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Exhibit 99.1

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Consolidated Water Reports 2021 Results

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GEORGE TOWN, Grand Cayman, Cayman Islands, March 29, 2022 -- Consolidated Water Co. Ltd. (NASDAQ Global Select Market: CWCO), a leading developer and operator of advanced water supply and treatment plants, reported results for the year ended December 31, 2021. All comparisons are to the same year-ago period unless otherwise noted.

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The company will hold a conference call at 11:00 a.m. Eastern time tomorrow to discuss the results (see dial-in information below).

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2021 Highlights

Management Commentary

“2021 was a year of both progress and unprecedented challenges,” commented Consolidated Water CEO, Rick McTaggart. “Our retail segment performed below historical levels due to the continued impact of the pandemic on tourism to Grand Cayman, while our manufacturing segment revenue declined due to challenging economic conditions. However, we made strong progress in other areas. We further diversified our manufacturing customer base and product offerings, revenue generated in our bulk segment increased by $2.5 million, and our services segment revenue was up by $947,000.

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“Also in 2021, we integrated our sales teams across our four business segments, which are now led by our recently promoted executive vice president of business development, Brent Brodie. This integrated sales approach is supporting further diversification of Aerex’s client base and geographical market, which will improve its future performance.

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“Our sales team has been focused on developing or redeveloping Aerex relationships with large engineering consultants and general contractors who provide design and construction services to the municipal water market. In 2021, about 77% of our manufacturing revenues came from various municipal water projects. As a result, Aerex has developed an order backlog that is considerably higher than this time last year. Aerex is presently pursuing projects in the southwest United States in addition to its primary sales market in Florida.

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Altogether, these factors give us confidence that our manufacturing business will continue to improve over the coming months.

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“For our desalination business, Aerex has become fully integrated with three projects we are pursuing in Hawaii, California and Grand Cayman. We believe Aerex’s design and manufacturing capabilities make us more competitive for these important projects, which includes design, construction and long-term operation of seawater desalination plants for municipal customers.

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“We are very encouraged by the return of tourism to the Cayman Islands as the country’s Phase 5 reopening plan continues. Several major airlines resumed their flights to the islands earlier this month, and cruise ships were welcomed back last week. We saw a 7% year-over-year increase in water sales in our Grand Cayman retail service areas during the first two months of 2022, and we have already produced nearly 15% more water in March of this year compared to March of last year.

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“We expect the resurgence of tourism to help our retail water sales return to normal levels over the coming months, as hotels and businesses begin to serve the thousands of tourists and vacationers coming back to the islands.

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“Our services segment, led by our California-based PERC Water, has also seen increased activity. Project bidding in primary markets for new plants and asset management contracts has picked up, with PERC currently pursuing more than a dozen potential design, build and asset management projects. In January, we submitted a multi-million dollar bid to design, build and operate a new 2.6 million gallon per day desalination plant in Grand Cayman, and we anticipate hearing the results by mid-April.

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“Looking to the year ahead, we believe we have charted the best course to grow our business, with a particular focus on water-short regions of the western United States. We believe our extensive experience, excellent track record and novel approach to designing, building and operating both seawater desalination facilities and wastewater treatment and recycling plants—as well as our strong cash position and relatively low overhead burden—continues to afford us numerous competitive advantages.

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“Along with these advantages, our optimism about our growth prospects ahead is buoyed by the ongoing return of tourism to Grand Cayman and the increased project bidding activity in the U.S. and internationally. We see each of these factors as strong catalysts for growth in 2022 and beyond.”

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2021 Financial Summary

Revenue for the full year 2021 was $66.9 million, down 7.9% compared to $72.6 million for 2020. The decrease was primarily driven by decreases of $847,000 in the retail segment and $8.4 million in the manufacturing segment. The decrease in total revenue was partially offset by increases of $2.5 million in the bulk segment and $947,000 in the services segment.

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The reduction in retail revenue reflects a 4% decrease in the volume of water sold by Cayman Water due to the closing of Grand Cayman Island to all tourist travel in March 2020 in response to the COVID-19 pandemic.

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The decrease in manufacturing segment revenue was due to the loss of orders from Aerex’s former largest customer.

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The increase in services segment revenue was due to an increase of approximately $3.2 million from operating and maintenance contracts attributable to new contracts, which more than offset a decline in plant construction revenue.

