Pure Cycle(US:PCYO)2024-01-16 13:41Financial Performance - Revenue increased, with Q1 2024 revenue at $5387 thousand [10] - Gross Profit also increased, with Q1 2024 gross profit at $3342 thousand [10] - The company's water rights portfolio can provide water to as many as 60000 connections [15] - The current system supports roughly $955 million in tap revenues [47] Land Development - Sky Ranch is planned to accommodate up to 3200 residential units and over 2 million square feet of commercial space, equivalent to 5000 single-family equivalents (SFEs) [6, 51] - The first two phases of Sky Ranch development generated approximately $55 million in lot revenue [51] - Remaining phases are estimated to produce $167 million from residential lots and $432 million from commercial development [51] - Land development revenue shows Phase 2b accounting for 841% of revenue [26] Single-Family Rentals - The company has 14 completed and rented homes [35] - The company plans to build 200 homes in Sky Ranch for rentals [35] - Strategy is to retain the equity value in the land and water and deliver affordable rental units in Sky Ranch Master Planned Community [55] Stock Repurchase Program - The board approved a stock repurchase program to repurchase up to 200000 shares [64] - As of Q2 2024, the company has repurchased a total of 22000 shares at an average price of $978 [65]