{"url_path":"/sec/gwrs/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-13","source_url":"https://www.sec.gov/Archives/edgar/data/1434728/0001628280-26-034667-index.html","accession_number":"0001628280-26-034667","cik":"0001434728","ticker":"GWRS","issuer_name":"Global Water Resources, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1434728/0001628280-26-034667-index.html","primary_entity_key":"0001434728","primary_entity_name":"Global Water Resources, 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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWASHINGTON, DC 20549 \n\n_____________________________________________________________\n\nFORM 10-Q \n\n_____________________________________________________________\n\n(Mark One)\n\nxQUARTERLY 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☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from _______________ to _______________\n\nCommission File Number: 001-37756 \n\n______________________________________________________________\n\nGlobal Water Resources, Inc.\n\n(Exact Name of Registrant as Specified in its Charter)\n\n______________________________________________________________\n\nDelaware90-0632193\n\n(State or other jurisdiction of\nincorporation or organization)(I.R.S. Employer\nIdentification No.)\n\n21410 N. 19th Avenue #220\n\nPhoenix,Arizona85027\n\n(Address of principal executive offices)(Zip Code)\n\n \n\nRegistrant’s telephone number, including area code: (480) 360-7775\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n______________________________________________________________\n\nTitle of each classTrading SymbolName of each exchange on which registered\n\nCommon Stock, par value $0.01 per shareGWRSThe NASDAQ Stock Market, LLC\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. x Yes ☐ No\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 (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). x Yes ☐ No\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\nLarge accelerated filer ☐ Accelerated filer ☐\n\nNon-accelerated filer x Smaller reporting company x\n\n    Emerging growth company ☐\n\nIf an emerging growth company, indicate by check mark 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\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes x No\n\nAs of May 8, 2026, the registrant had 28,763,634 shares of common stock, $0.01 par value per share, outstanding.\n\n-1-\n\n[Table of Contents](#ice48e968671f423c872ac38c5ac0b8a8_4)\n\nTABLE OF CONTENTS\n\n[PART I. FINANCIAL INFORMATION](#ic0871df9685845d3a1fa332ec5bc8a8f)\n\n[5](#ic0871df9685845d3a1fa332ec5bc8a8f)\n\n[ITEM 1. Financial Statements (Unaudited)](#i743ac59c7b4844a4a1291df6f8b80f47)\n\n[5](#i743ac59c7b4844a4a1291df6f8b80f47)\n\n[Condensed Consolidated Balance Sheets (unaudited)](#i2733b95ca40f4916b5df7f3e149db50c)\n\n[5](#i2733b95ca40f4916b5df7f3e149db50c)\n\n[Condensed Consolidated Statements of Operations (unaudited)](#iddca193489c9436287dff715fad262ad)\n\n[6](#iddca193489c9436287dff715fad262ad)\n\n[Condensed Consolidated Statements of Shareholders’ Equity (unaudited)](#i108ae40a99d64efa97380f0492cfb4ed)\n\n[7](#i108ae40a99d64efa97380f0492cfb4ed)\n\n[Condensed Consolidated Statements of Cash Flows (unaudited)](#i9598ef837a4c4dba9311f2bfa85af8ec)\n\n[8](#i9598ef837a4c4dba9311f2bfa85af8ec)\n\n[Notes to the Condensed Consolidated Financial Statements (unaudited)](#i7f9b8b5e4f1048ccb1e4786d5b7b2e81)\n\n[9](#i7f9b8b5e4f1048ccb1e4786d5b7b2e81)\n\n[ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations](#i80be1d81358e4d6f8f70573180426498)\n\n[19](#i80be1d81358e4d6f8f70573180426498)\n\n[ITEM 3. Qualitative and Quantitative Disclosures About Market Risk](#i8e2da1984f5645fca64aeb2834b4f063)\n\n[30](#i8e2da1984f5645fca64aeb2834b4f063)\n\n[ITEM 4. Controls and Procedures](#i201e251d21944f3f8758676c97092630)\n\n[31](#i201e251d21944f3f8758676c97092630)\n\n[PART II. OTHER INFORMATION](#i1981a847bbe241c58c617eea46865a1f)\n\n[32](#i1981a847bbe241c58c617eea46865a1f)\n\n[ITEM 1. Legal Proceedings](#i1397246c410d4e04adaed4c273fbafe8)\n\n[32](#i1397246c410d4e04adaed4c273fbafe8)\n\n[ITEM 1A. Risk Factors](#i5faf439d0010404d8b62e3ebe87164c2)\n\n[32](#i5faf439d0010404d8b62e3ebe87164c2)\n\n[ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds](#iba120a6ac2c4479bb8f42e77b779e84e)\n\n[32](#iba120a6ac2c4479bb8f42e77b779e84e)\n\n[ITEM 3. Defaults Upon Senior Securities](#i7a4af02bf5b944e68bb800b416d6753d)\n\n[32](#i7a4af02bf5b944e68bb800b416d6753d)\n\n[ITEM 4. Mine Safety Disclosures](#if80bcdde90a74646bc2a2f46c040d6ad)\n\n[32](#if80bcdde90a74646bc2a2f46c040d6ad)\n\n[ITEM 5. Other Information](#if4a9d2f03baa452a956b7d87a9740c98)\n\n[32](#if4a9d2f03baa452a956b7d87a9740c98)\n\n[ITEM 6. Exhibits](#if3d87780b75e41748f4f2cd60a8df8c6)\n\n[33](#if3d87780b75e41748f4f2cd60a8df8c6)\n\n[Signatures](#i127796ea11284731847ca8ae1a64f606)\n\n[34](#i127796ea11284731847ca8ae1a64f606)\n\n-2-\n\n[Table of Contents](#ice48e968671f423c872ac38c5ac0b8a8_4)\n\nDEFINED TERMS\n\nThe following is a list of frequently used abbreviations or acronyms that are found in this report:\n\nThe Company’s Utilities\n\nGW-Santa CruzGlobal Water - Santa Cruz Water Company, Inc.\n\nGW-Palo VerdeGlobal Water - Palo Verde Utilities Company, Inc.\n\nGW-FarmersGlobal Water - Farmers Water Company, Inc.\n\nGW-HassayampaGlobal Water - Hassayampa Utilities Company, Inc.\n\nGW-BelmontGlobal Water - Belmont Water Company, Inc.\n\nGW-TurnerGlobal Water - Turner Ranches Irrigation, Inc.\n\nGW-Saguaro\nGlobal Water - Saguaro District Water Company, Inc.\n\nGW-Ocotillo\n\nGlobal Water - Ocotillo Water Company, Inc.\n\nAbbreviations and Other\n\nACCArizona Corporation Commission\n\nADWR\nArizona Department of Water Resources    \n\nAFUDCAllowance for funds utilized during construction\n\nAg-to-Urban\n\nThe June 2025 Arizona Senate Bill 1611, known as the Arizona Assured Water Supply “Ag-to-Urban” program\n\nAIACAdvances in Aid of Construction\n\nALJAdministrative Law Judge\n\nAROAsset retirement obligation\n\nASCAccounting Standards Codification\n\nASUAccounting Standards Update\n\nCIACContributions in Aid of Construction\n\nCODMChief operating decision maker\n\nCompany (we, us, our, GWRI)\nGlobal Water Resources, Inc.\n\nCP WaterCP Water Company\n\nDAWSDesignation of Assured Water Supply\n\nEPS\nEarnings (loss) per share\n\nFASBFinancial Accounting Standards Board\n\nGAAPAccounting principles generally accepted in the United States of America\n\nHUFHook-up fee\n\nICFAInfrastructure coordination and financing agreement\n\nITInformation technology\n\nNorthern TrustThe Northern Trust Company, an Illinois banking corporation\n\nRevolverRevolving credit facility with Northern Trust\n\nRSA\n\nRestricted stock award\n\nRSU\n\nRestricted stock unit\n\nRUCOThe Residential Utility Consumer Office, an office representing the interests of residential utility ratepayers\n\nSECSecurities and Exchange Commission\n\nSOFR\n\nSecured Overnight Financing Rate\n\nSonoranSonoran Utility Services, Inc.