NASDAQ: PCYO
PURE CYCLE CORPCIK 0000276720 · SIC 4941 · Water Supply
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Pure Cycle director Daniel J. Roller resigns from board effective immediately
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Pure Cycle reports Q2 FY2026 earnings for period ended February 28, 2026
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revenue $5.2M, net income $1.1M. Pure Cycle faces new pipeline lawsuit, scales back rental ambitions amid housing slump
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Latest financial statements
From 10-Q filed Jul 8, 2026 (period ending May 31, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Income (Unaudited)
(In thousands, except share information)
| Description | Three months ended May 31, 2026 | Three months ended May 31, 2025 | Nine months ended May 31, 2026 | Nine months ended May 31, 2025 |
|---|---|---|---|---|
| REVENUES: | ||||
| Water and Wastewater: | ||||
| Water and wastewater activities | 2,401 | 429 | 4,542 | 2,228 |
| Water and wastewater tap fees | 2,258 | 1,700 | 5,554 | 5,292 |
| Total water and wastewater | 4,659 | 2,129 | 10,096 | 7,520 |
| Land Development: | ||||
| Lot sales | 3,006 | 2,526 | 10,664 | 5,981 |
| Project management fees | 137 | 138 | 644 | 507 |
| Special facility projects and other | 189 | 216 | 610 | 506 |
| Total land development | 3,332 | 2,880 | 11,918 | 6,994 |
| Single-family Rentals | 231 | 131 | 512 | 373 |
| Total revenues | 8,222 | 5,140 | 22,526 | 14,887 |
| COST OF REVENUES: | ||||
| Water and Wastewater | 1,943 | 1,195 | 4,598 | 3,363 |
| Land Development | 1,916 | 648 | 4,433 | 2,941 |
| Single-family Rentals | 78 | 40 | 175 | 133 |
| Total cost of revenues | 3,937 | 1,883 | 9,206 | 6,437 |
| General and administrative expenses | 1,940 | 1,798 | 5,997 | 6,295 |
| Depreciation | 231 | 125 | 563 | 429 |
| Operating income | 2,114 | 1,334 | 6,760 | 1,726 |
| Other income (expense): | ||||
| Interest income | 943 | 627 | 2,798 | 1,898 |
| Interest expense | (157) | (101) | (393) | (319) |
| Oil and gas royalty income, net | 977 | 1,140 | 2,236 | 5,857 |
| Other, net | 26 | (7) | 44 | 115 |
| Income from operations before income taxes | 3,903 | 2,993 | 11,445 | 9,277 |
| Income tax expense | (955) | (737) | (2,827) | (2,275) |
| Net income | 2,948 | 2,256 | 8,618 | 7,002 |
| Earnings per common share - basic and diluted | ||||
| Basic | 0.12 | 0.09 | 0.36 | 0.29 |
| Diluted | 0.12 | 0.09 | 0.36 | 0.29 |
| Weighted average common shares outstanding: | ||||
| Basic | 24,103,966 | 24,076,022 | 24,095,277 | 24,077,188 |
| Diluted | 24,163,015 | 24,143,534 | 24,159,163 | 24,166,926 |
Consolidated Balance Sheets
(In thousands, except shares)
| Description | May 31, 2026 | August 31, 2025 |
|---|---|---|
| ASSETS: | ||
| Current Assets: | ||
| Cash and cash equivalents | 8,440 | 21,931 |
| Accounts receivable, net | 2,486 | 1,330 |
| Prepaid expenses and other assets | 554 | 1,004 |
| Land under development | 4,131 | 7,388 |
| Total current assets | 15,611 | 31,653 |
| Restricted cash | 6,193 | 6,448 |
| Investment in water and wastewater systems, net | 72,272 | 67,523 |
| Land and mineral rights held for development | 5,718 | 4,168 |
| Single-family rental units | 14,565 | 5,240 |
| Related party notes receivable, including accrued interest, less current portion | 59,060 | 45,002 |
| Other assets | 2,559 | 2,245 |
| Total assets | 175,978 | 162,279 |
| LIABILITIES & SHAREHOLDERS’ EQUITY: | ||
| Current Liabilities: | ||
| Accounts payable | 2,670 | 3,518 |
| Accrued and other liabilities | 3,307 | 4,335 |
| Deferred revenue | 2,753 | 3,355 |
| Debt, current portion | 1,454 | 411 |
| Total current liabilities | 10,184 | 11,619 |
| Debt, less current portion | 12,669 | 6,380 |
| Deferred tax liability, net | 1,541 | 1,541 |
| Lease obligations, less current portion | — | 1 |
| Total liabilities | 24,394 | 19,541 |
| Series B preferred shares: par value $0.001 per share, 25 million authorized; 432,513 issued and outstanding (liquidation preference of $432,513) | — | — |
| Common shares: par value 1/3 of $.01 per share, 40.0 million authorized; 24,097,370 and 24,066,805 outstanding, respectively | 80 | 80 |
| Additional paid-in capital | 175,876 | 175,448 |
| Accumulated deficit | (24,372) | (32,790) |
| Total shareholders’ equity | 151,584 | 142,738 |
| 175,978 | 162,279 | |
Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
| Description | Nine months ended May 31, 2026 | Nine months ended May 31, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income | 8,618 | 7,002 |
| Adjustments to reconcile net income to net cash used by operating activities: | ||
| Trade accounts receivable | (1,156) | 141 |
| Depreciation and depletion | 1,747 | 1,677 |
| Share-based compensation expense | 428 | 294 |
| Net activity on note receivable related party, other | 289 | (1) |
| Net activity on note receivable related party, reimbursable public improvements | (9,669) | (1,773) |
| Other assets and liabilities | 45 | (166) |
| Prepaid expenses | 450 | (251) |
| Accounts payable and accrued liabilities | (1,025) | 213 |
| Taxes payable / receivable | (843) | (2,075) |
| Deferred revenue | (602) | (1,187) |
| Net cash (used in) provided by operating activities | (1,718) | 3,874 |
| Cash flows from investing activities: | ||
| Net purchase of property and equipment | (527) | (282) |
| Future land development activity | (2,973) | (1,206) |
| Single-family rentals activity | (9,844) | (59) |
| Water and wastewater infrastructure activity | (5,816) | (6,878) |
| Net cash used in investing activities | (19,160) | (8,425) |
| Cash flows from financing activities: | ||
| Proceeds from notes payable | 7,806 | — |
| Payments on notes payable | (474) | (27) |
| Repurchases of common stock | (200) | (323) |
| Net cash provided by (used in) financing activities | 7,132 | (350) |
| Net change in cash, cash equivalents and restricted cash | (13,746) | (4,901) |
| Cash, cash equivalents and restricted cash beginning of period | 28,379 | 25,358 |
| Cash, cash equivalents and restricted cash end of period | 14,633 | 20,457 |
| Cash and cash equivalents | 8,440 | 14,392 |
| Restricted cash | 6,193 | 6,065 |
| Total cash, cash equivalents and restricted cash | 14,633 | 20,457 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
| Cash paid for income taxes | 3,670 | 4,351 |
| Cash paid for interest | 393 | 309 |
| SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
| Change in reimbursable public improvements included in accounts payable and accrued liabilities | 147 | 494 |
| Change in fixed assets included in accounts payable and accrued liabilities | 632 | 90 |
| Issuance of stock for compensation | 336 | 201 |
Amounts as printed on the EDGAR/iXBRL face — (In thousands, except share information); (In thousands, except shares); (In thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