Pure Cycle(US:PCYO)2025-01-10 14:45Financial Performance - Pure Cycle reported net income of $3.9 million for the three months ended November 30, 2024, a 91% increase compared to $2.1 million in 2023[2] - Earnings per fully diluted common share increased to $0.16, up 78% from $0.09 in 2023[2] - Total revenues for the three months ended November 30, 2024, were $5.8 million, a 7% increase from $5.4 million in 2023[2] - EBITDA for the three months ended November 30, 2024, was $5.8 million, reflecting a 71% increase from $3.4 million in 2023[2] Revenue Sources - Royalty income surged to $2.8 million in Q1 2025, compared to less than $0.1 million in the same period last year[2] - Water and wastewater tap sales increased to $1.5 million in Q1 2025, compared to $0.6 million in Q1 2024[11] - Lot sales revenue rose to $2.3 million for the three months ended November 30, 2024, compared to $1.9 million in 2023[12] Assets and Liabilities - As of November 30, 2024, cash and cash equivalents totaled $19.0 million, with working capital reported at $20.3 million[10] - As of November 30, 2024, total assets increased to $149,688,000 from $147,354,000 as of August 31, 2024, reflecting a growth of approximately 1.8%[18] - Current assets decreased to $28,202,000 from $37,862,000, a decline of about 25.5%[18] - Total liabilities decreased to $16,101,000 from $17,652,000, a reduction of about 8.8%[18] - Total shareholders' equity increased to $133,587,000 from $129,702,000, representing a growth of approximately 3.0%[18] Business Segments - The company operates in three business segments: wholesale water and wastewater services, land development, and single-family home rentals, enhancing recurring revenues[19] - The rental of single-family homes at Sky Ranch was launched in 2021, contributing to long-term recurring revenues and customer growth in the water resource segment[19] Development and Construction - The development of Sky Ranch continues, with 949 finished lots delivered to homebuilders and additional phases underway[9] - The single-family rental business remains stable with 14 homes built and rented, and 17 additional homes under contract for construction[8] Market Outlook - Forward-looking statements indicate expectations for future water and wastewater tap sales, home construction timing, and market demand for entry-level and rental homes[21] - The company emphasizes the potential impact of home mortgage interest rates and inflation on the housing market and sales[21] Additional Information - Additional information and updates can be accessed through the company's website and contact details provided[20]