Business Description

​ Overview ​ Through our subsidiaries and affiliate, we provide the following products and services to our customers in the Cayman Islands, The Bahamas, the United States and the British Virgin Islands: ​ ● Retail Water Operations. We produce potable water from seawater utilizing reverse osmosis technology and supply this water to end-users, including residential, commercial and government customers in the Cayman Islands under an exclusive retail license issued by the Cayman Islands government to provide water in two of the three most populated areas on Grand Cayman. In 2025, our retail water operations generated approximately 26% of our consolidated revenue. ​ ● Bulk Water Operations. We produce potable water from seawater utilizing reverse osmosis technology and supply this water to government-owned utilities in the Cayman Islands and The Bahamas. In 2025, our bulk water operations generated approximately 25% of our consolidated revenue. ​ ● Services Operations . We design, construct and sell water production and water treatment plants, and we manage and operate water production plants and water treatment and reuse infrastructure, for third parties. We also provide water related consulting services. In 2025, our services operations generated approximately 35% of our consolidated revenue. ​ ● Manufacturing Operations. We manufacture and service a wide range of specialized and custom water-related products and systems applicable to commercial, municipal and industrial water production, supply and treatment. In 2025, our manufacturing operations generated approximately 14% of our consolidated revenue. ​ ● Affiliate Operations. We own 50% of the voting rights and 43.53% of the equity rights of Ocean Conversion (BVI) Ltd., which produces and supplies bulk water to the British Virgin Islands Water and Sewerage Department. ​ As of December 31, 2025, the number of water production and water treatment plants we and our affiliate operated in each country, and the production capacities of these plants, were as follows: ​ ​ ​ ​ ​ ​ Water Production Plant Location ​ ​ ​ Plants ​ ​ ​ Capacity (1) Cayman Islands 6 ​ 11.6 Bahamas 2 ​ 14.8 British Virgin Islands 2 ​ 0.8 Total 10 27.2 (1) In millions of gallons per day. ​ ​ ​ ​ ​ ​ Water Treatment Plant Location ​ ​ ​ Plants (2) ​ ​ ​ Capacity (1) United States 97 ​ 78.5 ​ ​ ​ ​ ​ (1) In estimated millions of gallons per day. (2) Consists of water treatment plants for which we are the “Certified Operator in Responsible Charge” under operations and maintenance and other service agreements. ​ ​ 4 Table of Contents Strategy ​ We are a comprehensive water solutions company that serves a variety of customers through multiple product and service offerings. Presently, we: ​ ● produce and sell potable water through the design, construction and operation of water infrastructure that employs reverse osmosis technology to produce potable water from seawater; ● design, construct, sell, operate and manage water production, water treatment and water reuse infrastructure tailored to meet the regulatory, environmental and commercial requirements of our clients; ● fabricate/manufacture specialized and custom equipment and products employed in the production and treatment of water for municipal, commercial and industrial purposes; and ● provide water-related management and consulting services. ​ We expect to continue to expand and diversify our products, services and markets to meet the ever-expanding global demand for clean water. ​ Key elements of our strategy include: ​ Market expansion. We continue to seek to expand our existing operations in the markets we believe have significant unfulfilled demands for desalinated potable water, water treatment and reuse systems and our other products and services. These markets include the United States and the Caribbean. We may also pursue business in other markets where we believe we can be successful. ​ Complementary products, services and businesses . We continue to pursue acquisitions or joint ventures that (i) complement and enhance our existing businesses; (ii) expand our product and service offerings and markets; (iii) access new markets; and (iv) support our objective to be a comprehensive water solutions provider. ​ Our Company ​ We conduct