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Side-by-side financial comparison of CSP INC (CSPI) and PURE CYCLE CORP (PCYO). Click either name above to swap in a different company.
CSP INC is the larger business by last-quarter revenue ($12.0M vs $9.1M, roughly 1.3× PURE CYCLE CORP). PURE CYCLE CORP runs the higher net margin — 50.0% vs 0.8%, a 49.2% gap on every dollar of revenue. On growth, PURE CYCLE CORP posted the faster year-over-year revenue change (58.8% vs -23.2%). Over the past eight quarters, PURE CYCLE CORP's revenue compounded faster (69.0% CAGR vs -6.3%).
CSP Inc. is a U.S.-based technology firm offering cybersecurity solutions, managed IT services, high-performance computing systems, and IT consulting support. It serves enterprises across healthcare, finance, manufacturing, and public sectors in North America and select global markets.
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.
CSPI vs PCYO — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $12.0M | $9.1M |
| Net Profit | $91.0K | $4.6M |
| Gross Margin | 39.3% | 68.4% |
| Operating Margin | -0.9% | 48.0% |
| Net Margin | 0.8% | 50.0% |
| Revenue YoY | -23.2% | 58.8% |
| Net Profit YoY | -80.7% | 16.0% |
| EPS (diluted) | $0.01 | $0.19 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $12.0M | $9.1M | ||
| Q3 25 | $14.5M | $11.2M | ||
| Q2 25 | $15.4M | $5.1M | ||
| Q1 25 | $13.1M | $4.0M | ||
| Q4 24 | $15.7M | $5.8M | ||
| Q3 24 | $13.0M | $12.6M | ||
| Q2 24 | $13.1M | $7.6M | ||
| Q1 24 | $13.7M | $3.2M |
| Q4 25 | $91.0K | $4.6M | ||
| Q3 25 | $-191.0K | $6.1M | ||
| Q2 25 | $-264.0K | $2.3M | ||
| Q1 25 | $-108.0K | $809.0K | ||
| Q4 24 | $472.0K | $3.9M | ||
| Q3 24 | $-1.7M | $6.6M | ||
| Q2 24 | $-185.0K | $2.8M | ||
| Q1 24 | $1.6M | $118.0K |
| Q4 25 | 39.3% | 68.4% | ||
| Q3 25 | 36.6% | 67.7% | ||
| Q2 25 | 28.8% | 63.4% | ||
| Q1 25 | 32.0% | 38.2% | ||
| Q4 24 | 29.1% | 63.8% | ||
| Q3 24 | 28.4% | 77.8% | ||
| Q2 24 | 35.0% | 64.0% | ||
| Q1 24 | 47.3% | 55.6% |
| Q4 25 | -0.9% | 48.0% | ||
| Q3 25 | -3.7% | 53.1% | ||
| Q2 25 | -7.9% | 26.0% | ||
| Q1 25 | -7.6% | -33.2% | ||
| Q4 24 | -2.3% | 29.9% | ||
| Q3 24 | -15.7% | 62.0% | ||
| Q2 24 | -5.5% | 40.3% | ||
| Q1 24 | 9.0% | -11.5% |
| Q4 25 | 0.8% | 50.0% | ||
| Q3 25 | -1.3% | 54.5% | ||
| Q2 25 | -1.7% | 43.9% | ||
| Q1 25 | -0.8% | 20.3% | ||
| Q4 24 | 3.0% | 68.4% | ||
| Q3 24 | -12.7% | 52.6% | ||
| Q2 24 | -1.4% | 37.2% | ||
| Q1 24 | 11.6% | 3.7% |
| Q4 25 | $0.01 | $0.19 | ||
| Q3 25 | $-0.02 | $0.26 | ||
| Q2 25 | $-0.03 | $0.09 | ||
| Q1 25 | $-0.01 | $0.03 | ||
| Q4 24 | $0.05 | $0.16 | ||
| Q3 24 | $-0.17 | $0.27 | ||
| Q2 24 | $-0.02 | $0.12 | ||
| Q1 24 | $0.16 | $0.00 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $24.9M | $17.1M |
| Total DebtLower is stronger | — | $8.0M |
| Stockholders' EquityBook value | $44.8M | $147.5M |
