Consolidated Water reported second-quarter 2026 revenue of $32.9 million, down 2% from a year earlier, as a 49% drop in manufacturing revenue outweighed gains in its retail, bulk and services businesses. Net income from continuing operations attributable to stockholders fell to $4.0 million, or $0.25 per diluted share, from $5.2 million, or $0.32 per diluted share, while total net income attributable to stockholders, including discontinued operations, was $3.9 million, or $0.24 per diluted share, versus $5.1 million, or $0.32 per diluted share, a year earlier. Manufacturing revenue fell to $2.7 million and management said full-year 2026 manufacturing revenue is still expected to come in below 2025, though roughly $10.1 million in Florida municipal equipment orders received after quarter-end improved the outlook for 2027. Retail revenue was steady at $8.7 million despite about a 2% decline in Grand Cayman water sales volume, as wetter weather curbed demand but a higher base rate for a major non-potable water customer after the expiration of a concessionary agreement in May 2026 offset the decline. Bulk water revenue rose 20% to $9.9 million, helped by higher energy pass-through charges in the Bahamas and two new desalination plants on Cat Island supplying potable water to the Water and Sewerage Corporation of The Bahamas. Services revenue edged up 1% to $11.6 million as higher construction activity on projects in Colorado and California partly offset lower operations and maintenance revenue after two contracts expired in the first quarter; a new Southern California municipal O&M contract is expected to generate about $4.5 million over three years. A major development in the quarter was the finalization of a new 25-year retail water utility license in Grand Cayman, received in mid-June and effective Aug. 1, preserving Cayman Water's exclusive right to produce and distribute potable water in Seven Mile Beach and West Bay. The new license lowers base water rates, which the company expects will reduce the average customer cost per gallon by about 6.5% relative to the prior license, while retaining an annual inflation-based adjustment mechanism. In July, a Hawaii client issued a limited notice to proceed for the planned 1.7 million-gallon-per-day desalination facility in Kalaeloa, authorizing procurement of about $6 million in long-lead equipment. Consolidated Water ended June with $132.6 million in cash and cash equivalents, $144.6 million in working capital and no significant debt, but said delinquent receivables from the Bahamas government remained elevated at $18.8 million.