| Schedule of segment reporting information, by segment |
The following sets forth the Company’s income statements by segment. | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2026 | | | Retail | | Bulk | | Services | | Manufacturing | | Corporate | | Total | Revenue | | $ | 8,577,058 | | $ | 8,744,769 | | $ | 11,251,344 | | $ | 1,400,529 | | $ | — | | $ | 29,973,700 | Cost of revenue | | | 3,642,157 | | | 5,735,986 | | | 8,427,156 | | | 1,252,388 | | | — | | | 19,057,687 | Gross profit | | | 4,934,901 | | | 3,008,783 | | | 2,824,188 | | | 148,141 | | | — | | | 10,916,013 | General and administrative expenses | | | 902,607 | | | 404,223 | | | 1,785,996 | | | 485,908 | | | 3,840,334 | | | 7,419,068 | Gain (loss) on asset dispositions, net | | | (76,754) | | | — | | | 19,549 | | | — | | | — | | | (57,205) | Income (loss) from operations | | | 3,955,540 | | | 2,604,560 | | | 1,057,741 | | | (337,767) | | | (3,840,334) | | | 3,439,740 | Interest income | | | 46,233 | | | 177,507 | | | 239,875 | | | 1 | | | 183,612 | | | 647,228 | Interest expense | | | — | | | — | | | (2,736) | | | — | | | — | | | (2,736) | Income (loss) from affiliates | | | — | | | — | | | — | | | (8,634) | | | 60,243 | | | 51,609 | Other | | | 25,858 | | | 10,023 | | | 1 | | | 7,468 | | | 115 | | | 43,465 | Other income (loss), net | | | 72,091 | | | 187,530 | | | 237,140 | | | (1,165) | | | 243,970 | | | 739,566 | Income (loss) before income taxes | | | 4,027,631 | | | 2,792,090 | | | 1,294,881 | | | (338,932) | | | (3,596,364) | | | 4,179,306 | Provision for income taxes | | | — | | | — | | | 316,049 | | | (113,349) | | | — | | | 202,700 | Net income (loss) from continuing operations | | | 4,027,631 | | | 2,792,090 | | | 978,832 | | | (225,583) | | | (3,596,364) | | | 3,976,606 | Income from continuing operations attributable to non-controlling interests | | | — | | | 156,135 | | | — | | | — | | | — | | | 156,135 | Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders | | $ | 4,027,631 | | $ | 2,635,955 | | $ | 978,832 | | $ | (225,583) | | $ | (3,596,364) | | | 3,820,471 | Net loss from discontinued operations | | | | | | | | | | | | | | | | | | (43,042) | Net income attributable to Consolidated Water Co. Ltd. stockholders | | | | | | | | | | | | | | | | | $ | 3,777,429 |
| | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2025 | | | Retail | | Bulk | | Services | | Manufacturing | | Corporate | | Total | Revenue | | $ | 9,411,342 | | $ | 8,411,716 | | $ | 10,078,268 | | $ | 5,814,059 | | $ | — | | $ | 33,715,385 | Cost of revenue | | | 3,706,063 | | | 5,584,089 | | | 8,061,877 | | | 4,057,069 | | | — | | | 21,409,098 | Gross profit | | | 5,705,279 | | | 2,827,627 | | | 2,016,391 | | | 1,756,990 | | | — | | | 12,306,287 | General and administrative expenses | | | 788,812 | | | 346,081 | | | 2,195,338 | | | 664,078 | | | 3,729,650 | | | 7,723,959 | Gain on asset dispositions, net | | | 29,976 | | | — | | | (1,541) | | | — | | | — | | | 28,435 | Income (loss) from operations | | | 4,946,443 | | | 2,481,546 | | | (180,488) | | | 1,092,912 | | | (3,729,650) | | | 4,610,763 | Interest income | | | 32,866 | | | 204,103 | | | 143,319 | | | 1 | | | 236,305 | | | 616,594 | Interest expense | | | — | | | — | | | (1,528) | | | — | | | — | | | (1,528) | Income from affiliate | | | — | | | — | | | — | | | (34,004) | | | 64,478 | | | 30,474 | Other | | | 28,308 | | | 14,933 | | | 36 | | | 74 | | | — | | | 43,351 | Other income, net | | | 61,174 | | | 219,036 | | | 141,827 | | | (33,929) | | | 300,783 | | | 688,891 | Income (loss) before income taxes | | | 5,007,617 | | | 2,700,582 | | | (38,661) | | | 1,058,983 | | | (3,428,867) | | | 5,299,654 | Provision (benefit) for income taxes | | | — | | | — | | | (35,893) | | | 246,010 | | | — | | | 210,117 | Net income (loss) from continuing operations | | | 5,007,617 | | | 2,700,582 | | | (2,768) | | | 812,973 | | | (3,428,867) | | | 5,089,537 | Income from continuing operations attributable to non-controlling interests | | | — | | | 165,427 | | | — | | | — | | | — | | | 165,427 | Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders | | $ | 5,007,617 | | $ | 2,535,155 | | $ | (2,768) | | $ | 812,973 | | $ | (3,428,867) | | | 4,924,110 | Net loss from discontinued operations | | | | | | | | | | | | | | | | | | (133,081) | Net income attributable to Consolidated Water Co. Ltd. stockholders | | | | | | | | | | | | | | | | | $ | 4,791,029 |
