Cadiz CEO letter details cost increases, $194M WIFIA invite, ATEC growth, BLM permit progress

CADIZ INC

Construction costs rose; capital structure revised to ~30% equity / 70% public debt via GMP contract with W.M. Lyles.
Received EPA invitation to apply for up to $194M WIFIA loan (~4.7%) for Northern Pipeline project.
ATEC record revenues in 2025; baseline orders grew 74% YoY; product line quadrupled since 2023 acquisition.
BLM nearing completion of environmental review; expects to issue right-of-way grant for Northern Pipeline conversion.
RIC Energy advancing hydrogen project permitting at Cadiz Ranch; expects to become largest hydrogen facility in California.

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