----

----

| DELAWARE                        | 77-0313235          |
|---------------------------------|---------------------|
| (State or other jurisdiction of | (I.R.S. Employer    |
| incorporation or organization)  | Identification No.) |

| 550 South Hope Street, Suite 2850        |       |
|------------------------------------------|------------|
| Los Angeles, California                  | 90071      |
| (Address of principal executive offices) | (Zip Code) |

----

----

----

| For the Three Months ended March 31, 2011                                                                      | Page   |
|----------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                           |   |
| PART I – FINANCIAL INFORMATION                                                                           |   |
|                                                                                                           |   |
| ITEM 1.  Financial Statements                                                                        |   |
|                                                                                                           |   |
| Cadiz Inc. Consolidated Financial Statements                                                                   |   |
|                                                                                                           |   |
| Unaudited Statements of Operations for the three months ended March 31, 2011 and 2010                          | 1      |
|                                                                                                           |   |
| Unaudited Balance Sheets as of March 31, 2011 and December 31, 2010                                            | 2      |
|                                                                                                           |   |
| Unaudited Statements of Cash Flows for the three months ended March 31, 2011 and 2010                          | 3      |
|                                                                                                           |   |
| Unaudited Statement of Stockholders’ Equity for the three months ended March 31, 2011                    | 4      |
|                                                                                                           |   |
| Unaudited Notes to the Consolidated Financial Statements                                                       | 5      |
|                                                                                                           |   |
| ITEM 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations | 15     |
|                                                                                                           |   |
| ITEM 3.  Quantitative and Qualitative Disclosures about Market Risk                                  | 24     |
|                                                                                                           |   |
| ITEM 4.  Controls and Procedures                                                                     | 24     |
|                                                                                                           |   |
| PART II – OTHER INFORMATION                                                                              | 26     |

----

Consolidated 

|                                                  |   | For the Three Months |   |
|-------------------------------------------------------|--------|----------------------|--------|
|                                                  |   | Ended March 31,      |   |
| ($ in thousands except per share data)                |   | 2011                 |   |   | 2010 |   |
|                                                  |   |                 |   |
| Revenues                                              |   | $                    | 457    |   |   | $ | 3 |   |
|                                                  |   |                 |   |   |   |   |   |   |
| Costs and expenses:                                   |   |                 |   |   |   |   |   |   |
| Cost of sales                                         |   |                 | 432    |   |   |   | - |   |
| General and administrative                            |   |                 | 2,965  |   |   |   | 4,077 |   |
| Depreciation                                          |   |                 | 89     |   |   |   | 99 |   |
|                                                  |   |                 |   |   |   |   |   |   |
| Total costs and expenses                              |   |                 | 3,486  |   |   |   | 4,176 |   |
|                                                  |   |                 |   |   |   |   |   |   |
| Operating loss                                        |   |                 | (3,029 | ) |   |   | (4,173 | ) |
|                                                  |   |                 |   |   |   |   |   |   |
| Interest expense, net                                 |   |                 | (1,343 | ) |   |   | (1,033 | ) |
| Other income, net                                     |   |                 | 121    |   |   |   | - |   |
|                                                  |   |                 |   |   |   |   |   |   |
| Loss before income taxes                              |   |                 | (4,251 | ) |   |   | (5,206 | ) |
| Income tax provision                                  |   |                 | 2      |   |   |   | 1 |   |
|                                                  |   |                 |   |   |   |   |   |   |
| Net loss applicable to common stock                   |   | $                    | (4,253 | ) |   | $ | (5,207 | ) |
|                                                  |   |                 |   |   |   |   |   |   |
| Basic and diluted net loss per common share           |   | $                    | (0.31  | ) |   | $ | (0.38 | ) |
|                                                  |   |                 |   |   |   |   |   |   |
| Basic and diluted weighted average shares outstanding |   |                 | 13,808 |   |   |   | 13,655 |   |
|                                                  |   |

