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
$5.1M
Gross Profit
$3.3M
Operating Profit
$1.3M
Net Profit
$2.3M
Gross Margin
63.4%
Operating Margin
26.0%
Net Margin
43.9%
YoY Growth
-32.4%
EPS
$0.09
PURE CYCLE CORP Q3 FY2025 Financial Summary
PURE CYCLE CORP reported revenue of $5.1M (down 32.4% YoY) for Q3 FY2025, with a net profit of $2.3M (down 20.1% YoY) (43.9% margin). Cost of goods sold was $1.9M, operating expenses totaled $1.9M.
Key Financial Metrics
| Total Revenue | $5.1M |
|---|---|
| Net Profit | $2.3M |
| Gross Margin | 63.4% |
| Operating Margin | 26.0% |
| Report Period | Q3 FY2025 |
Revenue Breakdown
PURE CYCLE CORP Q3 FY2025 revenue of $5.1M breaks down across 3 segments, led by Land Development Segment at $3.5M (68.9% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Land Development Segment | $3.5M | 68.9% |
| Water Tap Fee | $1.4M | 27.2% |
| Other | $200.0K | 3.9% |
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 Land Development Segment and Water Tap Fee) has evolved quarter over quarter.
| Segment | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 |
|---|---|---|---|---|
| Land Development Segment | — | — | $3.5M | — |
| Water Tap Fee | — | — | $1.4M | — |
| 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 |