Operator

Good morning. Thank you for joining us today to discuss Consolidated Water Company's First Quarter of 2026 Operating and Financial Results. Hosting the call today is the Chief Executive Officer of Consolidated Water, Rick McTaggart; and the company's Chief Financial Officer, David Sasnett. Following the remarks, we will open the call to your questions.

Before we conclude today's call, I will provide some important cautions regarding the forward-looking statements made by management during the call. I would like to remind everyone that today's call is being recorded, and it will be made available for telecom replay. Please see the instruction in yesterday's press release that has been posted to the Investor Relations section of the company's website.

Now I'd like to turn the call over to Consolidated Water's CEO, Rick McTaggart. Sir, please go ahead.

Frederick McTaggart
CEO, President & Director

Thanks, Danish, and good morning, everyone. In Q1, consolidated revenue declined due to revenue declines in our manufacturing and retail segments. Manufacturing revenue was lower due to the timing of receipt of new purchase orders for 2026 projects compared to last year. We had received a large purchase order in late 2024, which had favorably impacted our first quarter revenue last year.

Retail revenue was impacted by much wetter weather conditions this past quarter, which reduced the water volume we sold in Grand Cayman by 10.2%. This decrease was partially offset by what turned out to be record-breaking tourism in the Cayman Islands during the quarter. However, revenue in our bulk and service segments continued to grow