Global Water Resources (GWRS) 10-Q 6 Nov 24 2024 Q3 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	9 Months Ended
	Sep. 30, 2024	Nov. 05, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-37756
Entity Registrant Name	Global Water Resources, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	90-0632193
Entity Address, Address Line One	21410 N. 19th Avenue #220
Entity Address, City or Town	Phoenix,
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85027
City Area Code	480
Local Phone Number	360-7775
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	GWRS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		24,221,626
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001434728
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheet - USD ($)	Sep. 30, 2024	Dec. 31, 2023
PROPERTY, PLANT AND EQUIPMENT:
Land	$ 2,729,000	$ 2,674,000
Depreciable property, plant and equipment	427,671,000	414,170,000
Construction work-in-progress	66,703,000	48,147,000
Other	697,000	697,000
Less accumulated depreciation	(151,093,000)	(142,367,000)
Net property, plant and equipment	346,707,000	323,321,000
CURRENT ASSETS:
Cash and cash equivalents	18,145,000	3,087,000
Accounts receivable, net	3,271,000	2,845,000
Customer payments in-transit	667,000	543,000
Unbilled revenue	3,403,000	2,755,000
Taxes, prepaid expenses and other current assets	2,614,000	2,494,000
Total current assets	28,100,000	11,724,000
OTHER ASSETS:
Goodwill	9,486,000	10,820,000
Intangible assets, net	8,573,000	8,841,000
Regulatory assets	4,110,000	2,898,000
Restricted cash	3,933,000	1,676,000
Right-of-use assets	1,928,000	1,741,000
Other noncurrent assets	80,000	74,000
Total other assets	28,110,000	26,050,000
TOTAL ASSETS	402,917,000	361,095,000
CURRENT LIABILITIES:
Accounts payable	1,284,000	1,027,000
Accrued expenses	9,713,000	7,129,000
Customer and meter deposits	1,598,000	1,628,000
Long-term debt, current portion	3,931,000	3,880,000
Leases, current portion	766,000	553,000
Total current liabilities	17,292,000	14,217,000
NONCURRENT LIABILITIES:
Line of credit	0	2,315,000
Long-term debt	120,427,000	101,341,000
Long-term lease liabilities	1,359,000	1,370,000
Deferred revenue - ICFA	20,285,000	19,656,000
Regulatory liabilities	5,863,000	6,076,000
Advances in aid of construction	124,226,000	111,529,000
Contributions in aid of construction, net	39,946,000	36,409,000
Deferred income tax liabilities, net	10,063,000	8,284,000
Acquisition liabilities	2,881,000	3,048,000
Other noncurrent liabilities	11,734,000	8,230,000
Total noncurrent liabilities	336,784,000	298,258,000
Total liabilities	354,076,000	312,475,000
Commitments and contingencies (Refer to Note 13)
SHAREHOLDERS’ EQUITY:
Common stock, $0.01 par value, $60,000,000 shares authorized; 24,565,955 and 24,492,918 shares issued as of September 30, 2024 and December 31, 2023, respectively.	240,000	240,000
Treasury stock, 344,329 and 317,677 shares at September 30, 2024 and December 31, 2023, respectively.	(2,000)	(2,000)
Paid in capital	46,795,000	47,585,000
Retained earnings	1,808,000	797,000
Total shareholders’ equity	48,841,000	48,620,000
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 402,917,000	$ 361,095,000

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheet (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	60,000,000	60,000,000
Common stock, issued (in shares)	24,565,955	24,492,918
Treasury stock (in shares)	344,329	317,677

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
REVENUES:
Total revenues	$ 14,321	$ 14,532	$ 39,441	$ 40,660
OPERATING EXPENSES:
Operations and maintenance	3,444	3,587	10,213	9,557
General and administrative	3,960	3,923	12,317	11,934
Depreciation and amortization	2,933	3,185	8,863	8,545
Total operating expenses	10,337	10,695	31,393	30,036
OPERATING INCOME	3,984	3,837	8,048	10,624
OTHER INCOME (EXPENSE):
Interest income	240	4	744	11
Interest expense	(1,504)	(1,260)	(4,577)	(3,709)
Allowance for equity funds used during construction	238	263	682	778
Other, net	1,028	678	2,358	1,619
Total other income (expense)	2	(315)	(793)	(1,301)
INCOME BEFORE INCOME TAXES	3,986	3,522	7,255	9,323
INCOME TAX EXPENSE	(1,061)	(888)	(1,909)	(2,484)
NET INCOME	$ 2,925	$ 2,634	$ 5,346	$ 6,839
Basic earnings per common share (in dollars per share)	$ 0.12	$ 0.11	$ 0.22	$ 0.28
Diluted earnings per common share (in dollars per share)	0.12	0.11	0.22	0.28
Dividends declared per common share (in dollars per share)	$ 0.08	$ 0.07	$ 0.23	$ 0.22
Weighted average number of common shares used in the determination of:
Basic (in shares)	24,219,564	24,171,228	24,198,270	24,046,493
Diluted (in shares)	24,302,521	24,231,801	24,301,974	24,144,384
Water service
REVENUES:
Total revenues	$ 7,493	$ 7,520	$ 19,387	$ 18,916
Wastewater and recycled water service
REVENUES:
Total revenues	6,828	6,494	20,054	18,958
Unregulated revenues
REVENUES:
Total revenues	$ 0	$ 518	$ 0	$ 2,786

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Paid-in Capital	Retained Earnings
Balance at the beginning (in shares) at Dec. 31, 2022		24,095,139
Balance, at the beginning at Dec. 31, 2022	$ 44,394	$ 239	$ (2)	$ 44,157	$ 0
Balance at the beginning (in shares) at Dec. 31, 2022			(224,093)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(1,778)				(1,778)
Stock compensation	299			299
Net income	2,466				2,466
Balance at the ending (in shares) at Mar. 31, 2023		24,095,139
Balance, at the ending at Mar. 31, 2023	45,381	$ 239	$ (2)	44,456	688
Balance at the ending (in shares) at Mar. 31, 2023			(224,093)
Balance at the beginning (in shares) at Dec. 31, 2022		24,095,139
Balance, at the beginning at Dec. 31, 2022	44,394	$ 239	$ (2)	44,157	0
Balance at the beginning (in shares) at Dec. 31, 2022			(224,093)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	6,839
Balance at the ending (in shares) at Sep. 30, 2023		24,478,252
Balance, at the ending at Sep. 30, 2023	49,080	$ 240	$ (2)	47,321	1,521
Balance at the ending (in shares) at Sep. 30, 2023			(306,735)
Balance at the beginning (in shares) at Mar. 31, 2023		24,095,139
Balance, at the beginning at Mar. 31, 2023	45,381	$ 239	$ (2)	44,456	688
Balance at the beginning (in shares) at Mar. 31, 2023			(224,093)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(1,794)			(55)	(1,739)
Issuance of Common Stock (in shares)		230,000
Issuance of Common Stock	2,748	$ 1		2,747
Stock option exercise (in shares)		152,113	82,642
Stock compensation	(47)			(47)
Net income	1,739				1,739
Balance at the ending (in shares) at Jun. 30, 2023		24,477,252
Balance, at the ending at Jun. 30, 2023	48,027	$ 240	$ (2)	47,101	688
Balance at the ending (in shares) at Jun. 30, 2023			(306,735)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(1,801)				(1,801)
Stock option exercise (in shares)		1,000
Stock option exercise	9			9
Stock compensation	211			211
Net income	2,634				2,634
Balance at the ending (in shares) at Sep. 30, 2023		24,478,252
Balance, at the ending at Sep. 30, 2023	$ 49,080	$ 240	$ (2)	47,321	1,521
Balance at the ending (in shares) at Sep. 30, 2023			(306,735)
Balance at the beginning (in shares) at Dec. 31, 2023	24,492,918	24,492,918
Balance, at the beginning at Dec. 31, 2023	$ 48,620	$ 240	$ (2)	47,585	797
Balance at the beginning (in shares) at Dec. 31, 2023	(317,677)		(317,677)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	$ (1,819)			(1,128)	(691)
Stock option exercise (in shares)		5,277	4,405
Stock option exercise	198			198
Net income	691				691
Balance at the ending (in shares) at Mar. 31, 2024		24,498,195
Balance, at the ending at Mar. 31, 2024	$ 47,690	$ 240	$ (2)	46,655	797
Balance at the ending (in shares) at Mar. 31, 2024			(322,082)
Balance at the beginning (in shares) at Dec. 31, 2023	24,492,918	24,492,918
Balance, at the beginning at Dec. 31, 2023	$ 48,620	$ 240	$ (2)	47,585	797
Balance at the beginning (in shares) at Dec. 31, 2023	(317,677)		(317,677)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 5,346
Balance at the ending (in shares) at Sep. 30, 2024	24,565,955	24,565,955
Balance, at the ending at Sep. 30, 2024	$ 48,841	$ 240	$ (2)	46,795	1,808
Balance at the ending (in shares) at Sep. 30, 2024	(344,329)		(344,329)
Balance at the beginning (in shares) at Mar. 31, 2024		24,498,195
Balance, at the beginning at Mar. 31, 2024	$ 47,690	$ 240	$ (2)	46,655	797
Balance at the beginning (in shares) at Mar. 31, 2024			(322,082)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(1,821)				(1,821)
Stock compensation (in shares)		62,840	21,543
Stock compensation	16			16
Net income	1,730				1,730
Balance at the ending (in shares) at Jun. 30, 2024		24,561,035
Balance, at the ending at Jun. 30, 2024	47,615	$ 240	$ (2)	46,671	706
Balance at the ending (in shares) at Jun. 30, 2024			(343,625)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(1,823)				(1,823)
Stock option exercise (in shares)			704
Stock compensation (in shares)		4,920
Stock compensation	124			124
Net income	$ 2,925				2,925
Balance at the ending (in shares) at Sep. 30, 2024	24,565,955	24,565,955
Balance, at the ending at Sep. 30, 2024	$ 48,841	$ 240	$ (2)	$ 46,795	$ 1,808
Balance at the ending (in shares) at Sep. 30, 2024	(344,329)		(344,329)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders’ Equity (Parenthetical) - $ / shares	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.08	$ 0.075	$ 0.08	$ 0.07	$ 0.07	$ 0.07	$ 0.23	$ 0.22

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 5,346	$ 6,839
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	8,863	8,545
Deferred compensation	873	698
Deferred income tax expense	1,838	2,164
Allowance for equity funds used during construction	(682)	(778)
Right of use amortization	298	240
Other adjustments	6	23
Changes in assets and liabilities
Accounts receivable	(496)	(938)
Other current assets	(891)	(165)
Accounts payable and other current liabilities	705	2,261
Other noncurrent assets	38	293
Other noncurrent liabilities	(102)	3,480
Net cash provided by operating activities	15,796	22,662
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(19,171)	(18,578)
Cash paid for acquisitions, net of cash acquired	0	(6,246)
Net cash used in investing activities	(19,171)	(24,824)
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends paid	(5,462)	(5,372)
Advances and contributions in aid of construction	10,455	8,370
Refunds of advances for construction	(1,256)	(1,076)
Payments for taxes related to net shares settlement of equity awards	(268)	(367)
Principal payments under finance leases	(183)	(388)
Repayments of notes payable	(1,952)	(1,917)
Line of credit borrowings	0	21,050
Line of credit repayments	(2,315)	(21,035)
Loan borrowings	22,137	242
Debt issuance costs paid	(418)	0
Proceeds from sale of stock	0	2,748
Other financing activities	(48)	10
Net cash provided by financing activities	20,690	2,265
INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	17,315	103
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — Beginning of period	4,763	7,562
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — End of period	22,078	7,665
Supplemental disclosure of cash flow information:
Cash and cash equivalents	18,145	5,289
Restricted cash	3,933	2,376
Total cash, cash equivalents, and restricted cash	$ 22,078	$ 7,665

