$PCYO

PURE CYCLE CORP

CIK:0000276720|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	May 31, 2026	May 31, 2025	May 31, 2026	May 31, 2025
REVENUES:
Total revenues	$ 8,222	$ 5,140	$ 22,526	$ 14,887
COST OF REVENUES:
Total cost of revenues	3,937	1,883	9,206	6,437
General and administrative expenses	1,940	1,798	5,997	6,295
Depreciation	231	125	563	429
Operating income	2,114	1,334	6,760	1,726
Other income (expense):
Interest income	943	627	2,798	1,898
Interest expense	(157)	(101)	(393)	(319)
Oil and gas royalty income, net	977	1,140	2,236	5,857
Other, net	26	(7)	44	115
Income from operations before income taxes	3,903	2,993	11,445	9,277
Income tax expense	(955)	(737)	(2,827)	(2,275)
Net income	$ 2,948	$ 2,256	$ 8,618	$ 7,002
Earnings per common share - basic and diluted
Basic (in dollars per share)	$ 0.12	$ 0.09	$ 0.36	$ 0.29
Diluted (in dollars per share)	$ 0.12	$ 0.09	$ 0.36	$ 0.29
Weighted average common shares outstanding:
Weighted average common shares outstanding, Basic (in shares)	24,103,966	24,076,022	24,095,277	24,077,188
Weighted average common shares outstanding, Diluted (in shares)	24,163,015	24,143,534	24,159,163	24,166,926
Water and Wastewater
REVENUES:
Total revenues	$ 4,659	$ 2,129	$ 10,096	$ 7,520
COST OF REVENUES:
Expenses	1,943	1,195	4,598	3,363
Water and wastewater activities
REVENUES:
Total revenues	2,401	429	4,542	2,228
Water and wastewater tap fees
REVENUES:
Total revenues	2,258	1,700	5,554	5,292
Land Development
REVENUES:
Total revenues	3,332	2,880	11,918	6,994
COST OF REVENUES:
Expenses	1,916	648	4,433	2,941
Lot sales
REVENUES:
Total revenues	3,006	2,526	10,664	5,981
Project management fees
REVENUES:
Total revenues	137	138	644	507
Special facility projects and other
REVENUES:
Total revenues	189	216	610	506
Single-family rentals
REVENUES:
Total revenues	231	131	512	373
COST OF REVENUES:
Expenses	$ 78	$ 40	$ 175	$ 133

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	May 31, 2026	May 31, 2025
Cash flows from operating activities:
Net income	$ 8,618	$ 7,002
Adjustments to reconcile net income to net cash used by operating activities:
Trade accounts receivable	(1,156)	141
Depreciation and depletion	1,747	1,677
Share-based compensation expense	428	294
Other assets and liabilities	45	(166)
Prepaid expenses	450	(251)
Accounts payable and accrued liabilities	(1,025)	213
Taxes payable / receivable	(843)	(2,075)
Deferred revenue	(602)	(1,187)
Net cash (used in) provided by operating activities	(1,718)	3,874
Cash flows from investing activities:
Net purchase of property and equipment	(527)	(282)
Future land development activity	(2,973)	(1,206)
Single-family rentals activity	(9,844)	(59)
Water and wastewater infrastructure activity	(5,816)	(6,878)
Net cash used in investing activities	(19,160)	(8,425)
Cash flows from financing activities:
Proceeds from notes payable	7,806
Payments on notes payable	(474)	(27)
Repurchases of common stock	(200)	(323)
Net cash provided by (used in) financing activities	7,132	(350)
Net change in cash, cash equivalents and restricted cash	(13,746)	(4,901)
Cash, cash equivalents and restricted cash - beginning of period	28,379	25,358
Cash, cash equivalents and restricted cash - end of period	14,633	20,457
Cash and cash equivalents	8,440	14,392
Restricted cash	6,193	6,065
Total cash, cash equivalents and restricted cash	14,633	20,457
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for income taxes	3,670	4,351
Cash paid for interest	393	309
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Change in reimbursable public improvements included in accounts payable and accrued liabilities	147	494
Change in fixed assets included in accounts payable and accrued liabilities	632	90
Issuance of stock for compensation	336	201
Related Party \| Rangeview District
Adjustments to reconcile net income to net cash used by operating activities:
Net activity for notes receivable - related party, reimbursable public improvements, other	289	(1)
Related Party \| Sky Ranch CAB
Adjustments to reconcile net income to net cash used by operating activities:
Net activity for notes receivable - related party, reimbursable public improvements, other	$ (9,669)	$ (1,773)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	May 31, 2026	Aug. 31, 2025
Current Assets:
Cash and cash equivalents	$ 8,440	$ 21,931
Accounts receivable, net	2,486	1,330
Prepaid expenses and other assets	554	1,004
Land under development	4,131	7,388
Total current assets	15,611	31,653
Restricted cash	6,193	6,448
Investment in water and wastewater systems, net	72,272	67,523
Land and mineral rights held for development	5,718	4,168
Single-family rental units	14,565	5,240
Related party notes receivable, including accrued interest, less current portion	$ 59,060	$ 45,002
Financing Receivable, after Allowance for Credit Loss, Noncurrent, Related Party [Extensible Enumeration]	Related Party	Related Party
Other assets	$ 2,559	$ 2,245
Total assets	175,978	162,279
Current Liabilities:
Accounts payable	2,670	3,518
Accrued and other liabilities	3,307	4,335
Deferred revenue	2,753	3,355
Debt, current portion	1,454	411
Total current liabilities	10,184	11,619
Debt, less current portion	12,669	6,380
Deferred tax liability, net	1,541	1,541
Lease obligations, less current portion		1
Total liabilities	24,394	19,541
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; 24,097,370 and 24,066,805 outstanding, respectively	80	80
Additional paid-in capital	175,876	175,448
Accumulated deficit	(24,372)	(32,790)
Total shareholders' equity	151,584	142,738
Total liabilities and shareholders' equity	$ 175,978	$ 162,279