Good morning. Thank you for joining us today to discuss Consolidated Water Company's third quarter 2025 operating and financial results. Hosting the call today is the Chief Executive Officer of Consolidated Water, Rick McTaggart; and the company's Chief Financial Officer, David Sasnett. Following their remarks, we'll open the call to your questions. Before we conclude today's call, I'll provide some important cautions regarding the forward-looking statements made by management during the call. I'd like to remind everyone that today's call is being recorded, and it will be made available for telecom replay. Please see the instructions in yesterday's press release that has been posted to the Investor Relations section of the company's website. Now I'd like to turn the call over to Consolidated Water's CEO, Rick McTaggart. Sir, please go ahead.

Thank you, Chloe, and good morning, everyone. Thank you for joining us today to discuss our financial and operating results for our third quarter of 2025. In the third quarter, our diversified water business model, which encompasses regulated utility operations, design and construction services, O&M services, and manufacturing continued to deliver strong performance. This steady progress led to a notable increase in overall revenue and earnings per share from our continuing operations compared to the same period last year. Retail water sales in the exclusive utility service area on Grand Cayman were higher than the previous year because of ongoing strength of the economy in the Cayman Islands and drier weather conditions on Grand Cayman. We experienced greater demand for water, resulting in a meaningful uptick in both sales and volumes sold. Although our Caribbean-based bulk segment revenue saw a modest decline this past quarter, primarily due to lower fuel-related charges that we pass through to customers, we achieved higher profitability in this segment. This improvement was driven by our consistent commitment to operational excellence, which allowed us to further reduce costs and enhance efficiency. Our services segment also saw healthy growth resulting from two construction projects that were underway this year, as well as steady gains from our recurring O&M contracts. These positive trends were partially offset by a decrease in consulting revenue, which was expected following the completion of a major plant commissioning and start-up project in California last year. During the quarter, our manufacturing segment maintained its positive momentum. We saw further revenue growth and an improvement in gross margin, reflecting the production this past quarter of higher-margin specialized products for nuclear power and municipal water customers, as well as our continued focus on maximizing both production efficiency and capacity. The completion of our new 17,500 square foot manufacturing facility expansion this past quarter is expected to further enhance efficiency and throughput in that business. As previously reported, we hold NQA-1 certifications from two major nuclear industry companies and see renewed interest in U.S. nuclear power solutions. These specialized manufacturing qualifications position us for continued growth. Design of the 1.7 million gallon per day seawater desalination plant for the Honolulu Board of Water Supply in Kalaoa, Hawaii, is now 100% complete, and we are focused on obtaining the remaining permits needed to allow our client to issue a notice to proceed with construction of the project. We continue to anticipate that construction of this project will commence early next year. We see this major project substantially adding to our revenue and earnings growth in 2026 and 2027. Now before getting into recent developments and our outlook for the rest of the year and beyond, I'd like to turn the call over to David, who will take us through the financial details for the quarter.

