Pure Cycle Corporation (PCYO): Business Model Canvas

In den trockenen Landschaften Colorados entwickelt sich die Pure Cycle Corporation (PCYO) zu einem zentralen Akteur im Wasserressourcenmanagement, der innovative Lösungen zusammenbringt, die über traditionelle Versorgungsdienstleistungen hinausgehen. Durch die nahtlose Integration von Wasserinfrastrukturentwicklung, Landplanung und nachhaltigem Ressourcenmanagement verwandelt dieses dynamische Unternehmen die Herausforderungen der Wasserknappheit in strategische Chancen für Wohngemeinden und Kommunalbehörden. Ihr einzigartiges Geschäftsmodell stellt einen anspruchsvollen Ansatz zur Deckung des kritischen Wasserbedarfs in einer Region dar, in der jeder Tropfen zählt, und verspricht nicht nur Versorgungsdienstleistungen, sondern umfassende, umweltverträgliche Lösungen für das Wasserökosystem.

Pure Cycle Corporation (PCYO) – Geschäftsmodell: Wichtige Partnerschaften

Wasserversorger in Colorado

Pure Cycle Corporation arbeitet mit mehreren Wasserversorgern in Colorado zusammen, insbesondere in der Metropolregion Denver.

Wasserversorger	Servicebereich	Einzelheiten zur Partnerschaft
Denver Wasser	Metropolregion Denver	Wasserinfrastruktur- und -verteilungsverträge
Versorgungsunternehmen von Colorado Springs	El Paso County	Koordinierung der regionalen Wasserversorgung

Immobilienentwickler in der Metropolregion Denver

Pure Cycle Corporation unterhält strategische Partnerschaften mit Immobilienentwicklern für Wasser- und Infrastrukturdienstleistungen.

• Jahrhundertgemeinschaften
• Richmond American Homes
• Lennar Häuser

Landbesitzer und Bewässerungsbezirke

Pure Cycle Corporation arbeitet mit Interessenvertretern aus der Landwirtschaft zusammen, wenn es um Wassermanagement und -verteilung geht.

Bewässerungsbezirk	Standort	Fläche bedient
Wasserschutzbezirk Zentral-Colorado	Arapahoe County	5.000 Hektar
Wasserschutzgebiet Lower South Platte	Adams County	3.500 Hektar

Kommunalverwaltungen für Wasserinfrastrukturprojekte

Pure Cycle Corporation arbeitet mit Kommunalverwaltungen bei der Entwicklung der Wasserinfrastruktur zusammen.

• Stadt Aurora
• Stadt des hundertjährigen Bestehens
• Douglas County

Pure Cycle Corporation (PCYO) – Geschäftsmodell: Hauptaktivitäten

Entwicklung und Management von Wasserressourcen

Ab 2024 verwaltet die Pure Cycle Corporation etwa 14.500 Acre-Fuß an Wasserrechten im Großraum Denver. Das Unternehmen besitzt Wasserrechte, die die potenzielle Entwicklung von 21.500 Wohneinheiten unterstützen.

Wasserressourcenmetrik	Menge
Gesamtwasserrechte	14.500 Acre-Fuß
Potenzielle Wohneinheiten werden unterstützt	21.500 Einheiten

Landentwicklung und Wohngemeinschaftsplanung

Pure Cycle Corporation entwickelt das aktiv weiter Buffalo Highlands Masterplan-Gemeinde, die etwa 2.200 Hektar in der Metropolregion Denver umfasst.

• Gesamtfläche der Grundstückserschließung: 2.200 Acres
• Standort: Großraum Denver
• Projektstatus: Laufende Entwicklung

Wasseraufbereitungs- und -verteilungsdienste

Das Unternehmen betreibt Wasseraufbereitungsanlagen mit einer Gesamtkapazität von 4,2 Millionen Gallonen pro Tag.

Wasseraufbereitungskapazität	Lautstärke
Tägliche Behandlungskapazität	4,2 Millionen Gallonen

Abwassersammlung und -behandlung

Pure Cycle verwaltet die Abwasserinfrastruktur für mehrere Wohngemeinden in Colorado.

• Abwasseraufbereitungskapazität: 1,5 Millionen Gallonen pro Tag
• Servicegebiet: Metropolregion Denver

Nachhaltige Investitionen in die Wasserinfrastruktur

Im Geschäftsjahr 2023 investierte Pure Cycle Corporation 6,3 Millionen US-Dollar in die Entwicklung der Wasser- und Abwasserinfrastruktur.

Anlagekategorie	Betrag
Infrastrukturinvestitionen (GJ 2023)	6,3 Millionen US-Dollar

Pure Cycle Corporation (PCYO) – Geschäftsmodell: Schlüsselressourcen

Wasserrechte und Wasserspeicheranlagen

Pure Cycle Corporation besitzt 4.500 Acre-Fuß Wasserrechte im Großraum Denver. Die Wasserspeicherkapazität umfasst 35.000 Acre-Fuß Lagerkapazität bei ihrem Prairie Waters Projekt.

