Pure Cycle Corporation (PCYO): Lienzo de Modelo de Negocio [Actualizado en Ene-2025]

En los áridos paisajes de Colorado, Pure Cycle Corporation (PCYO) surge como un jugador fundamental en la gestión de recursos hídricos, entrelazando soluciones innovadoras que trascienden los servicios de servicios públicos tradicionales. Al integrar a la perfección el desarrollo de la infraestructura de agua, la planificación de la tierra y la gestión de recursos sostenibles, esta empresa dinámica transforma los desafíos de escasez de agua en oportunidades estratégicas para comunidades residenciales y autoridades municipales. Su modelo de negocio único representa un enfoque sofisticado para abordar las necesidades críticas del agua en una región donde cada caída cuenta, prometiendo no solo servicios de servicios públicos, sino también soluciones integrales y ambientalmente responsables del ecosistema de agua.

Pure Cycle Corporation (PCYO) - Modelo de negocios: asociaciones clave

Proveedores de servicios de agua en Colorado

Pure Cycle Corporation colabora con múltiples proveedores de servicios de agua en Colorado, específicamente en la región metropolitana de Denver.

Proveedor de agua	Vía de Servício	Detalles de la asociación
Agua de Denver	Área metropolitana de Denver	Acuerdos de infraestructura y distribución de agua
Utilidades de Colorado Springs	Condado de El Paso	Coordinación regional de suministro de agua

Desarrolladores inmobiliarios en el área metropolitana de Denver

Pure Cycle Corporation mantiene asociaciones estratégicas con desarrolladores de bienes raíces para servicios de agua e infraestructura.

• Comunidades del siglo
• Richmond American Homes
• Casas de Lennar

Tierras agrícolas y distritos de riego

Pure Cycle Corporation se involucra con las partes interesadas agrícolas para la gestión y distribución del agua.

Distrito de riego	Ubicación	Superficie servida
Distrito Central de Conservación del Agua de Colorado	Condado de Arapahoe	5,000 acres
Distrito de Conservación del Agua del Sur de South South	Condado de Adams	3.500 acres

Gobierno municipal para proyectos de infraestructura de agua

Pure Cycle Corporation colabora con los gobiernos municipales sobre el desarrollo de la infraestructura del agua.

• Ciudad de Aurora
• Ciudad de Centenario
• Condado de Douglas

Pure Cycle Corporation (PCYO) - Modelo de negocio: actividades clave

Desarrollo y gestión de recursos hídricos

A partir de 2024, Pure Cycle Corporation administra aproximadamente 14,500 acres-pie de derechos de agua en el área metropolitana de Denver. La compañía posee derechos de agua que apoyan el desarrollo potencial de 21.500 unidades residenciales.

Métrica de recursos hídricos	Cantidad
Derechos de agua total	14,500 acres-pie
Unidades residenciales potenciales admitidas	21,500 unidades

Desarrollo de tierras y planificación de la comunidad residencial

Pure Cycle Corporation está desarrollando activamente el Tierras Altas de Buffalo Comunidad planificada maestra, que abarca aproximadamente 2,200 acres en la región metropolitana de Denver.

• Área de desarrollo total de la tierra: 2.200 acres
• Ubicación: área metropolitana de Denver
• Estado del proyecto: desarrollo continuo

Servicios de tratamiento y distribución de agua

La compañía opera instalaciones de tratamiento de agua con una capacidad combinada de 4.2 millones de galones por día.

Capacidad de tratamiento de agua	Volumen
Capacidad de tratamiento diario	4.2 millones de galones

Recolección y tratamiento de aguas residuales

Pure Cycle gestiona la infraestructura de aguas residuales que sirven múltiples comunidades residenciales en Colorado.

• Capacidad de tratamiento de aguas residuales: 1,5 millones de galones por día
• Área de servicio: región metropolitana de Denver

Inversión sostenible de infraestructura de agua

En el año fiscal 2023, Pure Cycle Corporation invirtió $ 6.3 millones en desarrollo de infraestructura de agua y aguas residuales.