----

Consolidated 

|                                                                        |   | March 31, |     |   | December 31, |
|-----------------------------------------------------------------------------|--------|-----------|----------|--------|--------------|
| ($ in thousands)                                                            |   | 2011      |     |   | 2010         |
|                                                                        |   |      |     |   |         |
| ASSETS                                                                      |   |      |     |   |         |
|                                                                        |   |      |     |   |         |
| Current assets:                                                             |   |      |     |   |         |
| Cash and cash equivalents                                                   |   | $         | 2,811    |   |         | $ | 5,911 |   |
| Accounts receivable                                                         |   |      | 181      |   |         |   | 277 |   |
| Prepaid expenses and other                                                  |   |      | 638      |   |         |   | 299 |   |
|                                                                        |   |      |     |   |         |   |   |   |
| Total current assets                                                        |   |      | 3,630    |   |         |   | 6,487 |   |
|                                                                        |   |      |     |   |         |   |   |   |
| Property, plant, equipment and water programs, net                          |   |      | 38,879   |   |         |   | 38,315 |   |
| Goodwill                                                                    |   |      | 3,813    |   |         |   | 3,813 |   |
| Other assets                                                                |   |      | 417      |   |         |   | 321 |   |
|                                                                        |   |      |     |   |         |   |   |   |
| Total Assets                                                                |   | $         | 46,739   |   |         | $ | 48,936 |   |
|                                                                        |   |      |     |   |         |   |   |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY                                  |   |      |     |   |         |   |   |   |
|                                                                        |   |      |     |   |         |   |   |   |
| Current liabilities:                                                        |   |      |     |   |         |   |   |   |
| Accounts payable                                                            |   | $         | 855      |   |         | $ | 358 |   |
| Accrued liabilities                                                         |   |      | 650      |   |         |   | 1,518 |   |
| Current portion of long term debt                                           |   |      | 16       |   |         |   | 16 |   |
|                                                                        |   |      |     |   |         |   |   |   |
| Total current liabilities                                                   |   |      | 1,521    |   |         |   | 1,892 |   |
|                                                                        |   |      |     |   |         |   |   |   |
| Long-term debt, net                                                         |   |      | 45,725   |   |         |   | 44,403 |   |
| Derivative liabilities                                                      |   |      | 330      |   |         |   | 451 |   |
| Tax liability                                                               |   |      | 321      |   |         |   | 321 |   |
| Other long-term liabilities                                                 |   |      | 923      |   |         |   | 923 |   |
|                                                                        |   |      |     |   |         |   |   |   |
| Total Liabilities                                                           |   |      | 48,820   |   |         |   | 47,990 |   |
|                                                                        |   |      |     |   |         |   |   |   |
| Stockholders’ equity:                                                 |   |      |     |   |         |   |   |   |
| Common stock - $.01 par value; 70,000,000 shares                            |   |      |     |   |         |   |   |   |
|   authorized; shares issued and outstanding – 13,827,354 at |   |      |     |   |         |   |   |   |
|   March 31, 2011 and 13,677,772 at December 31, 2010              |   |      | 138      |   |         |   | 137 |   |
| Additional paid-in capital                                                  |   |      | 283,584  |   |         |   | 282,359 |   |
| Accumulated deficit                                                         |   |      | (285,803 | )      |         |   | (281,550 | ) |
| Total stockholders’ equity (deficit)                                  |   |      | (2,081   | )      |         |   | 946 |   |
|                                                                        |   |      |     |   |         |   |   |   |
| Total Liabilities and Stockholders’ equity                            |   | $         | 46,739   |   |         | $ | 48,936 |   |