\n\nSouthwest Plant\n\nAll GW-Palo Verde and GW-Santa Cruz water and wastewater infrastructure located in Pinal County, southwest of the City of Maricopa (e.g. mains, tanks, water reclamation facility, wells, etc.)\n\nWIFAWater Infrastructure Finance Authority of Arizona\n\n-3-\n\n[Table of Contents](#ice48e968671f423c872ac38c5ac0b8a8_4)\n\nIndex to Condensed Consolidated Financial Statements (unaudited)\n\n[Condensed Consolidated Balance Sheets (unaudited)](#i2733b95ca40f4916b5df7f3e149db50c)\n\n[5](#i2733b95ca40f4916b5df7f3e149db50c)\n\n[Condensed Consolidated Statements of Operations (unaudited)](#iddca193489c9436287dff715fad262ad)\n\n[6](#iddca193489c9436287dff715fad262ad)\n\n[Condensed Consolidated Statements of Shareholders’ Equity (unaudited)](#i108ae40a99d64efa97380f0492cfb4ed)\n\n[7](#i108ae40a99d64efa97380f0492cfb4ed)\n\n[Condensed Consolidated Statements of Cash Flows (unaudited)](#i9598ef837a4c4dba9311f2bfa85af8ec)\n\n[8](#i9598ef837a4c4dba9311f2bfa85af8ec)\n\n[Notes to the Condensed Consolidated Financial Statements (unaudited)](#i7f9b8b5e4f1048ccb1e4786d5b7b2e81)\n\n[9](#i7f9b8b5e4f1048ccb1e4786d5b7b2e81)\n\n[1. Description of Business, Basis of Presentation, Significant Accounting Policies, and Recent Accounting Pronouncements](#ifc9838b38ee84b53a75d79b88948680f)\n\n[9](#ifc9838b38ee84b53a75d79b88948680f)\n\n[2. Acquisitions](#i58f58d3bb9c14efd9049f19abd359dbe)\n\n[10](#i58f58d3bb9c14efd9049f19abd359dbe)\n\n[3. Regulatory Matters](#i05f81be60e0f4ec8899b8d138c44989b)\n\n[11](#i05f81be60e0f4ec8899b8d138c44989b)\n\n[4. Revenue Recognition](#ifff2d7b672b1435bb4b7e53246e9aa98)\n\n[12](#ifff2d7b672b1435bb4b7e53246e9aa98)\n\n[5. Earnings (Loss) Per Share](#i592748650e17478fa50cf48b2217b743)\n\n[13](#i592748650e17478fa50cf48b2217b743)\n\n[6. Prepaid Expenses and Other Current Assets](#i20a2af8420dc45548d0c1791a97a1195)\n\n[14](#i20a2af8420dc45548d0c1791a97a1195)\n\n[7. Equity](#i4fc29bb746fe4a45bf4f2fbcac5a8351)\n\n[14](#i4fc29bb746fe4a45bf4f2fbcac5a8351)\n\n[8. Debt](#i3b81e2bf19e845859f87231f3b2ad184)\n\n[14](#i3b81e2bf19e845859f87231f3b2ad184)\n\n[9. Accrued Expenses and Other Current Liabilities](#ib8408390ae2b440a96aa0fdb0fb67634)\n\n[15](#ib8408390ae2b440a96aa0fdb0fb67634)\n\n[10. Fair Value](#ia0c2db47ea5b4b96b27349a78530a5cf)\n\n[15](#ia0c2db47ea5b4b96b27349a78530a5cf)\n\n[11. Income Taxes](#i890049186f4b412281ed5d5ba98b3645)\n\n[15](#i890049186f4b412281ed5d5ba98b3645)\n\n[12. Share-based Compensation](#iadf8bb2e8a7b450a8ee4ba2c1139a395)\n\n[16](#iadf8bb2e8a7b450a8ee4ba2c1139a395)\n\n[13. Transactions With Related Parties](#i4b95f36896564493b2e22fabb92dc1bb)\n\n[16](#i4b95f36896564493b2e22fabb92dc1bb)\n\n[14. Commitments and Contingencies](#i1859426005a74477b678615128ea84fd)\n\n[16](#i1859426005a74477b678615128ea84fd)\n\n[15. Business Segment Information](#i5fa08f9ac5164e78b6cfe4ad41dc262c)\n\n[17](#i5fa08f9ac5164e78b6cfe4ad41dc262c)\n\n[16. Other, Net](#i4bbc464c74704920acda3b2dc223db74)\n\n[18](#i4bbc464c74704920acda3b2dc223db74)\n\n[17. Supplemental Cash Flow Information](#i6297c846d9604409838efd128e32a647)\n\n[18](#i6297c846d9604409838efd128e32a647)\n\n-4-\n\n[Table of Contents](#ice48e968671f423c872ac38c5ac0b8a8_4)\n\nPART I. FINANCIAL INFORMATION"}