The strong quarterly performance, particularly the water segment's revenue surge, validates the diversified business model. Traders should watch for sustained oil & gas water demand and progress on Phase 2D completion, which could unlock milestone payments. The board resignation adds a minor governance overhang but is unlikely to impact operations near-term.
Price Chart
Executive Summary
Pure Cycle reported strong Q2 FY2026 results with revenue up 60% YoY to $8.2M and diluted EPS up 33% to $0.12, driven by surging water sales to oil & gas customers and accelerated lot development at Sky Ranch. Water deliveries jumped to 631 acre-feet from 76 a year ago, and the company continues to advance Phase 2D and begin Phase 2E. A board resignation was also announced.
Key Financial Metrics
Key Facts
- Revenue of $8.2M for Q2 FY2026, up 60% YoY ($5.1M)
- Diluted EPS of $0.12, up 33% YoY ($0.09)
- Net income of $2.9M, up 31% YoY ($2.3M)
- Water deliveries increased to 631 acre-feet from 76 acre-feet YoY
- Water and wastewater segment revenue up 119% to $4.7M
- Land development revenue up 16% to $3.3M
- Phase 2D is 84% complete; Phase 2E development started (159 lots)
- Board member Daniel R. Kozlowski resigned effective July 7, 2026
- Cash & equivalents of $8.4M; undrawn $10M working capital line
Financial Impact
Revenue grew 60% YoY to $8.2M, EPS grew 33% to $0.12, net income up 31% to $2.9M
Risk Factors
- Housing market headwinds from affordability and soft consumer confidence
- Dependence on variable oil & gas water demand, which fluctuates with energy prices
- Execution risk on Phase 2E development without a signed builder contract
- Regulatory uncertainty around institutional ownership of single-family rentals
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3324415 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 25, 2026 9w ago | 8-K | $11.69 | awaiting T+60 | — | $10.44 (−10.69%) |
Jul 9, 2026 15w ago | 8-K | $10.79 $10.90 | ▲ +1.02% | ▼ −0.61% | $10.44 (−3.24%) |
Jul 8, 2026 15w ago | Press Release | $10.79 $10.90 | ▲ +1.02% | ▼ −0.61% | $10.44 (−3.24%) |
Jun 30, 2026 17w ago | Press Release | $10.71 $11.00 | ▲ +2.71% | ▼ −0.86% | $10.44 (−2.52%) |
May 26, 2026 22w ago | 8-K | $9.92 $11.46 | ▲ +15.52% | ▲ +12.80% | $10.44 (+5.24%) |
Apr 9, 2026 28w ago | 8-K | $11.85 $10.55 | ▼ −10.97% | ▼ −21.75% | $10.44 (−11.90%) |
Apr 8, 2026 28w ago | Press Release | $11.85 $10.55 | ▼ −10.97% | ▼ −21.75% | $10.44 (−11.90%) |
US Market Status
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