Earnings summaries and quarterly performance for PURE CYCLE.
Research analysts who have asked questions during PURE CYCLE earnings calls.
EK
Elliot Knight
Knight Advisors
3 questions for PCYO
GS
Geoffrey Scott
Scott Asset Management
2 questions for PCYO
Also covers: DHT, FRO
TA
Tucker Andersen
Above All Advisors
2 questions for PCYO
GM
Greg Malachowski
Private Investor
1 question for PCYO
GV
Greg Vennett
Private Investor
1 question for PCYO
JR
John Rosenberg
Analyst
1 question for PCYO
Recent press releases and 8-K filings for PCYO.
Pure Cycle Appoints Maran Capital Management President to Board and Forms New Committee
PCYO
Board Change
New Projects/Investments
- Pure Cycle Corporation entered into a cooperation agreement with Maran Capital Management, LLC on January 14, 2026. Maran beneficially owns approximately 14.7% of Pure Cycle's common shares.
- As a result of this agreement, Daniel J. Roller, President of Maran Capital Management, was appointed to Pure Cycle's Board of Directors, effective January 14, 2026, expanding the Board from 7 to 8 directors.
- Mr. Roller will chair a newly formed Strategy and Capital Allocation Committee, which will also include Daniel R. Kozlowski, Jeffrey Sheets, and Patrick Beirne.
- Maran has agreed to vote its shares in accordance with the Board's recommendations during a specified standstill period.
Jan 16, 2026, 5:00 PM
Pure Cycle Corporation Appoints Daniel J. Roller to Board of Directors
PCYO
Board Change
New Projects/Investments
- Pure Cycle Corporation appointed Daniel J. Roller to its Board of Directors, effective January 14, 2026, expanding the Board from 7 to 8 directors.
- This appointment was made in cooperation with Maran Capital Management, LLC, which beneficially owns approximately 14.7% of Pure Cycle's common shares.
- Mr. Roller, President of Maran, will chair a newly formed Strategy and Capital Allocation Committee.
Jan 15, 2026, 1:30 PM
Pure Cycle Corporation Reports Strong Q1 2026 Financial Results
PCYO
Earnings
Revenue Acceleration/Inflection
New Projects/Investments
- Pure Cycle Corporation reported a 16% increase in net income to $4.5 million and a 19% increase in diluted EPS to $0.19 for the three months ended November 30, 2025, marking its 26th consecutive fiscal quarter with positive net income.
- Total revenue for Q1 2026 increased 59% to $9.1 million from $5.8 million in the prior year period, primarily driven by a significant increase in land development revenue.
- The company advanced its Sky Ranch Master Planned Community, completing Phase 2C deliveries and initiating Phase 2D with two new national homebuilder partners, expanding its portfolio to seven national builders.
- As of November 30, 2025, cash and cash equivalents totaled $17.1 million.
- For fiscal year 2026, the company has achieved approximately 31% of its full-year revenue forecast and 37% of its full-year net income and EPS forecasts as of Q1 2026.
Jan 8, 2026, 3:26 PM
Pure Cycle Corporation Reports Strong Q1 2026 Results and Provides FY 2026 Guidance
PCYO
Earnings
Guidance Update
New Projects/Investments
- Pure Cycle Corporation reported a record-setting Q1 2026 for revenue with significant increases in net income and earnings per share, attributing the strong performance to progress on Phase 2D land development.
- The company issued fiscal year guidance for revenue in the range of $26 million to $30 million and earnings per share between $0.43 and $0.52.
- Land development at Sky Ranch is ahead of schedule, with 80% of Phase 2D roads complete (5-6 months early), and Phase 2E (159 lots) grading set to begin in spring. The homebuilder portfolio has expanded to seven national homebuilders.
- Key strategic developments include the anticipated finalization of the interchange permit in the first half of 2026, with construction planned for 2027 and completion by early 2028, which will enable commercial development. The company is also actively pursuing data center opportunities leveraging its water assets.
- Water assets show continued appreciation, with tap fees increasing 6%-7% annually to approximately $42,000, and recent acre-foot transactions valued at over $20,000, significantly up from $9,700 four to five years ago.
Jan 8, 2026, 1:30 PM
Pure Cycle Corporation Reports Strong Q1 2026 Results and Operational Progress
PCYO
Earnings
Guidance Update
New Projects/Investments
- Pure Cycle Corporation reported a record-setting Q1 2026 for revenue, alongside significant increases in net income and earnings per share.
- Land development at Sky Ranch is ahead of schedule, with 80% of Phase 2D roads completed 5-6 months early, and grading for Phase 2E (approximately 160 lots) set to begin in March.
- The single-family rental segment continues to expand, with 19 homes completed and rented and 40 additional units under contract expected to come online starting in May.
- The company reiterated its fiscal year guidance of $26 million-$30 million in revenue and $0.43-$0.52 in earnings per share.
- Pure Cycle is actively pursuing commercial development opportunities, including data centers, by leveraging its substantial water availability, and is optimistic about future land acquisitions.