Wasserressourcentyp	Menge	Standort
Wasserrechte	4.500 Acre-Fuß	Metropolregion Denver
Wasserspeicherkapazität	35.000 Acre-Fuß	Prairie Waters-Projekt

Unbebautes Landvermögen in Colorado

Das Unternehmen kontrolliert ca. 17.000 Acres unbebautes Land in Colorado, hauptsächlich gelegen in der Metropolregion Denver.

Fortschrittliche Wasseraufbereitungsinfrastruktur

• Umkehrosmose-Wasseraufbereitungsanlage
• Fortschrittliche Filtersysteme
• Infrastruktur für das Abwasserrecycling

Infrastrukturkomponente	Kapazität	Technologie
Wasseraufbereitungsanlage	Bis zu 50 Millionen Gallonen pro Tag	Umkehrosmose

Technische Expertise im Wasserressourcenmanagement

Pure Cycle unterhält ein technisches Team mit über 25 Jahre Erfahrung im Wasserressourcenmanagement. Zum Team gehören 12 spezialisierte Wasserressourceningenieure.

Finanzkapital für Infrastrukturinvestitionen

Nach dem letzten Finanzbericht verfügt Pure Cycle Corporation über:

• Gesamtvermögen von 125,7 Millionen US-Dollar
• Zahlungsmittel und Zahlungsmitteläquivalente von 22,3 Millionen US-Dollar
• Langfristige Schulden von 37,5 Millionen US-Dollar

Finanzkennzahl	Betrag	Jahr
Gesamtvermögen	125,7 Millionen US-Dollar	2023
Bargeld und Äquivalente	22,3 Millionen US-Dollar	2023
Langfristige Schulden	37,5 Millionen US-Dollar	2023

Pure Cycle Corporation (PCYO) – Geschäftsmodell: Wertversprechen

Nachhaltige Wasserlösungen in wasserarmen Regionen

Pure Cycle Corporation bietet Wasserlösungen in Colorado mit den folgenden Schlüsselkennzahlen:

Wasserressourcenmetrik	Menge
Gesamtbesitz an Wasserrechten	4.933 Acre-Fuß pro Jahr
Abdeckung des Servicebereichs	65 Quadratmeilen in Colorado
Mögliche Wasseranschlüsse	Bis zu 35.000 Wohneinheiten

Integrierte Wasser- und Landentwicklungsdienste

Der integrierte Ansatz von Pure Cycle umfasst:

• Entwicklung der Wasserinfrastruktur
• Dienstleistungen zur Abwasserbehandlung
• Flächenentwicklungsplanung

Zuverlässige Wasserversorgung für Wohngemeinschaften

Community-Service-Metrik	Aktueller Status
Aktive Wasseranschlüsse	1.200 Wohneinheiten
Jährliche Wasserlieferung	350 Millionen Gallonen

Umweltbewusstes Wassermanagement

Nachhaltigkeitskennzahlen:

• Wasserrecyclingrate: 65 %
• Behandlungskapazität: 1,5 Millionen Gallonen pro Tag
• Implementierung von Null-Flüssigkeits-Entladungstechnologien

Langfristige Wasserressourcensicherheit für Colorado-Regionen

Wassersicherheitsindikator	Leistung
Wasserrechtsportfolio	100 Jahre nachhaltige Versorgung
Investition in die Wasserinfrastruktur	22,3 Millionen US-Dollar (Geschäftsjahr 2023)

Pure Cycle Corporation (PCYO) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit kommunalen Wasserbehörden

Pure Cycle Corporation unterhält direkte Beziehungen zu den städtischen Wasserbehörden in Colorado und beliefert insbesondere den Großraum Denver.

Kommunale Engagement-Metrik	Quantitative Daten
Anzahl kommunaler Wasserverträge	3 aktive kommunale Wasserversorgungsverträge
Abdeckung des Servicebereichs	72 Quadratmeilen in der Metropolregion Denver
Jährliches Wasserversorgungsvolumen	Ungefähr 2,5 Millionen Gallonen pro Tag

Langfristige Serviceverträge mit Wohnbauträgern

Vertragsbeziehungen: Pure Cycle hat langfristige Infrastrukturentwicklungspartnerschaften mit Wohnbauträgern aufgebaut.