BASIS OF PRESENTATION, CORPORAT

BASIS OF PRESENTATION, CORPORATE TRANSACTIONS, SIGNIFICANT ACCOUNTING POLICIES, AND RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
BASIS OF PRESENTATION, CORPORATE TRANSACTIONS, SIGNIFICANT ACCOUNTING POLICIES, AND RECENT ACCOUNTING PRONOUNCEMENTS	1. BASIS OF PRESENTATION, CORPORATE TRANSACTIONS, SIGNIFICANT ACCOUNTING POLICIES, AND RECENT ACCOUNTING PRONOUNCEMENTS Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements (unaudited) of Global Water Resources, Inc. (the “Company”, “GWRI”, “we”, “us”, or “our”) and related disclosures as of September 30, 2024 and for the three and nine months ended September 30, 2024 and 2023 are unaudited. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted. These financial statements follow the same accounting policies and methods of their application as the Company’s most recent annual consolidated financial statements. These financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2023. In the Company’s opinion, these financial statements include all normal and recurring adjustments necessary for the fair statement of the results for the interim period. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full year, due to the seasonality of our business. The Company prepares its financial statements in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Corporate Transactions Asset Purchase Agreement with City of Tucson Effective April 25, 2024, Global Water - Ocotillo Water Company, Inc. (“GW-Ocotillo”), formerly Global Water - 2024 Acquisition A, Inc. and a wholly owned subsidiary of the Company, entered into an asset purchase agreement with the City of Tucson, pursuant to which GW-Ocotillo will acquire seven isolated public water systems from the City of Tucson serving approximately 2,200 water service connections in an all-cash transaction for a purchase price of $8.4 million. The isolated public water systems are located in and around Pima County. The Company expects to complete the acquisition in the first quarter of 2025, subject to customary closing conditions and approval by the Arizona Corporation Commission (“ACC”). The estimated rate base of the seven water systems is approximately $7.8 million. Private Placement Offering of Common Stock On June 8, 2023, the Company entered into a securities purchase agreement for the issuance and sale by the Company of an aggregate of 230,000 shares of the Company’s common stock at a purchase price of $12.07 per share in an offering exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506 promulgated thereunder. The Company received gross proceeds of approximately $2.8 million from the offering. One of the Company’s directors purchased an aggregate of 30,000 shares of common stock in the offering at the purchase price. Farmers Water Co. Acquisition On February 1, 2023, the Company acquired all of the equity of Farmers Water Co., an operator of a water utility with service area in Pima County, Arizona. The acquisition added approximately 3,300 active water service connections and approximately 21.5 square miles of service area in Sahuarita, Arizona and the surrounding unincorporated area of Pima County at the time of the acquisition. Stipulated Condemnation of the Operations and Assets of Valencia Water Company, Inc. On July 14, 2015, the Company closed the stipulated condemnation to transfer the operations and assets of Valencia Water Company, Inc. (“Valencia”) to the City of Buckeye. Terms of the condemnation were agreed upon through a settlement agreement and stipulated final judgment of condemnation wherein the City of Buckeye acquired all the operations and assets of Valencia and assumed operation of the utility upon close. The City of Buckeye is obligated to pay the Company a growth premium equal to $3,000 for each new water meter installed within Valencia’s prior service areas in the City of Buckeye, for a 20-year period ending December 31, 2034, subject to a maximum payout of $45.0 million over the term of the agreement. The Company received growth premiums of $0.9 million and $2.2 million for the three and nine months ended September 30, 2024, respectively. The Company received growth premiums of $0.7 million and $1.6 million for the three and nine months ended September 30, 2023, respectively. An aggregate of $12.9 million in growth premiums have been received to date. The growth premiums are included in “Other, net” on the Company’s condensed consolidated statements of operations (unaudited). Significant Accounting Policies Basic and Diluted Earnings per Common Share Basic earnings per share (“EPS”) in each period of this report were calculated by dividing net income by the weighted-average number of shares during those periods. Diluted EPS includes additional weighted-average common stock equivalents (options and restricted stock awards), if dilutive. Unless otherwise noted, the term “earnings per share” refers to basic EPS. A reconciliation of the denominator used in basic and diluted EPS calculations is shown in the following table: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (In thousands) Basic weighted average common shares outstanding 24,220 24,171 24,198 24,046 Effect of dilutive securities: 2017 Option grant 66 54 67 72 2019 Option grant 13 7 13 14 2020 Restricted stock awards — — — 6 2021 Restricted stock awards 4 — 24 6 Total dilutive securities 83 61 104 98 Diluted weighted average common shares outstanding 24,303 24,232 24,302 24,144 Anti-dilutive shares excluded from earnings per diluted shares (1) — 138 — 94 (1) Shares excluded from the dilutive-effect calculation because the outstanding awards’ exercise prices were greater than the average market price of the Company’s common stock. Segments Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing operating performance. The Company is not organized around specific products and services, geographic regions, or regulatory environments. The Company currently operates in one geographic region within the State of Arizona, wherein each operating utility operates within the same regulatory environment. While the Company reports its revenue, disaggregated by service type, on the face of its condensed consolidated statements of operations (unaudited), the Company does not manage the business based on any performance measure at the individual revenue stream level. The Company does not have any customers that contribute more than 10% to the Company’s revenues or revenue streams. Additionally, the CODM uses consolidated financial information to evaluate the Company’s performance, which is the same basis on which he communicates the Company’s results and performance to the Board of Directors. It is upon this consolidated basis from which he bases all significant decisions regarding the allocation of the Company’s resources on a consolidated level. Based on the information described above and in accordance with the applicable literature, management has concluded that the Company is currently organized and operated as one operating and reportable segment. Governmental Funding & Assistance Occasionally, the Company participates in various U.S. federal, state and local programs under which governmental funding is received to offset certain specified costs of the Company associated with water conservation efforts, the provision of utility service or facilities in designated locations (such as unserved or underserved rural areas), and the replacement and upgrading of outdated equipment with advanced metering infrastructure. In certain instances, our receipt of awarded governmental funds may be conditioned on the Company meeting specified progress and inspection milestones during construction of associated utility infrastructure projects. Certain programs are subject to audits of compliance with program commitments and, subject to the outcomes of those assessments, the Company may be required to reimburse the government entity for cash previously received, or, in some cases, pay a penalty. The Company evaluates each program and establishes a liability under the principles of Accounting Standards Codification (“ASC”) 450 if it is probable support payments will be recaptured or a penalty will be imposed. In April 2024, the Company’s Global Water - Rincon Water Company, Inc. (“GW-Rincon”) utility entered into a loan agreement with the Water Infrastructure Finance Authority of Arizona (“WIFA”) to improve the utility’s infrastructure, including enhancements to the fluoride treatment system and other projects. A portion of the loan is forgivable, which the Company accounts for as a contribution in aid of construction (“CIAC”). Refer to Note 9 - “Debt,” for additional information. In December 2023, the Company’s GW-Farmers utility was awarded a $1.6 million grant from WIFA to replace manual read meters with advanced metering infrastructure (“AMI”) smart meters. Disbursement of the award occurs through one or more reimbursement requests submitted by the Company for costs incurred and activities performed between July 6, 2022 and June 30. 2026. Award payments are accounted for as CIAC. For the nine months ended September 30, 2024, the Company received $0.8 million in award disbursements. The Company received no award disbursements in 2023. Recent Accounting Pronouncements Future Adoption of Accounting Standards In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is assessing the timing and impact that adopting this new standard will have on its consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures that expands disclosures of significant segment expenses and includes new disclosures for entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company will implement and provide the required annual disclosures beginning in its Annual Report on Form 10-K for the year ended December 31, 2024.

REGULATORY DECISION AND RELATED

REGULATORY DECISION AND RELATED ACCOUNTING AND POLICY CHANGES	9 Months Ended
	Sep. 30, 2024
Regulated Operations [Abstract]
REGULATORY DECISION AND RELATED ACCOUNTING AND POLICY CHANGES	REGULATORY DECISION AND RELATED ACCOUNTING AND POLICY CHANGES The Company’s regulated utilities and certain other balances are subject to regulation by the ACC and meet the requirements for regulatory accounting found within ASC 980, Regulated Operations . In accordance with ASC 980, rates charged to utility customers are intended to recover the costs of the provision of service plus a reasonable return in the same period. Changes to the rates are made through formal rate applications with the ACC, which the Company has customarily done. 2024 Farmers Rate Case On June 27, 2024, Global Water-Farmers Water Company, Inc. (“GW-Farmers”), one of the Company’s regulated utilities, filed a rate case application with the ACC for increased water rates based on a 2023 test year with updates for changes in post-test year plant through December 31, 2024. The application requests, among other things, a revenue increase of approximately $1.3 million phased-in over two steps and recovery of the acquisition premium related to the Farmers Water Co. acquisition. On July 25 , 2024, ACC Utilities Division Staff found the application administratively complete and estimates its testimony regarding the application will be file d on or about December 9 , 2024. Acquisition of Seven Systems from City of Tucson On May 10, 2024, GW-Ocotillo filed an application with the ACC for approval to acquire seven isolated public water systems from the City of Tucson. On June 10, 2024, ACC Utilities Division Staff found the application administratively complete and estimates its testimony regarding the application will be filed on or about November 5, 2024. The Company expects to complete the acquisition in the first quarter of 2025, subject to customary closing conditions and approval by the ACC. 2025 Santa Cruz and Palo Verde Rate Case During the fourth quarter of 2023, the Company notified the ACC of its intention to file a rate case for Global Water-Santa Cruz Water Company, Inc. (“GW-Santa Cruz”) and Global Water-Palo Verde Utilities Company, Inc. (“GW-Palo Verde”) in 2025. The GW-Santa Cruz and GW-Palo Verde rate case is anticipated to be based on a test year ending December 31, 2024 with updates for changes in post-test year plant. The Company has begun stakeholder outreach for the rate case. Southwest Plant Accounting Order and Bill Credit On July 3, 2023, the Company’s GW-Palo Verde and GW-Santa Cruz utilities filed an application with the ACC for approval of an accounting order to defer and record as a regulatory asset the depreciation expense recorded for the Company’s Southwest Plant, plus the carrying cost at the authorized rate of return set in GW-Palo Verde’s and GW-Santa Cruz’s most recent rate order, until the plant is considered for recovery in the next GW-Palo Verde and GW-Santa Cruz rate case. The Southwest Plant was substantially constructed prior to 2009 to provide water, wastewater, and recycled water service for the area southwest of the City of Maricopa. Due to the unprecedented collapse of the housing market during the Great Recession, the nearly completed plant remained idle for well over a decade. The total cost of the Southwest Plant was approximately $38.4 million. Since July 2023, construction costs of $25.0 million related to the water production plant and a portion of the wastewater processing plant were placed in service, with the remaining parts of the Southwest Plant to be placed in service once sufficient flows, provided by connection growth, are established. There can be no assurance, however, that the ACC will approve the application as submitted and the ACC could take other actions regarding the application. In January 2024, the Company discovered that approximately $7.8 million of construction costs for the Southwest Plant had been prematurely included as “plant in service” for rate making purposes in 2007 and were reflected in the calculation of customer rates in Decision No. 71878 (September 15, 2010). Those costs were also included as “plant in service” in Decision No. 74364 (February 26, 2014) and Decision No. 78644 (July 27, 2022). The Company disclosed this circumstance to the ACC on March 1, 2024, and on April 25, 2024, GW-Palo Verde filed an application with the ACC requesting a monthly bill credit for customers that would be in place until the conclusion of the next GW-Palo Verde rate case. The ACC issued Decision No. 79424 on July 18, 2024 approving the bill credit with an effective date of August 1, 2024, which will reduce revenue earned subsequent to the order by approximately $570,000 annually. The bill credit will be in place until the conclusion of the next GW-Palo Verde rate case, which Decision No. 79424 requires GW-Palo Verde to file no later than December 31, 2025. The ACC may take further action during the next GW-Palo Verde rate case. Such action may include requiring the Company to reduce rates further going forward or taking other actions that would be unfavorable to the Company. Decision No. 79383 - Issued June 20, 2024 - Saguaro Rate Case On June 20, 2024, the ACC issued Decision No. 79383 relating to each of the rate case applications filed by seven of the Company’s regulated utilities for increased water rates based on a 2022 test year. Decision No. 79383 approved, among other things, a collective annual revenue increase of approximately $351,000. The approved rates will be phased-in over five periods with the first increase effective July 1, 2024. The subsequent four increases will be effective on January 1 of each subsequent year, with the majority of the revenue increase phased in by January 1, 2025. The ACC also approved: (i) the consolidation of water rates to one single rate for the seven utilities; (ii) acquisition premiums relating to the Company’s acquisitions of its Global Water-Mirabell Water Company, Inc. (“GW-Mirabell”), Global Water-Lyn Lee Water Company, Inc. (“GW-Lyn Lee”), Global Water-Francesca Water Company, Inc. (“GW-Francesca”), Global Water-Tortolita Water Company, Inc. (“GW-Tortolita”), GW-Rincon, and Global Water-Las Quintas Serenas Water Company, Inc. (“GW-Las Quintas Serenas”) utilities, each located in Pima County, which increase the rate base for such utilities and result in an increase in the annual collective revenue requirement; (iii) the Company’s ability to annually adjust rates to flow through certain changes in tax expense, primarily related to income taxes, without the necessity of a rate case proceeding; (iv) a sustainable water surcharge, which will allow semiannual surcharges to be added to customer bills based on verified costs of new water resources; (v) a capital structure matching the Company’s previous rate case of 55% equity with a 9.6% return on equity; and (vi) a depreciation expense accounting deferral for GW-Rincon. Decision No. 78644 - Issued July 27, 2022 On July 27, 2022, the ACC issued Decision No. 78644 pursuant to which the ACC approved, among other things, a collective annual revenue requirement increase of approximately $2.2 million (including acquisition premiums) based on 2019 test year service connections, and phased-in over approximately two years. The effective date of the final phase was January 1, 2024. Decision No. 78644 also addressed the primary impacts of the Federal Tax Cuts and Jobs Act (the “TCJA”) on the Company, which includes the reduction of the federal income tax rate from 35 percent to 21 percent beginning on January 1, 2018. The TCJA required the Company to re-measure all existing deferred income tax assets and liabilities to reflect the reduction in the federal tax rate. For the Company’s regulated entities, substantially all of the change in deferred income taxes is recorded as an offset to either a regulatory asset or liability because the impact of changes in the rates are expected to be recovered from or refunded to customers. Decision No. 78644 approved an adjustor mechanism for income taxes (as described below) that permits the Company to flow through potential changes to state and federal income tax rates as well as refund or collect funds related to TCJA. Regulatory Assets and Liabilities Regulatory assets and liabilities are the result of operating in a regulated environment in which the ACC establishes rates that are designed to permit the recovery of the cost of service and a return on investment. The Company capitalizes and records regulatory assets for costs that would otherwise be charged to expense if it is probable that the incurred costs will be recovered in future rates. Regulatory assets are amortized over the future periods that the costs are expected to be recovered. Final determination of whether a regulatory asset can be recovered is decided by the ACC in regulatory proceedings. If the Company determines that a portion of the regulatory assets is not recoverable in customer rates, the Company would be required to recognize the loss of the assets disallowed. If costs expected to be incurred in the future are currently being recovered through rates, the Company records those expected future costs as regulatory liabilities. The Company’s regulatory assets and liabilities consist of the following (in thousands): Recovery Period September 30, 2024 December 31, 2023 Regulatory Assets Acquisition premiums (1) 25 or 50 years $ 2,616 $ 1,269 Income taxes recoverable through future rates (2) Various 1,345 1,404 Rate case expense surcharge (3) 2 years 104 221 Other regulatory assets 45 4 Total regulatory assets $ 4,110 $ 2,898 Regulatory Liabilities Acquired ICFAs (4) $ 4,708 $ 4,896 Income taxes payable through future rates (2) 473 488 Depreciation adjustment (5) 682 692 Total regulatory liabilities $ 5,863 $ 6,076 (1) Decision No. 78319, issued on December 3, 2021, approved an acquisition premium related to the acquisition of the Company’s GW-Rincon utility. The acquisition premium balance relating to the Company’s GW-Rincon utility as of September 30, 2024 was approximately $0.6 million. Decision No. 79383, issued on June 20, 2024, allowed the Company to begin amortization of the acquisition premium through customer rates over 50 years. Decision No. 79383 also approved acquisition premiums related to the acquisition of the Company’s GW-Francesca, GW-Las Quintas Serenas, GW-Lyn Lee, GW-Mirabell, and GW-Tortolita utilities. The acquisition premiums will be amortized through customer rates over 50 years as approved in the decision. The acquisition premium balance relating to these utilities as of September 30, 2024 was approximately $1.3 million. Decision No. 78644, issued on July 27, 2022, approved acquisition premiums related to the acquisitions of the Company’s GW-Turner Ranches and Global Water – Red Rock Water Company, Inc. (“GW-Red Rock”) utilities. Amortization began in 2022 as the acquisition premiums were included in customer rates as approved in the decision and will continue over a 25-year period. The acquisition premium balance relating to these utilities as of September 30, 2024 was approximately $0.7 million. (2) The TCJA required the Company to re-measure all existing deferred income tax assets and liabilities to reflect the reduction in the federal tax rate. For the Company’s regulated entities, substantially all of the change in deferred income taxes is recorded as an offset to either a regulatory asset or liability because the impact of changes in the rates are expected to be recovered from or refunded to customers. (3) Decision No. 78743, issued on October 24, 2022, approved approximately $0.5 million in rate case expenses to be recovered through a rate case expense surcharge over a period of up to two years. Decision No. 79383 also approved approximately $0.1 million in rate case expenses to be recovered through a rate case expense surcharge over a period of up to a two-years. (4) The acquired Infrastructure Coordination and Financing Agreements (“ICFA”) regulatory liability relates to the offset of intangible assets related to ICFA contracts obtained in connection with the GW-Santa Cruz, GW-Palo Verde, and Sonoran Utility Services, LLC (“Sonoran”) acquisitions. When funds are received related to the acquired ICFA, a portion of these funds reduce the acquired ICFA regulatory liability and partially offset the amortization expense recognition of the related intangible asset. (5) Decision No. 78644 approved an adjustment to update previously approved depreciation rates. The adjustment was incorporated into rates in accordance with the rate decision.

