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Side-by-side financial comparison of PURE CYCLE CORP (PCYO) and TECOGEN INC. (TGEN). Click either name above to swap in a different company.
PURE CYCLE CORP is the larger business by last-quarter revenue ($9.1M vs $5.3M, roughly 1.7× TECOGEN INC.). PURE CYCLE CORP runs the higher net margin — 50.0% vs -75.1%, a 125.1% gap on every dollar of revenue. On growth, PURE CYCLE CORP posted the faster year-over-year revenue change (58.8% vs -12.5%). Over the past eight quarters, PURE CYCLE CORP's revenue compounded faster (69.0% CAGR vs -7.3%).
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 vs TGEN — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $9.1M | $5.3M |
| Net Profit | $4.6M | $-4.0M |
| Gross Margin | 68.4% | 36.8% |
| Operating Margin | 48.0% | -77.8% |
| Net Margin | 50.0% | -75.1% |
| Revenue YoY | 58.8% | -12.5% |
| Net Profit YoY | 16.0% | -236.7% |
| EPS (diluted) | $0.19 | $-0.14 |
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 | $5.3M | ||
| Q3 25 | $11.2M | $7.2M | ||
| Q2 25 | $5.1M | $7.3M | ||
| Q1 25 | $4.0M | $7.3M | ||
| Q4 24 | $5.8M | $6.1M | ||
| Q3 24 | $12.6M | $5.6M | ||
| Q2 24 | $7.6M | $4.7M | ||
| Q1 24 | $3.2M | $6.2M |
| Q4 25 | $4.6M | $-4.0M | ||
| Q3 25 | $6.1M | $-2.1M | ||
| Q2 25 | $2.3M | $-1.5M | ||
| Q1 25 | $809.0K | $-659.9K | ||
| Q4 24 | $3.9M | $-1.2M | ||
| Q3 24 | $6.6M | $-930.4K | ||
| Q2 24 | $2.8M | $-1.5M | ||
| Q1 24 | $118.0K | $-1.1M |
| Q4 25 | 68.4% | 36.8% | ||
| Q3 25 | 67.7% | 30.4% | ||
| Q2 25 | 63.4% | 33.8% | ||
| Q1 25 | 38.2% | 44.3% | ||
| Q4 24 | 63.8% | 45.0% | ||
| Q3 24 | 77.8% | 44.1% | ||
| Q2 24 | 64.0% | 44.0% | ||
| Q1 24 | 55.6% | 41.6% |
| Q4 25 | 48.0% | -77.8% | ||
| Q3 25 | 53.1% | -29.2% | ||
| Q2 25 | 26.0% | -19.4% | ||
| Q1 25 | -33.2% | -8.2% | ||
| Q4 24 | 29.9% | -18.7% | ||
| Q3 24 | 62.0% | -15.5% | ||
| Q2 24 | 40.3% | -31.2% | ||
| Q1 24 | -11.5% | -17.0% |
| Q4 25 | 50.0% | -75.1% | ||
| Q3 25 | 54.5% | -29.7% | ||
| Q2 25 | 43.9% | -20.1% | ||
| Q1 25 | 20.3% | -9.1% | ||
| Q4 24 | 68.4% | -19.5% | ||
| Q3 24 | 52.6% | -16.5% | ||
| Q2 24 | 37.2% | -32.5% | ||
| Q1 24 | 3.7% | -17.9% |
| Q4 25 | $0.19 | $-0.14 | ||
| Q3 25 | $0.26 | $-0.07 | ||
| Q2 25 | $0.09 | $-0.06 | ||
| Q1 25 | $0.03 | $-0.03 | ||
| Q4 24 | $0.16 | $-0.05 | ||
| Q3 24 | $0.27 | $-0.04 | ||
| Q2 24 | $0.12 | $-0.06 | ||
| Q1 24 | $0.00 | $-0.04 |
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 | $12.4M |
| Total DebtLower is stronger | $8.0M | — |
| Stockholders' EquityBook value | $147.5M | $21.6M |
| Total Assets | $168.1M | $37.0M |
| Debt / EquityLower = less leverage | 0.05× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $17.1M | $12.4M | ||
| Q3 25 | $21.9M | $15.3M | ||
| Q2 25 | $14.4M | $1.6M | ||
| Q1 25 | $16.5M | $4.1M | ||
| Q4 24 | $19.0M | $5.4M | ||
| Q3 24 | $22.1M | $1.3M | ||
| Q2 24 | $20.5M | $841.9K | ||
| Q1 24 | $20.6M | $1.5M |
| 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 | $147.5M | $21.6M | ||
| Q3 25 | $142.7M | $25.5M | ||
| Q2 25 | $136.7M | $9.1M | ||
| Q1 25 | $134.4M | $9.6M | ||
| Q4 24 | $133.6M | $10.2M | ||
| Q3 24 | $129.7M | $11.3M | ||
| Q2 24 | $123.2M | $12.2M | ||
| Q1 24 | $120.4M | $13.7M |
| Q4 25 | $168.1M | $37.0M | ||
| Q3 25 | $162.3M | $41.5M | ||
| Q2 25 | $151.7M | $28.4M | ||
| Q1 25 | $149.7M | $29.7M | ||
| Q4 24 | $149.7M | $31.1M | ||
| Q3 24 | $147.4M | $27.5M | ||
| Q2 24 | $140.4M | $27.2M | ||
| Q1 24 | $135.2M | $28.5M |
| 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 | $-979.0K | $-2.6M |
| Free Cash FlowOCF − Capex | — | $-2.6M |
| FCF MarginFCF / Revenue | — | -49.3% |
| Capex IntensityCapex / Revenue | — | 0.9% |
| Cash ConversionOCF / Net Profit | -0.21× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-10.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-979.0K | $-2.6M | ||
| Q3 25 | $9.4M | $-3.6M | ||
| Q2 25 | $-503.0K | $-2.6M | ||
| Q1 25 | $-1.4M | $-1.2M | ||
| Q4 24 | $5.7M | $4.2M | ||
| Q3 24 | $3.1M | $-207.3K | ||
| Q2 24 | $892.0K | $-157.9K | ||
| Q1 24 | $-457.0K | $248.2K |
| Q4 25 | — | $-2.6M | ||
| Q3 25 | — | $-3.6M | ||
| Q2 25 | — | $-2.7M | ||
| Q1 25 | — | $-1.3M | ||
| Q4 24 | — | $4.0M | ||
| Q3 24 | — | $-489.6K | ||
| Q2 24 | — | $-609.6K | ||
| Q1 24 | — | $143.3K |
| Q4 25 | — | -49.3% | ||
| Q3 25 | — | -50.6% | ||
| Q2 25 | — | -37.7% | ||
| Q1 25 | — | -17.9% | ||
| Q4 24 | — | 66.6% | ||
| Q3 24 | — | -8.7% | ||
| Q2 24 | — | -12.9% | ||
| Q1 24 | — | 2.3% |
| Q4 25 | — | 0.9% | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | — | 2.0% | ||
| Q1 25 | — | 1.8% | ||
| Q4 24 | — | 2.1% | ||
| Q3 24 | — | 5.0% | ||
| Q2 24 | — | 9.6% | ||
| Q1 24 | — | 1.7% |
| Q4 25 | -0.21× | — | ||
| Q3 25 | 1.53× | — | ||
| Q2 25 | -0.22× | — | ||
| 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% |
TGEN
| Installation Services | $4.5M | 84% |
| Products Segment | $460.5K | 9% |
| Other | $394.7K | 7% |
