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- **Strategic Acquisition Boosts Revenue**: Tucson deal adds $7.7M rate base, driving $1.5M annual revenue and 8.4% Q3 growth.
- **Regulatory Hurdles**: ACC rate case proposes 50% below request, mid-2026 decision.
- **Infrastructure Expansion**: $49.6M investments support 6.6% connection growth, 7.4% population surge in Maricopa.

**【CEO Summary Section】**
- Acquired 7 Tucson water systems, adding 2,200 connections and $7.7M rate base at 1.05x multiple, expected to generate $1.5M annual revenue.
- Ag-to-Urban legislation to convert farmland to urban areas, reducing water use by 75%.
- Highway 347 expansion approved, targeting 90% population growth by 2040.
- Active connections grew 6.6% YoY to 68,130, with $49.6M invested in infrastructure.

**【CFO Financial Commentary】**
- Q3 2025 revenue $15.5M (+8.4%), year-to-date $42.2M (+7%).
- Operating expenses up 21.9% to $12.6M due to hires and storm costs.
- Net income $1.7M (-41%), adjusted EBITDA $7.8M (-5%).

**【COO Regulatory Update】**
- Rate case seeks $4.3M increase, <10% bill hike, with ACC decision expected mid-2026.
- ACC proposed rate increase 50% below request, due to post-test year plant exclusion.

**【Q&A Highlights】**
- Highway 347 expansion to reduce commute times, driving housing affordability and growth in Maricopa.
- Ag-to-Urban program converts farmland water rights, underpinning 1/4 water use for urban vs. farming, benefiting utility expansion without cost.

Global Water Resources, Inc. (GWRS) Q3 2025 Earnings Call Transcript

Water Services

Wastewater Water and Recycled Services

Unregulated

GWRS

GWRS fundamentals

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