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C. 20549\n\n \n\n**FORM 10-Q**\n\n \n\n(Mark One)\n\n \n☑\n\nQuarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934\n\nfor the quarterly period ended March 31, 2026\n\nOR\n\n \n☐\n\nTransition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934\n\nfor the transition period from …… to …….\n\n \n\nCommission File Number 0-12114\n\n \n\nCadiz Inc.\n\n(Exact name of registrant specified in its charter)\n\n \n\n**DELAWARE**\n\n**77-0313235**\n\n(State or other jurisdiction of\n\n(I.R.S. Employer\n\nincorporation or organization)\n\nIdentification No.)\n\n \n\n**550 South Hope Street, Suite 2850**\n \n\n**Los Angeles, California**\n\n**90071**\n\n(Address of principal executive offices)\n\n(Zip Code)\n\n \n\nRegistrant’s telephone number, including area code: **(213) 271-1600**\n\n \n\nSecurities Registered Pursuant to Section 12(b) of the Act:\n\n \n\n**Title of each class**\n\n**Trading Symbol(s)**\n\n**Name of each exchange on which registered**\n\nCommon Stock, par value $0.01 per share\n\nCDZI\n\nThe NASDAQ Global Market\n\nDepositary Shares (each representing a 1/1000th fractional interest in share of 8.875% Series A Cumulative Perpetual Preferred Stock, par value $0.01 per share)\n\n \n\nCDZIP\n\n \n\nThe NASDAQ Global Market\n\n \n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ** Yes**☑**    No**☐\n\n \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  **Yes**☑**    No**☐\n\n \n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.  See the definitions of \"large accelerated filer,\" \"accelerated filer\" , \"smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:\n\n☐**  Large accelerated filer    **☐** Accelerated filer    **☑**Non-accelerated filer**\n\n☑**Smaller Reporting Company    **☐**Emerging growth company**\n\n \n\nIf an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\nIndicate by check mark whether the Registrant is a shell company (as defined in Exchange Act Rule 12b-2). ** Yes**☐**    No**☑\n\n \n\nAs of May 11, 2026, the Registrant had 84,086,286 shares of common stock, par value $0.01 per share, outstanding.\n\n \n\n \n\n \n\n \n\n \n\n \n\n**Fiscal First Quarter 2026 Quarterly Report on Form 10-Q**\n\n**Page**\n\n \n\n**PART I**–** FINANCIAL INFORMATION**"}