Artesian Resources is a regulated water and wastewater utility serving customers on the Delmarva Peninsula, primarily in Delaware. Its principal subsidiary, Artesian Water, is the oldest and largest investor-owned water utility on the Delmarva Peninsula, accounting for roughly 80% of consolidated revenues. Artesian Water distributes water to residential, commercial, industrial, governmental, and municipal customers across Delaware, drawing nearly all supply from groundwater wells and distributing it through approximately 1,515 miles of transmission and distribution mains. Artesian also provides water service in Cecil County, Maryland and a small Pennsylvania community, and offers regulated wastewater collection and treatment in Sussex County, Delaware. As a regulated monopoly, Artesian operates under exclusive franchise rights granted by state public service commissions, which also set the rates Artesian can charge — making rate approvals the primary driver of profitability. Regulatory lag, the gap between rising costs and commission-approved rate relief, is the key earnings risk. Artesian's business model centers on capital investment in infrastructure, which is added to its rate base and earns a regulated return. Growth comes from customer additions as undeveloped areas — particularly in Sussex County — are built out, new franchise territory awards, and expansion of its regulated wastewater business, including a new treatment facility expected to come online in early 2026. Artesian also runs two smaller non-utility businesses: Artesian Utility, which builds and operates water and wastewater systems for municipalities and private clients, and Artesian Development, a real estate holding company.