Categoría de inversión	Cantidad
Inversión de infraestructura (para el año fiscal 2023)	$ 6.3 millones

Pure Cycle Corporation (PCYO) - Modelo de negocios: recursos clave

Derechos de agua e instalaciones de almacenamiento de agua

Pure Cycle Corporation posee 4.500 acres-pie de derechos de agua en el área metropolitana de Denver. La capacidad de almacenamiento de agua incluye 35,000 acres-pie de capacidad de almacenamiento en su proyecto Prairie Waters.

Tipo de recursos acuáticos	Cantidad	Ubicación
Derechos de agua	4.500 acres-pie	Área metropolitana de Denver
Capacidad de almacenamiento de agua	35,000 acres-pie	Proyecto de aguas de la pradera

Activos de tierra no desarrollados en Colorado

La empresa controla Aproximadamente 17,000 acres de tierra no desarrollada en Colorado, ubicado principalmente en el Región metropolitana de Denver.

Infraestructura avanzada de tratamiento de agua

• Instalación de tratamiento de agua de ósmosis inversa
• Sistemas de filtración avanzados
• Infraestructura de reciclaje de aguas residuales

Componente de infraestructura	Capacidad	Tecnología
Instalación de tratamiento de agua	Hasta 50 millones de galones por día	Ósmosis inversa

Experiencia técnica en gestión de recursos hídricos

Pure Cycle mantiene un equipo técnico con Más de 25 años de experiencia en gestión de recursos hídricos. El equipo incluye 12 ingenieros especializados de recursos hídricos.

Capital financiero para inversiones de infraestructura

A partir del informe financiero más reciente, Pure Cycle Corporation tiene:

• Activos totales de $ 125.7 millones
• Equivalentes de efectivo y efectivo de $ 22.3 millones
• Deuda a largo plazo de $ 37.5 millones

Métrica financiera	Cantidad	Año
Activos totales	$ 125.7 millones	2023
Efectivo y equivalentes	$ 22.3 millones	2023
Deuda a largo plazo	$ 37.5 millones	2023

Pure Cycle Corporation (PCYO) - Modelo de negocio: propuestas de valor

Soluciones de agua sostenibles en regiones de escasez de agua

Pure Cycle Corporation proporciona soluciones de agua en Colorado con las siguientes métricas clave:

Métrica de recursos hídricos	Cantidad
Derechos totales de agua de propiedad	4.933 acres-pie por año
Cobertura del área de servicio	65 millas cuadradas en Colorado
Conexiones potenciales de agua	Hasta 35,000 unidades residenciales

Servicios integrados de desarrollo de agua y tierra

El enfoque integrado de Pure Cycle incluye:

• Desarrollo de infraestructura de agua
• Servicios de tratamiento de aguas residuales
• Planificación del desarrollo de la tierra

Suministro de agua confiable para comunidades residenciales

Métrico de servicio comunitario	Estado actual
Conexiones activas de agua	1.200 unidades residenciales
Entrega anual de agua	350 millones de galones

Gestión del agua con el medio ambiente

Métricas de sostenibilidad:

• Tasa de reciclaje de agua: 65%
• Capacidad de tratamiento: 1.5 millones de galones por día
• Tecnologías de descarga de líquido cero implementadas

Seguridad de recursos hídricos a largo plazo para regiones de Colorado

Indicador de seguridad del agua	Actuación
Cartera de derechos de agua	Suministro sostenible de 100 años
Inversión en infraestructura de agua	$ 22.3 millones (2023 año fiscal)

Pure Cycle Corporation (PCYO) - Modelo de negocios: relaciones con los clientes

Compromiso directo con las autoridades municipales de agua

Pure Cycle Corporation mantiene relaciones directas con las autoridades municipales del agua en Colorado, que sirve específicamente al área metropolitana de Denver.

Métrica de compromiso municipal	Datos cuantitativos
Número de contratos de agua municipales	3 Acuerdos de servicio municipal de agua activa
Cobertura del área de servicio	72 millas cuadradas en la región metropolitana de Denver
Volumen anual de servicio de agua	Aproximadamente 2.5 millones de galones por día

Contratos de servicio a largo plazo con desarrolladores residenciales

Relaciones contractuales: Pure Cycle ha establecido asociaciones de desarrollo de infraestructura a largo plazo con desarrolladores residenciales.

