PCYO
Pure Cycle Corporation11.72
-0.14-1.18%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
No earnings call transcript available
Key Stats
Market Cap
282.34MP/E (TTM)
21.70Basic EPS (TTM)
0.54Dividend Yield
0%Recent Filings
10-K
8-K
Q3 net income $2.3M
Pure Cycle Corporation reported $5.1 million in revenue and $2.3 million net income for the three months ended May 31, 2025, down from prior year due to timed lot deliveries in Sky Ranch, yet boosted by $1.1 million royalty income from new oil and gas wells. The company advances Phase 2C development, targeting lot delivery by fiscal year-end, while water tap sales hit $1.7 million amid market volatility. Strong liquidity at $14.4 million cash supports growth. Volatility tempers housing demand.
10-Q
Q3 FY2025 results
Pure Cycle's Q3 FY2025 revenue dipped 32% y/y to $5.1M, driven by softer lot sales at Sky Ranch amid housing market headwinds, yet water and wastewater taps surged 193% y/y to $1.7M from Phase 2 progress. Operating income fell 57% y/y to $1.3M, but net income held at $2.3M ($0.09 diluted EPS) thanks to oil and gas royalties jumping to $1.1M from new wells. YTD revenue slid 8% to $14.9M while net income rose 40% to $7.0M ($0.29 diluted EPS), with EPS aligning to 24.2M weighted shares. Cash sits at $14.4M with $6.9M debt (SFR notes at 4.25%-7.51%, Lost Creek at 4.90% maturing 2026-2032) and a $5M undrawn line; FCF not disclosed in the 10-Q. Sky Ranch advances to CAB hit $40.6M at 6% interest. Water court setbacks linger as a regulatory risk.
8-K
Q2 profits amid Sky Ranch push
Pure Cycle Corporation reported $4.0 million in revenue and $0.8 million net income for the three months ended February 28, 2025, marking its 23rd straight profitable quarter despite winter slowdowns. Royalty income surged to $1.9 million from new oil and gas wells, while water tap sales hit $2.1 million amid Sky Ranch progress, with Phase 2C at 48% complete and deliveries eyed for late summer. Development advances steadily. Yet housing market volatility looms.
10-Q
Q2 FY2025 results
Pure Cycle swung to an operating loss of $1.3M in Q2 FY2025 ended February 28, 2025, yet posted net income of $0.8M, up from $0.1M y/y, thanks to $1.9M in oil and gas royalties that offset lower commercial water sales from reduced drilling. Total revenue climbed 25% y/y to $4.0M, driven by $2.1M in water/wastewater tap fees from 52 taps each at Sky Ranch, while lot sales dipped 7% to $1.1M amid higher Phase 2B costs; YTD revenue rose 14% to $9.7M with $3.6M taps from 90 water/87 wastewater taps, and net income doubled to $4.7M or $0.20 diluted EPS on 24.2M shares. Cash dipped to $16.8M with $5.3M restricted, but operating cash flow turned positive at $4.2M YTD; debt stands at $6.9M across low-rate notes maturing through 2032, with $5.0M undrawn revolver available. The company advanced $6.5M to Sky Ranch CAB for public improvements, reimbursed $10.6M YTD on a $38.0M note at 6%. Water court denied a 1,635 acre-foot claim in February 2025, leaving three applications pending amid regulatory hurdles.
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