Cadiz shares surge 10.96% intraday after strategic partnership with California's Lytton Rancheria tribe secures $51M for Mojave groundwater project and Q3 revenue beats expectations.

Cadiz surged 10.96% intraday, driven by a strategic partnership with the California Lytton Rancheria tribe securing $51 million in initial financing for the Mojave groundwater bank project and Q3 revenue exceeding market expectations despite slightly lower-than-expected earnings per share. The company announced the partnership on November 13, highlighting progress in its key water asset development and pipeline construction. The Q3 results also indicated improved core water business operations, with revenue outperforming forecasts.