Business Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Reconciliation of Net Income

A reconciliation of net income to EBITDA and Adjusted EBITDA for the three and nine months ended September 30, 2025 and 2024 is as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net Income	$	1,717	$	2,925	$	3,920	$	5,346


Income tax expense	640		1,061		1,440		1,909
Interest income	(45)		(240)		(360)		(744)
Interest expense	1,490		1,504		4,464		4,577
Depreciation and amortization	3,555		2,933		10,200		8,863
EBITDA	7,357		8,183		19,664		19,951



Gain on disposal of fixed assets	—		12		—		(5)
Restricted stock expense	256		123		526		606
Acquisition gain resulting from regulatory decision	—		—		—		(37)
Gain on adjustment of contingent consideration liability	—		(119)		—		(119)
Storm-related expenses	172		—		172		—
EBITDA adjustments	428		16		698		445
Adjusted EBITDA	$	7,785	$	8,199	$	20,362	$	20,396

Schedule of Significant Expense

The CODM reviews the following significant expense categories:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Segment Revenue	$	15,519	$	14,321	$	42,217	$	39,441
Segment Expenses
Personnel costs - operations and maintenance	1,436		1,099		4,132		3,576
Utilities, chemicals and repairs	1,229		1,153		3,444		3,028
Other operations and maintenance expenses	1,458		1,192		4,151		3,609

Personnel costs - general and administrative	2,470		2,100		6,901		6,486
Professional fees	525		381		1,433		1,314
Other general and administrative expenses	1,924		1,479		5,159		4,517

Depreciation and amortization	3,555		2,933		10,200		8,863
Total operating expenses	12,597		10,337		35,420		31,393
Operating income	2,922		3,984		6,797		8,048
Other Income (Expense)
Buckeye growth premiums	615		918		1,848		2,175
Other segment income and expenses	(1,180)		(916)		(3,285)		(2,968)
Total other expense	(565)		2		(1,437)		(793)
Income tax expense	(640)		(1,061)		(1,440)		(1,909)
Net Income	$	1,717	$	2,925	$	3,920	$	5,346

Global Water Resources, Inc. 10-Q