AI Earnings Predictions for Pure Cycle Corporation (PCYO)

EX-99.1

2 pcyo-20260707xex99d1.htm

EX-99.1

Exhibit 99.1

​

Pure Cycle Announces Financial Results

For the Three and Nine Months Ended May 31, 2026 and Announces a Board of Directors Transition

​

DENVER, CO / GLOBE NEWSWIRE / July 8, 2026 – Pure Cycle Corporation (NASDAQ Capital Market: PCYO) (“Pure Cycle”, the “Company”, “we”, “us” or “our”) announced its financial results for the three and nine months ended May 31, 2026. Pure Cycle reported $2.9 million and $8.6 million of net income for the three and nine months ended May 31, 2026, respectively, which is a 31% and 23% increase in net income from the same periods in 2025 and marks the twenty-eighth consecutive fiscal quarter with positive net income. Pure Cycle reported $0.12 and $0.36 of earnings per fully diluted common share, which is up from $0.09 and $0.29 in the same periods in 2025, a 33% and 24% increase, respectively. Total revenue for the three and nine months ended May 31, 2026 grew 60% and 51%, respectively, over the prior-year periods, driven by growth across both our land development and water segments. Lot sales revenue increased 19% for the quarter and 78% year to date on accelerated development activity at Sky Ranch, while water and wastewater segment revenue increased 119% and 34%, respectively, on higher oil and gas water demand. Our diversified water and land platform was on full display this quarter, as steady, annual-cadence lot deliveries to our national homebuilder partners were complemented by a sharp increase in water sales to oil and gas operators. Monetizing demand across multiple end markets allows us to grow earnings while navigating cyclical trends in the housing industry.

For the nine months ended May 31, 2026, our cash balance reflected the accelerated pace of land development at Sky Ranch, where an unseasonably mild winter allowed us to advance our construction schedule. Phase 2D is now approximately 84% complete, Phase 2C is approximately 95% complete, and we expect to substantially complete Phase 2D by the end of fiscal 2026 and collect the related contractual milestone and finished-lot payments with minimal remaining development costs. We have also begun construction activities in Phase 2E, where we expect to complete approximately 159 lots in fiscal 2027, paced to match builder absorption. We typically sign a builder contract before advancing development and recognize revenue under the percentage-of-completion method; with Phase 2E, while we have several builders who have expressed interest, we have chosen to continue development ahead of a signed commitment to take advantage of our seasonal construction windows to be able to complete finished lots for delivery in fiscal 2027. While this departs from our usual process, it reflects our conviction to invest in our business segments developing high demand entry level lots at Sky Ranch and allows us to pace lot construction to Colorado's seasonal construction window.

Our cash balance during the period was also impacted by continued investment in new water and wastewater infrastructure within the Sky Ranch community and in our single-family rental business. We hold contracts to construct 23 of the 33 additional rental units planned in Phases 2C and 2D, the majority of which we expect to be available for rent in calendar 2026, and as units are completed we will continue to finance them under our SFR Facility Agreement, replenishing the cash advanced during construction. As we have previously disclosed, we have elected to pause further expansion of our single-family rental segment beyond the units currently under contract, both to assess the impact of the administration's comments on potential future regulation and to better evaluate the segment's return on investment and its contribution to shareholder value.

We continue to manage our balance sheet to support growth while returning capital to shareholders. Our ongoing development priorities include land development for future phases at Sky Ranch and investments in water and wastewater infrastructure to support future years of tap sales and to meet the capacity requirements of our oil and gas customers. We intend to continue repurchasing shares under our existing program while reserving sufficient liquidity to fund these projects and selective land acquisitions.

Board of Directors Transition

​

The Company announced that Daniel R. Kozlowski has notified the Board of his decision to resign as a director of the Company, effective July 7, 2026. As a significant shareholder, Mr. Kozlowski provided valuable insights and direction to the Board throughout his tenure, and his contributions have been greatly appreciated. The Board thanks Mr. Kozlowski for his service and wishes him well in his future endeavors. The Board will conduct a search for Mr. Kozlowski’s successor and believes that a candidate who brings a shareholder perspective will be a valuable member of the Board.

Q3 and YTD 2026 Highlights

​

ØRevenue for the

EX-99.1

2 pcyo-20260408xex99d1.htm

EX-99.1

Exhibit 99.1

​

Pure Cycle Announces Financial Results

For the Three and Six Months Ended February 28, 2026

​

DENVER, CO / GLOBE NEWSWIRE / April 8, 2026 – 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 proceeds to replenish the cash advanced during construction.

Our capital management and balance sheet strategy remains focused on growth and shareholder returns. We are prioritizing investment in our ongoing development projects, while utilizing available liquidity to continue our share repurchase program and reserving sufficient capital for strategic development initiatives and land acquisitions.

​

Q2 and YTD 2026 Highlights

​

ØRevenue for the three and six months ended February 28, 2026 and 2025 of $5.2 million and $14.3 million, and $4.0 million and $9.7 million, respectively (a 29% increase for the three months and a 47% increase for the six months).

