H2O America 2026年季度报告

FORM 10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended June30, 2026OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromtoCommission file number 001-8966 H2O AMERICA (Exact name of registrant as specified in its charter) (408) 279-7800(Registrant’s telephone number, including area code)Not Applicable(Former name, former address and former fiscal year, if changed since last report)Securities registered pursuant to Section 12(b) of the Act: Title of each classTrading Symbol(s)Name of each exchange on which registeredCommon Stock, par value $0.001 per shareHTONasdaq Global Select Market Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12months (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 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reportingcompany,” and “emerging growth company” in Rule12b-2 of the Exchange Act. Large accelerated filer☒Non-acceleratedfiler☐Accelerated filer☐Smallerreportingcompany☐Emerging growth company☐ 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 is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes☐No As of July24, 2026, there were 41,856,804 shares of the registrant’s Common Stock outstanding. TABLE OF CONTENTS PageForward-Looking Statements3PART IFINANCIAL INFORMATION4Item 1.Financial Statements4Condensed Consolidated Statements of Comprehensive Income (unaudited) for the Three Months andSix Months Ended June 30, 2026 and 20254Condensed Consolidated Balance Sheets (unaudited) as of June 30, 2026 and December 31, 20255Condensed Consolidated Statements of Changes in Stockholders’ Equity (unaudited) for the ThreeMonths and Six Months Ended June 30, 2026 and 20257Condensed Consolidated Statements of Cash Flows (unaudited) for the Six Months Ended June 30,2026 and 20258Notes to Unaudited Condensed Consolidated Financial Statements9Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations23Item 3.Quantitative and Qualitative Disclosures About Market Risk33Item 4.Controls and Procedures33PART IIOTHER INFORMATION35Item 1.Legal Proceedings35Item 1A.Risk Factors35Item 2.Unregistered Sales of Equity Securities and Use of Proceeds35Item 3.Defaults Upon Senior Securities35Item 4.Mine Safety Disclosures35Item 5.Other Information36Item 6.Exhibits37Signatures38 FORWARD-LOOKING STATEMENTS This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, asamended. Some of these forward-looking statements can be identified by the use of forward-looking words such as “believes,”“expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates,” “projects,” “strategy,” or “anticipates,”or the negative of those words or other comparable terminology. These forward-looking statements are only predictions and are subjectto risks, uncertainties and assumptions that are difficult to predict. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions including, but not limited to, thefollowing factors: •the risks associated with the proposed transactions with Quadvest, L.P., a Texas limited partnership and Quadvest Wholesale,LLC, a Texas limited liability company (together, “Quadvest”), including the risk of the proposed transactions not closing onthe anticipated timeline, or at all, the ability to obtain required regulatory approvals, and the ability to successfully integrateQuadvest’s operations and realize the projected financial and other benefits of the proposed transactions;•the effect of water, utility, environmental and other governmental policies and regulations, including regulatory actionsconcerning rates, authorized return on equity, authorized capital structures, capital expenditures, per- and polyfluoroalkylsubstances (“PFAS”) and other decisions;•changes in demand for