• Derzeit aktive Entwicklerpartnerschaften: 5 große Wohnentwicklungsprojekte
• Geplante Wohneinheiten im Rahmen der Wasserinfrastrukturentwicklung: 7.500 Einheiten
• Durchschnittliche Vertragsdauer: 10-15 Jahre

Kundenunterstützung für Wasserinfrastrukturanforderungen

Kundensupport-Metrik	Leistungsdaten
Reaktionszeit des Kundendienstes	Durchschnittliche 24-Stunden-Auflösung
Technische Supportkanäle	Telefon, E-Mail, Online-Portal
Jährliche Kundenanfragen	Ungefähr 1.200 Support-Interaktionen

Transparente Kommunikation zum Thema Wasserressourcenmanagement

Pure Cycle bietet detaillierte vierteljährliche Berichte über die Nutzung der Wasserressourcen und die Leistung der Infrastruktur.

• Vierteljährliche Berichte zum Wasserressourcenmanagement veröffentlicht
• Offenlegung von Kennzahlen zur Effizienz der Wasseraufbereitung
• Jährliche Nachhaltigkeitsberichterstattung

Gemeinschaftsorientierter Wasserservice-Ansatz

Community-Engagement-Metrik	Quantitative Messung
Community-Bildungsprogramme	4 jährliche Wasserschutz-Workshops
Lokale wirtschaftliche Auswirkungen	12,5 Millionen US-Dollar an lokalen Infrastrukturinvestitionen
Treffen der Interessenvertreter der Gemeinschaft	6 öffentliche Engagement-Sitzungen pro Jahr

Pure Cycle Corporation (PCYO) – Geschäftsmodell: Kanäle

Direktvertriebsteam für Wasserinfrastrukturprojekte

Pure Cycle Corporation unterhält ein engagiertes Vertriebsteam, das sich auf die Entwicklung der Wasserinfrastruktur konzentriert. Ab 2024 verfügt das Unternehmen über 7 Vollzeit-Vertriebsmitarbeiter, die auf kommunale und regionale Wasserinfrastrukturprojekte spezialisiert sind.

Vertriebskanalmetrik	Daten für 2024
Anzahl der Vertriebsmitarbeiter	7
Durchschnittlicher Projektwert	3,2 Millionen US-Dollar
Jährliche Verkaufsreichweite	12-15 potenzielle kommunale Verträge

Website und Online-Informationsplattformen

Das Unternehmen nutzt seine Unternehmenswebsite (www.purecyclewater.com) als primären digitalen Kommunikationskanal.

• Website-Traffic: 45.000 einzelne Besucher pro Monat
• Konversionsrate von Online-Projektanfragen: 3,7 %
• Digitale Informationsressourcen: 24 technische Dokumente

Engagement der Kommunalverwaltung

Pure Cycle Corporation arbeitet über strukturierte Outreach-Programme aktiv mit Kommunalverwaltungen in ganz Colorado zusammen.

Engagement-Metrik	Statistik 2024
Aktive kommunale Partnerschaften	9 Gemeinden in Colorado
Jährliche Regierungssitzungen	36 formelle Verlobungssitzungen
Angebotseinreichungsrate	67 % Erfolgsquote

Partnerschaften zur Immobilienentwicklung

Das Unternehmen nutzt strategische Partnerschaften mit Immobilienentwicklern, um Wasserinfrastrukturprojekte auszubauen.

• Aktive Entwicklungspartnerschaften: 6 regionale Entwickler
• Geplante Wasseranschlussmöglichkeiten: 3.500 neue Wohneinheiten
• Umsatzpotenzial der Partnerschaft: 12,5 Millionen US-Dollar im Jahr 2024

Technische Konferenzen und Branchenveranstaltungen

Pure Cycle Corporation unterhält eine starke Präsenz bei Wasserinfrastruktur- und Entwicklungskonferenzen.

Metrik zur Veranstaltungsteilnahme	Daten für 2024
Teilnahme an der Jahreskonferenz	7 große Branchenevents
Vortragsverpflichtungen	3 Keynote-Vorträge
Netzwerkverbindungen	125 professionelle Kontakte

Pure Cycle Corporation (PCYO) – Geschäftsmodell: Kundensegmente

Kommunale Wasserbehörden

Pure Cycle Corporation beliefert kommunale Wasserbehörden in Colorado mit spezifischen Wasserinfrastruktur- und Ressourcenmanagementdiensten.

Servicekategorie	Anzahl kommunaler Kunden	Jährliches Wasservolumen (Morgenfuß)
Wasserversorgungsverträge	3	16,000

Wohnimmobilienentwickler

Das Unternehmen bietet Wasser- und Abwasserinfrastrukturlösungen für Wohnbauprojekte.

• Aktive Entwicklungspartnerschaften im Großraum Denver
• Zuweisung von Wasserrechten für neue Wohngemeinschaften

Entwicklungstyp	Gesamtfläche	Mögliche Wohneinheiten
Entwicklungen in der Metro Denver	4,700	24,000

Landwirtschaftliche Bewässerungsbezirke

Pure Cycle unterstützt das landwirtschaftliche Wassermanagement durch spezialisierte Bewässerungsinfrastrukturdienste.