Thank you, Rick, and good morning, everyone. Thanks for joining us today. Our revenue for the quarter totaled $35.1 million, which was up 5% from the $33.4 million we posted in the third quarter of 2024. This increase was due to revenue increases for the retail services and manufacturing segments. Our retail revenue increased $184,000 due to a 6% increase in the volume of water sold. Revenue increase was tempered somewhat by lower energy prices, which decreased the pass-through component of our rates that we charge at Cayman Water. Our bulk segment decreased $373,000 to $8.4 million due to a decline in energy prices, similar to the situation with Cayman Water. But as Rick said earlier, we managed to improve profitability in our bulk segment despite the decline in revenue. Services segment revenue increased by $1.6 million, primarily due to plant construction revenue increasing from $4.3 million in the third quarter of last year to $6.4 million in the third quarter of this year. Services segment revenue generated under our O&M contracts totaled $7.7 million in the third quarter of 2025, a slight increase from the amount we posted for the third quarter of 2024. Manufacturing segment revenue increased by $305,000, or 7%, to $4.7 million, as compared to $4.4 million in the third quarter of 2024, and this was as a result of increased production activity. Gross profit for 2025 was $12.9 million or 37% of total revenue, as compared to $11.6 million or 35% of total revenue in the third quarter of 2024. This increase was due to increases in retail services and manufacturing revenue, which enhanced our gross profit percentage. Net income from continuing operations attributable to Consolidated Water stockholders for the third quarter of 2025 was $5.6 million or $0.34 per diluted share, which compares to net income of $5 million or $0.31 per diluted share for the third quarter of last year. Including our discontinued operations, net income attributable to Consolidated Water stockholders for the third quarter of 2025 was $5.5 million or $0.34 per diluted share, as compared to net income of $4.5 million or $0.28 per diluted share in the third quarter of 2024. Now turning to our financial condition and balance sheet. During the quarter, Consolidated Water Bahamas received significant payments on its delinquent accounts receivable from the Water & Sewage Corporation, which resulted in a decrease of $12.5 million in its accounts receivable balances over the course of this quarter to $16.8 million as of September 30, 2025. This also represents an overall $5.7 million decrease in accounts receivables from the prior year-end for TW Bahamas. Our cash and cash equivalents totaled $123.6 million as of September 30, 2025. Our working capital was $141.7 million, and our stockholders' equity was $220.4 million. And as we pointed out on previous calls, our company presently has no significant outstanding debt. Our projected liquidity requirements for the balance of 2025 include capital expenditures for existing operations of approximately $4.5 million, and this includes approximately $1.3 million for our project in the Bahamas, and $266,000 for new equipment for Aerex manufacturing facility. We paid approximately $2.3 million in dividends in October, and our liquidity requirements may also include future quarterly dividends as such dividends are declared by our Board. We continue to evaluate how to use our ample cash balances to increase shareholder value. This completes our financial summary for the quarter, and I'll turn the call back over to Rick.

