Global Water Q2 revenue up 7% to $11.7M; net income $2.1M; ACC approves 8% rate increase

Global Water Resources, Inc.

2022-Q2 EPS reported $0.13 revenue$21,736,000

Revenue rose 7.0% to $11.7M; net income $2.1M ($0.09 EPS); adjusted EBITDA up 14.3% to $6.1M.
Active service connections increased 8.8% to 55,814; water consumption up 8.1%.
ACC approved new water/wastewater rates for 96% of connections effective Aug 1, expected to add ~$2.2M annualized revenue.
Completed public offering: gross proceeds ~$15.5M; credit line with Northern Trust increased from $10M to $15M.
Signed definitive agreement to acquire Farmers Water Co., adding ~3,300 active connections in Pima County.

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