PURE CYCLE CORP
Business
Pure Cycle Corporation is a diversified water and wastewater service provider, land developer, and single-family rental company operating primarily along Colorado's Front Range. The company provides wholesale water and wastewater services through exclusive agreements with the Rangeview Metropolitan District, develops the Sky Ranch master-planned community into residential and commercial lots, and operates a growing single-family rental business. Revenue streams include monthly metered usage fees, tap connection fees, industrial water sales, and land development proceeds, with all three segments generating recurring monthly income.
Summary from 10-K filed 2025-11-12
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-08-31 | FY 2024 2024-08-31 | FY 2023 2023-08-31 | FY 2022 2022-08-31 | FY 2021 2021-08-31 |
|---|---|---|---|---|---|---|
| Total revenues | 26 | 29 | 15 | 23 | 17 | |
| Total cost of revenues | 10 | 9 | 7 | 7 | 6 | |
| General and administrative expenses | 8 | 7 | 5 | 6 | 5 | |
| Depreciation | 590,000 | 596,000 | 498,000 | 385,000 | 315,000 | |
| Operating income | 8 | 12 | 2 | 10 | 5 | |
| Interest income | 3 | 3 | 1 | 32,000 | 59,000 | |
| Interest expense | −426,000 | −439,000 | −206,000 | — | — | |
| Oil and gas royalty income, net | 7 | 800,000 | 300,000 | 500,000 | 300,000 | |
| Other, net | 300,000 | 197,000 | 2 | 61,000 | 99,000 | |
| Income from operations before income taxes | 17 | 16 | 6 | 13 | 27 | |
| Income tax expense | −4 | −4 | −2 | 3 | 7 | |
| Net income | 13 | 12 | 5 | 10 | 20 | |
| Basic (in dollars per share) | 0.54 | 0.48 | 0.2 | 0.4 | 0.84 | |
| Diluted (in dollars per share) | 0.54 | 0.48 | 0.19 | 0.4 | 0.83 | |
| Weighted average common shares outstanding, Basic (in shares) | 24 | 24 | 24 | 24 | 24 | |
| Weighted average common shares outstanding, Diluted (in shares) | 24 | 24 | 24 | 24 | 24 |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-08-31 | FY 2024 2024-08-31 | FY 2023 2023-08-31 | FY 2022 2022-08-31 | FY 2021 2021-08-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 22 | 22 | 26 | 35 | 20 | |
| Accounts receivable, net | 1 | 1 | 1 | 2 | 2 | |
| Related party notes receivable, including accrued interest, current portion | — | 10 | — | — | — | |
| Prepaid expenses and other assets | 1 | 530,000 | 346,000 | 467,000 | 458,000 | |
| Land under development | 7 | 4 | 2 | — | 608,000 | |
| Total current assets | 32 | 38 | 30 | 38 | 39 | |
| Restricted cash | 6 | 3 | 2 | 2 | 2 | |
| Investment in water and wastewater systems, net | 68 | 62 | 58 | 59 | 54 | |
| Land and mineral rights held for development | 4 | 5 | 5 | 7 | 6 | |
| Single-family rental units | 5 | 5 | 4 | 975,000 | — | |
| Related party notes receivable, including accrued interest, less current portion | 45 | 32 | — | — | — | |
| Other assets | 2 | 2 | 1 | 2 | 3 | |
| Total assets | 162 | 147 | 133 | 129 | 117 | |
| Accounts payable | 4 | 2 | 2 | 849,000 | 2 | |
| Accrued and other liabilities | 4 | 5 | — | 2 | 1 | |
| Deferred revenue | 3 | 2 | 2 | 4 | 2 | |
| Debt, current portion | 411,000 | 64,000 | 31,000 | 10,000 | — | |
| Total current liabilities | 12 | 9 | 7 | 11 | 12 | |
| Debt, less current portion | 6 | 7 | 7 | 4 | — | |
| Deferred tax liability, net | 2 | 1 | 1 | 1 | 2 | |
| Lease obligations, less current portion | 1,000 | 87,000 | 242,000 | 62,000 | 37,000 | |
| Total liabilities | 20 | 18 | 15 | 16 | 14 | |
