PURE CYCLE CORP
purecyclewater.comPure Cycle Corp (NASDAQ: PCYO) is a Colorado-based water and wastewater services company that supplies water and wastewater services to residential communities along the Colorado Front Range, primarily through its operating agreements with the Rangeview Metropolitan District. Revenue comes from two main streams: water and wastewater fees including one-time tap fees and ongoing service charges, and land development activity including residential lot sales at its Sky Ranch community. In FY2025 (year ended August 31, 2025), total revenue was $26.1 million, down 9% from $28.7 million in FY2024. Water and wastewater revenue totaled $10.3 million in FY2025, split between $7.3 million in tap fees and $3.0 million in service activities. Land development revenue contributed $15.8 million, driven by $13.7 million in lot sales. The company also owns 544 acres of Arkansas River valley land held for sale and approximately 13,900 acres of mineral interests as of August 31, 2025. The Rangeview District accounts for the majority of water and wastewater service revenue.
Products & Services
Drinking water supply and treatment, wastewater collection and treatment, residential lot development and sales (Sky Ranch community), project management services for public improvements, single-family rental properties, and Arkansas River valley land held for sale.
Revenue Model
Transactional and fee-based. Water and wastewater tap fees (one-time connection fees) plus ongoing water and wastewater service charges, both earned primarily on behalf of the Rangeview Metropolitan District. Land development revenue from residential lot sales, project management fees, single-family rental income, and special facility projects at Sky Ranch.
Customers & Markets
Primary customer is the Rangeview Metropolitan District, which accounts for the majority of water and wastewater service revenue (FY2025 10-K). End-use customers are residential homeowners and commercial properties along the Colorado Front Range. Lot sales serve residential homebuilders including DR Horton subsidiary Melody Homes.
Geographic Exposure
Exclusively Colorado, concentrated along the Colorado Front Range. Sky Ranch development is the primary land development asset. Arkansas River valley land holdings total 544 acres as of August 31, 2025.
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