Thanks, David. As I mentioned earlier, our services segment saw healthy growth in Q3, resulting from the two construction projects that were underway this year. In addition, we were awarded two additional water treatment plant construction projects this past quarter, a drinking water plant expansion in Colorado, and a wastewater recycling plant in California. The revenue attributable to these new projects is expected to be realized primarily in 2026, and the combined value of these projects totals approximately $15.6 million. The first project was secured by REC, our Colorado subsidiary, reflecting its entrance into the design build market by winning its first construction contract in Lochbuie, Colorado. This $3.9 million drinking water plant expansion is a very good start and helps us pursue larger design build opportunities in Colorado. As announced earlier this month, our PERC Water subsidiary secured the other contract valued at $11.7 million to construct a wastewater recycling plant for a San Francisco Bay Area Golf Club. This innovative project, which will convert untreated wastewater into irrigation water, is expected to save 36 million to 38 million gallons of potable water annually. We expect revenue from this project to be recognized primarily in 2026. PERC is currently pursuing several design build opportunities in Arizona. We have seen an uptick in requests for customized design reports or CDRs. And in response, we are actively preparing these CDRs for several developers. As was the case with the Liberty Utilities project a couple of years ago in Arizona, we believe that some or all of these CDRs will ultimately lead to a design build contract for these important wastewater treatment facilities, although it does take time. Turning to our manufacturing business. Our new 17,500 square foot manufacturing facility expansion this past quarter will enable more throughput and allow us to manage multiple projects simultaneously. This facility expansion couldn't be timelier as we are seeing increased bidding activity for municipal water projects in Florida. Florida has undergone significant population growth since the COVID pandemic with more than 1.5 million new residents moving to the state. Furthermore, the state water regulator is requiring water utilities to tap into much deeper and more saline, lower Floridan aquifers for new water supply projects instead of the shallower and fresher aquifers, which have historically been used and damaged by overabstraction and saline water intrusion. This population growth and the regulatory changes have strained freshwater resources and increased water treatment costs. Various municipal agencies in the fastest-growing areas of the state are just now catching up and bidding projects to increase drinking water supply using nanofiltration and low-pressure RO systems, which are needed to treat the more saline aquifer water. We believe that our extensive experience manufacturing large-scale nanofiltration and RO systems, as well as our location in Fort Pierce, Florida, position us well to continue growing that part of our business in the Florida market. So looking again at the Hawaii project, we and our clients are focused on obtaining the remaining permits needed to allow our client to issue a notice to proceed with construction of the project. This past quarter, our client received the permit to construct the two concentrate disposal wells for the project, which is one more big step towards commencement of construction. In addition, our client's application for a permit from the state government division responsible for the preservation of archaeological and historical artifacts is currently under final review. Once we have this linchpin permit in hand, we'll be able to move forward with applications for several additional administrative permits, which are required before we can commence construction of the project. We continue to anticipate that full construction of the project will commence early next year. So as you saw, we had some new directors join the Board in October. As part of our ongoing initiatives to strengthen our corporate governance and overall expertise related to our business, we recently announced the appointment of three new independent directors: Kim Adamson, Dr. Maria Elena Giner, and Geronimo Gutierrez Fernandez, and these were effective at the beginning of October. These new directors collectively bring extraordinary technical, operational, regulatory, governance, and financial expertise to the Board, spanning public utility management, large-scale infrastructure delivery, international water governance, and international finance. Kim brings nearly 30 years of executive level water industry experience, including as General Manager of Public Water Utilities, various water-related Board positions, and senior leadership positions at Brown & Caldwell, Kiewit Infrastructure Group, and Algonquin Power & Utilities Corporation. Maria Elena has over 35 years of executive leadership experience in large-scale water infrastructure, capital planning and asset management, environmental policy and regulatory strategy. She is a former U.S. Commissioner of the International Boundary and Water Commission, where she managed multiple international water infrastructure facilities and administered a capital program of over $1 billion. Geronimo's 20-year career in senior government positions includes serving as Mexico's ambassador to the United States in 2017 and 2018, during which time he was extensively involved in the negotiations for the United States, Mexico, and Canada trade agreement. He brings to Consolidated Water deep expertise in infrastructure development and financing, was the former Managing Director of the North American Development Bank and his current position as Managing Partner of BEEL Infrastructure, a financial advisory and asset management firm in Mexico City. We look forward to their contributions and guidance as they enhance our Board's capabilities, assist with our execution of our strategies, and help us continue Consolidated Water's upward trajectory. As we wrap up the year and look ahead, our strong balance sheet and ample liquidity enable us to fund growth initiatives, both organic growth and potential acquisition opportunities. We believe continuing to build our diversified business across four segments is the best way to deliver long-term superior returns to our shareholders. We are very optimistic about our continued growth for a variety of reasons, which include continued growth in Grand Cayman, our ongoing construction projects in the U.S., and the increased project opportunities we are seeing for our manufacturing business in Florida. We believe our recent activities and successes and the current trends in our market represent strong catalysts for continued growth, increasing profitability, and further strengthening of shareholder value. Now with that, I'd like to open the call to your questions.

The first question comes from Gerry Sweeney with ROTH Capital.

I want to start with Hawaii. It sounds like the architectural permit is coming through soon. There are also a couple of administrative permits that will follow. I want to describe those administrative permits as somewhat routine, and I'm wondering if they are likely to come through without issues or if there are any concerns we should be aware of.

The archaeological permit is very important for us to obtain. This particular permit has more discretionary power associated with it compared to the others that will follow. The subsequent permits are primarily related to building and are more administrative in nature, so while they are necessary, they are not as critical as what we've been focusing on over the past year.

Administrative is probably a better word. And then assuming these come through, I would assume maybe one quarter, one and a half quarters to ramp up the full sort of construction cadence and then proceeds through '26, '27, then sort of a wind down over a quarter or two. Is that sort of a correct cadence for the build-out?

If you're looking for a clearer picture, take a look at the progress payment schedule outlined in the contract we submitted. Generally, we incur the most expenses in the middle of the project. There will be an initial period for clearing the site and ordering materials, but overall, this is a standard construction project with no unique aspects.

I wasn't sure if there'd be a little bit of start and stop. Arizona, the CDR increase, is this a function of just activity picking up in the state? Or are you doing some more, I don't know, customer outreach positioning, et cetera?

I believe the success of our sales team in Arizona is largely due to their deep connections in the region. There’s always a lot happening with developers in the Phoenix area, and our sales and marketing team has a solid grasp of these projects. Developers are typically looking for the quickest and most cost-effective solutions. Our CDR product provides them with considerable certainty regarding cost, and we guarantee the timeline if they choose to hire us for the project. Thus, this product is well-suited for them, which explains the high level of activity among developers.

