自流资源 2025年度报告

FORM 10-K ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐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 000-18516 ARTESIAN RESOURCES CORPORATION-------------------------------------------------------------- (Exact name of registrant as specified in its charter) 51-0002090------------------------------------------------- Delaware-------------------------------------------------------------------- (I.R.S. Employer Identification No.) (State or other jurisdiction of incorporation or organization) 664 Churchmans Road, Newark, Delaware 19702------------------------------------------------------------------ Address of principal executive offices (302) 453 – 6900----------------------------------------------------------- Registrant's telephone number, including area code Securities registered pursuant to Section 12(b) of the Act: Name of each exchange on whichregisteredThe Nasdaq Stock Market Title of each classTrading Symbol (s)Common StockARTNA Securities registered pursuant to Section 12(g) of the Act:None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☑No Yes Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☑No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange 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 every Interactive Data file required to be submitted pursuantto Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrantwas required to submit such files). Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reportingcompany," and “emerging growth company” in Rule 12(b)-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying 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 has filed a report on and attestation to its management’s assessment of the effectiveness ofits internal control over financial report under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered publicaccounting firm that prepared or issued its audit report. If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrantincluded in the filing reflect the correction of an error to previously issued financial statements. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b) Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YesNo The aggregate market value of the Class A Non-Voting Common Stock and Class B Common Stock held by non-affiliates of theregistrant at June 30, 2025 was $305,477,587 and $8,714,838, respectively.The aggregate market value of Class A Non-Voting CommonStock was computed by reference to the closing price of such class as reported on the Nasdaq Global Select Market on June 30, 2025,which trade date was June 30, 2025.The aggregate market value of Class B Common Stock was computed by reference to the lastreported trade of such class as reported on the OTC Bulletin Board as of June 30, 2025, which trade date was June 25, 2025. As of March 10, 2026, 9,436,930 shares of Class A Non-Voting Common Stock and 881,452 shares of Class B Common Stock wereoutstanding. ARTESIAN RESOURCES CORPORATIONTABLE OF CONTENTS FORWARD LOOKING STATEMENTS PART IItem 1.– BusinessItem 1A.– Risk FactorsItem 1B.– Unresolved Staff CommentsItem 1C.– CybersecurityItem 2.– PropertiesItem 3.– Legal ProceedingsItem 4.– Mine Safety DisclosuresPART IIItem 5.– Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity SecuritiesItem 6.– [Reserved]Item 7.– Management’s Discussion and Analysis of Financial Condition and Results of OperationsItem 7A.– Quantitati