Overview
- Revenue for 2025 slipped about 1% to $132.1 million, while net income from continuing operations rose to $18.6 million.
- The company ended the year with $123.8 million in cash and no significant debt, and it raised the quarterly dividend by 27.3%.
- Management said the Hawaii project completed pilot testing, received water‑quality confirmation from Honolulu’s Board of Water Supply, and finished 100% of plant design.
- Executives expect construction on Kalaeloa later this year, though the start date remains uncertain due to the multi‑agency permitting process.
- Retail volumes grew 6.6% to a record 1.09 billion gallons and manufacturing revenue rose 6%, while bulk revenue ticked lower yet delivered higher profitability as consolidated gross profit increased to $48.4 million.