----

Consolidated 

|                                                                                                                               |   | For the Three Months |   |
|------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------|--------|
|                                                                                                                               |   | Ended March 31,      |   |
| ($ in thousands except per share data)                                                                                             |   | 2011                 |   |   | 2010 |   |
|                                                                                                                               |   |                 |   |   |   |   |
| Cash flows from operating activities:                                                                                              |   |                 |   |   |   |   |
| Net lossAdjustments to reconcile net loss to                                                                                       |   | $                    | (4,253 | ) |   |   | (5,207 | ) |
| net cash used for operating activities:                                                                                            |   |                 |   |   |   |   |   |   |
| Depreciation                                                                                                                       |   |                 | 89     |   |   |   | 99 |   |
| Amortization of debt discount & issuance costs                                                                                 |   |                 | 574    |   |   |   | 380 |   |
| Interest expense added to loan principal                                                                                           |   |                 | 771    |   |   |   | 655 |   |
|                 Unrealized gain on derivative liability |   |                 | (121   | ) |   |   | - |   |
| Compensation charge for stock and share options                                                                                    |   |                 | 1,226  |   |   |   | 2,110 |   |
|         Changes in operating assets and liabilities:                                       |   |                 |   |   |   |   |   |   |
| Decrease in accounts receivable                                                                                                    |   |                 | 96     |   |   |   | 77 |   |
| Increase in prepaid expenses and other                                                                                             |   |                 | (339   | ) |   |   | (168 | ) |
| (Increase) decrease in other assets                                                                                                |   |                 | (115   | ) |   |   | 32 |   |
|         Increase (decrease) in accounts payable                                                 |   |                 | 497    |   |   |   | (307 | ) |
| Decrease in accrued liabilities                                                                                                    |   |                 | (411   | ) |   |   | (32 | ) |
|                 Increase in tax liability               |   |                 | -      |   |   |   | 17 |   |
|  Net cash used for operating activities                                                                                       |   |                 | (1,986 | ) |   |   | (2,344 | ) |
|                                                                                                                               |   |                 |   |   |   |   |   |   |
| Cash flows from investing activities:                                                                                              |   |                 |   |   |   |   |   |   |
| Additions to property, plant and equipment                                                                                         |   |                 | (1,110 | ) |   |   | (352 | ) |
|                                                                                                                               |   |                 |   |   |   |   |   |   |
| Net cash used in investing activities                                                                                              |   |                 | (1,110 | ) |   |   | (352 | ) |
|                                                                                                                               |   |                 |   |   |   |   |   |   |
| Cash flows from financing activities:                                                                                              |   |                 |   |   |   |   |   |   |
| Principal payments on long-term debt                                                                                               |   |                 | (4     | ) |   |   | (7 | ) |
|                                                                                                                               |   |                 |   |   |   |   |   |   |
| Net cash used in financing activities                                                                                              |   |                 | (4     | ) |   |   | (7 | ) |
|                                                                                                                               |   |                 |   |   |   |   |   |   |
| Net decrease in cash and cash equivalents                                                                                          |   |                 | (3,100 | ) |   |   | (2,703 | ) |
|                                                                                                                               |   |                 |   |   |   |   |   |   |
| Cash and cash equivalents, beginning of period                                                                                     |   |                 | 5,911  |   |   |   | 8,878 |   |
|                                                                                                                               |   |                 |   |   |   |   |   |   |
| Cash and cash equivalents, end of period                                                                                           |   | $                    | 2,811  |   |   | $ | 6,175 |   |

----

Consolidated 

|                                  |   |         |       |   | Additional |   |   |        |   |   | Total               |   |
|---------------------------------------|--------|--------------|------------|--------|------------|--------|--------|-------------|--------|--------|---------------------|--------|
|                                  |   | Common Stock |       |   | Paid-in    |   |   | Accumulated |   |   | Stockholders’ |   |
|                                  |   | Shares       |       |   | Amount     |   |   | Capital     |   |   | Deficit             |   |   | Equity |   |
|                                  |   |         |       |   |       |   |   |        |   |   |                |   |   |   |   |
|  Balance as of December 31, 2010 |   |         | 13,677,772 |   |       | $      | 137    |        |   | $      | 282,359             |   |   | $ | (281,550 | ) |   | $ | 946 |   |
|                                  |   |         |       |   |       |   |   |        |   |   |                |   |   |   |   |   |   |   |   |   |
| Stock awards                          |   |         | 149,582    |   |       |   | 1      |        |   |   | -                   |   |   |   | - |   |   |   | 1 |   |
|                                  |   |         |       |   |       |   |   |        |   |   |                |   |   |   |   |   |   |   |   |   |
| Stock based compensation expense |   |         | -          |   |       |   | -      |        |   |   | 1,225               |   |   |   | - |   |   |   | 1,225 |   |
|                                  |   |         |       |   |       |   |   |        |   |   |                |   |   |   |   |   |   |   |   |   |
| Net loss                              |   |         | -          |   |       |   | -      |        |   |   | -                   |   |   |   | (4,253 | ) |   |   | (4.253 | ) |
|                                  |   |         |       |   |       |   |   |        |   |   |                |   |   |   |   |   |   |   |   |   |
| Balance as of March 31, 2011          |   |         | 13,827,354 |   |       | $      | 138    |        |   | $      | 283,584             |   |   | $ | (285,803 | ) |   | $ | (2,081 | ) |