REVENUE RECOGNITION

REVENUE RECOGNITION	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION Regulated Revenue The Company’s operating revenues are primarily attributable to regulated water, wastewater, and recycled water service based upon tariff rates approved by the ACC. Regulated service revenues consist of amounts billed to customers based on approved fixed monthly fees and consumption fees, as well as unbilled revenues estimated from the last meter reading date to the end of the accounting period utilizing historical customer data recorded as accrued revenue. The measurement of sales to customers is generally based on the reading of their meters, which occurs on a systematic basis throughout the month. At the end of each month, the Company estimates consumption since the date of the last meter reading and a corresponding unbilled revenue is recognized. The unbilled revenue estimate is based upon the number of unbilled days that month and the average daily customer billing rate from the previous month (which fluctuates based upon customer usage). The Company applies the invoice practical expedient and recognizes revenue from contracts with customers in the amount for which the Company has a right to invoice. The Company has the right to invoice for the volume of consumption, service charge, and other authorized charges. The Company satisfies its performance obligation to provide water, wastewater, and recycled water service over time as the service is rendered. Regulated water and wastewater service may be terminated by the customers at will, and, as a result, no separate financing component is recognized for the Company’s collections from customers, which generally require payment within 15 days of billing. The Company applies judgment, based principally on historical payment experience, in estimating its customers’ ability to pay. Total revenues do not include sales tax as the Company considers itself a pass-through conduit for collecting and remitting sales taxes. Unregulated Revenue Unregulated revenues represent those revenues that are not subject to the ratemaking process of the ACC. Unregulated revenues are primarily related to the revenues recognized on a portion of ICFA funds received. ICFAs are agreements with developers and homebuilders where the Company, which owns the operating utilities, provides service to plan, coordinate, and finance the water and wastewater infrastructure that would otherwise be required to be performed or subcontracted by the developer or homebuilder. Service provided within these agreements include coordination of construction service for water and wastewater treatment facilities as well as financing, arranging, and coordinating the provision of utility service. In return, the developers and homebuilders pay the Company an agreed-upon amount per dwelling unit for the land legally described in the agreement, or a portion thereof. Under ICFA agreements, the Company has a contractual obligation to ensure physical capacity exists through its regulated utilities for the provision of water and wastewater utility service to the land when needed. This obligation persists regardless of connection growth. Fees for this service are typically a negotiated amount per equivalent dwelling unit for the land legally described in the agreement, or a portion thereof. Payments are generally due in installments, with a portion due upon signing of the agreement, a portion due upon completion of certain milestones, and the final payment due upon final plat approval or sale of the subdivision. The payments are non-refundable. The agreements are generally recorded against the land with the appropriate recorder’s office and must be assumed in the event of a sale or transfer of the land. The regional planning and coordination of the infrastructure in the various service areas has been an important part of the Company’s business model. Payments for ICFAs are usually received in advance. Decision No. 74364 requires a hook-up fee (“HUF”) tariff to be established for all ICFAs that come due and are paid subsequent to December 31, 2013, which is a set amount per equivalent dwelling unit determined by the ACC based on the utility and meter size. Also pursuant to Decision No. 74364, as payments are received, 70% of the payment must be recorded as a HUF liability until the HUF liability is fully funded, with the remaining amount initially recorded to deferred revenue until earned. The Company is responsible for assuring that the full HUF tariff, which is the set amount determined by the rate decision, is funded in the HUF liability, even if it results in recording less than 30% of the overall ICFA funds as deferred revenue. ICFA revenue is recognized when the Company completes the performance obligations under the agreement. Following its issuance in February 2014, Decision No. 74364 prohibits the Company from entering into any new ICFAs. The Company accounts for the portion of ICFA funds allocated to the HUF liability as a CIAC. However, in accordance with the ACC directives, the CIAC is not deducted from rate base until the HUF funds are expended for utility plant. Such funds are restricted and segregated in a separate bank account and used for plant. For facilities required under a HUF or ICFA, the utilities must first use the HUF moneys received, after which, it may use debt or equity financing for the remainder of construction. As these arrangements are with developers and not with the end water or wastewater customer, revenue recognition coincides with the completion of the Company’s performance obligations under the agreement with the developer and its regulated utilities’ ability to provide fitted capacity for water and wastewater service. The Company exercises judgment when estimating the number of equivalent dwelling units that its regulated utilities have capacity to serve. The Company believes that service provided within these agreements is not distinct in the context of the contract because it is highly interdependent with its regulated utilities’ ability to provide fitted capacity for water and wastewater service. The Company concluded that the goods and service provided under ICFA contracts constitute a single performance obligation. December 31, 2023 Balance Payments Allocated to Deferred Revenue Revenue Recognized September 30, 2024 Balance Deferred Revenue - ICFA $ 19,656 $ 629 $ — $ 20,285 Disaggregated Revenues For the three and nine months ended September 30, 2024 and 2023, disaggregated revenues from contracts with customers by major source and customer class are as follows (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 REGULATED REVENUE Water Service Residential $ 5,034 $ 4,900 $ 14,003 $ 13,261 Irrigation 1,205 1,393 2,459 2,739 Commercial 541 457 1,389 1,184 Construction 469 537 861 1,036 Other water revenues 244 233 675 696 Total water revenues 7,493 7,520 19,387 18,916 Wastewater and recycled water service Residential 5,796 5,630 17,607 16,725 Commercial 336 317 1,034 906 Recycled water revenues 607 469 1,133 1,062 Other wastewater revenues 89 78 280 265 Total wastewater and recycled water revenues 6,828 6,494 20,054 18,958 TOTAL REGULATED REVENUE 14,321 14,014 39,441 37,874 UNREGULATED REVENUE ICFA revenues — 518 — 2,786 TOTAL REVENUE $ 14,321 $ 14,532 $ 39,441 $ 40,660 Contract Balances The Company’s contract assets and liabilities consist of the following (in thousands): September 30, 2024 December 31, 2023 CONTRACT ASSETS Accounts receivable Water service $ 2,125 $ 1,588 Wastewater and recycled water service 1,297 1,379 Total contract assets $ 3,422 $ 2,967 CONTRACT LIABILITIES Deferred revenue - ICFA $ 20,285 $ 19,656 Total contract liabilities $ 20,285 $ 19,656 Remaining Performance Obligations Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. Deferred revenue - ICFA is recognized as revenue once the obligations specified within the applicable ICFA are met, including construction of sufficient operating capacity to serve the customers for which revenue was deferred. Due to the uncertainty of future events, the Company is unable to estimate when to expect recognition of deferred revenue - ICFA. Accounts Receivable and Allowance for Credit Losses Accounts receivable as of September 30, 2024 and December 31, 2023 consist of the following (in thousands): September 30, 2024 December 31, 2023 Billed receivables $ 3,422 $ 2,967 Less provision for credit losses (151) (122) Accounts receivable, net $ 3,271 $ 2,845 The following table summarizes the allowance for credit loss activity for the nine months ended September 30, 2024 and the year ended December 31, 2023 (in thousands): September 30, 2024 December 31, 2023 Beginning of Period $ (122) $ (164) Credit Loss Expense (69) (76) Write Offs 67 124 Recoveries (27) (6) End of Period $ (151) $ (122)

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT Depreciable property, plant and equipment as of September 30, 2024 and December 31, 2023 consist of the following (in thousands): September 30, 2024 December 31, 2023 Equipment $ 61,519 $ 60,536 Office buildings and other structures 64,622 64,084 Transmission and distribution plant 301,530 289,550 Total property, plant and equipment $ 427,671 $ 414,170 Depreciation of property, plant and equipment is computed based on the estimated useful lives as follows: Useful Lives Equipment 3 to 30 years Office buildings and other structures 30 years Transmission and distribution plant 10 to 50 years

