| Segment information |
3. Segment information The Company has five reportable segments: retail, bulk, services, manufacturing and corporate. The retail segment operates the water utility for the Seven Mile Beach and West Bay areas of Grand Cayman pursuant to an exclusive license granted by the Cayman Islands government. The bulk segment supplies potable water to government utilities in Grand Cayman and The Bahamas under long-term contracts. The services segment designs, constructs and sells water infrastructure and provides management and operating services to third parties. The manufacturing segment manufactures and services a wide range of custom and specialized water-related products applicable to commercial, municipal and industrial water production, supply and treatment. The corporate segment consists of various expenses of a general and administrative nature incurred at the parent company level, as well as the expenses incurred by Aquilex, a U.S. subsidiary that provides financial, engineering, information technology, administrative and supply chain management support services to all the Company’s subsidiaries and its affiliate. Frederick W. McTaggart, Chief Executive Officer and President, is the Company’s chief operating decision maker (“CODM”). For the retail, bulk, services, and manufacturing segments, the CODM uses revenue, gross profit, and income before income taxes to assess segment performance and in deciding the allocation of resources to each segment. The CODM considers actual versus budget and current period versus prior period variances on a monthly, quarterly, and annual basis for each of these financial measures. The CODM also considers variances from the budget and the prior period for major corporate expenses (such as employee costs, insurance and professional fees) when making decisions regarding capital and resource allocation. The accounting policies of the segments are consistent with those described in Note 2. All intercompany transactions are eliminated for segment presentation purposes. Intersegment revenue transactions are insignificant to the Company and are eliminated. The Company’s segments are strategic business units that are managed separately because each segment sells different products and/or services, serves customers with distinctly different needs and generates different gross profit margins. 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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