Cadiz Inc. reported financial results and business updates for the third quarter of 2025. The company's total revenue reached $4.1 million in Q3 2025, up from $3.2 million in Q3 2024. Year-to-date revenue for the nine months ending September 30, 2025, was $11.2 million, representing a 131% increase year-over-year, largely attributed to contributions from ATEC. ATEC's year-to-date revenue reached $10.1 million, compared to $3.5 million in the same period of 2024. The gross margin in Q3 2025 was approximately 50%, up from 32% in the prior year. The operating loss for Q3 2025 was $4.9 million, compared to $4.8 million in Q3 2024. Q3 2025 marked the second consecutive quarter of operating profit for ATEC. The company reported 82,025,586 common shares outstanding and highlighted ongoing project development, including the Mojave Groundwater Bank Project and green hydrogen production initiatives at Cadiz Ranch.