Consolidated Water Co. Ltd. (CWCO) Q4 2025 Earnings Call Transcript

Operator

Good morning. Thank you for joining us today to discuss Consolidated Water Company’s 2025 Full Year Operating and Financial Results. Hosting this call today is the Chief Executive Officer of Consolidated Water, Rick McTaggart; and the company’s Chief Financial Officer, David Sasnett. Following their remarks, we’ll open the call to your questions. [Operator Instructions]

Before we conclude today’s call, I’ll provide some important cautions regarding the forward-looking statements made by management during the call. I’d like to remind everyone that today’s call is being recorded, and it will be made available for telecom replay. Please see the instructions in yesterday’s press release that has been posted to the Investor Relations section of the company’s website.

Now I’d like to turn the call over to Consolidated Water’s CEO, Rick McTaggart. Sir, please go ahead.

Frederick McTaggart
CEO, President & Director

Thank you, Chloe, and good morning, everyone. Our retail, bulk and manufacturing revenues and operating incomes in 2025 were consistent with our expectations for the year. However, our services revenue did not perform as expected due completely to a permitting delay relating to our 1.7 million gallon per day seawater desalination project in Kalaeloa, Hawaii. We believe this type of delay is common for the complex multi-agency permitting process required for a project of this scale and has not been due to any failures on the part of consolidated water. In fact, over the past year, we have achieved all other major project milestones under this phase of the Hawaii project, which include successful pilot testing, receipt of confirmation from the Honolulu Board