----

Notes 

|                          |   | March 31, |   |   | December 31, |   |
|-------------------------------|--------|-----------|--------|--------|--------------|--------|
|                          |   | 2011      |   |   | 2010         |   |
|                          |   |      |   |   |         |   |
| Land and land improvements    |   | $         | 23,916 |   |         | $      | 23,680 |   |
| Water programs                |   |      | 15,950 |   |         |   | 15,496 |   |
| Buildings                     |   |      | 1,187  |   |         |   | 1,180 |   |
| Leasehold improvements        |   |      | 570    |   |         |   | 570 |   |
| Furniture and fixtures        |   |      | 442    |   |         |   | 442 |   |
| Machinery and equipment       |   |      | 967    |   |         |   | 950 |   |
| Construction in progress      |   |      | 102    |   |         |   | 163 |   |
|                          |   |      | 43,134 |   |         |   | 42,481 |   |
|                          |   |      |   |   |         |   |   |   |
| Less accumulated depreciation |   |      | (4,255 | )      |         |   | (4,166 | ) |
|                          |   |      |   |   |         |   |   |   |
|                          |   | $         | 38,879 |   |         | $      | 38,315 |   |

|                                                                                                                                                            |   | March 31, |   |   | December 31, |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|--------|--------------|
|                                                                                                                                                            |   | 2011      |   |   | 2010         |
|                                                                                                                                                            |   |      |   |   |         |
| Zero coupon secured convertible term loan due June 29, 2013. Interest accruing      at 5% per annum until June 29, 2009 and at 6%thereafter |   | $         | 52,183 |   |         | $ | 51,412 |   |
| Other loans                                                                                                                                                     |   |      | 16     |   |         |   | 20 |   |
| Debt discount, net of accumulated accretion                                                                                                                     |   |      | (6,458 | )      |         |   | (7,013 | )  |
|                                                                                                                                                            |   |      | 45,741 |   |         |   | 44,419 |   |
|                                                                                                                                                            |   |      |   |   |         |   |   |   |
| Less current portion                                                                                                                                            |   |      | 16     |   |         |   | 16 |   |
|                                                                                                                                                            |   |      |   |   |         |   |   |   |
|                                                                                                                                                            |   | $         | 45,725 |   |         | $ | 44,403 |   |

| 12 MonthsEnding March 31 |   | (in thousands) |   |
|--------------------------|--------|----------------|--------|
|                     |   |           |   |
| 2012                     |   |           | 16     |   |
| 2013                     |   |           | 0      |   |
| 2014                     |   |           | 52,183 |   |
|                     |   | $              | 52,199 |   |

| ·   | $20.62 million of the existing convertible debt has been changed to allow for up to $2.5 million of this amount to be converted at any time into the Company’s common stock at the price of $13.50 per share, with the remaining amount becoming non-convertible. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | If the Second Tranche is drawn, approximately $20 million of additional existing debt would be changed to allow for up to $5 million of this amount to be converted at any time into the Company’s common stock at $12.50 per share, with the remaining amount becoming non-convertible. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The final $4.55 million of the existing debt continues to be convertible at $7 per share. |
|--------------------|-------------------------------------------------------------------------------------------|

