---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-24-006369"
form_type: "8-K"
ticker: "CDZI"
cik: "0000727273"
company_name: "CADIZ INC"
filed_at: "2024-03-04T23:59:59+00:00"
generated_at: "2026-06-05T05:05:47.622544+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Cadiz enters water sales agreements for 10,000 AFY; expects $850/AF net revenue

## Summary
- Signed FWC Agreement for 5,000 AFY and SMWD Term Sheet for 5,000 AFY, total 10,000 AFY from Project.
- Price capped at $1,650/AFY; Cadiz net revenue expected at $850/AFY, subject to annual inflation adjustments.
- Northern Pipeline capacity is 25,000 AFY; these agreements represent 40% of that capacity.
- SMWD Term Sheet is non-binding; definitive agreement required. Parties to pursue grant funding.
- Company holds additional option agreements with other public water systems under negotiation.

## SEC filing metadata
- accession: 0001437749-24-006369
- form_type: 8-K
- ticker: CDZI
- cik: 0000727273
- company_name: CADIZ INC
- filed_at: 2024-03-04T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/727273/000143774924006369/0001437749-24-006369-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/727273/000143774924006369/cdzi20240303_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-24-006369
- JSON: https://secwatch.observer/filing/0001437749-24-006369.json
- Plain text: https://secwatch.observer/filing/0001437749-24-006369.txt

## Key facts
- Material Agreements
  CADIZ INC entered into Term Sheet for the Delivery of Water Made Available by Cadiz Inc. and Fenner Gap Mutual Water Company to Santa Margarita Water District in the Northern Pipeline with Santa Margarita Water District valued at $1,650 per AFY (effective 2024-02-28).
  - Action: entry
  - Agreement: supply
  - Counterparty: Santa Margarita Water District
  - Value: $1,650 per AFY
  - Effective: 2024-02-28
  source text: On February 28, 2024, Cadiz Inc. (the “Company” or “Cadiz”) entered into (i) an Agreement for the Delivery of Water Made Available by Cadiz Inc. and Fenner Gap Mutual Water Company to Public Water Systems, among Cadiz, Cadiz Real Estate LLC, a wholly-owned subsidiary of Cadiz, Fenner Gap Mutual Water Company (“FGMWC”) and Fontana Water Company (“FWC”), an investor-owned utility serving the City of Fontana, California (the “FWC Agreement”), and (ii) a Term Sheet for the Delivery of Water Made Available by Cadiz Inc. and Fenner Gap Mutual Water Company to Santa Margarita Water District in the Northern Pipeline (the “SMWD Term Sheet,"
  evidence_url: https://www.sec.gov/Archives/edgar/data/727273/000143774924006369/0001437749-24-006369-index.htm
- Material Agreements
  CADIZ INC entered into Agreement for the Delivery of Water Made Available by Cadiz Inc. and Fenner Gap Mutual Water Company to Public Water Systems with Fontana Water Company valued at $1,650 per AFY (effective 2024-02-28).
  - Action: entry
  - Agreement: supply
  - Counterparty: Fontana Water Company
  - Value: $1,650 per AFY
  - Effective: 2024-02-28
  source text: On February 28, 2024, Cadiz Inc. (the “Company” or “Cadiz”) entered into (i) an Agreement for the Delivery of Water Made Available by Cadiz Inc. and Fenner Gap Mutual Water Company to Public Water Systems, among Cadiz, Cadiz Real Estate LLC, a wholly-owned subsidiary of Cadiz, Fenner Gap Mutual Water Company (“FGMWC”) and Fontana Water Company (“FWC”), an investor-owned utility serving the City of Fontana, California (the “FWC Agreement"),
  evidence_url: https://www.sec.gov/Archives/edgar/data/727273/000143774924006369/0001437749-24-006369-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.