Executive Summary

Q3 FY2025 revenue was $7.52M and diluted EPS was $0.13; net income rose to $0.717M vs $0.092M YoY despite lower revenue, reflecting higher profitability on fewer transactions .
Sequentially, revenue declined vs Q2 ($11.91M) and Q1 ($19.09M); EPS fell from $0.75 (Q2) and $0.76 (Q1) to $0.13 (Q3), consistent with management’s reminder that quarterly results can vary significantly due to the timing and mix of land/home sales .
No formal guidance was provided in the Q3 materials; management directed investors to the concurrently filed 10-Q for further detail .
No earnings call transcript was available for Q3 FY2025, limiting qualitative color and specific drivers of quarterly variability [List: earnings-call-transcript search returned none; see documents listed above].

What Went Well and What Went Wrong

What Went Well

Strong YoY EPS expansion: diluted EPS rose to $0.13 from $0.02 despite lower revenue, indicating improved profitability per share in the quarter .
Year-to-date momentum: for the first nine months of FY2025, revenue was $38.52M vs $31.83M and diluted EPS was $1.64 vs $0.48 YoY, demonstrating substantial progress through FY2025 .
Management underscores portfolio strength and operating capabilities in New Mexico as a “major holder of land, leading developer… and award-winning homebuilder,” reinforcing strategic positioning for future transactions .

What Went Wrong

Quarterly revenue volatility: Q3 revenue fell to $7.52M from $11.91M in Q2 and $19.09M in Q1, highlighting inherent lumpiness driven by deal timing and product mix .
EPS normalization: diluted EPS decreased to $0.13 from $0.75 (Q2) and $0.76 (Q1), reflecting fewer or smaller transactions closed in Q3 vs earlier FY2025 quarters .
Limited disclosure and no guidance: Q3 press release offered headline financials but no segment/margin detail or forward guidance; management cautioned results “can vary significantly from period to period” given transaction timing, leaving less visibility for near-term modeling .

Financial Results

Metric	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Revenue ($USD Millions)	$12.69	$19.09	$11.91	$7.52
Net Income ($USD Millions)	$0.09	$4.06	$4.04	$0.72
Diluted EPS ($)	$0.02	$0.76	$0.75	$0.13
Weighted Avg Diluted Shares (Millions)	5.35	5.35	5.37	5.38

Notes:

Q3 FY2025 ended January 31, 2025; comparisons are to the same quarter prior year and sequentially to Q2 and Q1 FY2025 .
No margin, segment, or KPI detail was disclosed in the press release/8-K exhibits .

Segment breakdown: Not disclosed in Q3 press release/8-K .

KPIs: Not disclosed in Q3 press release/8-K .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Company Guidance	FY2025/Q4 and FY2026	Not provided	Not provided	Maintained (no formal guidance)

Management referenced the filed 10-Q for details but did not issue quantitative guidance ranges in the Q3 materials .

Earnings Call Themes & Trends

No earnings call transcript was available for Q3 FY2025, and no prior quarter transcripts were found in the document catalog. As a result, thematic tracking across Q1–Q3 FY2025 is unavailable.

Topic	Previous Mentions (Q1 FY2025)	Previous Mentions (Q2 FY2025)	Current Period (Q3 FY2025)	Trend
AI/Technology Initiatives	No transcript available	No transcript available	No transcript available	n/a
Supply Chain	No transcript available	No transcript available	No transcript available	n/a
Tariffs/Macro	No transcript available	No transcript available	No transcript available	n/a
Product/Regional Performance	No transcript available	No transcript available	No transcript available	n/a
Regulatory/Legal	No transcript available	No transcript available	No transcript available	n/a

Management Commentary

“More information about the Company’s financial performance may be found in AMREP Corporation’s financial statements on Form 10-Q… As a result of many factors… revenues, average selling prices and related gross margins… can vary significantly from period to period…” — Q3 press release and 8-K exhibit .
Strategic positioning: AMREP describes itself as a “major holder of land, leading developer of real estate and award-winning homebuilder in New Mexico,” underscoring local scale advantages and operating expertise .

Q&A Highlights

No Q&A available; an earnings call transcript was not found for Q3 FY2025 in the document catalog, so no analyst questions or clarifications can be summarized for this quarter.

Estimates Context

We attempted to retrieve Wall Street consensus via S&P Global for Q3 FY2025 (EPS and revenue), but data access failed due to daily request limits; therefore, estimate comparisons are unavailable. If estimates become accessible, we will anchor comparisons on S&P Global consensus and highlight any beats/misses. Values would be retrieved from S&P Global.

Key Takeaways for Investors

Quarter-to-quarter results are inherently lumpy; Q3 revenue ($7.52M) and EPS ($0.13) declined sequentially after very strong Q1–Q2, in line with management’s caution on timing/mix sensitivity .
Despite lower Q3 revenue, YoY profitability expanded meaningfully (EPS $0.13 vs $0.02; net income $0.717M vs $0.092M), implying improved margin economics or mix on closed transactions .
Year-to-date performance remains robust (9M FY2025 revenue $38.52M; diluted EPS $1.64), supporting the medium-term thesis around monetization of the New Mexico asset base .
Lack of formal guidance increases near-term modeling uncertainty; monitor upcoming filings or management communications for backlog, land sale pipeline, and home closing cadence .
Trading: shares may react to quarterly variability headlines; focus on deal flow visibility and any forthcoming land/home sale announcements as catalysts.
Thesis: leverage to periodic large transactions suggests potential for episodic upside; position sizing should reflect volatility in quarterly prints and information flow.

AMREP CORP. (AXR)·Q3 2025 Earnings Summary