P
PURE CYCLE CORP
PCYOCIK 0000276720NasdaqNon-AcceleratedSmaller ReportingWater SupplyColoradoFY ends Aug 31
Period
FY 2025
Revenue
$26.09M
Net Income
$13.11M
Total Assets
$162.28M
Equity
$142.74M
Shares Out
24.10M
Op. Cash Flow
$13.16M
Business
PURE CYCLE CORP is a diversified water and wastewater service provider, land developer, and single-family home rental company. It provides wholesale water and wastewater production, treatment, storage and distribution, designs and constructs water and wastewater infrastructure, sells finished residential and commercial lots to homebuilders, and develops and rents single-family homes. Its operations are organized into three segments: water and wastewater services, land development (notably the Sky Ranch master planned community), and a single-family rental segment. The company primarily serves the Denver Front Range and eastern I-70 corridor through contracts with local governmental districts, homebuilders, industrial customers and direct rental channels.
Summary from filing dated 2025-11-12
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| 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
As of · In millions, except per-share amounts
| 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
Year Ended · In millions, except per-share amounts
| 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
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