ØNet income for the three and six months ended February 28, 2026 and 2025 of $1.1 million and $5.7 million, and $0.8 million and $4.7 million, respectively (a 37% increase for the three months and a 20% increase for the six months). Pre-tax income was $1.5 million and $7.5 million, and $1.1 million and $6.3 million, respectively.

ØEarnings per fully diluted common share for the three and six months ended February 28, 2026 and 2025 of $0.05 and $0.23, and $0.03 and $0.20, respectively.

ØEBITDA for the three and six months ended February 28, 2026 and 2025 of $2.2 million and $8.9 million, and $1.8 million and $7.6 million, respectively (a 23% increase for the three months and a 16% increase for the six months) (see table below for reconciliation of net income to EBITDA); and

ØCash & cash equivalents totaled $4.8 million on February 28, 2026.

ØFor the three and six months ended February 28, 2026, we delivered 272 and 418 acre-feet of water.

​

Net Income to EBITDA Reconciliation:

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​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Six Months Ended

(In thousands)

​ ​ ​

February 28, 2026

​ ​ ​

February 28, 2025

​ ​ ​

February 28, 2026

​ ​ ​

February 28, 2025

Net Income

​

$

1,105

​

$

809

​

$

5,670

​

$

4,746

Add back:

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​

​

​

​

​

​

​

​

​

​

​

Interest expense

​

​

142

​

​

109

​

​

236

​

​

218

Taxes

​

​

407

​

​

267

​

​

1,872

​

​

1,538

Depreciation / amortization

​

​

556

​

​

618

​

​

1,122

​

​

1,143

EBITDA

​

$

2,210

​

$

1,803

​

$

8,900

​

$

7,645

​

​

​

​

​

​

​

​

​

​

​

​

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Earnings per common share - basic and diluted

​

​

​

​

​

​

​

​

​

​

​

​

Basic

​

$

0.05

​

$

0.03

​

$

0.24

​

$

0.20

Diluted

​

$

0.05

​

$

0.03

​

$

0.23

​

$

0.20

PURE CYCLE CORPORATION_ January 7, 2026 0000276720false00002767202026-01-072026-01-07 ​ ​

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): January 7, 2026

PURE CYCLE CORPORATION

(Exact name of registrant as specified in its charter) Colorado (State or other jurisdiction of incorporation) ​ ​

​

​

0-8814 ​ ​ ​ 84-0705083

(Commission File Number) ​ (IRS Employer Identification No.)

​ 34501 East Quincy Avenue, Building 1, Suite D, Watkins, CO 80137 (Address of principal executive offices) (Zip Code) ​

​

Registrant’s telephone, including area code (303) 292-3456

​ N/A (Former name or former address, if changed since last report.) Securities registered pursuant to Section 12(b) of the Act: ​ ​

​

​

Common Stock 1/3 of $.01 par value

PCYO

The NASDAQ Stock Market

(Title of each class) (Trading Symbol(s)) (Name of each exchange on which registered)

​ Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth Registrant as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). Emerging growth Registrant ☐ ​ If an emerging growth Registrant, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ ​ ​

This current report on Form 8-K is filed by Pure Cycle Corporation (Registrant), a Colorado corporation, in connection with the matters described herein ​ Item 2.02 Results of Operations and Financial Condition.

On January 7, 2026, the Registrant issued a press release announcing its financial results for the three months ended November 30, 2025. A copy of the press release is furnished as Exhibit 99.1 hereto, and in incorporated herein by reference. In accordance with General Instruction B.2 of Form 8-K, the press release furnished as Exhibit 99.1 to this current report on Form 8-K shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information or exhibit be deemed incorporated by reference into any filing under the Securities Act of 1933 or Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in any such filing. Item 7.01Regulation FD Disclosure On January 8, 2026, the Registrant presented and posted on its website a presentation summarizing Pure Cycle’s operations and financial results (Earnings Presentation). The Earnings Presentation is furnished as Exhibit 99.2 to this Form 8-K and is incorporated herein by reference. The information contained in the Earnings Presentation is summary information and should be read in conjunction with Pure Cycle’s filings with the Securities and Exchange Commission and other public announcements that Pure Cycle may make by press release or otherwise from time to time. The Earnings Presentation will be posted in the Investor Relations section of Pure Cycle’s website, www.purecyclewater.com. The information contained in this Item 7.01 of Form 8-K, including the accompanying Exhibit 99.2 is being furnished, and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (Exchange Act), or otherwise subject to the liabilities of that section. The information contained in the presentation shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such a filing. Item 9.01Financial Statements and Exhibits. (d)Exhibits

Exhibit No.

Description

99.1 ​ Press Release dated January 7, 2026, announcing earnings for the three months ended November 30, 2025

99.2 ​ Three months ended November 30, 2025 earnings presentation

104 ​ Cover Page Interactive Data File (the cover page XBRL tags are embedded in the inline XBRL document)

​ ​ ​ ​

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caus