| -   |  A 150,000 share award, that vested in three equal installments on January 1, 2008, January 1, 2009, and January 1, 2010.  150,000 shares have been issued pursuant to this award as of January 2010; and |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| -   | 800,000 of the shares were designated as Milestone – Based Deferred Stock, none of which were ultimately issued.  The shares were allocated for issuance subject to the satisfaction of certain milestone conditions relating to the trading price of the Company's common stock during the period commencing March 13, 2007, and ending March 12, 2009.  The milestone conditions were not satisfied by March 12, 2009, resulting in the expiration of all 800,000 shares. |
|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ITEM 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
|---------|---------------------------------------------------------------------------------------------|

| (1)   | A Pipeline Righ-of-Way from the Colorado River Aquedut to the Water Project Area |
|-----------------|----------------------------------------------------------------------------------|

| (2)   | Storage and Supply Agreements with One or More Public Water Agencies or Private Water Utilities |
|-----------------|------------------------------------------------------------------------------------------------------|

| (3)   | Environmental Permits |
|-----------------|-----------------------|

| (4)   | Construction and Working Capital |
|-----------------|----------------------------------|

|                            | Three Months Ended |
|---------------------------------|--------------------|
|                            | March 31,          |
|                            | 2011               |   | 2010 |
|                            |               |   |   |   |
| Interest on outstanding debt    |               | $ | 771 |   |   | $ | 655 |   |
| Amortization of financing costs |               |   | 19 |   |   |   | 10 |   |
| Amortization of debt discount   |               |   | 555 |   |   |   | 370 |   |
| Interest income                 |               |   | (2 | ) |   |   | (2 | )  |
|                            |               |   |   |   |   |   |   |   |
|                            |               | $ | 1,343 |   |   | $ | 1,033 |   |

|                       |   | Payments Due by Period |   |
|----------------------------|--------|------------------------|--------|
| Contractual Obligations    |   | Total                  |   |   | 1 year or less |   |   | 2-3 years |   |   | 4-5 years |   |   | After 5 years |   |
| (in thousands)        |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Long-term debt obligations |   | $                      | 52,199 |   |   | $ | 16 |   |   | $ | 52,183 |   |   | $ | - |   |   | $ | - |   |
| Interest Expense           |   |                   | 7,591  |   |   |   | 1 |   |   |   | 7,590 |   |   |   | - |   |   |   | - |   |
| Operating leases           |   |                   | 525    |   |   |   | 312 |   |   |   | 213 |   |   |   | - |   |   |   | - |   |
|                       |   | $                      | 60,315 |   |   | $ | 329 |   |   | $ | 59,986 |   |   | $ | - |   |   | $ | - |   |
|                       |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

ITEM 

ITEM 

PART II - OTHER INFORMATION

| ITEM 1. | Legal Proceedings |
|---------|-------------------|

| ITEM 1A. | Risk Factors |
|----------|--------------|

| ITEM 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
|---------|-------------------------------------------------------------|

| ITEM 3. | Defaults Upon Senior Securities |
|---------|---------------------------------|

| ITEM 4. | (Removed and Reserved) |
|---------|------------------------|

| ITEM 5. | Other Information |
|---------|-------------------|

| ITEM 6. | Exhibits |
|---------|----------|

|   | 31.1 | Certification of Keith Brackpool, Chairman and Chief Executive Officer of Cadiz Inc. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 31.2 | Certification of Timothy J. Shaheen, Chief Financial Officer and Secretary of Cadiz Inc. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 32.1 | Certification of Keith Brackpool, Chairman and Chief Executive Officer of Cadiz Inc. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 32.2 | Certification of Timothy J. Shaheen, Chief Financial Officer and Secretary of Cadiz Inc. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.1 | Letter agreement with Scott S. Slater dated April 12, 2011 |
|--------|------|------------------------------------------------------------|

| By:  | /s/ Keith Brackpool                                     | May 9, 2011 |
|-----------|---------------------------------------------------------|-------------|
|      | Keith Brackpool                                    | Date   |
|      | Chairman of the Board and Chief Executive Officer  |        |
|      | (Principal Executive Officer)                      |        |
|      |                                                    |        |
| By:  | /s/ Timothy J. Shaheen                                  | May 9, 2011 |
|      | Timothy J. Shaheen                                 | Date   |
|      | Chief Financial Officer and Secretary              |        |
|      | (Principal Financial Officer)                      |        |
|      |                                                    |        |