PURE CYCLE CORPPCYOEarnings & Financial Report
Pure Cycles, is a bicycle company based in Los Angeles, California that was founded by Michael Fishman, Jordan Schau, Zachary Schau and Austin Stoffers in 2010, as Pure Fix Cycles.
PCYO Q1 FY2026 Key Financial Metrics
Revenue
$9.1M
Gross Profit
$6.3M
Operating Profit
$4.4M
Net Profit
$4.6M
Gross Margin
68.4%
Operating Margin
48.0%
Net Margin
50.0%
YoY Growth
58.8%
EPS
$0.19
PURE CYCLE CORP Q1 FY2026 Financial Summary
PURE CYCLE CORP reported revenue of $9.1M (up 58.8% YoY) for Q1 FY2026, with a net profit of $4.6M (up 16.0% YoY) (50.0% margin). Cost of goods sold was $2.9M, operating expenses totaled $1.9M.
Key Financial Metrics
| Total Revenue | $9.1M |
|---|---|
| Net Profit | $4.6M |
| Gross Margin | 68.4% |
| Operating Margin | 48.0% |
| Report Period | Q1 FY2026 |
Revenue Breakdown
PURE CYCLE CORP Q1 FY2026 revenue of $9.1M breaks down across 2 segments, led by Construction at $6.5M (71.4% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Construction | $6.5M | 71.4% |
| Water And Wastewater Resource Development Segment | $2.5M | 27.2% |
PURE CYCLE CORP Revenue by Segment — Quarterly Trend
PURE CYCLE CORP revenue by segment across the last 4 reported quarters, showing how each business line (such as Construction and Water And Wastewater Resource Development Segment) has evolved quarter over quarter.
| Segment | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 |
|---|---|---|---|---|
| Construction | $6.5M | — | — | — |
| Water And Wastewater Resource Development Segment | $2.5M | $2.3M | — | $2.6M |
PURE CYCLE CORP Annual Revenue by Year
PURE CYCLE CORP annual revenue history includes year-by-year totals (for example, 2025 revenue was $26.1M).
PURE CYCLE CORP Quarterly Revenue & Net Profit History
PURE CYCLE CORP results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q1 FY2026 | $9.1M | +58.8% | $4.6M | 50.0% |
| Q4 FY2025 | $11.2M | -10.8% | $6.1M | 54.5% |
| Q3 FY2025 | $5.1M | -32.4% | $2.3M | 43.9% |
| Q2 FY2025 | $4.0M | +25.0% | $809.0K | 20.3% |
| Q1 FY2025 | $5.8M | +6.8% | $3.9M | 68.4% |
| Q4 FY2024 | $12.6M | +272.9% | $6.6M | 52.6% |
| Q3 FY2024 | $7.6M | +10.5% | $2.8M | 37.2% |
| Q2 FY2024 | $3.2M | +6.6% | $118.0K | 3.7% |
Income Statement
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.2M | $7.6M | $12.6M | $5.8M | $4.0M | $5.1M | $11.2M | $9.1M |
| YoY Growth | 6.6% | 10.5% | 272.9% | 6.8% | 25.0% | -32.4% | -10.8% | 58.8% |
Balance Sheet
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $135.2M | $140.4M | $147.4M | $149.7M | $149.7M | $151.7M | $162.3M | $168.1M |
| Liabilities | $14.8M | $17.2M | $17.7M | $16.1M | $15.2M | $15.1M | $19.5M | $20.6M |
| Equity | $120.4M | $123.2M | $129.7M | $133.6M | $134.4M | $136.7M | $142.7M | $147.5M |
Cash Flow
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $-457000 | $892000 | $3.1M | $5.7M | $-1.4M | $-503000 | $9.4M | $-979000 |