Business
Pure Cycle Announces Financial Results For the Three and Six Months Ended February 28, 2026
DENVER, April 08, 2026 (GLOBE NEWSWIRE) -- Pure Cycle Corporation (NASDAQ Capital Market: PCYO) (“Pure Cycle”, “we”, “us” or “our”) announced its financial
About this update from Pure Cycle Corporation
[{"type":"text","content":"DENVER, April 08, 2026 (GLOBE NEWSWIRE) -- Pure Cycle Corporation (NASDAQ Capital Market: PCYO) (“Pure Cycle”, “we”, “us” or “our”) announced its financial results for the three and six months ended February 28, 2026. Pure Cycle reported $1.1 million and $5.7 million of net income for the three and six months ended February 28, 2026, respectively, marking the twenty-seventh consecutive fiscal quarter with positive net income. Pure Cycle reported $0.05 and $0.23 of earnings per fully diluted common share for the three and six months ended February 28, 2026, up from $0.03 and $0.20 in the same periods in 2025. By partnering with our national home builder customers, we deliver finished lots on an annual cadence that allows for steady absorption while navigating cyclical housing industry trends. A mild winter in the Denver area allowed us to capitalize on favorable conditions and advance our lot development schedule at Sky Ranch, which accelerated our revenue recognition during the period. For the six months ended February 28, 2026, our cash balance was impacted by the acceleration of development activities at Sky Ranch as a result of the unseasonably mild winter, with Phase 2D now approximately 78% complete and Phase 2C approximately 91% complete. We expect to substantially complete Phase 2D in the third quarter of fiscal 2026 and collect contractual milestone and finished lot payments with minimal remaining development costs. Pure Cycle will begin construction activities in Phase 2E, with approximately 159 lots expected to be completed in fiscal 2027, paced to match builder absorptions. Our cash balance was also impacted during the six months by the investments in new water and wastewater infrastructure within the Sky Ranch community and a new water right obtained through a December 2025 Water Court settlement that added 1,635 acre feet of adjudicated water from the Box Elder Creek Alluvial aquifer to our water portfolio. Additionally, we continued to invest in our single-family rental business, with 39 additional units under construction in Phases 2B and 2C that we expect to be available for rent in fiscal 2026. Through February 28, 2026, we incurred $5.0 million of these construction costs, which were self-financed. Once a unit is completed, we anticipate financing the unit under our SFR Facility Agreement and using the loan pro...