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The increase in bulk segment revenue is attributable to an increase in energy costs for CW-Bahamas, which increased the energy pass-through component of CW-Bahamas’ rates and, to a lesser extent, a 5% increase in the volume of water sold by CW-Bahamas.

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Gross profit for the full year 2021 was $23.5 million or 35.2% of total revenue, down 12% from $26.8 million or 36.9% of total revenue for 2020.

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Net income from continuing operations attributable to Consolidated Water stockholders for the full year 2021 was $3.4 million or $0.23 per basic and diluted share, compared to net income of $8.6 million or $0.56 per basic and diluted share for 2020.

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Net income attributable to Consolidated Water stockholders for the full year 2021, which includes the results of discontinued operations, was $876,000 or $0.06 per basic and fully diluted share, down from net income of $3.7 million or $0.24 per basic and fully diluted share for the same year-ago period.

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Cash and cash equivalents totaled $40.4 million as of December 31, 2021, as compared to $43.8 million as of December 31, 2020. The decrease in cash was due to a decline in cash provided by operating activities.

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2021 Segment Results

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Revenue by Geographic Region

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Annual General Meeting of Shareholders

The company has set May 23, 2022 as the date of its Annual General Meeting of Shareholders to be held at 3:00 p.m. Cayman Islands time (4:00 p.m. EDT). The Annual General Meeting will be a “hybrid” meeting of shareholders, meaning shareholders will be able to attend the Annual General Meeting as well as vote during the live webcast of the meeting by visiting www.virtualshareholdermeeting.com/cwco2022 or attend the meeting in person at the offices of Consolidated Water Co. Ltd., Regatta Office Park, Windward Three, 4^th Floor, West Bay Road, Grand Cayman, KY1-1102, Cayman Islands. Holders of record of the company’s stock as of March 24, 2022 will be entitled to vote at the meeting.

Conference Call

Consolidated Water management will host a conference call tomorrow to discuss these results, followed by a question-and-answer period.

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Date: Wednesday, March 30, 2022

Time: 11:00 a.m. Eastern time (8:00 a.m. Pacific time)

Toll-free dial-in number: 1-844-875-6913

International dial-in number: 1-412-317-6709

Conference ID: 1019828

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Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact CMA at 1-949-432-7566.

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A replay of the call will be available after 1:00 p.m. Eastern time on the same day through April 6, 2022, as well as available for replay via the Investors section of the Consolidated Water website at www.cwco.com.

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Toll-free replay number: 1-877-344-7529

International replay number: 1-412-317-0088

Replay ID: 1019828

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About Consolidated Water Co. Ltd.

Consolidated Water Co. Ltd. develops and operates advanced water supply and treatment plants and water distribution systems. The company operates water production facilities in the Cayman Islands, The Bahamas and the British Virgin Islands and operates water treatment facilities in the United States. The company also manufactures and services a wide range of products and provides design, engineering, management,

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operating and other services applicable to commercial and municipal water production, supply and treatment, and industrial water and wastewater treatment. For more information, visit www.cwco.com.

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Cautionary Note Regarding Forward-Looking Statements

This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe", "estimate", "project", "intend", "expect", "should", "will" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to (i) continued acceptance of the company's products and services in the marketplace; (ii) changes in its relationships with the governments of the jurisdictions in which it operates; (iii) the outcome of its negotiations with the Cayman government regarding a new retail license agreement; (iv) the collection of its delinquent accounts receivable in the Bahamas; (v) the possible adverse impact of the COVID-19 virus on the company’s business; and (vi) various other risks, as detailed in the company's periodic report filings with the Securities and Exchange Commission (“SEC”). For more information about risks and uncertainties associated with the company’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the company’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting the company’s Secretary at the company’s executive offices or at the “Investors – SEC Filings” page of the company’s website at http://ir.cwco.com/docs. Except as otherwise required by law, the company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

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Company Contact:
David W. Sasnett
Executive Vice President and CFO
Tel (954) 509-8200
dsasnett@cwco.com
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Investor Relations Contact
Ron Both or Justin Lumley
CMA
Tel (949) 432-7566
Email Contact
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Media Contact:
Tim Randall
CMA
Tel (949) 432-7572
Email Contact

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CONSOLIDATED WATER CO. LTD.

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CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED WATER CO. LTD.
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CONSOLIDATED STATEMENTS OF INCOME

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