I want to point out that we acquired REC, which did not have any design build capabilities nor was it pursuing them. Therefore, we had to develop the design build business in Colorado. The Lochbuie project and other initiatives we are pursuing are finally establishing our sales activities related to design build work in Colorado. We couldn't just walk in and immediately start the design build work, but now we have significant momentum. Our sales team has built credibility, and our company has gained credibility in the Colorado build market. Consequently, they are now pursuing additional projects, and I believe we will win our fair share of them.

So you have a project reference that could assist with the expansion into Colorado?

Exactly.

I have one more question before I rejoin the queue. I don't want to dial in. Manufacturing has obviously added 17,500 square feet. How much opportunity does that create? It's more space, which means you can build more and undertake multiple projects simultaneously. So I'm not certain if it unlocks just one aspect. It provides additional space for more projects while also enhancing the overall workflow within the facility, potentially leading to further growth and capacity opportunities.

It's really all the same thing. It significantly enhances the workflow because you're not cutting, welding, and bending steel in the same area where you're assembling large pieces of equipment. The new space is primarily designated for assembly. The old shop will be reserved for the fabrication of products, piping, and related tasks. This is a substantial improvement to the facility's workflow and enables us to construct much larger units since it provides additional space specifically for assembly work.

On the margin front, the nuclear work is at the higher end. How should we consider margins with some municipal work coming in and the expansion of the facility? Can we expect an increase in margins from the flow-through work and more municipal projects, along with some forward-thinking on this?

Gerry, I believe we achieved 3 points of gross profit this quarter. If we were to maintain that every quarter, it would be ideal, although I’m not suggesting that will be the case. Ultimately, we are confident that regardless of the percentage related to gross profit, the expansion will lead to an improvement in our overall gross profit dollars and revenue for our manufacturing facility. The margins might vary based on the product mix, which we've previously discussed. However, we firmly believe that the capital investment we made in the expansion is fully justified by the increased revenue and gross profit dollars that it will help us produce.

Well, I guess there's no more questions. Is there anyone else?

Thanks, Chloe. I'd just like to thank everybody again for joining and being shareholders and interested investors, and look forward to speaking with you again in March of next year. Take care.

Thank you. Before we conclude today's call, I would like to provide the company's safe harbor statement that includes caution regarding forward-looking statements made during today's call. The information that we have provided in this conference call includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the company's future revenue, future plans, objectives, expectations and events, assumptions and estimates. Forward-looking statements can be identified by the use of words or phrases usually containing the words believe, estimate, project, intend, expect, should, will or similar expressions. Statements that are not historical facts are based on the company's current expectations, beliefs, assumptions, estimates, forecasts, and projections for its business and the industry and markets related to its business. Any forward-looking statements made during this conference call are not guarantees of future performance and involve certain risks, uncertainties, and assumptions, which are difficult to predict. Actual outcomes and results may differ materially from what is expressed in such forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, tourism and weather conditions in the area we serve, the economic, political, and social conditions of each country in which we conduct or plan to conduct business, our relationships with the government entities and other customers we serve, regulatory matters, including resolution of the negotiations for the renewal of our retail license on Grand Cayman, our ability to successfully enter new markets, and various other risks as detailed in the company's periodic report filings with the Securities and Exchange Commission. For more information about risks and uncertainties associated with the company's business, please refer to the Management's Discussion and Analysis of Financial Conditions and Results of Operations and Risk Factors section of the company's SEC filings, including, but not limited to, its annual report on the Form 10-K and quarterly reports for Form 10-Q. Any forward-looking statements made during the conference call speak of today's date. The company expressly disclaims any obligations or undertaking to update or revise any forward-looking statements made during the conference call to reflect any changes in its expectations with regard thereto or any changes in its events, conditions or circumstances of which any forward-looking statement is based, except as required by law. I would now like to remind everyone that this call will be available for replay starting later this evening. Please refer to yesterday's earnings release for dial-in replay instructions available via the company's website at cwco.com. Thank you for attending today's presentation. This concludes the conference call, and you may now disconnect.