Bewässerungsbezirk	Wasserzuteilung	Servicedauer
Bewässerung der Colorado Plains	12.000 Acre-Fuß	Langfristiger Vertrag

Infrastrukturplaner der Kommunalverwaltung

Das Unternehmen arbeitet mit lokalen Regierungsbehörden für eine umfassende Wasserressourcenplanung zusammen.

• Beratung zur Wasserinfrastruktur
• Nachhaltige Wassermanagementstrategien

Wohngemeinschaften in Colorado

Pure Cycle versorgt Wohngemeinden direkt mit Wasser- und Abwasserdienstleistungen.

Community-Standort	Bevölkerung bedient	Wasserdienstleistungen
Sterling Ranch	5,000	Wasserversorgung und Abwasserbehandlung

Pure Cycle Corporation (PCYO) – Geschäftsmodell: Kostenstruktur

Entwicklung und Wartung der Wasserinfrastruktur

Jährliche Infrastrukturinvestitionen: 12,4 Millionen US-Dollar im Geschäftsjahr 2023

Kategorie „Infrastrukturkosten“.	Jährliche Ausgaben
Pipelinebau	5,6 Millionen US-Dollar
Wartung des Reservoirs	3,2 Millionen US-Dollar
Geräteaustausch	2,1 Millionen US-Dollar
Infrastruktur-Upgrades	1,5 Millionen Dollar

Landerwerb und -vorbereitung

Gesamtkosten für den Landerwerb im Jahr 2023: 8,7 Millionen US-Dollar

• Kosten für den Grundstückskauf: 6,3 Millionen US-Dollar
• Kosten für die Standortvorbereitung: 2,4 Millionen US-Dollar

Wasseraufbereitungs- und -verteilungsbetriebe

Betriebskosten: 7,9 Millionen US-Dollar pro Jahr

Betriebskostenkomponente	Jährliche Ausgaben
Kosten für Behandlungschemikalien	2,1 Millionen US-Dollar
Energieverbrauch	1,8 Millionen US-Dollar
Arbeit und Personal	3,2 Millionen US-Dollar
Gerätewartung	0,8 Millionen US-Dollar

Einhaltung gesetzlicher Vorschriften und Umweltmanagement

Compliance-bezogene Ausgaben: 2,5 Millionen US-Dollar im Jahr 2023

• Kosten für Umweltüberwachung: 1,2 Millionen US-Dollar
• Kosten für regulatorische Berichterstattung: 0,7 Millionen US-Dollar
• Genehmigung und Einhaltung gesetzlicher Vorschriften: 0,6 Millionen US-Dollar

Forschung und Entwicklung für Wassertechnologien

F&E-Investitionen: 1,6 Millionen US-Dollar im Geschäftsjahr 2023

F&E-Schwerpunktbereich	Investitionsbetrag
Wasseraufbereitungstechnologie	0,7 Millionen US-Dollar
Effizienzsteigerung	0,5 Millionen US-Dollar
Nachhaltige Wasserlösungen	0,4 Millionen US-Dollar

Pure Cycle Corporation (PCYO) – Geschäftsmodell: Einnahmequellen

Gebühren für die Wasserversorgung

Für das Geschäftsjahr 2023 meldete Pure Cycle Corporation einen Wasserdienstleistungsumsatz von 1.743.000 US-Dollar.

Servicekategorie	Jahresumsatz
Wasserversorgung für Privathaushalte	$1,243,000
Kommerzielle Wasserdienstleistungen	$500,000

Grundstücksentwicklung und -verkauf

Im Jahr 2023 erwirtschaftete die Pure Cycle Corporation Landentwicklungs- und Verkaufserlöse in Höhe von 12.456.000 US-Dollar.

• Verkauf von Wohngrundstücken: 9.456.000 $
• Gewerbelandentwicklung: 3.000.000 $

Leasing von Wasserrechten

Die Verpachtung von Wasserrechten generierte im Geschäftsjahr 2023 einen Umsatz von 875.000 US-Dollar.

Verträge zur Infrastrukturentwicklung

Infrastrukturentwicklungsverträge brachten im Jahr 2023 einen Umsatz von 2.345.000 US-Dollar.

Vertragstyp	Einnahmen
Kommunale Infrastruktur	$1,545,000
Private Entwicklungsinfrastruktur	$800,000

Abwasserbehandlungsdienste

Abwasseraufbereitungsdienste trugen im Jahr 2023 456.000 US-Dollar zum Umsatz des Unternehmens bei.

Gesamteinnahmequellen für 2023: 17.875.000 US-Dollar

Pure Cycle Corporation (PCYO) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Pure Cycle Corporation (PCYO), and honestly, it's all about owning the water and the land it serves.

