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Side-by-side financial comparison of PURE CYCLE CORP (PCYO) and Spire Global, Inc. (SPIR). Click either name above to swap in a different company.
Spire Global, Inc. is the larger business by last-quarter revenue ($15.8M vs $9.1M, roughly 1.7× PURE CYCLE CORP). PURE CYCLE CORP runs the higher net margin — 50.0% vs -176.6%, a 226.6% gap on every dollar of revenue. On growth, PURE CYCLE CORP posted the faster year-over-year revenue change (58.8% vs -26.9%). Over the past eight quarters, PURE CYCLE CORP's revenue compounded faster (69.0% CAGR vs -32.6%).
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.
Spire Global, Inc. is a space-to-cloud data and analytics company that specializes in the tracking of global data sets powered by a large constellation of nanosatellites, such as the tracking of maritime, aviation and weather patterns.
PCYO vs SPIR — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $9.1M | $15.8M |
| Net Profit | $4.6M | $-28.0M |
| Gross Margin | 68.4% | 40.2% |
| Operating Margin | 48.0% | -164.1% |
| Net Margin | 50.0% | -176.6% |
| Revenue YoY | 58.8% | -26.9% |
| Net Profit YoY | 16.0% | 42.7% |
| EPS (diluted) | $0.19 | $-0.85 |
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 | $9.1M | $15.8M | ||
| Q3 25 | $11.2M | $12.7M | ||
| Q2 25 | $5.1M | $19.2M | ||
| Q1 25 | $4.0M | $23.9M | ||
| Q4 24 | $5.8M | $21.7M | ||
| Q3 24 | $12.6M | $28.6M | ||
| Q2 24 | $7.6M | $25.4M | ||
| Q1 24 | $3.2M | $34.8M |
| Q4 25 | $4.6M | $-28.0M | ||
| Q3 25 | $6.1M | $-19.7M | ||
| Q2 25 | $2.3M | $119.6M | ||
| Q1 25 | $809.0K | $-20.7M | ||
| Q4 24 | $3.9M | $-48.8M | ||
| Q3 24 | $6.6M | $-12.5M | ||
| Q2 24 | $2.8M | $-16.6M | ||
| Q1 24 | $118.0K | $-25.5M |
| Q4 25 | 68.4% | 40.2% | ||
| Q3 25 | 67.7% | 36.6% | ||
| Q2 25 | 63.4% | 48.9% | ||
| Q1 25 | 38.2% | 36.8% | ||
| Q4 24 | 63.8% | 32.4% | ||
| Q3 24 | 77.8% | 44.5% | ||
| Q2 24 | 64.0% | 43.0% | ||
| Q1 24 | 55.6% | 26.5% |
| Q4 25 | 48.0% | -164.1% | ||
| Q3 25 | 53.1% | -166.1% | ||
| Q2 25 | 26.0% | -122.7% | ||
| Q1 25 | -33.2% | -106.5% | ||
| Q4 24 | 29.9% | -144.1% | ||
| Q3 24 | 62.0% | -48.0% | ||
| Q2 24 | 40.3% | -48.6% | ||
| Q1 24 | -11.5% | -34.4% |
| Q4 25 | 50.0% | -176.6% | ||
| Q3 25 | 54.5% | -155.3% | ||
| Q2 25 | 43.9% | 623.4% | ||
| Q1 25 | 20.3% | -86.5% | ||
| Q4 24 | 68.4% | -225.2% | ||
| Q3 24 | 52.6% | -43.7% | ||
| Q2 24 | 37.2% | -65.2% | ||
| Q1 24 | 3.7% | -73.3% |
| Q4 25 | $0.19 | $-0.85 | ||
| Q3 25 | $0.26 | $-0.61 | ||
| Q2 25 | $0.09 | $3.72 | ||
| Q1 25 | $0.03 | $-0.77 | ||
| Q4 24 | $0.16 | $-1.93 | ||
| Q3 24 | $0.27 | $-0.50 | ||
| Q2 24 | $0.12 | $-0.68 | ||
| Q1 24 | $0.00 | $-1.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $17.1M | $81.8M |
| Total DebtLower is stronger | $8.0M | — |
| Stockholders' EquityBook value | $147.5M | $112.9M |
| Total Assets | $168.1M | $211.0M |
