Consolidated Water is a water solutions company that desalinates seawater and designs, builds, and operates water and wastewater infrastructure. The company operates across four segments: retail water, bulk water, services, and manufacturing. In retail, Cayman Water Company sells potable water directly to residential, commercial, and government customers on Grand Cayman under an exclusive government license, acting as a regulated utility that charges metered rates. In bulk, Consolidated Water sells wholesale desalinated water to government-owned utilities in the Cayman Islands and The Bahamas under long-term contracts with minimum volume guarantees, providing stable recurring revenue. Both segments include energy cost pass-throughs, so rate fluctuations reflect input costs rather than margin changes. The services segment, operated through PERC Water and REC in the U.S. and DesalCo in the Caribbean, generates revenue through project-based design-build contracts and recurring O&M agreements for water and wastewater facilities. A key upcoming project is a $204M contract to design, build, and operate a seawater desalination plant in Oahu, Hawaii, followed by a 20-year O&M agreement. The manufacturing segment, run through Aerex in Florida, fabricates custom RO desalination equipment and water treatment components for municipal utilities and the nuclear power industry. Consolidated Water carries no significant debt and holds over $100M in cash, which management is deploying toward organic capacity expansion in the Caribbean, U.S. services growth, manufacturing expansion at Aerex, and M&A targeting water-stressed U.S. markets.