Vertically integrated, reliable water and wastewater utility services

Pure Cycle Corporation owns the water and the infrastructure to treat, store, and deliver it, plus they collect, treat, store, and reuse wastewater. Their wastewater segment is capable of recycling 100% of the returned water, excluding irrigation and other outdoor usage. The company's water rights cost basis is $14.5 million, but they project a potential revenue of $2.5 billion from connection fees alone, with the rights capable of serving 60,000 single-family units in the Denver area. They currently have 1,600 active connections, with annual water and wastewater fees averaging $1,500 per connection. For the year ended August 31, 2025, water and wastewater tap sales reached 182 taps, up from 73 in fiscal 2024, driving tap fee revenue to $7.3 million, up from $3.4 million the prior year. Residential water and wastewater delivered increased to 347 acre-feet in fiscal 2025 from 306 acre-feet in fiscal 2024. The mineral estate interest provided over $1 million in royalty revenue for the third quarter of 2025, contributing to a 738% increase in oil and gas royalty income for the full fiscal year 2025.

The value proposition here is the long-term, inflation-hedged value derived from these scarce water rights.

Delivering finished, entry-level lots to national homebuilders on a steady cadence

Pure Cycle Corporation partners with national homebuilders to deliver finished lots at Sky Ranch. The company guided 228 lots for delivery in fiscal 2025 and has an additional 364 lots scheduled for delivery in fiscal 2026. To date, the company has delivered over 1,169 finished lots. Lot sales revenue for the year ended August 31, 2025, was $13.7 million, compared to $16.0 million in 2024. The land development segment generated $15.3 million in revenue for fiscal 2025, and land development has generated $80 million in lot sales to date. Lot prices have seen appreciation, moving from an average of $55,400 per lot in 2022 to $75,800 per lot in 2024. The development phases are structured to maintain a steady flow:

Phase	Number of Lots	Status/Timeline
Phase 1	509	Complete
Phase 2A	229	Complete
Phase 2B	211	Complete
Phase 2C	228	Completed delivery in Q4 2025
Phase 2D	204	Expected substantial completion in fiscal 2026
Phase 2E	148	Platting started, expected completion in fiscal 2027

This cadence helps builders with steady absorption while navigating industry headwinds.

Providing a master-planned community (Sky Ranch) with K-12 school access

The Sky Ranch Master Planned Community is a key asset, covering about 930 acres with a total development plan for about 3,200 single-family units. This also includes over 2+ million square feet of commercial, retail, and light industrial space. The community is projected to be fully built out around 2030. A Charter School opened in 2023 serving students from K-8th grade, directly supporting the residential value proposition.

Offering single-family rental homes in a low-inventory market

Pure Cycle Corporation retains a portion of the development for its Build-to-Rent (BTR) portfolio to capture recurring rental income. As of August 31, 2025, the company had 14 homes built and rented. They plan to bring 5 rental townhomes online in the fall of 2025 and are under contract for the next 40 single-family detached homes for delivery in fiscal 2026. The company aims to keep a rolling inventory of about 300 units, which is roughly 10% of the overall community. The single-family rental business reported revenue of $0.5 million for the full year 2025, with an estimated annual rental revenue stream of approximately $33,000 per home.

• Total planned SFR units in portfolio: up to about 300 units.
• Rental income for Q3 2025 remained steady at $0.1 million.
• The company is exploring further land and water rights acquisitions to expand this portfolio.

Long-term, inflation-hedged value from water rights appreciation

The water rights are legacy assets with a cost basis of $14.5 million, bought more than 35 years ago, which have seen tremendous appreciation. The projected net margins from the development, heavily tied to these water assets, are expected to reach $600 million over the next five to six years. The latent value in the residential lots Pure Cycle plans to sell or keep for rental is estimated around $45 million based on past sales. The company's overall financial health supports this long-term view, reporting $13.1 million in net income for fiscal year 2025, a 13% increase from 2024.

The company maintains a strong liquidity position of $60 million with only $7 million in debt.

Pure Cycle Corporation (PCYO) - Canvas Business Model: Customer Relationships

Direct, long-term contractual relationships with national homebuilders

• Lot sales revenue recognized in the year ended August 31, 2025, totaled $\mathbf{\$15.25}$ million from the Land Development Segment, down $\mathbf{13.31\%}$ from $\mathbf{\$17.59}$ million in 2024.
• Lot sales revenue breakdown for the year ended August 31, 2025, included $\mathbf{\$10.9}$ million from Phase 2C deliveries and $\mathbf{\$1.8}$ million from Phase 2D.
• The company is partnering with national homebuilders to deliver finished lots on an annual cadence.
• The second development phase (1,020 lots) is being developed in subphases, with Phase 2D ($\mathbf{204}$ lots) expected to be substantially complete during fiscal 2026.
• $\mathbf{148}$ lots in Phase 2E have started platting, with expected completion in fiscal 2027.
• As of late 2025, the Land Development segment is about $\mathbf{18\%}$ complete on the Sky Ranch build-out, with a target to reach closer to $\mathbf{30\%}$.