• Asociaciones actuales de desarrollador activo: 5 proyectos de desarrollo residencial importantes
• Unidades residenciales proyectadas bajo desarrollo de infraestructura de agua: 7.500 unidades
• Duración promedio del contrato: 10-15 años

Atención al cliente para necesidades de infraestructura de agua

Métrica de soporte al cliente	Datos de rendimiento
Tiempo de respuesta del servicio al cliente	Resolución promedio de 24 horas
Canales de soporte técnico	Teléfono, correo electrónico, portal en línea
Consultas anuales de clientes	Aproximadamente 1,200 interacciones de soporte

Comunicación transparente sobre la gestión de recursos hídricos

Pure Cycle proporciona informes trimestrales detallados sobre la utilización de recursos hídricos y el rendimiento de la infraestructura.

• Informes trimestrales de gestión de recursos hídricos publicados
• Divulgación pública de métricas de eficiencia del tratamiento del agua
• Informes anuales de sostenibilidad

Enfoque de servicio de agua centrado en la comunidad

Métrica de compromiso de la comunidad	Medición cuantitativa
Programas de educación comunitaria	4 talleres anuales de conservación del agua
Impacto económico local	$ 12.5 millones en inversiones locales de infraestructura
Reuniones de las partes interesadas de la comunidad	6 sesiones de participación pública por año

Pure Cycle Corporation (PCYO) - Modelo de negocios: canales

Equipo de ventas directas para proyectos de infraestructura de agua

Pure Cycle Corporation mantiene un equipo de ventas dedicado centrado en el desarrollo de la infraestructura de agua. A partir de 2024, la compañía tiene 7 representantes de ventas a tiempo completo especializados en proyectos de infraestructura de agua municipal y regional.

Métrico de canal de ventas	2024 datos
Número de representantes de ventas	7
Valor promedio del proyecto	$ 3.2 millones
Alcance de ventas anual	12-15 contratos municipales potenciales

Sitio web y plataformas de información en línea

La compañía utiliza su sitio web corporativo (www.purecyclewater.com) como un canal de comunicación digital primaria.

• Tráfico del sitio web: 45,000 visitantes únicos por mes
• Tasa de conversión de consulta de proyectos en línea: 3.7%
• Recursos de información digital: 24 documentos técnicos

Compromiso del gobierno municipal

Pure Cycle Corporation se involucra activamente con los gobiernos municipales en todo Colorado a través de programas de divulgación estructurados.

Métrico de compromiso	2024 estadísticas
Asociaciones municipales activas	9 municipios de Colorado
Reuniones gubernamentales anuales	36 sesiones formales de compromiso
Tasa de envío de la propuesta	Tasa de éxito del 67%

Asociaciones de desarrollo inmobiliario

La Compañía aprovecha las asociaciones estratégicas con desarrolladores de bienes raíces para expandir los proyectos de infraestructura de agua.

• Asociaciones de desarrollo activo: 6 desarrolladores regionales
• Oportunidades de conexión de agua proyectadas: 3.500 nuevas unidades residenciales
• Potencial de ingresos de la asociación: $ 12.5 millones en 2024

Conferencias técnicas y eventos de la industria

Pure Cycle Corporation mantiene una presencia robusta en la infraestructura de agua y las conferencias de desarrollo.

Métrica de participación de eventos	2024 datos
Asistencia anual de la conferencia	7 eventos importantes de la industria
Compromisos	3 Presentaciones de notas principales
Conexiones de red	125 contactos profesionales

Pure Cycle Corporation (PCYO) - Modelo de negocios: segmentos de clientes

Autoridades municipales de agua

Pure Cycle Corporation atiende a las autoridades municipales del agua en Colorado con servicios específicos de infraestructura de agua y gestión de recursos.

Categoría de servicio	Número de clientes municipales	Volumen anual de agua (acre-pies)
Contratos de suministro de agua	3	16,000

Desarrolladores de bienes raíces residenciales

La compañía ofrece soluciones de infraestructura de agua y aguas residuales para proyectos de desarrollo residencial.

