Cadiz, Inc. · NASDAQ:CDZI
Cadiz — Investor Presentation (February 2025)
27 slides from Cadiz's investor presentation, February 2025
Slide 1: Clean, affordable water for people
Clean, affordable water for people NASDAQ: CDZI
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
Slide 3: A water solutions company
A water solutions company With billions of dollars in natural water resources At the center of one of the most drought prone regions of the world 3
Slide 4: 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 5: Mojave Groundwater Bank
Mojave Groundwater Bank • 2,000 sq. mile watershed system in eastern Mojave. • 30–50 million AF of groundwater in storage today. • 1,000 years of water from natural recharge. • Closed basin - all groundwater lost to evaporation. • Non-tributary to the Colorado River. • Permit for 2.5 million AF of w
Slide 6: Unique Assets
Unique Assets 2.5 million acre-feet of 1 million acre-feet of water supply Supply Storage underground storage 45,000 acres of land 500 miles of & water Land pipeline assets. Conveyance Treatment Water Filtration Technology 6
Slide 7: 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 8: 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 Groundwater 100% Water Supply Agriculture ATEC Products Storage Company Revenues LLC Ownership Land Leases 51% 49%
Slide 9: Transitioning to a capital-light business model
Transitioning to a capital-light business model Project Land Treatment Supply Storage Companies Cadiz ATEC Water Fenner Gap Mutual East Mojave Ranch Systems Water Co. Water Co.* Mojave Groundwater 100% Water Supply Agriculture ATEC Products Storage Company Revenues LLC Ownership Land Leases 51% 49%
Slide 10: Illustrative break down of cash flows from water supply & storage contracts
Illustrative break down of cash flows from water supply & storage contracts 51% Reservation Fees to LLP To LLC CAPEX Fees to LLP To LLC 51% to LLC OPEX Fees To Operator to Operator OPEX Fees to Operator To LLC 49% Reservation Fees to LLP Water Supply to Cadiz To Cadiz To Cadiz Water Supply cash flow
Slide 11: Illustrative Cash Flows by Business Segment
Illustrative Cash Flows by Business Segment ATEC East Mojave $7+ billion Cadiz Ranch Fenner Gap Mutual Water Company Cumulative Treatment Water LLP Land Leases System Sales Water Supply Storage Management General Partner Cash Flows Agriculture & Services Agreements Reservations Fees Profit Share Uni
Slide 12: Why Cadiz? Why now?
Why Cadiz? Why now? Right place. Right time. Right team. Right assets. 12
Slide 13: The Right Leadership at the Right Time
The Right Leadership at the Right Time Susan Kennedy - Chairman & CEO, Cadiz • Joined Board 2/21; Elected Chairman 2/22; Appointed CEO 1/24 • Distinguished career as a policymaker and entrepreneur • Two decades at the highest levels of California government • Chief of Staff to Governor Arnold Schwar
Slide 14: Leadership Backed by Experienced Board of Directors
Leadership Backed by Experienced Board of Directors Stephen E. Courter Maria Dreyfus Independent Director Independent Director • Over 30 years of experience in management positions in the • CEO and Founder of Ardinall Investment Management, focused on sustainable technology/telecommunications indust
Slide 15: Climate “whiplash” – Extreme is the new normal.
Climate “whiplash” – Extreme is the new normal. Source: WRCC, 2025 https://oehha.ca.gov/media/02precip.pdf 15
Slide 16: Climate reality – Snowpacks are declining.
Climate reality – Snowpacks are declining. Source: California Dept of Water Resources 16
Slide 17: Rainfall is moving South.
Rainfall is moving South. Atmospheric rivers are hitting Coastal, Central and Southern California the hardest. Source: Data from USGS CA Dept Water Resources 17
Slide 18: Snowmelt is moving South.
Snowmelt is moving South. Snowmelt has shifted from the Northern Sierras to Central and Southern Sierras. 18 Source: Data from USGS CA Dept Water Resources
Slide 19: Most reservoir storage was built in the North.
Most reservoir storage was built in the North. State Water Project was built to store snowmelt from the Northern Sierras and Cascade Mountains. Lake Mead and Lake Powell were built store snowmelt from the Rockies. 19 Source: Data from USGS CA Dept Water Resources
Slide 20: The problem is not water scarcity. It’s water storage.
The problem is not water scarcity. It’s water storage. 20
Slide 21: Aquifer system at Cadiz has 30-50 million acre-feet of water in storage today
Aquifer system at Cadiz has 30- 50 million acre-feet of water in storage today – twice the amount of water in the largest reservoir in the US. 21
Slide 22: Inflection Point - Partnership with Native American Tribes
Inflection Point - Partnership with Native American Tribes The Mojave Groundwater Bank will be the first major water infrastructure project majority-owned by Native American Tribes in US history 22
Slide 23: Most Advanced Water Infrastructure Project in California
Most Advanced Water Infrastructure Project in California 23
Slide 24: Inflection Point - Started construction in 2023.
Inflection Point - Started construction in 2023. Total Est. Project Cost: $800 million Upfront Payment to Cadiz: $51 million LLC Equity Capital: Tribes $201 million Other Investors $200 million Grant Funding / Debt: $450 million 24
Slide 25: Inflection Point - LLC Equity Capital Identified
Inflection Point - LLC Equity Capital Identified • Lead LLC Investors Identified. • Signed Letters of Intent for $250 M of the total $401 M in LLC equity capital needed. • Drafting definitive agreements to convert LOIs to capital commitments. • Proposals in front of four additional Tribes. • Joint P
Slide 26: CAP TABLE
CAP TABLE ($ in millions) As of 9/30/2024 Cash and cash equivalents $29.1 Senior secured (non-convertible) term loan (1) $21.2 Senior secured (convertible) term loan (2) $20.5 Senior unsecured convertible loan (3) $16.6 Series A perpetual preferred stock (CDZIP) $57.5 Common Stock shares outstanding
Slide 27: 550 South Hope Street Suite 2850 Los Angeles, CA 90071
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 [email protected] Youtube Linkedin Instagram 27