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.
Revenue
$4.0M
Gross Profit
$1.5M
Operating Profit
$-1.3M
Net Profit
$809.0K
Gross Margin
38.2%
Operating Margin
-33.2%
Net Margin
20.3%
YoY Growth
25.0%
EPS
$0.03
PURE CYCLE CORP Q2 FY2025 Financial Summary
PURE CYCLE CORP reported revenue of $4.0M (up 25.0% YoY) for Q2 FY2025, with a net profit of $809.0K (up 585.6% YoY) (20.3% margin). Cost of goods sold was $2.5M, operating expenses totaled $2.9M.
Key Financial Metrics
| Total Revenue | $4.0M |
|---|---|
| Net Profit | $809.0K |
| Gross Margin | 38.2% |
| Operating Margin | -33.2% |
| Report Period | Q2 FY2025 |
Revenue Breakdown
PURE CYCLE CORP Q2 FY2025 revenue of $4.0M breaks down across 3 segments, led by Water And Wastewater Resource Development Segment at $2.6M (65.7% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Water And Wastewater Resource Development Segment | $2.6M | 65.7% |
| Lot Sales | $1.1M | 28.4% |
| Other | $234.0K | 5.9% |
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 Water And Wastewater Resource Development Segment and Lot Sales) has evolved quarter over quarter.
| Segment | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 |
|---|---|---|---|---|
| Water And Wastewater Resource Development Segment | $2.5M | $2.3M | — | $2.6M |
| Lot Sales | — | $7.7M | — | $1.1M |
| Other | — | $1.2M | $200.0K | $234.0K |
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).
| Year | Annual Revenue |
|---|---|
| 2025 | $26.1M |
| 2024 | $28.7M |
| 2023 | $14.6M |
| 2022 | $23.0M |
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 |