---
schema_version: "secwatch.filing_event.v1"
accession: "0001558370-23-000181"
form_type: "8-K"
ticker: "PCYO"
cik: "0000276720"
company_name: "PURE CYCLE CORP"
filed_at: "2023-01-10T23:59:59+00:00"
generated_at: "2026-06-20T17:18:46.391310+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Pure Cycle Q1 revenue down 69% YoY to $1.3M; net income falls to $0.2M

## Summary
- Revenue $1.3M vs $4.3M YoY; net income $0.2M ($0.01 EPS) vs $1.5M ($0.06 EPS).
- Water deliveries 67.5M gallons (-13% YoY); tap sales 4 for $0.2M vs 9 for $0.3M.
- Land development revenue declined to $0.5M from $3.2M due to housing slowdown.
- Received $1.2M in surface use payments from oil & gas operators; expects strong O&G water sales in FY2023.
- Cash and investments $32.0M; authorized 200k share repurchase but no shares bought yet.

## SEC filing metadata
- accession: 0001558370-23-000181
- form_type: 8-K
- ticker: PCYO
- cik: 0000276720
- company_name: PURE CYCLE CORP
- filed_at: 2023-01-10T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/276720/000155837023000181/0001558370-23-000181-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/276720/000155837023000181/pcyo-20230109x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001558370-23-000181
- JSON: https://secwatch.observer/filing/0001558370-23-000181.json
- Plain text: https://secwatch.observer/filing/0001558370-23-000181.txt

## Key facts
- Earnings Releases
  PURE CYCLE CORP reported three months ended November 30, 2022 results: revenue $1.3 million, net income $0.2 million, EPS $0.01.
  - Period: three months ended November 30, 2022
  - Revenue: $1.3 million
  - Net income: $0.2 million
  - EPS: $0.01
  - Result: reported results
  source text: sign to what we believe will be a strong year for oil and gas water sales. Highlights for the first quarter of fiscal 2023 are presented below. ​ Highlights ​ Ø Revenues of $1.3 million which drove p re-tax income of $0.3 million Ø EBITDA of $0.8 million o Reconciliation of net income to EBITDA is as follows: net income of $0.2M plus interest expense of $0.05M
  evidence_url: https://www.sec.gov/Archives/edgar/data/276720/000155837023000181/0001558370-23-000181-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.