CWCO · CIK 0000928340
What Consolidated Water Co. Ltd. told the SEC could break it.
Consolidated Water's disclosures reflect a desalination utility concentrated in small Caribbean island economies — the Cayman Islands, The Bahamas and BVI — whose tourism, weather and fiscal conditions drive much of its revenue. Within that footprint it leans on a single large bulk-water customer, the Bahamas Water and Sewerage Corporation, which was about 22% of 2025 consolidated revenue, so that customer's non-compliance or loss would materially hurt results. Because seawater reverse-osmosis is energy-intensive, its bulk revenue and margins move with electricity prices through pass-through rate components, and it flags that tariffs or trade disputes in the countries where it and its customers operate could raise equipment costs and weigh on results.
4 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- WSC (Bahamas) = 22% of consolidated revenuehigh
Consolidated Water's single largest bulk-water customer, the Bahamas Water and Sewerage Corporation (WSC), was ~22% of 2025 consolidated revenue; WSC's non-compliance with the water-supply agreements or loss of WSC would materially harm results.
“One bulk water customer, the WSC, accounted for approximately 22% of our consolidated revenue for 2025. If, for financial or other reasons, the WSC does not comply with the terms of our water supply agreements, our consolidated financial condition, results of operations, and cash flows could be materially adversely affected.”
SEC filing →As of 2026
Commodity & input dependence
- energy/electricity cost exposure of energy-intensive desalination (Bahamas pass-through)medium
Seawater-reverse-osmosis desalination is energy-intensive, so Consolidated Water's bulk revenue and margins move with electricity/energy prices — e.g., 2025 bulk revenue fell as the energy pass-through component of CW-Bahamas' rates declined with lower energy prices.
“The decrease in bulk revenue from 2024 to 2025 reflects a decrease in the price of energy for CW-Bahamas, which decreased the energy pass-through component of CW-Bahamas' rates.”
Geographic concentration
- operations concentrated in small Caribbean island economies (Cayman, Bahamas, BVI)medium
A large share of Consolidated Water's revenue comes from retail and bulk water in small island economies — the Cayman Islands (tourism/dry-season dependent), The Bahamas and BVI — concentrating exposure to those islands' tourism, weather, fiscal and regulatory conditions.
“This business produces and supplies potable water to end-users, including residential, commercial and government customers in the Cayman Islands.”
SEC filing →As of 2026
Regulatory & policy
- tariffs/trade-dispute exposure across the countries where it and its customers operatemedium
Consolidated Water and the customers it depends on operate in countries at risk of escalating trade disputes (including the U.S.); tariffs or trade wars could harm world trade, raise equipment costs, and adversely affect its financial condition and results.
“Our business operations, as well as the businesses of our customers on which we are substantially dependent, are located in countries at risk for escalating trade disputes, including the U.S. Any resulting trade wars could have a significant adverse effect on world trade and could adversely impact our consolidated financial condition, results of operations and cash flows.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings — including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
Water and Sewerage Corporation (WSC, Bahamas)
“One bulk water customer, the WSC, accounted for approximately 22% of our consolidated revenue for 2025.”
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