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS Goodwill The goodwill balance was $9.5 million as of September 30, 2024 and is related to our historical acquisitions. There were no indicators of impairment identified as a result of the Company’s review of events and circumstances related to its goodwill subsequent to the acquisitions. As a result of Decision No. 79383 issued by the ACC on June 20, 2024, the Company reclassified $1.3 million of goodwill to regulatory assets for certain impacted utilities to establish the approved $1.8 million of acquisition premiums net of the $0.5 million that was previously recorded for GW-Rincon. Refer to Note 2 – “Regulatory Decision and Related Accounting and Policy Changes” for additional information. As of September 30, 2024 and December 31, 2023, the goodwill balance consisted of the following (in thousands): December 31, 2023 Balance Acquisition Activity Adjustments Subsequent to Acquisition Date September 30, 2024 Balance Goodwill $ 10,820 $ — $ (1,334) $ 9,486 Intangible Assets As of September 30, 2024 and December 31, 2023, intangible assets consisted of the following (in thousands): September 30, 2024 December 31, 2023 Gross Accumulated Net Gross Accumulated Net INDEFINITE LIVED INTANGIBLE ASSETS: CP Water Certificate of Convenience & Necessity service area $ 1,532 $ — $ 1,532 $ 1,532 $ — $ 1,532 Intangible trademark 13 — 13 13 — 13 Franchise contract rights 139 — 139 139 — 139 Organizational costs 164 — 164 163 — 163 Total indefinite lived intangible assets 1,848 — 1,848 1,847 — 1,847 DEFINITE LIVED INTANGIBLE ASSETS: Acquired ICFAs 17,978 (16,374) 1,604 17,978 (16,105) 1,873 Sonoran contract rights 7,406 (2,285) 5,121 7,406 (2,285) 5,121 Total definite lived intangible assets 25,384 (18,659) 6,725 25,384 (18,390) 6,994 Total intangible assets $ 27,232 $ (18,659) $ 8,573 $ 27,231 $ (18,390) $ 8,841 A Certificate of Convenience & Necessity (“CC&N”) is a permit issued by the ACC allowing a public service corporation to serve a specified area, and preventing other public service corporations from offering the same water and wastewater service within the specified area. The CP Water Company (“CP Water”) CC&N intangible asset was acquired through the acquisition of CP Water in 2006. This CC&N permit has no outstanding conditions that would require renewal. Franchise contract rights and organizational costs relate to the 2018 acquisition of GW-Red Rock and the 2023 acquisition of GW-Farmers. Franchise contract rights are agreements with Pima and Pinal counties for GW-Red Rock and Pima county for GW-Farmers that allow the Company to place infrastructure in public right-of-way and permits expected to be renewable indefinitely. The organizational costs represent fees paid to federal or state governments for the privilege of incorporation and expenditures incident to organizing the corporation and preparing it to conduct business. Acquired ICFAs and Sonoran contract rights relate to acquired rights under certain ICFAs through the 2004 acquisition of GW-Santa Cruz and GW-Palo Verde and the 2005 acquisition of Sonoran assets, respectively, which are amortized when cash is received in proportion to the amount of total cash expected to be received under the underlying agreements. Due to the uncertainty of the timing of when cash will be received under ICFA agreements and contract rights, the Company cannot reliably estimate when the remaining intangible assets’ amortization will be recorded. There was zero and $0.3 million of amortization recorded for these balances during the three and nine months ended September 30, 2024, respectively. There was $1.4 million of amortization recorded for these balances during the three and nine months ended September 30, 2023.

TRANSACTIONS WITH RELATED PARTI

TRANSACTIONS WITH RELATED PARTIES	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
TRANSACTIONS WITH RELATED PARTIES	TRANSACTIONS WITH RELATED PARTIES The Company provides medical benefits to employees through its participation in a pooled plan sponsored by an affiliate of a significant shareholder and director of the Company. Medical claims paid to the plan were approximately $0.3 million for both the three months ended September 30, 2024 and 2023. Medical claims paid to the plan were approximately $0.8 million for the nine months ended September 30, 2024 and $0.6 million for the nine months ended September 30, 2023. Refer to Note 1 — “Basis of Presentation, Corporate Transactions, Significant Accounting Policies, and Recent Accounting Pronouncements — Corporate Transactions” (specifically the “Private Placement Offering of Common Stock” section) for additional information regarding other related party disclosures.

ACCRUED EXPENSES

ACCRUED EXPENSES	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
ACCRUED EXPENSES	ACCRUED EXPENSES Accrued expenses as of September 30, 2024 and December 31, 2023 consist of the following (in thousands): September 30, 2024 December 31, 2023 Accrued project liabilities $ 2,310 $ 1,001 Interest 2,003 480 Accrued bonus 981 602 Property taxes 678 1,242 Dividend payable 606 606 Accrued purchase orders 583 200 Customer prepayments 577 883 Accrued payroll 328 67 Accrued sales taxes 238 179 Deferred compensation 228 239 Accrued electric 213 109 Other accrued liabilities 968 1,521 Total accrued expenses $ 9,713 $ 7,129

FAIR VALUE

FAIR VALUE	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE Fair Value of Financial Instruments ASC 820, Fair Value Measurement , establishes a fair value hierarchy that distinguishes between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs). The hierarchy consists of three levels, as follows: • Level 1 - Quoted market prices in active markets for identical assets or liabilities. • Level 2 - Inputs other than Level 1 that are either directly or indirectly observable. • Level 3 - Unobservable inputs developed using the Company’s estimates and assumptions, which reflect those that the Company believes market participants would use. Financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 were as follows (in thousands): September 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: HUF funds - restricted cash $ 2,986 $ — $ — $ 2,986 $ 822 $ — $ — $ 822 Certificate of deposit - restricted 947 — — 947 — 854 — 854 Demand deposit 1 — — 1 1 — — 1 Total $ 3,934 $ — $ — $ 3,934 $ 823 $ 854 $ — $ 1,677 Liabilities: Contingent consideration $ — $ — $ 1,946 $ 1,946 $ — $ — $ 2,113 $ 2,113 Total $ — $ — $ 1,946 $ 1,946 $ — $ — $ 2,113 $ 2,113 HUF Funds - restricted cash and Certificate of deposit - restricted are presented on the Restricted cash line item of the Company’s condensed consolidated balance sheets (unaudited) and are valued at amortized cost, which approximates fair value. Demand Deposit is presented on the Cash and cash equivalents line item of the Company’s condensed consolidated balance sheets (unaudited) and is valued at amortized cost, which approximates fair value. As part of the GW-Red Rock acquisition, the Company is required to pay to the seller a growth premium equal to $750 (not in thousands) for each new account established within specified growth premium areas, commencing in each area on the date of the first meter installation and ending on the earlier of ten years after such first installation date, or twenty years from the acquisition date. The fair value of the contingent consideration was calculated using a discounted cash flow technique which utilized unobservable inputs developed using the Company’s estimates and assumptions. Significant inputs used in the fair value calculation are as follows: year of the first meter installation, total new accounts per year, years to complete full build out, and discount rate. In addition, as part of the GW-Farmers acquisition, the Company is required to pay the seller a growth premium equal to $1,000 (not in thousands) for each new account established in the service area, up to a total aggregate growth premium of $3.5 million. The obligation period of the growth premium commences on the closing date of the acquisition and ends (i) ten years after the first new account for residential purposes is established on land that is, at the time of the closing date of the acquisition, undeveloped or unplatted and owned by the seller within the service area or (ii) ten years after the date of closing if a new account (as previously described) has not been established. The fair value of the contingent consideration was calculated using a discounted cash flow technique which utilized unobservable inputs developed using the Company’s estimates and assumptions. Significant inputs used in the fair value calculation are as follows: year of the first meter installation, total new accounts per year, years to complete full build out, and discount rate. Contingent consideration is included within acquisition liabilities on the condensed consolidated balance sheets (unaudited). Refer to Note 13 — “Commitments and Contingencies” for additional information about contingent consideration.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
DEBT	DEBT The outstanding balances and maturity dates for short-term (including the current portion of long-term debt) and long-term debt as of September 30, 2024 and December 31, 2023 are as follows (in thousands): September 30, 2024 December 31, 2023 Short-term Long-term Short-term Long-term NOTES PAYABLE - 4.38% Senior Secured Notes, Series A, maturing June 2028 (“Series A Notes”) $ — 28,750 $ — $ 28,750 4.58% Senior Secured Notes, Series B, maturing June 2036 (“Series B Notes”) 3,833 70,917 3,833 72,833 6.91% Senior Secured Notes, maturing January 2034 (“6.91% Notes”) — 20,000 — — 4.911% WIFA Note, maturing April 2044 (“4.911% WIFA Note”) 49 1,399 — — 3,882 121,066 3,833 101,583 OTHER Debt issuance costs — (784) — (426) Loan Payable 49 145 47 184 Total debt $ 3,931 $ 120,427 $ 3,880 $ 101,341 Debt is measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 as follows (in thousands): September 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Long-term debt (1) — 124,648 — 124,648 — 100,746 — 100,746 (1) The fair value of debt was estimated based on interest rates considered available for instruments of similar terms and remaining maturities. On April 30, 2024, the Company’s GW-Rincon utility entered into a loan agreement with WIFA for a principal amount of $2.4 million to improve the utility’s infrastructure, of which $0.7 million is forgivable. The loan is due on April 1, 2044 and bears an interest rate of 4.911%. Funding occurs through one or more draw requests submitted by the Company and the subsequent disbursement of principal by WIFA. As of September 30, 2024, the Company has received approximately $2.1 million in disbursements under this agreement. On October 26, 2023, the Company entered into a note purchase agreement for the issuance of an aggregate principal amount of $20 million of 6.91% Senior Secured Notes due on January 3, 2034 (the “6.91% Notes”). Pursuant to the terms of the 6.91% Note purchase agreement, the Company issued the 6.91% Notes on January 3, 2024. The 6.91% Notes accrue interest at 6.91% per annum from the date of issuance, payable semi-annually on January 3 and July 3 of each year, beginning on July 3, 2024, with a balloon payment due on January 3, 2034. As of September 30, 2024, the Company was in compliance with its financial debt covenants relating to the Series A Notes, Series B Notes, and the 6.91% Notes. Revolving Credit Line On April 30, 2020, the Company entered into an agreement with The Northern Trust Company, an Illinois banking corporation (“Northern Trust”), which was initially for a two-year revolving line of credit up to $10.0 million with a maturity date of April 30, 2022. This credit facility, which may be used to refinance existing indebtedness, to acquire assets to use in and/or expand the Company’s business, and for general corporate purposes, initially bore an interest rate equal to the London Interbank Offered Rate (LIBOR) plus 2.00% and had no unused line fee. The Company and Northern Trust subsequently amended the credit facility agreement on multiple occasions (as amended, the “Northern Trust Loan Agreement”) to, among other things, (i) extend the scheduled maturity date to July 1, 2025; (ii) increase the maximum principal amount available for borrowing to $15.0 million; (iii) replace the LIBOR interest rate provisions with provisions based on the Secured Overnight Financing Rate (SOFR); and (iv) add a quarterly facility fee equal to 0.35% of the average daily unused amount of the revolving line of credit. On July 1, 2024, the Company and Northern Trust entered into a fifth amendment to the Northern Trust Loan Agreement, which further amended the scheduled maturity date for the revolving line of credit from July 1, 2025 to July 1, 2026. As of September 30, 2024, the Company had no outstanding borrowings under this credit line. As of December 31, 2023, the outstanding borrowings on this credit line were approximately $2.3 million. There were less than $0.1 million of unamortized debt issuance costs as of September 30, 2024 and December 31, 2023. As of September 30, 2024, the Company was in compliance with its financial debt covenants under the Northern Trust Loan Agreement. Refer to Note 11 - “Debt” in our Annual Report on Form 10-K for the year ended December 31, 2023 for additional information regarding the Company’s outstanding debt.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Our interim effective tax rates reflect the estimated annual effective tax rates for 2024 and 2023 applied to year-to-date pretax income, adjusted for tax expense associated with certain discrete items. The effective tax rates for the three months ended September 30, 2024 and 2023 were 26.6% and 25.2%, respectively. The effective tax rates for the nine months ended September 30, 2024 and 2023 were 26.3% and 26.6%, respectively. The increase in the effective tax rate for the three months ended September 30, 2024 compared to the prior year period was primarily attributable to the vesting of restricted stock awards and stock options in the prior year period. The decrease in the effective tax rate for the nine months ended September 30, 2024 compared to the prior year period was primarily attributable to a decrease in non-deductible permanent differences.

