Artesian Resources Corporation

Overview

• Delaware holding company, incorporated in 1927, with seven wholly owned subsidiaries.
• Primary business: owning and operating water and wastewater utilities and providing related services on the Delmarva Peninsula (Delaware, Maryland, Pennsylvania).
• Principal executive offices: 664 Churchmans Road, Newark, DE 19702.
• Public stock: Class A Non‑Voting Common Stock (ARTNA) traded on Nasdaq Global Select Market; Class B Common Stock (ARTNB) traded on Nasdaq OTC Bulletin Board.
• Artesian Water Company, Inc. is the principal subsidiary and a major driver of revenue in 2025.

Core activities

• Distribute and sell water to residential, commercial, industrial, governmental, municipal, and utility customers; provide water for public and private fire protection.
• Provide wastewater services in Delaware; operate contract water and wastewater operations.
• Offer Water Service Line Protection (WSLP), Sewer Service Line Protection (SSLP), and Internal Service Line Protection (ISLP) plans.
• Manage regulated utility operations through certificates of public convenience and necessity (CPCNs) and interconnections with other utilities.
• Operate non-utility businesses: Artesian Utility Development (design, construction and contract operation services) and Artesian Development (real estate holding related to office, water, and wastewater facilities).

Service territory and regulatory framework

• Market: Delmarva Peninsula; largest service area in Delaware.
• Holds CPCNs for ~312 square miles of exclusive water service territory (primarily in Delaware, with portions in Maryland and Pennsylvania) and ~61 square miles of wastewater service territory in Sussex County, Delaware.
• Regulation: state public service commissions (DEPSC in Delaware, MDPSC in Maryland, PAPUC in Pennsylvania). Water and wastewater permits and allocations are regulated by DNREC (DE), MDE (MD), PADEP (PA), and DRBC (as applicable).
• Interconnections: In Delaware, 25 interconnections with neighboring utilities and municipalities to buy or sell water. An interconnection agreement with Chester Water Authority (2022–2026, auto‑renewable) includes a take‑or‑pay clause.

Scale and infrastructure (selected highlights as of December 31, 2025)

Delaware (Artesian Water)

• Transmission and distribution mains: ~1,515 miles.
• Storage: 36 storage tanks (total ~45.0 million gallons).
• Aquifer Storage and Recovery (ASR): ~130.0 million gallons storage capacity, withdrawable at ~1.0 mgd.
• Treatment facilities: 64 water treatment facilities.
• Water distributed in 2025: ~9.2 billion gallons across all Delaware systems.
• Groundwater pumping: average ~24.3 mgd; interconnections provided ~0.9 mgd (average).
• Peak capacity: ~57.7 mgd.
• Interconnections: 25 interconnections with three neighboring utilities and seven municipalities (capable of purchasing or selling water).

Maryland (Artesian Water Maryland)

• Distribution in 2025: ~0.5 billion gallons across 9 separate water systems.
• Treatment: 10 facilities; one surface‑water treatment facility in Cecil County with up to 1.0 mgd treatment capacity (permitted withdrawal up to 5.0 mgd; daily average 3.5 mgd).
• Storage: 9 storage tanks (~2.5 million gallons total).
• Interconnections: connections with the Delaware Artesian system, a neighboring utility, and four municipalities (capable of >3.0 mgd total).

Pennsylvania (Artesian Water Pennsylvania)

• Began operations in 2002, serving a residential community in Chester County.
• One operating well within DRBC jurisdiction; treated at a Delaware treatment plant.

Wastewater and related operations

• TESI (Artesian Wastewater) owns four wastewater treatment facilities in Sussex County, Delaware, with total permitted treatment/disposal capacity of ~525,000 gallons per day.
• TESI owns a disposal facility with a 90‑million‑gallon storage lagoon and spray irrigation capability for industrial/disposal needs (disposal rate up to 1.5 mgd).
• A new treatment facility (~625,000 gpd) for residential and small commercial wastewater disposal was completed in early 2026.
• Artesian Wastewater Maryland is authorized but not currently providing services.

Workforce

• 272 full‑time employees and 2 part‑time employees as of December 31, 2025.
• Workforce is non‑union; there are no collective bargaining agreements.

Financials

• Revenue mix: Artesian Water produced approximately 80.5% of Artesian Resources’ 2025 consolidated operating revenues.
• The company states that capital investments in water supply, treatment, and infrastructure are generally recoverable through customer rates as approved by regulators.

Subsidiaries

Regulated utilities

• Artesian Water Company, Inc. (Delaware)
• Artesian Water Pennsylvania, Inc.
• Artesian Water Maryland, Inc.
• Artesian Wastewater Maryland, Inc.
• Artesian Wastewater Management, Inc. (TESI, dba Artesian Wastewater)
• TESI (parent holding company for wastewater operations)

Non‑regulated / other

• Artesian Utility Development, Inc.
• Artesian Development Corporation

Key operational points

• Operates as a holding company for regulated water and wastewater utilities, with growth pursued through CPCNs, interconnections, and acquisitions where feasible.
• History of capital investments to meet evolving water quality standards (including PFAS and lead/copper rule compliance) and to maintain service reliability.
• Relies on regulated rate mechanisms for recovery of capital and operating costs.
• Exposed to seasonality in demand, regulatory and environmental requirements, climate‑related risks, cyber risk, and general macroeconomic conditions.

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