LOS ANGELES - Cadiz , Inc. (NASDAQ: NASDAQ:CDZI), a California-based water solutions company, has announced the appointment of Cathryn Rivera as its new Chief Operating Officer. Rivera, who brings 25 years of experience in senior management, officially took on the role on September 16, 2024, as the company embarks on a significant phase of operational expansion.
Rivera's career includes serving four governors across both political parties and holding key positions in California's government operations. Her extensive background in navigating complex challenges was highlighted by Cadiz CEO Susan Kennedy, who praised Rivera's decisive leadership and execution skills.
In her previous government roles, Rivera was instrumental in creating the Governor's Office of Land Use and Climate Innovation and spearheading initiatives during the COVID-19 pandemic. She also worked on regulatory frameworks for farmworkers and served as Chief Deputy Cabinet Secretary for Governor Gray Davis, liaising with state agencies on policy development.
As COO, Rivera is expected to drive the execution of Cadiz's groundbreaking groundwater banking project and scale the deployment of water treatment technologies. These efforts aim to address contaminants such as arsenic, Chromium 6, and "forever chemicals," potentially impacting millions of lives, especially in disadvantaged communities in California.
Cadiz's project in the Mojave Desert is one of the largest of its kind in the Southwestern U.S. and is anticipated to provide water supply and clean water technology to various regions, including Tribal communities.
About Cadiz Inc.: Founded in 1983, Cadiz Inc. is dedicated to providing clean, reliable, and affordable water through various solutions, including water supply, storage, pipeline, and treatment technologies. The company possesses 45,000 acres of land in California, substantial water supply resources, and pipeline assets.
This news is based on a press release statement from Cadiz, Inc. and contains forward-looking statements that involve risks and uncertainties. The company's expectations regarding the benefits of Rivera's appointment are subject to change, and actual results may differ materially from those projected.
In other recent news, Cadiz Inc. has made significant strides in securing water supply agreements. The company has reached near full capacity deals for its Northern Pipeline, with purchase commitments for 85% of the pipeline's capacity. This includes a recent agreement with Cucamonga Valley Water District to supply 5,000 acre-feet of water annually, expected to generate approximately $170 million of net revenue over 40 years.
Additionally, Cadiz's subsidiary, ATEC Water Systems, secured three contracts worth $1.5 million for their iron and manganese filtration systems. The company also inked a 50-year agreement with Santa Margarita Water District to supply water through its Northern Pipeline, delivering 5,000 acre-feet per year.
Furthermore, Cadiz entered into agreements with Solstra Communities California LLC and Golden State Water Company. Cadiz will supply Solstra with 1,275 acre-feet of water annually, supporting the development of over 4,000 homes, while Golden State Water Company will receive water for the City of Barstow. These are recent developments in Cadiz's commitment to sustainable water supply.
InvestingPro Insights
As Cadiz, Inc. (NASDAQ: CDZI) gears up for a significant operational expansion with the appointment of their new COO, Cathryn Rivera, the company's financial health and market performance provide a backdrop to the strategic move. According to InvestingPro data, Cadiz's market capitalization stands at approximately $217.95 million. Despite the company's ambitious projects and the new leadership, analysts have highlighted concerns with a negative P/E ratio of -6.21, reflecting that the company is not currently profitable. This aligns with an InvestingPro Tip indicating that analysts do not expect Cadiz to be profitable this year.
On the upside, the company has shown a promising revenue growth of 27.18% over the last twelve months as of Q2 2024, which could be a positive signal for potential investors looking at the company's growth trajectory. Another InvestingPro Tip to consider is that Cadiz's liquid assets exceed its short-term obligations, suggesting that the company has a cushion to manage its immediate financial needs. However, it's important to note that Cadiz is trading at a high Price / Book multiple of 7.91, which might raise questions about its valuation.
For those interested in further insights and metrics, InvestingPro offers additional tips on Cadiz, Inc., which could prove invaluable for a deeper analysis of the company's financial health and market prospects. There are 11 more InvestingPro Tips available, providing a comprehensive overview for investors and analysts alike.
For more detailed information and expert analysis, potential investors can visit InvestingPro's dedicated page for Cadiz, Inc. at: https://www.investing.com/pro/CDZI
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