Jan 8, 2026, 1:30 PM
Pure Cycle Corporation Reports Record Q1 2026 Results and Reaffirms FY 2026 Guidance
PCYO
Earnings
Guidance Update
New Projects/Investments
- Pure Cycle Corporation reported a record-setting Q1 2026, achieving over $9 million in revenue and $6.2 million in gross profits, and is ahead of schedule on its fiscal year guidance for revenue, net income, and EPS.
- In land development, Phase 2D roads are 80% complete 5-6 months ahead of schedule, and the company has expanded its homebuilder portfolio to seven national builders.
- The water segment, though softer in Q1 2026, anticipates a substantial uptick in oil and gas deliveries for the remainder of the year, and water asset values continue to appreciate, with recent acre-foot transactions north of $20,000.
- The company reaffirmed its fiscal year 2026 guidance of $26 million - $30 million in revenue and $0.43 - $0.52 per share in EPS, while also exploring new commercial opportunities, including data centers, leveraging its water availability.
Jan 8, 2026, 1:30 PM
Pure Cycle Announces Full Year 2025 Financial Results
PCYO
Earnings
Share Buyback
Guidance Update
- Pure Cycle Corporation reported net income of $13.1 million and earnings per fully diluted common share of $0.54 for the year ended August 31, 2025, marking a 13% and 12.5% increase respectively from 2024.
- Total revenue for the year ended August 31, 2025, was $26.1 million, a 9% decrease compared to $28.7 million in 2024, primarily due to the timing of lot sales revenue.
- The company experienced a substantial increase in oil and gas royalty income, which rose 738% to $6.7 million in fiscal year 2025.
- Pure Cycle completed the delivery of finished lots in Phase 2C of its Sky Ranch Master Planned Community and is progressing with utility work in Phase 2D, expected to be completed in fiscal 2026.
- The company continued its share repurchase program, buying back 95,426 shares at an average price of $10.22 per share during FY 2025, with 104,574 shares remaining for repurchase.
Nov 13, 2025, 3:19 PM
PCYO Reports Exceeded 2025 Year-End Earnings Per Share and Provides 2026 Revenue Guidance
PCYO
Earnings
Guidance Update
New Projects/Investments
- PCYO reported that its net income and earnings per share exceeded expectations for year-end 2025, largely due to stronger-than-projected oil and gas royalty income from new wells.
- While year-end 2025 revenue was slightly below expectations due to housing headwinds delaying land development revenue into 2026, Q4 2025 performance was solid.
- The company forecasts gross revenue for 2026 to be in the range of $26 million to $30 million.
- PCYO anticipates continued recurring revenue growth in 2026 from its water and single-family rental segments, with a significant acceleration in land development revenue by 2028 through commercial lot monetization.
- The company maintains a strong balance sheet, with ongoing investments in assets and a share repurchase program.
Nov 13, 2025, 1:30 PM
Pure Cycle Announces Fiscal Year 2025 Financial Results
PCYO
Earnings
New Projects/Investments
Demand Weakening
- Pure Cycle Corporation reported net income of $13.1 million for the year ended August 31, 2025, marking a 13% increase from 2024, with earnings per fully diluted common share of $0.54, up 12.5% from $0.48 in 2024.
- Total revenue for FY 2025 was $26.1 million, a 9% decrease compared to $28.7 million in 2024, primarily due to decreased lot delivery revenue. However, oil and gas royalty income significantly increased by 738% to $6.7 million.
- Operationally, the company completed delivery of finished lots in Phase 2C of its Sky Ranch Master Planned Community and is progressing with Phase 2D, which is expected to be substantially complete by the end of fiscal 2026. Water and wastewater tap sales increased to 182 taps in 2025 from 73 taps in 2024.
- As of August 31, 2025, cash and cash equivalents totaled $21.9 million.
Nov 12, 2025, 9:01 PM
Pure Cycle Corporation Presents Business Segments and Growth Outlook at Lithium Partners Conference
PCYO
Guidance Update
New Projects/Investments
Share Buyback
- Pure Cycle Corporation highlighted its three primary business segments: water and wastewater provision, land development, and single-family rentals, emphasizing its $14.5 million cost basis in water rights that can serve approximately 60,000 single-family residential units.
- The company's land development efforts are centered on the Sky Ranch project, which is planned for 3,200 single-family units and 2 million square feet of commercial space, with 1,000 lots delivered to date and an estimated over $600 million in net margin potential from current inventory over the next 5-6 years.
- Pure Cycle maintains a robust financial position with approximately $60 million in total liquidity and minimal debt of about $7 million, and is actively engaged in share repurchases.
- The company forecasts significant growth, expecting customer accounts to increase to 2,500-3,000 over the next 3-5 years and aiming to expand its single-family rental portfolio to 200-300 homes.
Sep 30, 2025, 6:45 PM
Quarterly earnings call transcripts for PURE CYCLE.
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