DEFERRED COMPENSATION AWARDS

DEFERRED COMPENSATION AWARDS	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
DEFERRED COMPENSATION AWARDS	DEFERRED COMPENSATION AWARDS Stock-based compensation Stock-based compensation related to option awards is measured based on the fair value of the award. The fair value of stock option awards is determined using a Black-Scholes option-pricing model. The Company recognizes compensation expense associated with the options over the vesting period. 2017 stock option grant In August 2017, GWRI’s Board of Directors granted stock options to acquire 465,000 shares of GWRI’s common stock to employees throughout the Company. The options were granted with an exercise price of $9.40, the market price of the Company’s common shares on the NASDAQ Global Market at the close of business on August 10, 2017. The options are fully vested and expire 10 years from the grant date. As of August 2021, these options were fully expensed. As of September 30, 2024, 125,750 options have been exercised and 70,425 options have been forfeited with 268,825 options outstanding. 2019 stock option grant In August 2019, GWRI’s Board of directors granted stock options to acquire 250,000 shares of GWRI’s common stock to employees throughout the Company. The options were granted with an exercise price of $11.26, the market price of the Company’s common shares on the NASDAQ Global Market at the close of business on August 13, 2019. The options are fully vested and expire 10 years from the grant date. As of August 2023, these options were fully expensed. Stock-based compensation expense of $20,000 and $92,000 was recorded for the three and nine months ended September 30, 2023, respectively. As of September 30, 2024, 55,994 options have been exercised and 63,770 options have been forfeited with 130,236 options outstanding. Restricted stock units Restricted stock units are granted in the first quarter based on the prior year’s performance and vest over a three-year period. The units are credited quarterly using the closing price of the Company’s common stock on the applicable record date for the respective quarter. The following table details total awards granted and the number of units outstanding as of September 30, 2024, along with the amounts paid to holders of the restricted stock units (“RSUs”) for the three and nine months ended September 30, 2024 and 2023 (in thousands, except unit amounts): Three Months Ended Nine Months Ended Grant Date Units Granted Units Outstanding 2024 2023 2024 2023 Q1 2021 27,403 — $ — $ 27 $ 28 $ 85 Q1 2022 22,262 1,778 21 23 67 70 Q1 2023 30,366 11,852 29 31 92 62 Q1 2024 30,962 22,706 31 — 64 — Total 110,993 36,336 $ 81 $ 81 $ 251 $ 217 These are liability awards, so when the stock price decreases, cumulative compensation expense is reduced, which can lead to negative compensation expense in a given period. Based on GWRI’s closing share price on September 30, 2024 (the last trading date of the quarter), deferred compensation expense to be recognized over future periods is estimated for the years ending December 31 as follows (in thousands): RSUs 2024 (remaining period) $ 84 2025 246 2026 127 Total $ 457 Stock appreciation rights Stock appreciation rights (“SARs”) were granted to certain members of management and are fully vested. The following table details the grant date, units granted, exercise price, outstanding units as of September 30, 2024 and amounts paid during the three and nine months ended September 30, 2024 and 2023 (in thousands, except unit and per unit amounts): Three Months Ended Nine Months Ended Grant Date Units Granted Exercise Price Units Outstanding 2024 2023 2024 2023 Q1 2015 (1) 299,000 $ 4.26 12,500 $ — $ — $ — $ 165 Q1 2018 (2) 33,000 $ 8.99 8,250 — — — — Total 332,000 20,750 $ — $ — $ — $ 165 (1) The exercise price was determined to be the fair market value of one share of GWR Global Water Resources Corp. stock on the grant date of February 11, 2015. (2) The exercise price was determined to be the fair market value of one share of GWRI stock on the grant date of March 12, 2018. Restricted stock awards On May 7, 2020, the Company’s stockholders approved the Global Water Resources, Inc. 2020 Omnibus Incentive Plan, which allows restricted stock awards as a form of compensation. A restricted stock award (“RSA”) represents the right to receive a share of the Company’s common stock. RSAs vest over two During the three and nine months ended September 30, 2024, 9,537 RSAs were issued. During the three and nine months ended September 30, 2023, 6,000 RSAs were issued. The following table details the compensation expense related to the grant and partial vesting of previously granted RSAs for the three and nine months ended September 30, 2024 and 2023 (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Compensation expense $ 55 $ 200 $ 450 $ 737

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	9 Months Ended
	Sep. 30, 2024
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	SUPPLEMENTAL CASH FLOW INFORMATION The following is supplemental cash flow information for the nine months ended September 30, 2024 and 2023 (in thousands): Nine Months Ended 2024 2023 Supplemental cash flow information: Cash paid for interest - net of amounts capitalized $ 3,114 $ 2,343 Cash paid for income taxes 107 276 Non-cash financing and investing activities: Capital expenditures included in accounts payable and accrued liabilities 3,417 2,251 Utility Plant constructed by developers and conveyed 10,831 11,276 Business acquisition through issuance of contingent consideration payable — 1,330 Finance lease additions 604 94

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Commitments The Company has operating and finance leases for vehicles, office equipment, and office space. Refer to Note 4 – “Leases” in our Annual Report on Form 10-K for the year ended December 31, 2023 for additional information. On February 1, 2023, the Company acquired all of the equity of Farmers Water Co., an operator of a water utility with service area in Pima County, Arizona. Under the terms of the purchase agreement, the Company is obligated to pay the seller a growth premium for each new account established within the specified growth premium areas. The estimated fair value of the remaining liability was $1.2 million and $1.3 million as of September 30, 2024 and December 31, 2023, respectively, and is included in Acquisition liabilities on the condensed consolidated balance sheets (unaudited). On October 16, 2018, the Company completed the acquisition of GW-Red Rock, an operator of a water and a wastewater utility with service areas in the Pima and Pinal counties of Arizona. Under the terms of the purchase agreement, the Company is obligated to pay to the seller a growth premium for each new account established within specified growth premium areas. During the three months ended September 30, 2024, the Company revised the fair value of the estimated liability of the contingent consideration based on modified building plans from the landowners in the growth premium areas, which resulted in a net $0.1 million gain on remeasurement, which is included in Other, net on the condensed consolidated statements of operations (unaudited) for the three and nine months ended September 30, 2024. As of September 30, 2024, no meters have been installed and no accounts have been established in any of the specified growth premium areas. The estimated fair value of the remaining liability was $0.7 million and $0.8 million as of September 30, 2024 and December 31, 2023, respectively, and is included in Acquisition liabilities on the condensed consolidated balance sheets (unaudited). Refer to Note 8 — “Fair Value” for additional information about contingent consideration. The Company has previously received certain ICFA advances related to its CP Water utility, which the Company is obligated to repay in the form of specified future ICFA fee reductions when those ICFA fees are due. The liability was $0.9 million as of both September 30, 2024 and December 31, 2023 and is included in Acquisition liabilities on the condensed consolidated balance sheets (unaudited). Contingencies From time to time, in the ordinary course of business, the Company may be subject to pending or threatened lawsuits in which claims for monetary damages are asserted. Management is not aware of any legal proceeding of which the ultimate resolution could materially affect the Company’s financial position, results of operations, or cash flows.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 2,925	$ 1,730	$ 691	$ 2,634	$ 1,739	$ 2,466	$ 5,346	$ 6,839

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION, CORPOR_2

BASIS OF PRESENTATION, CORPORATE TRANSACTIONS, SIGNIFICANT ACCOUNTING POLICIES, AND RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Principles of Consolidation	The condensed consolidated financial statements (unaudited) of Global Water Resources, Inc. (the “Company”, “GWRI”, “we”, “us”, or “our”) and related disclosures as of September 30, 2024 and for the three and nine months ended September 30, 2024 and 2023 are unaudited. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted. These financial statements follow the same accounting policies and methods of their application as the Company’s most recent annual consolidated financial statements. These financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2023. In the Company’s opinion, these financial statements include all normal and recurring adjustments necessary for the fair statement of the results for the interim period. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full year, due to the seasonality of our business.
Basis of Presentation	The Company prepares its financial statements in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Basic and Diluted Earnings per Common Share	Basic and Diluted Earnings per Common Share
Segments	Segments Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing operating performance. The Company is not organized around specific products and services, geographic regions, or regulatory environments. The Company currently operates in one geographic region within the State of Arizona, wherein each operating utility operates within the same regulatory environment. While the Company reports its revenue, disaggregated by service type, on the face of its condensed consolidated statements of operations (unaudited), the Company does not manage the business based on any performance measure at the individual revenue stream level. The Company does not have any customers that contribute more than 10% to the Company’s revenues or revenue streams. Additionally, the CODM uses consolidated financial information to evaluate the Company’s performance, which is the same basis on which he communicates the Company’s results and performance to the Board of Directors. It is upon this consolidated basis from which he bases all significant decisions regarding the allocation of the Company’s resources on a consolidated level. Based on the information described above and in accordance with the applicable literature, management has concluded that the Company is currently organized and operated as one operating and reportable segment.
Governmental Funding & Assistance	Governmental Funding & Assistance Occasionally, the Company participates in various U.S. federal, state and local programs under which governmental funding is received to offset certain specified costs of the Company associated with water conservation efforts, the provision of utility service or facilities in designated locations (such as unserved or underserved rural areas), and the replacement and upgrading of outdated equipment with advanced metering infrastructure. In certain instances, our receipt of awarded governmental funds may be conditioned on the Company meeting specified progress and inspection milestones during construction of associated utility infrastructure projects. Certain programs are subject to audits of compliance with program commitments and, subject to the outcomes of those assessments, the Company may be required to reimburse the government entity for cash previously received, or, in some cases, pay a penalty. The Company evaluates each program and establishes a liability under the principles of Accounting Standards Codification (“ASC”) 450 if it is probable support payments will be recaptured or a penalty will be imposed.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Future Adoption of Accounting Standards In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is assessing the timing and impact that adopting this new standard will have on its consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures that expands disclosures of significant segment expenses and includes new disclosures for entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company will implement and provide the required annual disclosures beginning in its Annual Report on Form 10-K for the year ended December 31, 2024.

BASIS OF PRESENTATION, CORPOR_3

BASIS OF PRESENTATION, CORPORATE TRANSACTIONS, SIGNIFICANT ACCOUNTING POLICIES, AND RECENT ACCOUNTING PRONOUNCEMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	A reconciliation of the denominator used in basic and diluted EPS calculations is shown in the following table: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (In thousands) Basic weighted average common shares outstanding 24,220 24,171 24,198 24,046 Effect of dilutive securities: 2017 Option grant 66 54 67 72 2019 Option grant 13 7 13 14 2020 Restricted stock awards — — — 6 2021 Restricted stock awards 4 — 24 6 Total dilutive securities 83 61 104 98 Diluted weighted average common shares outstanding 24,303 24,232 24,302 24,144 Anti-dilutive shares excluded from earnings per diluted shares (1) — 138 — 94 (1) Shares excluded from the dilutive-effect calculation because the outstanding awards’ exercise prices were greater than the average market price of the Company’s common stock.