| Total Assets | $69.2M | $168.1M |
| Debt / EquityLower = less leverage | — | 0.05× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $24.9M | $17.1M | ||
| Q3 25 | $27.4M | $21.9M | ||
| Q2 25 | $26.3M | $14.4M | ||
| Q1 25 | $29.5M | $16.5M | ||
| Q4 24 | $30.7M | $19.0M | ||
| Q3 24 | $30.6M | $22.1M | ||
| Q2 24 | $28.9M | $20.5M | ||
| Q1 24 | $27.1M | $20.6M |
| Q4 25 | — | $8.0M | ||
| Q3 25 | — | $6.8M | ||
| Q2 25 | — | $6.9M | ||
| Q1 25 | — | $6.9M | ||
| Q4 24 | — | $6.9M | ||
| Q3 24 | — | $6.9M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $44.8M | $147.5M | ||
| Q3 25 | $44.6M | $142.7M | ||
| Q2 25 | $47.5M | $136.7M | ||
| Q1 25 | $47.5M | $134.4M | ||
| Q4 24 | $47.5M | $133.6M | ||
| Q3 24 | $47.3M | $129.7M | ||
| Q2 24 | $48.1M | $123.2M | ||
| Q1 24 | $48.2M | $120.4M |
| Q4 25 | $69.2M | $168.1M | ||
| Q3 25 | $71.2M | $162.3M | ||
| Q2 25 | $66.8M | $151.7M | ||
| Q1 25 | $67.1M | $149.7M | ||
| Q4 24 | $67.5M | $149.7M | ||
| Q3 24 | $69.4M | $147.4M | ||
| Q2 24 | $66.8M | $140.4M | ||
| Q1 24 | $64.2M | $135.2M |
| Q4 25 | — | 0.05× | ||
| Q3 25 | — | 0.05× | ||
| Q2 25 | — | 0.05× | ||
| Q1 25 | — | 0.05× | ||
| Q4 24 | — | 0.05× | ||
| Q3 24 | — | 0.05× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-2.9M | $-979.0K |
| Free Cash FlowOCF − Capex | $-3.0M | — |
| FCF MarginFCF / Revenue | -25.1% | — |
| Capex IntensityCapex / Revenue | 0.9% | — |
| Cash ConversionOCF / Net Profit | -32.04× | -0.21× |
| TTM Free Cash FlowTrailing 4 quarters | $-2.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.9M | $-979.0K | ||
| Q3 25 | $1.9M | $9.4M | ||
| Q2 25 | $-3.3M | $-503.0K | ||
| Q1 25 | $1.9M | $-1.4M | ||
| Q4 24 | $1.7M | $5.7M | ||
| Q3 24 | $-1.5M | $3.1M | ||
| Q2 24 | $2.4M | $892.0K | ||
| Q1 24 | $1.7M | $-457.0K |
| Q4 25 | $-3.0M | — | ||
| Q3 25 | $1.7M | — | ||
| Q2 25 | $-3.3M | — | ||
| Q1 25 | $1.9M | — | ||
| Q4 24 | $1.7M | — | ||
| Q3 24 | $-1.5M | — | ||
| Q2 24 | $2.4M | — | ||
| Q1 24 | $1.6M | — |
| Q4 25 | -25.1% | — | ||
| Q3 25 | 11.5% | — | ||
| Q2 25 | -21.7% | — | ||
| Q1 25 | 14.5% | — | ||
| Q4 24 | 10.8% | — | ||
| Q3 24 | -11.7% | — | ||
| Q2 24 | 17.9% | — | ||
| Q1 24 | 11.9% | — |
| Q4 25 | 0.9% | — | ||
| Q3 25 | 1.6% | — | ||
| Q2 25 | 0.4% | — | ||
| Q1 25 | 0.1% | — | ||
| Q4 24 | 0.3% | — | ||
| Q3 24 | 0.1% | — | ||
| Q2 24 | 0.3% | — | ||
| Q1 24 | 0.1% | — |
| Q4 25 | -32.04× | -0.21× | ||
| Q3 25 | — | 1.53× | ||
| Q2 25 | — | -0.22× | ||
| Q1 25 | — | -1.70× | ||
| Q4 24 | 3.69× | 1.44× | ||
| Q3 24 | — | 0.47× | ||
| Q2 24 | — | 0.32× | ||
| Q1 24 | 1.04× | -3.87× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSPI
| Products | $6.7M | 56% |
| Services | $5.3M | 44% |
PCYO
| Construction | $6.5M | 71% |
| Water And Wastewater Resource Development Segment | $2.5M | 27% |