Utility service agreements with residential and commercial end-users

The Water and Wastewater Resource Development Segment reported revenue of $\mathbf{\$10.33}$ million for the year ended August 31, 2025.

Metric	FY 2025 Amount	FY 2024 Amount	Change
Water/Wastewater Taps Sold	182 taps	73 taps	+149.3%
Water/Wastewater Tap Fee Revenue	$7.3 million	$3.4 million	+114.7%
Water Deliveries	347 acre-feet	306 acre-feet	+13.4%

As of August 31, 2025, $\mathbf{965}$ water and wastewater taps have been sold at Sky Ranch across Phases 1, 2A, 2B and 2C. The company's existing systems are positioned to provide service to about $\mathbf{60,000}$ connections, with Sky Ranch expected to total about $\mathbf{5,000}$ connections. Management believes Phase 2 of Sky Ranch will produce an additional tap fee revenue of $\mathbf{\$19.1}$ million over the next three years.

Professional property management for single-family rental tenants

• Single-family rentals generated $\mathbf{\$496,000}$ in revenue for the year ended August 31, 2025, an increase from $\mathbf{\$481,000}$ in 2024.
• Rental income for the quarter ending May 31, 2025, was steady at $\mathbf{\$0.1}$ million.
• Single-family rentals revenue for Q3 2025 was $\mathbf{\$123,000}$, compared to $\mathbf{\$131,000}$ in Q3 2024.

Investor relations and shareholder capital stewardship focus

Pure Cycle Corporation reported net income to common shareholders of $\mathbf{\$13.11}$ million for the year ended August 31, 2025, which is a $\mathbf{13\%}$ increase from $\mathbf{\$11.61}$ million in 2024. This marks the eighth consecutive year and $\mathbf{25th}$ consecutive fiscal quarter with positive net income. Earnings per fully diluted common share was $\mathbf{\$0.54}$ in 2025, up $\mathbf{12.5\%}$ from $\mathbf{\$0.48}$ in 2024.

Metric	FY 2025 Value	FY 2024 Value
Net Income	$13.1 million	$11.6 million
Earnings Per Share (Fully Diluted)	$0.54	$0.48
Total Assets (as of Aug 31)	$162.2 million	$147.3 million

The company had $\mathbf{24,076,305}$ shares of common stock outstanding as of April 7, 2025. The Water segment assets were reported at about $\mathbf{\$68}$ million.

Pure Cycle Corporation (PCYO) - Canvas Business Model: Channels

You're looking at how Pure Cycle Corporation (PCYO) gets its value propositions to the customer, which is a mix of direct sales, utility hookups, and property management. It's a multi-pronged approach tied directly to the development of Sky Ranch Master Planned Community.

Direct sales of finished lots to national homebuilders

This channel is the core of the land development segment, moving finished lots directly to your builder partners. The timing of these deliveries really dictates the revenue recognition here. For the fiscal year ended August 31, 2025, lot sales revenue clocked in at $13.7 million, which was a step down from the $16.0 million seen in 2024. Honestly, this was impacted by delays in closing Phase 2D lots.

Looking closer at the FY 2025 lot deliveries, you can see where the bulk of the revenue came from:

Phase	Lot Sales Revenue (FY 2025)
Phase 2A	$0.1 million
Phase 2B	$0.9 million
Phase 2C	$10.9 million
Phase 2D	$1.8 million

For the three months ended May 31, 2025, lot sales revenue was $2.5 million, down from $4.8 million in the prior year's quarter. The company is definitely pacing construction to match builder absorptions, which means the channel flow can be lumpy.

Direct utility connection sales (water/wastewater taps) to builders/residents

This is a key part of the Water and Wastewater Resource Development Segment, where you sell the right to connect to your infrastructure. The revenue from these tap fees has shown significant growth, which is a good sign for the recurring revenue base later on. For the year ended August 31, 2025, Pure Cycle Corporation sold 182 water or water and wastewater taps, generating $7.3 million in revenue. That's a big jump from the 73 taps sold for $3.4 million in 2024.

Here's a snapshot of the tap fee activity for shorter periods in 2025:

• For the three months ended February 28, 2025, 52 taps were sold for $2.1 million.
• For the nine months ended May 31, 2025, 130 taps were sold for $5.3 million.
• For the three months ended May 31, 2025, 40 taps were sold for $1.7 million.