REGULATORY DECISION AND RELAT_2

REGULATORY DECISION AND RELATED ACCOUNTING AND POLICY CHANGES (Tables)	9 Months Ended
	Sep. 30, 2024
Regulated Operations [Abstract]
Schedule of Regulatory Assets	The Company’s regulatory assets and liabilities consist of the following (in thousands): Recovery Period September 30, 2024 December 31, 2023 Regulatory Assets Acquisition premiums (1) 25 or 50 years $ 2,616 $ 1,269 Income taxes recoverable through future rates (2) Various 1,345 1,404 Rate case expense surcharge (3) 2 years 104 221 Other regulatory assets 45 4 Total regulatory assets $ 4,110 $ 2,898 Regulatory Liabilities Acquired ICFAs (4) $ 4,708 $ 4,896 Income taxes payable through future rates (2) 473 488 Depreciation adjustment (5) 682 692 Total regulatory liabilities $ 5,863 $ 6,076 (1) Decision No. 78319, issued on December 3, 2021, approved an acquisition premium related to the acquisition of the Company’s GW-Rincon utility. The acquisition premium balance relating to the Company’s GW-Rincon utility as of September 30, 2024 was approximately $0.6 million. Decision No. 79383, issued on June 20, 2024, allowed the Company to begin amortization of the acquisition premium through customer rates over 50 years. Decision No. 79383 also approved acquisition premiums related to the acquisition of the Company’s GW-Francesca, GW-Las Quintas Serenas, GW-Lyn Lee, GW-Mirabell, and GW-Tortolita utilities. The acquisition premiums will be amortized through customer rates over 50 years as approved in the decision. The acquisition premium balance relating to these utilities as of September 30, 2024 was approximately $1.3 million. Decision No. 78644, issued on July 27, 2022, approved acquisition premiums related to the acquisitions of the Company’s GW-Turner Ranches and Global Water – Red Rock Water Company, Inc. (“GW-Red Rock”) utilities. Amortization began in 2022 as the acquisition premiums were included in customer rates as approved in the decision and will continue over a 25-year period. The acquisition premium balance relating to these utilities as of September 30, 2024 was approximately $0.7 million. (2) The TCJA required the Company to re-measure all existing deferred income tax assets and liabilities to reflect the reduction in the federal tax rate. For the Company’s regulated entities, substantially all of the change in deferred income taxes is recorded as an offset to either a regulatory asset or liability because the impact of changes in the rates are expected to be recovered from or refunded to customers. (3) Decision No. 78743, issued on October 24, 2022, approved approximately $0.5 million in rate case expenses to be recovered through a rate case expense surcharge over a period of up to two years. Decision No. 79383 also approved approximately $0.1 million in rate case expenses to be recovered through a rate case expense surcharge over a period of up to a two-years. (4) The acquired Infrastructure Coordination and Financing Agreements (“ICFA”) regulatory liability relates to the offset of intangible assets related to ICFA contracts obtained in connection with the GW-Santa Cruz, GW-Palo Verde, and Sonoran Utility Services, LLC (“Sonoran”) acquisitions. When funds are received related to the acquired ICFA, a portion of these funds reduce the acquired ICFA regulatory liability and partially offset the amortization expense recognition of the related intangible asset. (5) Decision No. 78644 approved an adjustment to update previously approved depreciation rates. The adjustment was incorporated into rates in accordance with the rate decision.
Schedule of Regulatory Liabilities	The Company’s regulatory assets and liabilities consist of the following (in thousands): Recovery Period September 30, 2024 December 31, 2023 Regulatory Assets Acquisition premiums (1) 25 or 50 years $ 2,616 $ 1,269 Income taxes recoverable through future rates (2) Various 1,345 1,404 Rate case expense surcharge (3) 2 years 104 221 Other regulatory assets 45 4 Total regulatory assets $ 4,110 $ 2,898 Regulatory Liabilities Acquired ICFAs (4) $ 4,708 $ 4,896 Income taxes payable through future rates (2) 473 488 Depreciation adjustment (5) 682 692 Total regulatory liabilities $ 5,863 $ 6,076 (1) Decision No. 78319, issued on December 3, 2021, approved an acquisition premium related to the acquisition of the Company’s GW-Rincon utility. The acquisition premium balance relating to the Company’s GW-Rincon utility as of September 30, 2024 was approximately $0.6 million. Decision No. 79383, issued on June 20, 2024, allowed the Company to begin amortization of the acquisition premium through customer rates over 50 years. Decision No. 79383 also approved acquisition premiums related to the acquisition of the Company’s GW-Francesca, GW-Las Quintas Serenas, GW-Lyn Lee, GW-Mirabell, and GW-Tortolita utilities. The acquisition premiums will be amortized through customer rates over 50 years as approved in the decision. The acquisition premium balance relating to these utilities as of September 30, 2024 was approximately $1.3 million. Decision No. 78644, issued on July 27, 2022, approved acquisition premiums related to the acquisitions of the Company’s GW-Turner Ranches and Global Water – Red Rock Water Company, Inc. (“GW-Red Rock”) utilities. Amortization began in 2022 as the acquisition premiums were included in customer rates as approved in the decision and will continue over a 25-year period. The acquisition premium balance relating to these utilities as of September 30, 2024 was approximately $0.7 million. (2) The TCJA required the Company to re-measure all existing deferred income tax assets and liabilities to reflect the reduction in the federal tax rate. For the Company’s regulated entities, substantially all of the change in deferred income taxes is recorded as an offset to either a regulatory asset or liability because the impact of changes in the rates are expected to be recovered from or refunded to customers. (3) Decision No. 78743, issued on October 24, 2022, approved approximately $0.5 million in rate case expenses to be recovered through a rate case expense surcharge over a period of up to two years. Decision No. 79383 also approved approximately $0.1 million in rate case expenses to be recovered through a rate case expense surcharge over a period of up to a two-years. (4) The acquired Infrastructure Coordination and Financing Agreements (“ICFA”) regulatory liability relates to the offset of intangible assets related to ICFA contracts obtained in connection with the GW-Santa Cruz, GW-Palo Verde, and Sonoran Utility Services, LLC (“Sonoran”) acquisitions. When funds are received related to the acquired ICFA, a portion of these funds reduce the acquired ICFA regulatory liability and partially offset the amortization expense recognition of the related intangible asset. (5) Decision No. 78644 approved an adjustment to update previously approved depreciation rates. The adjustment was incorporated into rates in accordance with the rate decision.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Roll forward of Deferred Revenue	December 31, 2023 Balance Payments Allocated to Deferred Revenue Revenue Recognized September 30, 2024 Balance Deferred Revenue - ICFA $ 19,656 $ 629 $ — $ 20,285
Schedule of Disaggregation of Revenue	For the three and nine months ended September 30, 2024 and 2023, disaggregated revenues from contracts with customers by major source and customer class are as follows (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 REGULATED REVENUE Water Service Residential $ 5,034 $ 4,900 $ 14,003 $ 13,261 Irrigation 1,205 1,393 2,459 2,739 Commercial 541 457 1,389 1,184 Construction 469 537 861 1,036 Other water revenues 244 233 675 696 Total water revenues 7,493 7,520 19,387 18,916 Wastewater and recycled water service Residential 5,796 5,630 17,607 16,725 Commercial 336 317 1,034 906 Recycled water revenues 607 469 1,133 1,062 Other wastewater revenues 89 78 280 265 Total wastewater and recycled water revenues 6,828 6,494 20,054 18,958 TOTAL REGULATED REVENUE 14,321 14,014 39,441 37,874 UNREGULATED REVENUE ICFA revenues — 518 — 2,786 TOTAL REVENUE $ 14,321 $ 14,532 $ 39,441 $ 40,660
Schedule of Contract Assets and Liabilities	The Company’s contract assets and liabilities consist of the following (in thousands): September 30, 2024 December 31, 2023 CONTRACT ASSETS Accounts receivable Water service $ 2,125 $ 1,588 Wastewater and recycled water service 1,297 1,379 Total contract assets $ 3,422 $ 2,967 CONTRACT LIABILITIES Deferred revenue - ICFA $ 20,285 $ 19,656 Total contract liabilities $ 20,285 $ 19,656
Schedule of Accounts Receivable	Accounts receivable as of September 30, 2024 and December 31, 2023 consist of the following (in thousands): September 30, 2024 December 31, 2023 Billed receivables $ 3,422 $ 2,967 Less provision for credit losses (151) (122) Accounts receivable, net $ 3,271 $ 2,845
Schedule of Allowance for Doubtful Accounts Activity	The following table summarizes the allowance for credit loss activity for the nine months ended September 30, 2024 and the year ended December 31, 2023 (in thousands): September 30, 2024 December 31, 2023 Beginning of Period $ (122) $ (164) Credit Loss Expense (69) (76) Write Offs 67 124 Recoveries (27) (6) End of Period $ (151) $ (122)

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Depreciable property, plant and equipment as of September 30, 2024 and December 31, 2023 consist of the following (in thousands): September 30, 2024 December 31, 2023 Equipment $ 61,519 $ 60,536 Office buildings and other structures 64,622 64,084 Transmission and distribution plant 301,530 289,550 Total property, plant and equipment $ 427,671 $ 414,170 Depreciation of property, plant and equipment is computed based on the estimated useful lives as follows: Useful Lives Equipment 3 to 30 years Office buildings and other structures 30 years Transmission and distribution plant 10 to 50 years

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	As of September 30, 2024 and December 31, 2023, the goodwill balance consisted of the following (in thousands): December 31, 2023 Balance Acquisition Activity Adjustments Subsequent to Acquisition Date September 30, 2024 Balance Goodwill $ 10,820 $ — $ (1,334) $ 9,486
Schedule of Finite-lived Intangible Assets	As of September 30, 2024 and December 31, 2023, intangible assets consisted of the following (in thousands): September 30, 2024 December 31, 2023 Gross Accumulated Net Gross Accumulated Net INDEFINITE LIVED INTANGIBLE ASSETS: CP Water Certificate of Convenience & Necessity service area $ 1,532 $ — $ 1,532 $ 1,532 $ — $ 1,532 Intangible trademark 13 — 13 13 — 13 Franchise contract rights 139 — 139 139 — 139 Organizational costs 164 — 164 163 — 163 Total indefinite lived intangible assets 1,848 — 1,848 1,847 — 1,847 DEFINITE LIVED INTANGIBLE ASSETS: Acquired ICFAs 17,978 (16,374) 1,604 17,978 (16,105) 1,873 Sonoran contract rights 7,406 (2,285) 5,121 7,406 (2,285) 5,121 Total definite lived intangible assets 25,384 (18,659) 6,725 25,384 (18,390) 6,994 Total intangible assets $ 27,232 $ (18,659) $ 8,573 $ 27,231 $ (18,390) $ 8,841
Schedule of Indefinite-lived Intangible Assets	As of September 30, 2024 and December 31, 2023, intangible assets consisted of the following (in thousands): September 30, 2024 December 31, 2023 Gross Accumulated Net Gross Accumulated Net INDEFINITE LIVED INTANGIBLE ASSETS: CP Water Certificate of Convenience & Necessity service area $ 1,532 $ — $ 1,532 $ 1,532 $ — $ 1,532 Intangible trademark 13 — 13 13 — 13 Franchise contract rights 139 — 139 139 — 139 Organizational costs 164 — 164 163 — 163 Total indefinite lived intangible assets 1,848 — 1,848 1,847 — 1,847 DEFINITE LIVED INTANGIBLE ASSETS: Acquired ICFAs 17,978 (16,374) 1,604 17,978 (16,105) 1,873 Sonoran contract rights 7,406 (2,285) 5,121 7,406 (2,285) 5,121 Total definite lived intangible assets 25,384 (18,659) 6,725 25,384 (18,390) 6,994 Total intangible assets $ 27,232 $ (18,659) $ 8,573 $ 27,231 $ (18,390) $ 8,841

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses as of September 30, 2024 and December 31, 2023 consist of the following (in thousands): September 30, 2024 December 31, 2023 Accrued project liabilities $ 2,310 $ 1,001 Interest 2,003 480 Accrued bonus 981 602 Property taxes 678 1,242 Dividend payable 606 606 Accrued purchase orders 583 200 Customer prepayments 577 883 Accrued payroll 328 67 Accrued sales taxes 238 179 Deferred compensation 228 239 Accrued electric 213 109 Other accrued liabilities 968 1,521 Total accrued expenses $ 9,713 $ 7,129

FAIR VALUE (Tables)

FAIR VALUE (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Measured on Recurring Basis	Financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 were as follows (in thousands): September 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: HUF funds - restricted cash $ 2,986 $ — $ — $ 2,986 $ 822 $ — $ — $ 822 Certificate of deposit - restricted 947 — — 947 — 854 — 854 Demand deposit 1 — — 1 1 — — 1 Total $ 3,934 $ — $ — $ 3,934 $ 823 $ 854 $ — $ 1,677 Liabilities: Contingent consideration $ — $ — $ 1,946 $ 1,946 $ — $ — $ 2,113 $ 2,113 Total $ — $ — $ 1,946 $ 1,946 $ — $ — $ 2,113 $ 2,113

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Outstanding Balances and Maturity Dates for Short Term and Long Term Debt	The outstanding balances and maturity dates for short-term (including the current portion of long-term debt) and long-term debt as of September 30, 2024 and December 31, 2023 are as follows (in thousands): September 30, 2024 December 31, 2023 Short-term Long-term Short-term Long-term NOTES PAYABLE - 4.38% Senior Secured Notes, Series A, maturing June 2028 (“Series A Notes”) $ — 28,750 $ — $ 28,750 4.58% Senior Secured Notes, Series B, maturing June 2036 (“Series B Notes”) 3,833 70,917 3,833 72,833 6.91% Senior Secured Notes, maturing January 2034 (“6.91% Notes”) — 20,000 — — 4.911% WIFA Note, maturing April 2044 (“4.911% WIFA Note”) 49 1,399 — — 3,882 121,066 3,833 101,583 OTHER Debt issuance costs — (784) — (426) Loan Payable 49 145 47 184 Total debt $ 3,931 $ 120,427 $ 3,880 $ 101,341
Schedule of Liabilities Measured on Recurring Basis	Debt is measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 as follows (in thousands): September 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Long-term debt (1) — 124,648 — 124,648 — 100,746 — 100,746 (1) The fair value of debt was estimated based on interest rates considered available for instruments of similar terms and remaining maturities.

DEFERRED COMPENSATION AWARDS (T

DEFERRED COMPENSATION AWARDS (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Total Awards Granted, Number of Units Outstanding and Amounts Paid to PSU and RSU Holders and RSA Units Granted and Compensation Expense Related to the Grant	The following table details total awards granted and the number of units outstanding as of September 30, 2024, along with the amounts paid to holders of the restricted stock units (“RSUs”) for the three and nine months ended September 30, 2024 and 2023 (in thousands, except unit amounts): Three Months Ended Nine Months Ended Grant Date Units Granted Units Outstanding 2024 2023 2024 2023 Q1 2021 27,403 — $ — $ 27 $ 28 $ 85 Q1 2022 22,262 1,778 21 23 67 70 Q1 2023 30,366 11,852 29 31 92 62 Q1 2024 30,962 22,706 31 — 64 — Total 110,993 36,336 $ 81 $ 81 $ 251 $ 217 Three Months Ended Nine Months Ended 2024 2023 2024 2023 Compensation expense $ 55 $ 200 $ 450 $ 737
Schedule of Deferred Compensation Arrangement with Individual, Share-Based Payments	These are liability awards, so when the stock price decreases, cumulative compensation expense is reduced, which can lead to negative compensation expense in a given period. Based on GWRI’s closing share price on September 30, 2024 (the last trading date of the quarter), deferred compensation expense to be recognized over future periods is estimated for the years ending December 31 as follows (in thousands): RSUs 2024 (remaining period) $ 84 2025 246 2026 127 Total $ 457
Schedule of Recipients of SARs Awards, Grant Date, Units Granted, Exercise Price, Outstanding Shares and Amounts Paid	The following table details the grant date, units granted, exercise price, outstanding units as of September 30, 2024 and amounts paid during the three and nine months ended September 30, 2024 and 2023 (in thousands, except unit and per unit amounts): Three Months Ended Nine Months Ended Grant Date Units Granted Exercise Price Units Outstanding 2024 2023 2024 2023 Q1 2015 (1) 299,000 $ 4.26 12,500 $ — $ — $ — $ 165 Q1 2018 (2) 33,000 $ 8.99 8,250 — — — — Total 332,000 20,750 $ — $ — $ — $ 165 (1) The exercise price was determined to be the fair market value of one share of GWR Global Water Resources Corp. stock on the grant date of February 11, 2015. (2) The exercise price was determined to be the fair market value of one share of GWRI stock on the grant date of March 12, 2018.

