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Pure Cycle Corporation (PCYO+0.43%) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing includes financial statements for the quarter, showing total revenue of $5.75 million, up from $5.39 million in the same quarter the previous year. This increase is attributed to higher lot sales revenue from ongoing development at the Sky Ranch Master Planned Community.
Water and wastewater resource development revenue decreased to $3.06 million from $3.28 million, primarily due to a decline in commercial water sales to oil and gas operators.
Lot sales revenue increased to $2.32 million from $1.90 million, reflecting progress in construction activities at Sky Ranch, where the company is developing multiple phases.
Net income for the quarter was $3.94 million, compared to $2.07 million in the previous year. The increase in net income is attributed to higher oil and gas royalty income.
Operating income was $1.72 million, slightly down from $1.76 million in the previous year, due to increased general and administrative expenses.
Cash provided by operating activities was $5.67 million, while cash used in investing and financing activities was $6.55 million and $0.11 million, respectively.
Pure Cycle had a working capital of $20.3 million as of November 30, 2024. The company anticipates receiving significant milestone payments from homebuilders and tap fee payments in the next 12 months.
The filing also details various financial agreements, including a working capital line of credit and promissory notes for single-family rental home construction.
Pure Cycle continues to focus on developing its Sky Ranch property and expanding its single-family rental business, with plans to construct additional rental units in the near future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Pure Cycle Corporation quarterly 10-Q report dated January 8, 2025. To report an error, please email earnings@qz.com.