Pure Cycle reports Q3 net income >$18M, revenue up 44%; plans BTR rental homes

PURE CYCLE CORP

2021-Q3 EPS reported $0.76 revenue$12,273,000

Net income over $18M for nine months ended May 31, 2021, on $12.3M revenue and $20M other income.
Revenue increased 44% YoY in Q3, driven by higher water and wastewater tap sales; 59 taps sold for $1.9M.
Launched Build-to-Rent (BTR) segment; three homes under construction, 100+ lots reserved for future BTR.
Sky Ranch phase 2 grading nearly done; first lots expected in Q4 fiscal 2021; 330+ homes occupied.
Error discovered in prior financial statements regarding reimbursables; 10-Q to be filed with corrections.

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