwater exits via evaporation. • Non-trib
Slide 9: Recent Developments
Recent Developments Long-term water purchase agreements signed for 85% capacity (21,275 AFY) of the Northern Pipeline. Federal right-of-way for Northern Pipeline assigned to Cadiz and change of use to water expected to be processed in 2025. Construction finance special purpose entity – Mojave
Slide 10: Mojave Water Infrastructure Co. LLC
Mojave Water Infrastructure Co. LLC • Formed as the first Public - Private Partnership among private equity, publicly-traded companies, tribal-owned businesses, investor-owned utilities, Opportunity Zone Funds, municipal financing, tax equity and government grant funding to develop and own water inf
Slide 11: MGB Development Schedule Summary
MGB Development Schedule Summary • Northern Pipeline: ─ Major construction is projected to begin in Q3-2025 with an estimated completion in Q4-2026, at which point the Northern Pipeline would begin water conveyance. ─ Total estimated invested capital into the Northern Pipeline and related wellfield
Slide 12: Advanced Stage of Development for MGB
Advanced Stage of Development for MGB Assets developed over four decades. 20 years of permitting and litigation successfully completed. Water supply and storage permits fully and successfully litigated. Remaining permits (in process) are addendums to existing permits related to operation of pipe
Slide 13: Key Permits in Hand
Key Permits in Hand BLM ROW / FEIR Addendum for conversion of Northern Pipeline for water conveyance, Phase 2 Storage Addendum (operational design of groundwater storage bank) estimated to be completed by early 2026. (1) 1) Miscellaneous Local Permits will be processed by responsible agencies during
Slide 14: Treatment Segment Updates
Treatment Segment Updates • Completed manufacture of filters for 60MGD Central Utah iron and manganese treatment project and concluded shipment in April. • Opened a second 20,000 sq ft new building for storage, assembly, training and lab services – doubling production capacity. • In Q1 began pilot-t
Slide 15: 45,000 acres of Land – suitable for renewable energy, agriculture and data centers
45,000 acres of Land – suitable for renewable energy, agriculture and data centers Open Contiguous Land Secure Water Supply Gas Pipeline Network Two Major Rail Networks Natural Gas Pipelines • Red & Yellow – Kinder Morgan • Brown – SoCal Gas • Orange – PG&E • Blue - Cadiz 15
Slide 16: Financial Overview
Financial Overview 16
Slide 17: Four business segments that are highly differentiated and scalable
Four business segments that are highly differentiated and scalable Land Treatment Supply Storage Cadiz ATEC Water Fenner Gap Mutual East Mojave Ranch Systems Water Co. Water Co.* Mojave Water 100% Water Supply Agriculture ATEC Products Infrastructure Revenues Company LLC Ownership Land Leases 51% 49
Slide 18: Illustrative cash flows for water supply & storage from water agencies
Illustrative cash flows for water supply & storage from water agencies Water supply contract cash flows Water storage contract cash flows Contract price range est. $1,650 - $1,950/ AFY for 50,000 AF Reservation fees est. $1,500 per AF for 1 Million AF $350 - To LLC $765/AF 51% Reservation Fees toTo
Slide 19: Illustrative Cash Flows to Cadiz by Business Segment
Illustrative Cash Flows to Cadiz by Business Segment Cadiz ATEC East Mojave Fenner Gap Mutual Water Company $7+ billion Ranch Treatment Water LLP Cumulative Cash Land Leases System Sales Water Supply Storage Management General Partner Flows Agriculture & Services Agreements Reservations Fees Profit
Slide 20: Cap Table
CAP TABLE ($ in millions) As of 3/31/25 Cash and cash equivalents $24.3 Senior secured (non-convertible) term loan (1) $21.2 Senior secured (convertible) term loan (2) $21.6 Senior unsecured convertible loan (3) $17.5 Series A perpetual preferred stock (CDZIP) $57.5 Common Stock shares outstanding a
Slide 21: Leadership Backed by Experienced Board of Directors
Leadership Backed by Experienced Board of Directors Susan P Kennedy Stan Speer Cathryn Rivera Chairman & CEO, Cadiz Inc CFO, Cadiz Inc COO, CadIz Inc • Chief Executive Officer since 2024, • Chief Financial Officer since 2020, • Chief Operating Officer since 2024 Board Chairman since Feb. 2022 previo
Slide 22: Contact
550 South Hope Street Suite 2850 Los Angeles, CA 90071 Phone: 213-271-1600 Fax: 213-271-1614 NASDAQ: CDZI www.cadizinc.com Contacts: Follow Us: Courtney Degener, Sr VP-IR Facebook-square cdegener@cadizinc.com Youtube Linkedin Instagram 22