Q3 2025 Pure Cycle Corp Earnings Call Transcript
Key Points
- Pure Cycle Corp (PCYO) reported a strong gross profit margin of 63% for the third quarter, translating to $3.2 million in gross profits.
- The company experienced significant growth in its mineral estate segment, contributing over $1 million in quarterly revenue and nearly $6 million year-to-date.
- Net income for the quarter was over $2 million, equating to $0.09 per share, with year-to-date net income reaching $7 million or $0.29 per share.
- The company is on track to deliver 220 lots by the fiscal year-end, which will positively impact revenue recognition in the fourth quarter.
- Pure Cycle Corp (PCYO) maintains a strong balance sheet with high liquidity, enabling continued investment in business segments and potential growth opportunities.
- Quarterly revenues were slightly down from previous quarters due to weighted deliveries of lots in filing 6, impacting short-term financial performance.
- The water utility segment saw a decrease in industrial customer revenue, attributed to a forecasted permitting year for operators, affecting current year results.
- The single-family rental segment experienced slower growth due to updated building code regulations, delaying the permitting process.
- The oil and gas segment was weaker in 2025 due to concentrated permitting activities, with expectations for normalization in 2026.
- The company faced challenges in obtaining new water rights, with a recent application for water rights from Box Elder Creek being turned down.
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Oh.
Good.
Good morning everybody and welcome to Pure Cycle Corporation's 3rd quarter earnings call. We'll start with a presentation from our CEO Mark Harding.
Before moving into the Q&A session.
Well, I said everybody knew.
So sorry about that. We went ahead and muted everybody and when we get to the Q&A session, we'll make sure the mics are open, but we ask that you stay muted until you're called on.
And with that, I'll turn the presentation over to our CEO Mark Harding.
Thank you. Good morning. Welcome to our 3rd quarter earnings call with me today. You just heard Mark Balli, as our CFO, as well as, our controller, Serena Finnegan. So if you have any hard questions, they'll, help,
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