• Asociaciones de desarrollo activo en el área metropolitana de Denver
• Asignación de derechos de agua para nuevas comunidades residenciales

Tipo de desarrollo	Total de acres	Unidades de vivienda potenciales
Desarrollos de Metro Denver	4,700	24,000

Distritos de riego agrícola

Pure Cycle apoya la gestión del agua agrícola a través de servicios especializados de infraestructura de riego.

Distrito de riego	Asignación de agua	Duración del servicio
Riego de llanuras de Colorado	12,000 acres-pie	Contrato a largo plazo

Planificadores de infraestructura del gobierno local

La compañía colabora con entidades del gobierno local para la planificación integral de recursos hídricos.

• Consultoría de infraestructura de agua
• Estrategias sostenibles de gestión del agua

Comunidades residenciales en Colorado

Pure Cycle sirve directamente a comunidades residenciales con servicios de agua y aguas residuales.

Ubicación comunitaria	Población atendida	Servicios de agua
Rancho de la libra esterlina	5,000	Suministro de agua y tratamiento de aguas residuales

Pure Cycle Corporation (PCYO) - Modelo de negocio: Estructura de costos

Desarrollo y mantenimiento de la infraestructura de agua

Inversión anual de infraestructura: $ 12.4 millones en el año fiscal 2023

Categoría de costos de infraestructura	Gasto anual
Construcción de tuberías	$ 5.6 millones
Mantenimiento del depósito	$ 3.2 millones
Reemplazo de equipos	$ 2.1 millones
Actualizaciones de infraestructura	$ 1.5 millones

Adquisición y preparación de tierras

Costos de adquisición total de tierras en 2023: $ 8.7 millones

• Gastos de compra de tierras: $ 6.3 millones
• Costos de preparación del sitio: $ 2.4 millones

Operaciones de tratamiento y distribución de agua

Gastos operativos: $ 7.9 millones anuales

Componente de costo operativo	Gasto anual
Costos químicos del tratamiento	$ 2.1 millones
Consumo de energía	$ 1.8 millones
Trabajo y personal	$ 3.2 millones
Mantenimiento del equipo	$ 0.8 millones

Cumplimiento regulatorio y gestión ambiental

Gastos relacionados con el cumplimiento: $ 2.5 millones en 2023

• Costos de monitoreo ambiental: $ 1.2 millones
• Gastos de informes regulatorios: $ 0.7 millones
• Permiso y cumplimiento legal: $ 0.6 millones

Investigación y desarrollo de las tecnologías del agua

Inversión de I + D: $ 1.6 millones en el año fiscal 2023

Área de enfoque de I + D	Monto de la inversión
Tecnología de tratamiento de agua	$ 0.7 millones
Mejora de la eficiencia	$ 0.5 millones
Soluciones de agua sostenibles	$ 0.4 millones

Pure Cycle Corporation (PCYO) - Modelo de negocios: flujos de ingresos

Tarifas de servicio de agua

Para el año fiscal 2023, Pure Cycle Corporation reportó ingresos por servicios de agua de $ 1,743,000.

Categoría de servicio	Ingresos anuales
Servicios de agua residencial	$1,243,000
Servicios de agua comerciales	$500,000

Desarrollo y ventas de tierras

En 2023, Pure Cycle Corporation generó el desarrollo de tierras y los ingresos por ventas de $ 12,456,000.

• Ventas de lotes residenciales: $ 9,456,000
• Desarrollo de tierras comerciales: $ 3,000,000

Arrendamiento de los derechos del agua

El arrendamiento de los derechos del agua generó $ 875,000 en ingresos para el año fiscal 2023.

Contratos de desarrollo de infraestructura

Los contratos de desarrollo de infraestructura arrojaron $ 2,345,000 en ingresos durante 2023.

Tipo de contrato	Ganancia
Infraestructura municipal	$1,545,000
Infraestructura de desarrollo privado	$800,000

Servicios de tratamiento de aguas residuales

Los servicios de tratamiento de aguas residuales contribuyeron con $ 456,000 a los ingresos de la compañía en 2023.

Flujos de ingresos totales para 2023: $ 17,875,000

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.