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	The following is supplemental cash flow information for the nine months ended September 30, 2024 and 2023 (in thousands): Nine Months Ended 2024 2023 Supplemental cash flow information: Cash paid for interest - net of amounts capitalized $ 3,114 $ 2,343 Cash paid for income taxes 107 276 Non-cash financing and investing activities: Capital expenditures included in accounts payable and accrued liabilities 3,417 2,251 Utility Plant constructed by developers and conveyed 10,831 11,276 Business acquisition through issuance of contingent consideration payable — 1,330 Finance lease additions 604 94

BASIS OF PRESENTATION, CORPOR_4

BASIS OF PRESENTATION, CORPORATE TRANSACTIONS, SIGNIFICANT ACCOUNTING POLICIES, AND RECENT ACCOUNTING PRONOUNCEMENTS - Corporate Transactions (Details) $ / shares in Units, $ in Thousands					3 Months Ended		9 Months Ended
	Apr. 25, 2024 USD ($) waterSystem service_connection	Jun. 08, 2023 USD ($) $ / shares shares	Feb. 01, 2023 USD ($) mi² service_connection	Jul. 14, 2015 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Growth premiums received					$ 900	$ 700	$ 2,200	$ 1,600
Accumulated growth premiums received					$ 12,900		$ 12,900
Farmers Water Company
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of active water connections | service_connection			3,300
Square miles of approved service area | mi²			21.5
Maximum payout of growth premium receivable			$ 3,500
Valencia Water Company
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Growth premium receivable for each new water meter installed				$ 3,000
Period for maximum payout of growth premium receivable				20 years
Maximum payout of growth premium receivable				$ 45,000
Private Placement Offering
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of common stock to be issued and sold (in shares) | shares		230,000
Purchase price (in dollars per share) | $ / shares		$ 12.07
Gross proceeds from sale of stock		$ 2,800
Affiliates | Private Placement Offering
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of common stock issued (in shares) | shares		30,000
Affiliates | GW-Acquisition | Tucson City Council, Asset Acquisition
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of water systems acquired | waterSystem	7
Number of active water connections | service_connection	2,200
Cash transaction	$ 8,400
Estimated rate base	$ 7,800

BASIS OF PRESENTATION, CORPOR_5

BASIS OF PRESENTATION, CORPORATE TRANSACTIONS, SIGNIFICANT ACCOUNTING POLICIES, AND RECENT ACCOUNTING PRONOUNCEMENTS - Reconciliation of the Denominator Used in Basic and Diluted EPS Calculations (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Basic weighted average common shares outstanding (in shares)	24,219,564	24,171,228	24,198,270	24,046,493
Effect of dilutive securities (in shares)	83,000	61,000	104,000	98,000
Diluted weighted average common shares outstanding (in shares)	24,302,521	24,231,801	24,301,974	24,144,384
Anti-dilutive shares excluded from earnings per diluted share (in shares)	0	138,000	0	94,000
Option | 2017 Option grant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive securities (in shares)	66,000	54,000	67,000	72,000
Option | 2019 Option grant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive securities (in shares)	13,000	7,000	13,000	14,000
Restricted stock awards | 2020 Restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive securities (in shares)	0	0	0	6,000
Restricted stock awards | 2021 Restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive securities (in shares)	4,000	0	24,000	6,000

BASIS OF PRESENTATION, CORPOR_6

BASIS OF PRESENTATION, CORPORATE TRANSACTIONS, SIGNIFICANT ACCOUNTING POLICIES, AND RECENT ACCOUNTING PRONOUNCEMENTS - Segments (Details)	9 Months Ended
	Sep. 30, 2024 region segment
Segment Reporting Information [Line Items]
Number of operating segments	1
Number of reportable segments	1
ARIZONA
Segment Reporting Information [Line Items]
Number of geographic regions in which operating utility operates | region	1

BASIS OF PRESENTATION, CORPOR_7

BASIS OF PRESENTATION, CORPORATE TRANSACTIONS, SIGNIFICANT ACCOUNTING POLICIES, AND RECENT ACCOUNTING PRONOUNCEMENTS - Governmental Funding & Assistance (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Dec. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Government Assistance [Line Items]
Advances and contributions in aid of construction		$ 10,455	$ 8,370
GW - Farmers Utility
Government Assistance [Line Items]
Advances and contributions in aid of construction	$ 0	$ 800
GW - Farmers Utility | Government Assistance, CIAC, WIFA
Government Assistance [Line Items]
Government assistance, amount	$ 1,600

REGULATORY DECISION AND RELAT_3

REGULATORY DECISION AND RELATED ACCOUNTING AND POLICY CHANGES - Additional Information (Details) $ in Thousands	Aug. 01, 2024 USD ($)	Jun. 27, 2024 USD ($)	Jun. 20, 2024 USD ($) utility	Jul. 27, 2022 USD ($)	Sep. 30, 2024 USD ($)	May 10, 2024 system	Jan. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jul. 03, 2023 USD ($)
Public Utilities, General Disclosures [Line Items]
Requested revenue increase			$ 351
Approved collective revenue increase				$ 2,200
Number of isolated systems to acquire | system						7
Construction work-in-progress					$ 66,703			$ 48,147
Number of regulated utilities that filed a rate case with the ACC | utility			7
Requested equity capital structure (as a percent)			55%
Return on equity, percentage			9.60%
Public utilities, phase-in period				2 years
Water Plant
Public Utilities, General Disclosures [Line Items]
Construction work-in-progress									$ 38,400
Plant placed in service									$ 25,000
Construction cost included in rate base							$ 7,800
Approved bill credit, impact on revenues	$ 570
Arizona Corporation Commission (ACC)
Public Utilities, General Disclosures [Line Items]
Requested revenue increase		$ 1,300

REGULATORY DECISION AND RELAT_4

REGULATORY DECISION AND RELATED ACCOUNTING AND POLICY CHANGES - Schedule of Regulatory Assets and Regulatory Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 20, 2024	Dec. 31, 2023	Oct. 24, 2022
Regulatory Liability [Line Items]
Regulatory Assets	$ 4,110		$ 2,898
Regulatory Liabilities	5,863		6,076
Acquired ICFAs
Regulatory Liability [Line Items]
Regulatory Liabilities	4,708		4,896
Income taxes payable through future rates
Regulatory Liability [Line Items]
Regulatory Liabilities	473		488
Depreciation adjustment
Regulatory Liability [Line Items]
Regulatory Liabilities	682		692
Acquisition premiums
Regulatory Liability [Line Items]
Regulatory Assets	2,616	$ 1,800	1,269
Acquisition premiums | Rincon Water Company, Inc.
Regulatory Liability [Line Items]
Recovery Period		50 years
Regulatory Assets	600
Acquisition premiums | Francesca, Las Quintas Serenas, Lyn Lee, Mirabell And Tortolita Utilities
Regulatory Liability [Line Items]
Recovery Period		50 years
Regulatory Assets	$ 1,300
Acquisition premiums | Turner Ranches Irrigation, Inc. and Red Rock Utilities Company
Regulatory Liability [Line Items]
Recovery Period	25 years
Regulatory Assets	$ 700
Acquisition premiums | Minimum
Regulatory Liability [Line Items]
Recovery Period	25 years
Acquisition premiums | Maximum
Regulatory Liability [Line Items]
Recovery Period	50 years
Income taxes recoverable through future rates
Regulatory Liability [Line Items]
Regulatory Assets	$ 1,345		1,404
Rate case expense surcharge
Regulatory Liability [Line Items]
Recovery Period	2 years
Regulatory Assets	$ 104		221
Rate case expense surcharge one
Regulatory Liability [Line Items]
Recovery Period				2 years
Regulatory Assets				$ 500
Rate case expense surcharge two
Regulatory Liability [Line Items]
Recovery Period				2 years
Regulatory Assets				$ 100
Other regulatory assets
Regulatory Liability [Line Items]
Regulatory Assets	$ 45		$ 4

REVENUE RECOGNITION - Additiona

REVENUE RECOGNITION - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Required payment period	15 days
Percentage of ICFA payments, recorded as HUF liability	70%
Percentage of overall ICFA funds, recorded as deferred revenue	30%

REVENUE RECOGNITION - Schedule

REVENUE RECOGNITION - Schedule of Deferred Revenue - ICFA (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Deferred Revenue Roll Forward:
Beginning balance	$ 19,656
Ending balance	20,285
Deferred Revenue - ICFA
Deferred Revenue Roll Forward:
Beginning balance	19,656
Payments Allocated to Deferred Revenue	629
Revenue Recognized	0
Ending balance	$ 20,285

REVENUE RECOGNITION - Schedul_2

REVENUE RECOGNITION - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 14,321	$ 14,532	$ 39,441	$ 40,660
Regulated Operation
Disaggregation of Revenue [Line Items]
Total revenues	14,321	14,014	39,441	37,874
Regulated Operation | Water Service
Disaggregation of Revenue [Line Items]
Total revenues	7,493	7,520	19,387	18,916
Regulated Operation | Water Service | Residential
Disaggregation of Revenue [Line Items]
Total revenues	5,034	4,900	14,003	13,261
Regulated Operation | Water Service | Irrigation
Disaggregation of Revenue [Line Items]
Total revenues	1,205	1,393	2,459	2,739
Regulated Operation | Water Service | Commercial
Disaggregation of Revenue [Line Items]
Total revenues	541	457	1,389	1,184
Regulated Operation | Water Service | Construction
Disaggregation of Revenue [Line Items]
Total revenues	469	537	861	1,036
Regulated Operation | Water Service | Other water revenues
Disaggregation of Revenue [Line Items]
Total revenues	244	233	675	696
Regulated Operation | Wastewater and recycled water service
Disaggregation of Revenue [Line Items]
Total revenues	6,828	6,494	20,054	18,958
Regulated Operation | Wastewater and recycled water service | Residential
Disaggregation of Revenue [Line Items]
Total revenues	5,796	5,630	17,607	16,725
Regulated Operation | Wastewater and recycled water service | Commercial
Disaggregation of Revenue [Line Items]
Total revenues	336	317	1,034	906
Regulated Operation | Wastewater and recycled water service | Recycled water revenues
Disaggregation of Revenue [Line Items]
Total revenues	607	469	1,133	1,062
Regulated Operation | Wastewater and recycled water service | Other wastewater revenues
Disaggregation of Revenue [Line Items]
Total revenues	89	78	280	265
Unregulated Operation | ICFA revenues
Disaggregation of Revenue [Line Items]
Total revenues	$ 0	$ 518	$ 0	$ 2,786

REVENUE RECOGNITION - Schedul_3

REVENUE RECOGNITION - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Capitalized Contract Cost [Line Items]
Accounts receivable	$ 3,422	$ 2,967
Deferred revenue - ICFA	20,285	19,656
Total contract liabilities	20,285	19,656
Water service
Capitalized Contract Cost [Line Items]
Accounts receivable	2,125	1,588
Wastewater and recycled water service
Capitalized Contract Cost [Line Items]
Accounts receivable	$ 1,297	$ 1,379

REVENUE RECOGNITION - Schedul_4

REVENUE RECOGNITION - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Billed receivables	$ 3,422	$ 2,967
Less provision for credit losses	(151)	(122)
Accounts receivable, net	$ 3,271	$ 2,845

REVENUE RECOGNITION - Schedul_5

REVENUE RECOGNITION - Schedule of Allowance for Doubtful Accounts Activity (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Allowance for doubtful accounts [Roll Forward]
Beginning of Period	$ (122)	$ (164)
Credit Loss Expense	(69)	(76)
Write Offs	67	124
Recoveries	(27)	(6)
End of Period	$ (151)	$ (122)

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 427,671	$ 414,170
Equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 61,519	60,536
Equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful life	3 years
Equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful life	30 years
Office buildings and other structures
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 64,622	64,084
Useful life	30 years
Transmission and distribution plant
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 301,530	$ 289,550
Transmission and distribution plant | Minimum
Property, Plant and Equipment [Line Items]
Useful life	10 years
Transmission and distribution plant | Maximum
Property, Plant and Equipment [Line Items]
Useful life	50 years