The Company’s cost of revenue consists of: | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2026 | | | Retail | | Bulk | | Services | | Manufacturing | | Corporate | | Total | Subcontractor and other project costs | | $ | — | | $ | 28,750 | | $ | 3,844,014 | | $ | 486,801 | | $ | — | | $ | 4,359,565 | Employee costs | | | 794,138 | | | 463,911 | | | 4,249,394 | | | 551,528 | | | — | | | 6,058,971 | Electricity | | | 1,149,186 | | | 1,051,071 | | | 28,177 | | | 10,286 | | | — | | | 2,238,720 | Fuel oil | | | — | | | 1,841,765 | | | — | | | — | | | — | | | 1,841,765 | Depreciation | | | 646,251 | | | 750,339 | | | 107,527 | | | 75,530 | | | — | | | 1,579,647 | Maintenance | | | 185,834 | | | 719,967 | | | 132,870 | | | 89,881 | | | — | | | 1,128,552 | Insurance | | | 184,570 | | | 309,137 | | | 17,969 | | | — | | | — | | | 511,676 | Retail license royalties | | | 533,611 | | | — | | | — | | | — | | | — | | | 533,611 | Other | | | 148,567 | | | 571,046 | | | 47,205 | | | 38,362 | | | — | | | 805,180 | | | $ | 3,642,157 | | $ | 5,735,986 | | $ | 8,427,156 | | $ | 1,252,388 | | $ | — | | $ | 19,057,687 |
| | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2025 | | | Retail | | Bulk | | Services | | Manufacturing | | Corporate | | Total | Subcontractor and other project costs | | $ | — | | $ | — | | $ | 3,457,402 | | $ | 3,284,142 | | $ | — | | $ | 6,741,544 | Employee costs | | | 757,868 | | | 543,300 | | | 4,270,363 | | | 589,221 | | | — | | | 6,160,752 | Electricity | | | 1,173,586 | | | 1,043,386 | | | 33,027 | | | 10,803 | | | — | | | 2,260,802 | Fuel oil | | | — | | | 1,820,056 | | | — | | | — | | | — | | | 1,820,056 | Depreciation | | | 613,884 | | | 689,516 | | | 90,598 | | | 38,862 | | | — | | | 1,432,860 | Maintenance | | | 220,625 | | | 401,642 | | | 127,517 | | | 99,955 | | | — | | | 849,739 | Insurance | | | 171,534 | | | 451,607 | | | 26,284 | | | — | | | — | | | 649,425 | Retail license royalties | | | 598,086 | | | — | | | — | | | — | | | — | | | 598,086 | Other | | | 170,480 | | | 634,582 | | | 56,686 | | | 34,086 | | | — | | | 895,834 | | | $ | 3,706,063 | | $ | 5,584,089 | | $ | 8,061,877 | | $ | 4,057,069 | | $ | — | | $ | 21,409,098 |
Cost of revenue segment expenses set forth in the “Other” category above primarily include chemicals and other supplies, government fees and licenses, and freight costs. The Company’s general and administrative expenses consist of: | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2026 | | | Retail | | Bulk | | Services | | Manufacturing | | Corporate | | Total | Employee costs | | $ | 455,334 | | $ | 89,387 | | $ | 1,193,487 | | $ | 301,272 | | $ | 2,158,045 | | $ | 4,197,525 | Professional fees | | | 12,174 | | | 19,291 | | | 178,530 | | | 31,800 | | | 635,780 | | | 877,575 | Insurance | | | 126,116 | | | 97,216 | | | 33,662 | | | 61,647 | | | 211,213 | | | 529,854 | Depreciation and amortization | | | 10,875 | | | 5,509 | | | 64,649 | | | 27,325 | | | 21,862 | | | 130,220 | Other | | | 298,108 | | | 192,820 | | | 315,668 | | | 63,864 | | | 813,434 | | | 1,683,894 | | | $ | 902,607 | | $ | 404,223 | | $ | 1,785,996 | | $ | 485,908 | | $ | 3,840,334 | | $ | 7,419,068 |
| | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2025 | | | Retail | | Bulk | | Services | | Manufacturing | | Corporate | | Total | Employee costs | | $ | 380,860 | | $ | 88,809 | | $ | 1,002,379 | | $ | 341,560 | | $ | 2,173,287 | | $ | 3,986,895 | Professional fees | | | 15,162 | | | 21,265 | | | 340,000 | | | 67,562 | | | 624,690 | | | 1,068,679 | Insurance | | | 103,871 | | | 97,009 | | | 37,100 | | | 84,809 | | | 214,949 | | | 537,738 | Depreciation and amortization | | | 10,580 | | | 5,327 | | | 155,691 | | | 26,179 | | | 17,071 | | | 214,848 | Other | | | 278,339 | | | 133,671 | | | 660,168 | | | 143,968 | | | 699,653 | | | 1,915,799 | | | $ | 788,812 | | $ | 346,081 | | $ | 2,195,338 | | $ | 664,078 | | $ | 3,729,650 | | $ | 7,723,959 |
General and administrative segment expenses set forth in the “Other” category above primarily include Board of Directors fees and expenses, maintenance, office rent, information technology costs, provisions for credit losses and investor relations costs. The Company’s segment assets are presented below. | | | | | | | | | | | | | | | | | | | | | As of March 31, 2026 | | | Retail | | Bulk | | Services | | Manufacturing | | Corporate | | Total | Cash and cash equivalents | | $ | 19,503,888 | | $ | 21,530,737 | | $ | 48,211,853 | | $ | 8,924,163 | | $ | 28,161,232 | | $ | 126,331,873 | Accounts receivable, net | | $ | 3,502,908 | | $ | 24,013,912 | | $ | 7,749,049 | | $ | 750,325 | | $ | 216,736 | | $ | 36,232,930 | Inventory, current and non-current | | $ | 3,527,327 | | $ | 4,968,830 | | $ | 713,584 | | $ | 700,393 | | $ | — | | $ | 9,910,134 | Contract assets | | $ | — | | $ | — | | $ | 275,167 | | $ | 1,018,681 | | $ | — | | $ | 1,293,848 | Property, plant and equipment, net | | $ | 31,800,384 | | $ | 18,535,396 | | $ | 1,542,516 | | $ | 4,628,571 | | $ | 201,830 | | $ | 56,708,697 | Construction in progress | | $ | 2,003,223 | | $ | 3,035,105 | | $ | — | | $ | 105,963 | | $ | — | | $ | 5,144,291 | Intangibles, net | | $ | — | | $ | — | | $ | 1,578,017 | | $ | 451,112 | | $ | — | | $ | 2,029,129 | Goodwill | | $ | 1,170,511 | | $ | 1,948,875 | | $ | 7,756,807 | | $ | 1,985,211 | | $ | — | | $ | 12,861,404 | Total segment assets | | $ | 63,162,430 | | $ | 75,010,440 | | $ | 71,171,318 | | $ | 18,922,778 | | $ | 31,756,602 | | $ | 260,023,568 | Assets of discontinued operations | | | | | | | | | | | | | | | | | $ | 131,954 | Total assets | | | | | | | | | | | | | | | | | $ | 260,155,522 |
| | | | | | | | | | | | | | | | | | | | | As of December 31, 2025 | | | Retail | | Bulk | | Services | | Manufacturing | | Corporate | | Total | Cash and cash equivalents | | $ | 15,693,394 | | $ | 20,343,683 | | $ | 46,444,679 | | $ | 6,620,358 | | $ | 34,686,276 | | $ | 123,788,390 | Accounts receivable, net | | $ | 3,274,109 | | $ | 20,882,114 | | $ | 6,364,226 | | $ | 2,240,036 | | $ | 8,052 | | $ | 32,768,537 | Inventory, current and non-current | | $ | 3,555,946 | | $ | 4,999,261 | | $ | 24,178 | | $ | 720,602 | | $ | — | | $ | 9,299,987 | Contract assets | | $ | — | | $ | — | | $ | 1,144,943 | | $ | 2,145,872 | | $ | — | | $ | 3,290,815 | Property, plant and equipment, net | | $ | 32,371,991 | | $ | 16,284,441 | | $ | 1,666,099 | | $ | 4,608,544 | | $ | 220,683 | | $ | 55,151,758 | Construction in progress | | $ | 1,348,572 | | $ | 5,316,061 | | $ | — | | $ | 31,023 | | $ | — | | $ | 6,695,656 | Intangibles, net | | $ | — | | $ | — | | $ | 1,627,110 | | $ | 474,445 | | $ | — | | $ | 2,101,555 | Goodwill | | $ | 1,170,511 | | $ | 1,948,875 | | $ | 7,756,807 | | $ | 1,985,211 | | $ | — | | $ | 12,861,404 | Total segment assets | | $ | 59,410,635 | | $ | 71,300,554 | | $ | 69,172,997 | | $ | 19,454,784 | | $ | 38,101,745 | | $ | 257,440,715 | Assets of discontinued operations | | | | | | | | | | | | | | | | | $ | 124,630 | Total assets | | | | | | | | | | | | | | | | | $ | 257,565,345 |
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