msex-20250930

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________________ to______________________

Commission File Number 0-422

MIDDLESEX WATER COMPANY

(Exact name of registrant as specified in its charter)


New Jersey			22-1114430
(State of incorporation)			(IRS employer identification no.)

485C Route One South, Iselin, New Jersey 08830

(Address of principal executive offices, including zip code)

(732) 634-1500

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	MSEX	NASDAQ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☑ No☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or such shorter period that the registrant was required to submit and post files).

Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, non-accelerated filer, smaller reporting company and emerging growth company in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes ☐ No ☑

The number of shares outstanding of each of the registrant's classes of common stock, as October 30, 2025: Common Stock, No Par Value: 18,337,819 shares outstanding.

Table of Contents

INDEX


PART I.	FINANCIAL INFORMATION	PAGE

Item 1.	Financial Statements (Unaudited):

	Condensed Consolidated Statements of Income	1

	Condensed Consolidated Balance Sheets	2

	Condensed Consolidated Statements of Cash Flows	3

	Condensed Consolidated Statements of Capital Stock and Long-Term Debt	4

	Condensed Consolidated Statements of Common Stockholders’ Equity	5

	Notes to Unaudited Condensed Consolidated Financial Statements	6

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	20

Item 3.	Quantitative and Qualitative Disclosures of Market Risk	27

Item 4.	Controls and Procedures	28

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	29

Item 1A.	Risk Factors	29

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	29

Item 3.	Defaults upon Senior Securities	29

Item 4.	Mine Safety Disclosures	29

Item 5.	Other Information	29

Item 6.	Exhibits	30

SIGNATURES		31

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited):

MIDDLESEX WATER COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In thousands except per share amounts)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024

Operating Revenues	$	54,091	$	55,100	$	147,715	$	144,770

Operating Expenses:
Operations and Maintenance	23,738		25,359		67,913		67,649
Depreciation	6,941		6,309		20,171		18,010
Other Taxes	5,709		5,931		16,460		16,430

Total Operating Expenses	36,388		37,599		104,544		102,089

Operating Income	17,703		17,501		43,171		42,681

Other Income (Expense):
Allowance for Funds Used During Construction	432		354		1,218		787
Other Income (Expense), net	1,454		1,614		4,364		9,202

Total Other Income, net	1,886		1,968		5,582		9,989

Interest Charges	4,200		3,411		10,535		10,721

Income before Income Taxes	15,389		16,058		38,218		41,949

Income Taxes	1,431		1,739		4,001		6,402

Net Income	13,958		14,319		34,217		35,547

Preferred Stock Dividend Requirements	18		29		59		89

Earnings Applicable to Common Stock	$	13,940	$	14,290	$	34,158	$	35,458

Earnings per share of Common Stock:
Basic	$	0.77	$	0.80	$	1.90	$	1.99
Diluted	$	0.77	$	0.80	$	1.90	$	1.98

Average Number of
Common Shares Outstanding :
Basic	18,123		17,838		17,992		17,828
Diluted	18,154		17,952		18,023		17,943

See Accompanying Notes to Condensed Consolidated Financial Statements.

Table of Contents

MIDDLESEX WATER COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)


		September 30, 2025		December 31, 2024
ASSETS
UTILITY PLANT:	Water Production	$	325,756	$	314,924
	Transmission and Distribution	918,455		855,497
	General	108,142		105,167
	Construction Work in Progress	37,444		34,209
	TOTAL	1,389,797		1,309,797
	Less Accumulated Depreciation	270,445		254,425
	UTILITY PLANT - NET	1,119,352		1,055,372

CURRENT ASSETS:	Cash and Cash Equivalents	3,384		4,226
	Accounts Receivable, net of allowance for credit losses of $2,055 and $2,326 in 2025 and 2024, respectively	22,738		18,842
	Unbilled Revenues	10,987		10,764
	Materials and Supplies (at average cost)	7,309		6,719
	Prepayments	5,184		2,422
	TOTAL CURRENT ASSETS	49,602		42,973

OTHER ASSETS:	Operating Lease Right of Use Asset	2,117		2,567
	Restricted Cash	1,675		—
	Regulatory Assets	109,951		101,783
	Non-utility Assets - Net	12,195		11,760
	Employee Benefit Plans	40,468		36,856
	Other	6,599		3,863
	TOTAL OTHER ASSETS	173,005		156,829
	TOTAL ASSETS	$	1,341,959	$	1,255,174

CAPITALIZATION AND LIABILITIES
CAPITALIZATION:	Common Stock, No Par Value, authorized 40,000, issued 18,337 and 17,887 in 2025 and 2024, respectively	$	269,636	$	248,202
	Retained Earnings	212,910		197,061
	TOTAL COMMON EQUITY	482,546		445,263
	Preferred Stock, No Par Value; authorized 120; issued 13	1,352		1,635
	Long-term Debt	350,151		352,822
	TOTAL CAPITALIZATION	834,049		799,720

CURRENT	Current Portion of Long-term Debt	7,645		7,711
LIABILITIES:	Notes Payable	55,000		23,000
	Accounts Payable	28,143		28,050
	Accrued Taxes	15,540		11,976
	Accrued Interest	2,554		2,916
	Unearned Revenues and Advanced Service Fees	1,497		1,476
	Other	7,902		7,759
	TOTAL CURRENT LIABILITIES	118,281		82,888

COMMITMENTS AND CONTINGENT LIABILITIES (Note 7)

OTHER LIABILITIES:	Advances for Construction	24,116		22,629
	Lease Obligations	1,959		2,432
	Accumulated Deferred Income Taxes	110,627		101,235
	Regulatory Liabilities	63,063		64,557
	Other	261		344
	TOTAL OTHER LIABILITIES	200,026

SEC Form 10-Q filed by Middlesex Water Company