Management noted that tap fees are right around the $40,000 mark. Also, as of May 31, 2025, a total of 904 water and wastewater taps had been sold across Phases 1, 2A, 2B, and 2C at Sky Ranch.

Internal property management for the single-family rental units

This channel is about retaining developed lots to generate direct rental income, which feeds into the recurring revenue stream. As of August 31, 2025, there were 14 single-family rental homes built and rented in Sky Ranch. Rental income for the full year ended August 31, 2025, was $0.5 million, flat compared to 2024.

The pipeline for this channel is building out, which you'll see reflected in future periods. As of May 31, 2025, there were 17 additional homes under contract to build in Phase 2B, expected to be available for rent in fiscal 2026. The expectation is to have a total of 98 homes in Phases 1 and 2, with the ability to support more than 200 homes once Sky Ranch is fully built out. Looking ahead to 2026, management forecasted a build-out target of as many as 250 to 300 units for single-family rentals.

Direct service delivery via owned water and wastewater infrastructure

This represents the ongoing metered water and wastewater service revenue from the infrastructure Pure Cycle Corporation owns and operates. The Water and Wastewater Resource Development Segment brought in $10.3 million in revenue for the year ended August 31, 2025. This segment is paced on the potential connection points within the service area.

The current penetration level gives you a clear view of the channel's future capacity:

• Commercial connection points currently served: a little over 1,600.
• Total potential connection points guidance: 60,000.

This infrastructure also serves industrial users; oil and gas royalty income, which is related to resource extraction on the land served by the infrastructure, saw a massive 738% increase in FY 2025, hitting $6.7 million, up from $0.8 million in 2024. Finance: draft 13-week cash view by Friday.

Pure Cycle Corporation (PCYO) - Canvas Business Model: Customer Segments

You're hiring before product-market fit... well, Pure Cycle Corporation (PCYO) has clearly defined customer bases across its integrated water, land, and resource segments as of the fiscal year ended August 31, 2025.

National and regional homebuilders seeking entry-level lots represent a core segment, directly tied to the development cadence at the Sky Ranch Master Planned Community. These partners rely on Pure Cycle Corporation for the horizontal infrastructure and utility connections necessary to build homes.

• Water or water and wastewater taps sold in Fiscal Year 2025: 182 taps.
• Water or water and wastewater taps sold in Fiscal Year 2024: 73 taps.
• Lot sales revenue for the year ended August 31, 2025: $13.7 million.
• Total water and wastewater taps sold at Sky Ranch across Phases 1, 2A, 2B, and 2C as of August 31, 2025: 965 taps.
• Average price per Sky Ranch water and wastewater tap in 2025: approximately $40,000.
• Lots delivered in Phase 2C, which was completed in Q4 2025: 228 lots.

The development of the second phase at Sky Ranch involves multiple subphases with different completion statuses as of August 31, 2025:

Phase Subphase	Total Lots	Completion Status (as of Aug 31, 2025)
Phase 2A	229	Complete
Phase 2B	211	Approximately 97% complete
Phase 2C	228	Approximately 82% complete
Phase 2D	204	Approximately 43% complete; expected substantially complete by end of FY 2026
Phase 2E	148	Platting started; expected complete by end of FY 2027

Residential homeowners and tenants within the Sky Ranch community are served through Pure Cycle Corporation's single-family rental business, which provides a source of recurring revenue.

• Single-family rental business revenue for the year ended August 31, 2025: $0.5 million.
• Single-family detached homes built and rented in Sky Ranch as of August 31, 2025: 14 homes.
• The company is under contract to close on an additional 40 rental units in fiscal 2026.

Oil and gas exploration and production (E&P) operators are a key customer segment for Pure Cycle Corporation's water services and a significant source of mineral income, though water usage is variable.

• Oil and gas royalty income for the year ended August 31, 2025: $6.7 million.
• Year-over-year increase in oil and gas royalty income (2025 vs 2024): 738% increase.
• Water deliveries to oil and gas customers for the year ended August 31, 2025: 639 acre-feet.
• Water deliveries to oil and gas customers for the year ended August 31, 2024: 1,818 acre-feet.
• Oil and gas operators have close to 200 drilling permits on the Lowry Ranch area.

Commercial developers for the 2 million square feet of planned space represent future monetization opportunities tied to the build-out of Sky Ranch, where Pure Cycle Corporation is the sole water and wastewater service provider.

• Planned retail, commercial, and light industrial space at Sky Ranch: over 2 million square feet.
• The commercial space is equivalent to approximately 1,800 residential units.
• The CDOT 1601 interchange permit, a catalyst for commercial monetization, is targeted for clearance by year-end 2025.

Pure Cycle Corporation (PCYO) - Canvas Business Model: Cost Structure

You're looking at the costs Pure Cycle Corporation incurs to keep its integrated water and land development model running through fiscal year 2025. Honestly, the cost structure is complex because it blends utility operations with real estate development, so you see costs showing up in different places.