| Debt / EquityLower = less leverage | 0.05× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $17.1M | $81.8M | ||
| Q3 25 | $21.9M | $96.8M | ||
| Q2 25 | $14.4M | $117.6M | ||
| Q1 25 | $16.5M | $35.9M | ||
| Q4 24 | $19.0M | $19.2M | ||
| Q3 24 | $22.1M | $36.6M | ||
| Q2 24 | $20.5M | $45.8M | ||
| Q1 24 | $20.6M | $63.7M |
| Q4 25 | $8.0M | — | ||
| Q3 25 | $6.8M | — | ||
| Q2 25 | $6.9M | — | ||
| Q1 25 | $6.9M | $103.7M | ||
| Q4 24 | $6.9M | $103.1M | ||
| Q3 24 | $6.9M | $4.9M | ||
| Q2 24 | — | $4.9M | ||
| Q1 24 | — | $123.1M |
| Q4 25 | $147.5M | $112.9M | ||
| Q3 25 | $142.7M | $133.1M | ||
| Q2 25 | $136.7M | $149.2M | ||
| Q1 25 | $134.4M | $3.7M | ||
| Q4 24 | $133.6M | $-11.7M | ||
| Q3 24 | $129.7M | $30.8M | ||
| Q2 24 | $123.2M | $40.3M | ||
| Q1 24 | $120.4M | $52.5M |
| Q4 25 | $168.1M | $211.0M | ||
| Q3 25 | $162.3M | $224.3M | ||
| Q2 25 | $151.7M | $239.5M | ||
| Q1 25 | $149.7M | $208.8M | ||
| Q4 24 | $149.7M | $193.6M | ||
| Q3 24 | $147.4M | $224.2M | ||
| Q2 24 | $140.4M | $230.8M | ||
| Q1 24 | $135.2M | $252.3M |
| Q4 25 | 0.05× | — | ||
| Q3 25 | 0.05× | — | ||
| Q2 25 | 0.05× | — | ||
| Q1 25 | 0.05× | 27.92× | ||
| Q4 24 | 0.05× | — | ||
| Q3 24 | 0.05× | 0.16× | ||
| Q2 24 | — | 0.12× | ||
| Q1 24 | — | 2.35× |
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 | $-979.0K | $-4.3M |
| Free Cash FlowOCF − Capex | — | $-16.2M |
| FCF MarginFCF / Revenue | — | -102.1% |
| Capex IntensityCapex / Revenue | — | 75.1% |
| Cash ConversionOCF / Net Profit | -0.21× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-92.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-979.0K | $-4.3M | ||
| Q3 25 | $9.4M | $-12.0M | ||
| Q2 25 | $-503.0K | $-35.1M | ||
| Q1 25 | $-1.4M | $-8.4M | ||
| Q4 24 | $5.7M | $-19.2M | ||
| Q3 24 | $3.1M | $14.0M | ||
| Q2 24 | $892.0K | $-4.4M | ||
| Q1 24 | $-457.0K | $-8.8M |
| Q4 25 | — | $-16.2M | ||
| Q3 25 | — | $-20.4M | ||
| Q2 25 | — | $-38.7M | ||
| Q1 25 | — | $-17.3M | ||
| Q4 24 | — | $-24.3M | ||
| Q3 24 | — | $5.1M | ||
| Q2 24 | — | $-9.9M | ||
| Q1 24 | — | $-15.9M |
| Q4 25 | — | -102.1% | ||
| Q3 25 | — | -161.3% | ||
| Q2 25 | — | -201.7% | ||
| Q1 25 | — | -72.6% | ||
| Q4 24 | — | -112.2% | ||
| Q3 24 | — | 17.8% | ||
| Q2 24 | — | -39.0% | ||
| Q1 24 | — | -45.7% |
| Q4 25 | — | 75.1% | ||
| Q3 25 | — | 66.2% | ||
| Q2 25 | — | 18.8% | ||
| Q1 25 | — | 37.3% | ||
| Q4 24 | — | 23.5% | ||
| Q3 24 | — | 31.2% | ||
| Q2 24 | — | 21.8% | ||
| Q1 24 | — | 20.3% |
| Q4 25 | -0.21× | — | ||
| Q3 25 | 1.53× | — | ||
| Q2 25 | -0.22× | -0.29× | ||
| Q1 25 | -1.70× | — | ||
| Q4 24 | 1.44× | — | ||
| Q3 24 | 0.47× | — | ||
| Q2 24 | 0.32× | — | ||
| Q1 24 | -3.87× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PCYO
| Construction | $6.5M | 71% |
| Water And Wastewater Resource Development Segment | $2.5M | 27% |
SPIR
Segment breakdown not available.