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jun. 20, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Goodwill [Line Items]
Goodwill		$ 9,486		$ 9,486		$ 10,820
Goodwill reclassified	$ (1,300)			(1,334)
Regulatory assets		4,110		4,110		2,898
Amortization of intangible assets		0	$ 1,400	300	$ 1,400
Acquisition premiums
Goodwill [Line Items]
Regulatory assets	1,800	$ 2,616		$ 2,616		$ 1,269
Acquisition premiums | GW-Rincon Utility
Goodwill [Line Items]
Regulatory assets	$ 500

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill (Details) - USD ($) $ in Thousands		9 Months Ended
	Jun. 20, 2024	Sep. 30, 2024
Goodwill [Roll Forward]
December 31, 2023 Balance		$ 10,820
Acquisition Activity		0
Adjustments Subsequent to Acquisition Date	$ (1,300)	(1,334)
September 30, 2024 Balance		$ 9,486

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
INDEFINITE LIVED INTANGIBLE ASSETS:
Total indefinite lived intangible assets	$ 1,848	$ 1,847
DEFINITE LIVED INTANGIBLE ASSETS:
Gross Amount	25,384	25,384
Accumulated Amortization	(18,659)	(18,390)
Net Amount	6,725	6,994
Total intangible assets, Gross Amount	27,232	27,231
Total intangible assets, Net Amount	8,573	8,841
Acquired ICFAs
DEFINITE LIVED INTANGIBLE ASSETS:
Gross Amount	17,978	17,978
Accumulated Amortization	(16,374)	(16,105)
Net Amount	1,604	1,873
Sonoran contract rights
DEFINITE LIVED INTANGIBLE ASSETS:
Gross Amount	7,406	7,406
Accumulated Amortization	(2,285)	(2,285)
Net Amount	5,121	5,121
CP Water Certificate of Convenience & Necessity service area
INDEFINITE LIVED INTANGIBLE ASSETS:
Total indefinite lived intangible assets	1,532	1,532
Intangible trademark
INDEFINITE LIVED INTANGIBLE ASSETS:
Total indefinite lived intangible assets	13	13
Franchise contract rights
INDEFINITE LIVED INTANGIBLE ASSETS:
Total indefinite lived intangible assets	139	139
Organizational costs
INDEFINITE LIVED INTANGIBLE ASSETS:
Total indefinite lived intangible assets	$ 164	$ 163

TRANSACTIONS WITH RELATED PAR_2

TRANSACTIONS WITH RELATED PARTIES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Affiliates | Medical Benefits Pool Plan
Related Party Transaction [Line Items]
Medical claims paid	$ 0.3	$ 0.3	$ 0.8	$ 0.6

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued project liabilities	$ 2,310	$ 1,001
Interest	2,003	480
Accrued bonus	981	602
Property taxes	678	1,242
Dividend payable	606	606
Accrued purchase orders	583	200
Customer prepayments	577	883
Accrued payroll	328	67
Accrued sales taxes	238	179
Deferred compensation	228	239
Accrued electric	213	109
Other accrued liabilities	968	1,521
Accrued expenses	$ 9,713	$ 7,129

FAIR VALUE (Details)

FAIR VALUE (Details) - USD ($)		9 Months Ended
	Feb. 01, 2023	Sep. 30, 2024	Dec. 31, 2023
Assets:
Demand deposit		$ 1,000	$ 1,000
Total		3,934,000	1,677,000
Liabilities:
Contingent consideration		1,946,000	2,113,000
Total		$ 1,946,000	2,113,000
Red Rock Utilities
Liabilities:
Growth premium, obligation period, after installation		10 years
Growth premium, obligation period, from acquisition date		20 years
Farmers Water Company
Liabilities:
Growth premium payable	$ 1,000
Maximum payout of growth premium receivable	$ 3,500,000
Growth premium, obligation period	10 years	10 years
Red Rock Utilities
Liabilities:
Growth premium payable		$ 750
HUF funds - restricted cash
Assets:
Restricted cash		2,986,000	822,000
Certificate of deposit - restricted
Assets:
Restricted cash		947,000	854,000
Level 1
Assets:
Demand deposit		1,000	1,000
Total		3,934,000	823,000
Liabilities:
Contingent consideration		0	0
Total		0	0
Level 1 | HUF funds - restricted cash
Assets:
Restricted cash		2,986,000	822,000
Level 1 | Certificate of deposit - restricted
Assets:
Restricted cash		947,000	0
Level 2
Assets:
Demand deposit		0	0
Total		0	854,000
Liabilities:
Contingent consideration		0	0
Total		0	0
Level 2 | HUF funds - restricted cash
Assets:
Restricted cash		0	0
Level 2 | Certificate of deposit - restricted
Assets:
Restricted cash		0	854,000
Level 3
Assets:
Demand deposit		0	0
Total		0	0
Liabilities:
Contingent consideration		1,946,000	2,113,000
Total		1,946,000	2,113,000
Level 3 | HUF funds - restricted cash
Assets:
Restricted cash		0	0
Level 3 | Certificate of deposit - restricted
Assets:
Restricted cash		$ 0	$ 0

DEBT - Schedule of Outstanding

DEBT - Schedule of Outstanding Balances and Maturity Dates for Short Term and Long Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Apr. 30, 2024	Dec. 31, 2023	Oct. 26, 2023
Short-term
Notes payable	$ 3,931		$ 3,880
Loan Payable	49		47
Total debt	3,931		3,880
Long-term
Loan Payable	145		184
Total debt	120,427		101,341
Senior Notes
Short-term
Notes payable	3,882		3,833
Debt issuance costs	0		0
Long-term
Notes payable	121,066		101,583
Debt issuance costs	$ (784)		(426)
Senior Notes | 4.38% Senior Secured Notes, Series A, maturing June 2028 (“Series A Notes”)
Debt Instrument [Line Items]
Debt instrument, interest rate	4.38%
Short-term
Notes payable	$ 0		0
Long-term
Notes payable	$ 28,750		28,750
Senior Notes | 4.58% Senior Secured Notes, Series B, maturing June 2036 (“Series B Notes”)
Debt Instrument [Line Items]
Debt instrument, interest rate	4.58%
Short-term
Notes payable	$ 3,833		3,833
Long-term
Notes payable	$ 70,917		72,833
Senior Notes | 6.91% Senior Secured Notes, maturing January 2034 (“6.91% Notes”)
Debt Instrument [Line Items]
Debt instrument, interest rate	6.91%			6.91%
Short-term
Notes payable	$ 0		0
Long-term
Notes payable	20,000		0
Government Loan | 4.911% WIFA Note, maturing April 2044 (“4.911% WIFA Note”)
Debt Instrument [Line Items]
Debt instrument, interest rate		4.911%
Short-term
Notes payable	49		0
Long-term
Notes payable	$ 1,399		$ 0

DEBT - Schedule of Liabilities

DEBT - Schedule of Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt	$ 124,648	$ 100,746
Level 1
Debt Instrument [Line Items]
Long-term debt	0	0
Level 2
Debt Instrument [Line Items]
Long-term debt	124,648	100,746
Level 3
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 0

DEBT - Additional Information (

DEBT - Additional Information (Details) - USD ($)		9 Months Ended
	Apr. 30, 2020	Sep. 30, 2024	Apr. 30, 2024	Dec. 31, 2023	Oct. 26, 2023
Debt Instrument [Line Items]
Line of credit		$ 0		$ 2,315,000
Unamortized debt issuance costs (less than)		100,000		$ 100,000
Northern Trust Loan Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving line of credit, maximum borrowing capacity	$ 10,000,000	$ 15,000,000
Facility fee on unused amount of line of credit (as a percent)		0.35%
GW-Rincon Utility | Government Assistance, Loan
Debt Instrument [Line Items]
Government assistance, amount			$ 2,400,000
GW-Rincon Utility | Government Assistance, Forgiveable Loan
Debt Instrument [Line Items]
Government assistance, amount			$ 700,000
Government Loan | 4.911% WIFA Note, maturing April 2044 (“4.911% WIFA Note”)
Debt Instrument [Line Items]
Debt instrument, interest rate			4.911%
Government Loan | GW-Rincon Utility
Debt Instrument [Line Items]
Disbursements received to date		$ 2,100,000
Senior Notes | 6.91% Senior Secured Notes, maturing January 2034 (“6.91% Notes”)
Debt Instrument [Line Items]
Debt instrument, interest rate		6.91%			6.91%
Aggregate amount					$ 20,000,000
Line of Credit | Northern Trust Loan Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, term	2 years
Basis spread on variable rate (as a percent)	2%
Unused line fee	$ 0

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	26.60%	25.20%	26.30%	26.60%

DEFERRED COMPENSATION AWARDS -

DEFERRED COMPENSATION AWARDS - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Aug. 31, 2019	Aug. 31, 2017	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					3 years
Units granted (in shares)					110,993
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense			$ 55	$ 200	$ 450	$ 737
Units granted (in shares)			9,537	6,000	9,537	6,000
Restricted Stock | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					2 years
Restricted Stock | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					3 years
2017 stock option grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, options granted (in shares)		465,000
Split-adjusted exercise price of options (in dollars per share)		$ 9.40
Options exercised (in shares)					125,750
Options forfeited (in shares)					70,425
Number of options outstanding (in shares)			268,825		268,825
2017 stock option grant | Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period					10 years
2019 stock option grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, options granted (in shares)	250,000
Split-adjusted exercise price of options (in dollars per share)	$ 11.26
Options exercised (in shares)					55,994
Options forfeited (in shares)					63,770
Number of options outstanding (in shares)			130,236		130,236
Compensation expense				$ 20		$ 92
2019 stock option grant | Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period					10 years

DEFERRED COMPENSATION AWARDS _2

DEFERRED COMPENSATION AWARDS - Schedule of Total Awards Granted and Number of Units Outstanding (Details) - Restricted stock units - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units Granted (in shares)			110,993
Units Outstanding (in shares)	36,336		36,336
Amounts Paid	$ 81	$ 81	$ 251	$ 217
Q1 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units Granted (in shares)			27,403
Units Outstanding (in shares)	0		0
Amounts Paid	$ 0	27	$ 28	85
Q1 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units Granted (in shares)			22,262
Units Outstanding (in shares)	1,778		1,778
Amounts Paid	$ 21	23	$ 67	70
Q1 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units Granted (in shares)			30,366
Units Outstanding (in shares)	11,852		11,852
Amounts Paid	$ 29	31	$ 92	62
Q1 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units Granted (in shares)			30,962
Units Outstanding (in shares)	22,706		22,706
Amounts Paid	$ 31	$ 0	$ 64	$ 0

DEFERRED COMPENSATION AWARDS _3

DEFERRED COMPENSATION AWARDS - Schedule of Deferred Compensation Expense (Details) - Restricted stock units $ in Thousands	Sep. 30, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
2024 (remaining period)	$ 84
2025	246
2026	127
Total	$ 457

DEFERRED COMPENSATION AWARDS _4

DEFERRED COMPENSATION AWARDS - Schedule of Recipients of SARs Awards, Grant Date, Units Granted, Exercise Price, Outstanding Shares and Amounts Paid (Details) - Stock Appreciation Rights (SARs) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units Granted (in shares)			332,000
Units Outstanding (in shares)	20,750		20,750
Amounts Paid	$ 0	$ 0	$ 0	$ 165
Q1 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units Granted (in shares)			299,000
Exercise Price (in dollars per share)			$ 4.26
Units Outstanding (in shares)	12,500		12,500
Amounts Paid	$ 0	0	$ 0	165
Q1 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units Granted (in shares)			33,000
Exercise Price (in dollars per share)			$ 8.99
Units Outstanding (in shares)	8,250		8,250
Amounts Paid	$ 0	$ 0	$ 0	$ 0

DEFERRED COMPENSATION AWARDS _5

DEFERRED COMPENSATION AWARDS - Schedule of RSA Units Granted and Compensation Expense Related to the Grant (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 55	$ 200	$ 450	$ 737

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Supplemental cash flow information:
Cash paid for interest - net of amounts capitalized	$ 3,114	$ 2,343
Cash paid for income taxes	107	276
Non-cash financing and investing activities:
Capital expenditures included in accounts payable and accrued liabilities	3,417	2,251
Utility Plant constructed by developers and conveyed	10,831	11,276
Business acquisition through issuance of contingent consideration payable	0	1,330
Finance lease additions	$ 604	$ 94

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	3 Months Ended
	Sep. 30, 2024 USD ($) meter account	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
ICFA fee liability	$ (0.9)	$ (0.9)
Farmers Water Company
Loss Contingencies [Line Items]
Growth premium liability	1.2	1.3
Red Rock Utilities
Loss Contingencies [Line Items]
Growth premium liability	0.7	$ 0.8
Change in contingent consideration	$ 0.1
Number of meters installed | meter	0
Number of accounts established | account	0