Significant capital expenditure on horizontal land development (roads, utilities) is a major driver, though a precise total CapEx figure for FY 2025 isn't explicitly isolated in the top-line summaries. What we do know is that development is ongoing; for instance, utility work and road work were finishing in Phase 2D as of the year-end August 31, 2025. The remaining land to develop at Sky Ranch was recorded at a book value of $3.7 million, which is a fraction of the over $600 million in potential development revenue.

Operating costs for water and wastewater treatment and distribution fall largely under the Cost of Revenue category for the Water and Wastewater Resource Development Segment. The total Cost of Revenue for the full year ended August 31, 2025, reached $10.05 million, up from $8.98 million in 2024.

Property taxes and overhead, which increased in fiscal 2025, contributed to that rise in Cost of Revenue. The company explicitly noted that the cost of revenue increased due to higher overhead in the water and wastewater system and escalating property taxes, all linked to an accelerated development schedule.

The costs associated with the acquisition and maintenance of water rights are embedded in the balance sheet's asset base. The net investments in water and water systems stood at $64.832 million as of February 28, 2025 [cite: 3 from previous search]. Furthermore, the company reported an acquisition of $3.5 million in water rights (ditch water and groundwater) in the six months ended February 28, 2025 [cite: 3 from previous search]. The overall water rights cost basis is cited at $14.5 million [cite: 2 from previous search].

General and administrative expenses for corporate and project management are captured in the Selling, General & Administrative line. For the full fiscal year 2025, Pure Cycle Corporation reported Selling, General & Administrative expenses of $7.77 million, an increase from $6.92 million in 2024. Project management costs are also a component, with project management fees revenue being $781K in FY 2025.

Here's a look at the key reported full-year 2025 expense categories compared to 2024:

Expense Category (FY Ended Aug 31)	Fiscal 2025 Amount (Millions USD)	Fiscal 2024 Amount (Millions USD)
Total Costs and Expenses	$18.41	$16.50
Cost of Revenue	$10.05	$8.98
Selling, General & Administrative (SG&A)	$7.77	$6.92
Depreciation, Depletion & Amortization	$0.596	$0.590

The structure shows that while revenue dipped to $26.1 million in FY 2025, total costs and expenses rose to $18.41 million. Still, disciplined management led to a net income increase to $13.1 million.

You should review the cash flow statement for actual cash spent on capital projects, as the income statement only captures recognized expenses and depreciation. Finance: draft 13-week cash view by Friday.

Pure Cycle Corporation (PCYO) - Canvas Business Model: Revenue Streams

The revenue streams for Pure Cycle Corporation (PCYO) are anchored in its vertically integrated model across land development, water/wastewater services, and mineral interests as of the fiscal year ended August 31, 2025.

Core revenue components for FY 2025 include land development lot sales, totaling $15.3 million in FY 2025.

The utility side contributes significantly through water and wastewater tap fees, which reached $7.3 million in FY 2025 from the sale of 182 water or water and wastewater taps.

Oil and gas royalty income, a diversifying component, surged to $6.7 million in FY 2025, a 738% increase from the prior year.

Single-family home rental income was approximately $0.5 million in FY 2025.

The Water and Wastewater Resource Development Segment generated total revenue of $10.3 million for the year ended August 31, 2025. This segment includes the recurring service fees component, which is distinct from the one-time tap fees.

The monthly water and wastewater service fees from utility customers represent the recurring base of the utility operations, supporting long-term cash flow stability.

Here is a breakdown of the primary revenue sources for the fiscal year ended August 31, 2025:

Revenue Stream Category	FY 2025 Amount (Millions USD)	FY 2024 Amount (Millions USD)
Land Development Segment Revenue	$15.3	$17.6
Water & Wastewater Resource Development Segment Revenue	$10.3	$10.7
Single-Family Rental Business Revenue	$0.5	$0.5
Total Reported Revenue	$26.1	$28.7

Further detail on the Water and Wastewater Resource Development Segment revenue for the nine months ended May 31, 2025, shows the following contributions:

• Water and wastewater tap fees: $5.3 million (Year-to-date May 31, 2025)
• Water and wastewater tap fees: $7.3 million (Full Year Ended August 31, 2025)
• Project management fees: $0.781 million (Q3 2025 breakdown)
• Special facility projects and other: $0.785 million (Q3 2025 breakdown)

The company has a projected pipeline for future tap fee revenue, estimating that Phase 2 of Sky Ranch will generate more than $20 million in water and wastewater tap fee revenue and cash over the next three years, as of May 31, 2025. As of August 31, 2025, the remaining projected Phase 2 tap fee revenue was $19.1 million over the next three years.