| 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; 24,066,805 and 24,063,894 outstanding, respectively | 80,000 | 80,000 | 80,000 | 80,000 | 80,000 | |
| Additional paid-in capital | 175 | 175 | 175 | 174 | 174 | |
| Accumulated deficit | −33 | −46 | −57 | −61 | −71 | |
| Total shareholders' equity | 143 | 130 | 118 | 113 | 103 | |
| Total liabilities and shareholders' equity | 162 | 147 | 133 | 129 | 117 |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-08-31 | FY 2024 2024-08-31 | FY 2023 2023-08-31 | FY 2022 2022-08-31 | FY 2021 2021-08-31 |
|---|---|---|---|---|---|---|
| Net income | 13 | 12 | 5 | 10 | 20 | |
| Trade accounts receivable | 142,000 | −380,000 | 1 | −893,000 | −414,000 | |
| Depreciation and depletion | 2 | 2 | 2 | 2 | 2 | |
| Share-based compensation expense | 300,000 | 400,000 | 500,000 | 600,000 | 500,000 | |
| Deferred income taxes | 146,000 | 43,000 | 277,000 | −540,000 | 729,000 | |
| Other assets and liabilities | −170,000 | 275,000 | 874,000 | −83,000 | −36,000 | |
| Prepaid expenses | −474,000 | −184,000 | 121,000 | −59,000 | 63,000 | |
| Accounts payable and accrued liabilities | 934,000 | 973,000 | 1 | −2 | 2 | |
| Taxes payable / receivable | −132,000 | 2 | −3 | −2 | 6 | |
| Deferred revenue | 1 | 443,000 | −3 | 2 | −1 | |
| Net cash provided by operating activities | 13 | 2 | −2 | 17 | 3 | |
| Net purchase of property and equipment | −861,000 | −458,000 | −394,000 | −157,000 | −383,000 | |
| Future land development activity | −852,000 | −2 | −2 | −849,000 | — | |
| Single-family rentals activity | 494,000 | −291,000 | — | — | — | |
| Water and wastewater infrastructure activity | −9 | −2 | −4 | −6 | −3 | |
| Sale of land held for sale | 179,000 | — | — | — | — | |
| Net cash used in investing activities | −10 | −5 | −9 | −7 | −3 | |
| Payments on notes payable | −94,000 | −31,000 | −44,000 | −40,000 | — | |
| Repurchases of common stock | −397,000 | −581,000 | — | — | — | |
| Net cash used in financing activities | −491,000 | −612,000 | 3 | 4 | 87,000 | |
| Net change in cash, cash equivalents and restricted cash | 3 | −3 | −9 | 15 | 647,000 | |
| Cash paid for income taxes | 4 | 2 | 947,000 | 5 | 0 | |
| Cash paid for interest | 413,000 | 417,000 | 142,000 | 55,000 | — | |
| Change in reimbursable public improvements included in accounts payable and accrued liabilities | 209,000 | 1 | 727,000 | 536,000 | — | |
| Change in investments in water and water systems included in accounts payable and accrued liabilities | 1 | 131,000 | 808,000 | 157,000 | 3 | |
| Issuance of stock for compensation | 201,000 | 211,000 | 111,000 | 159,000 | 136,000 |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is PURE CYCLE CORP's CIK number?
PURE CYCLE CORP's SEC CIK number is 0000276720 (276720). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find PURE CYCLE CORP's SEC filings?
All of PURE CYCLE CORP's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did PURE CYCLE CORP last report earnings?
PURE CYCLE CORP (PCYO) most recently filed an earnings 8-K with the SEC on Jul 9, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001104659-26-082168). This is PURE CYCLE CORP's most recent earnings filing of record — not a forecast of its next earnings date.
What is PURE CYCLE CORP's most recent earnings 8-K?
PURE CYCLE CORP's latest earnings 8-K (Item 2.02) was filed Jul 9, 2026 under accession 0001104659-26-082168. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View PURE CYCLE CORP's latest earnings 8-K →
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