Pure Cycle : PCYO Q2 2025 Presentation

Published: 2025-04-10 08:09:09 ET PCYO

Leadership Team

MARK W. HARDING

President, CEO, and Director

Mark is an exceptional leader who has

significantly shaped Pure Cycle's

success. Under his 35-year tenure, the company has successfully acquired over $130 million in water and land interests.

His vision and strategic acumen have been instrumental in the company's growth and impact.

MARC SPEZIALY

RACHELLESCOTT LEHMANBEAUDRY

DIRK LASHNITS

VP, CFO, Principal Accounting

Vice HeadPresident,of MarketingEngineering

Vice President, Land Development

Officer, Principal Financial Officer

Marc brings over 20 years of

Scott brings four decades of experience

Dirk is a seasoned leader with a

financial expertise. He manages

as a Professional Engineer (PE) to the

Civil Engineering background

our financial operations and single-

role. His expertise encompasses

and over two decades of local

family rentals. Marc obtained his

planning, design, construction, and

land development experience.

bachelor's degree in Accounting

operation of water and wastewater

He skillfully guides land

and Finance from the University of

systems. With educational foundations

development, entitlements, and

San Francisco and is a licensed

from the University of Colorado and

construction, playing a vital role

Certified Public Accountant.

Stanford University, he plays a pivotal

in advancing corporate

role in shaping our strategies and

objectives, risk management,

operations in this vital sector.

and project success.

Board of Directors

Mark W. Harding

Jeffrey G. Sheets

Fredrick A. Fendel III

President and CEO

Director

Management team

Patrick J. Beirne

Susan Heitmann

Chair of the Board

Director and Chair of the Audit

Committee

Wanda J. Abel

Daniel R. Kozlowski

Director and Chair of the Nominating

Director and Chair of the

and Governance Committee

Compensation Committee

PURE CYCLE CORPORATION

LS FINANCIALS

Financial Performance Results

In Q2 2025, we delivered revenue of $4.0M, gross profit of $1.5M with a 38% gross margin, and net income of $0.8M, translating to $0.03 EPS.

YTD 2025, we delivered revenue of $9.7M, gross profit of $5.2M with a 53% gross margin, and net income of $4.7M, translating to $0.20 EPS.

These results demonstrate robust profitability and operational efficiency, reinforcing our focus on driving shareholder value.

R I

M E T

Figures in Thousands

Revenue

$3,995

Revenue

$9,747

E D

Gross Profit 1

$1,527 38% GM

Gross Profit 1

$5,193

53% GM

A T

Royalty

$1,910

Royalty Income

$4,717

Income

L I

Net Income

$809

$0.03 EPS

Net Income

$4,746

$0.20 EPS

S O

Q2 2025

YTD 2025

C O

1 - Revenues minus Cost of Revenues

T R I C S

Financial Performance QoQ

In Q2 2025, we reported revenue of $4.0M, reflecting a 25% year-over-year increase. Gross profit totaled $1.5M, marking a 14% decline compared to Q2 2024. The growth in overall revenue was primarily driven by strong performance in water taps. However, land development activity was seasonally adjusted during the winter and is expected to normalize as we approach the end of the fiscal year.

Figures in Thousands

C O N S O L I D A T E D M E

4,500

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

QoQ Q2 Revenue

25%

$3,995

$2,999$3,197

Q2 2023

Q2 2024

Q2 2025

Revenue

1,800

1,750

1,700

1,650

1,600

1,550

1,500

1,450

1,400

QoQ Q2 Gross Profit

$1,777

$1,589

14%

$1,527

Q2 2023

Q2 2024

Q2 2025

Gross Profit

T R I C S

Financial Performance QoQ

In Q2 2025, net income rose to $0.8M, a 586% year-over-year increase from Q2 2024, while EPS climbed to $0.03, up from $0 in the prior year. This continued growth reflects enhanced profitability and value creation for shareholders, supported by disciplined operational execution.

Figures in Thousands

T E D M E

QoQ Q2 Net Income

900

$809

$0.04

800

$0.03

700

586%

$0.03

600

QoQ Q2 EPS

$0.03

500%

C O N S O L I D A

500

$0.02

400

$0.02

300

$0.01

$189

$0.01

200

$118

$0.01

100

$.005

$0.00

Q2 2023

Q2 2024

Q2 2025

Q2 2023

Q2 2024

Q2 2025

Net Income

EPS

T R I C S

Financial Performance YTD

Year-to-date results for Q2-2025 demonstrate solid progress toward our annual goals. We have achieved $9.7M in revenue and $5.2M in gross profit, representing 31.6% and 21.9% of our full-year 2025 guidance, respectively. Overall revenues came in above our trailing 3 prior year seasonally adjusted second quarter revenues with 3 phases of our land development under construction. Revenues are anticipated to accelerate through the remaining fiscal year as we enter the spring and summer months, positioning us for strong full-year projections.

Figures in Thousands

M E

REVENUE

GROSS PROFIT

S O L I D A T E D

Actual To Date

$28,747

Remaining Forecast

30.85M

$21,105

Actual To Date

$19,759

Remaining Forecast

23.74M

$18,550

C O N

$9,747

2024

2025

$5,193

2024

2025

T R I C S

Financial Performance YTD

Net income year-to-date totaled $4.7M, or 37.8% of our full-year target, while earnings per share reached $0.20, which is 38.5% of our 2025 EPS guidance. Notably, net income was positively impacted by royalty income YTD.

Figures in Thousands

C O N S O L I D A T E D M E

NET INCOME

Actual To Date

Remaining Forecast

12.55M

$7,798

$11,613

$4,746

2024

2025

EPS

Actual To Date

Remaining Forecast

.52

$0.32

$0.48

$0.20

2024

2025

Disclaimer

Pure Cycle Corporation published this content on April 10, 2025, and is solely responsible for the information contained herein. Distributed via , unedited and unaltered, on April 10, 2025 at 12:08 UTC.