---
schema_version: "secwatch.filing_event.v1"
accession: "0001558370-23-019154"
form_type: "8-K"
ticker: "PCYO"
cik: "0000276720"
company_name: "PURE CYCLE CORP"
filed_at: "2023-11-16T23:59:59+00:00"
generated_at: "2026-06-08T01:35:17.895157+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Pure Cycle FY2023 net income $4.7M, revenue $14.6M (down 37% YoY), EPS $0.19

## Summary
- Net income of $4.7M ($0.19 diluted EPS) vs. $9.6M ($0.40) prior year; EBITDA $8.6M vs. $14.9M.
- Total revenue $14.6M, down from $23.0M; water & wastewater $7.3M, land dev. $6.8M, rentals $0.2M.
- Delivered 738 finished lots to date; 14 single-family rental homes; 313.8M gallons water delivered.
- Cash $26.0M, working capital $23.2M; Phase 2B delivery of 211 lots expected in FY2024.
- Water tap fees ($2.7M) and lot milestone payments ($6.8M) drove revenue; oil & gas water sales declined.

## SEC filing metadata
- accession: 0001558370-23-019154
- form_type: 8-K
- ticker: PCYO
- cik: 0000276720
- company_name: PURE CYCLE CORP
- filed_at: 2023-11-16T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/276720/000155837023019154/0001558370-23-019154-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/276720/000155837023019154/pcyo-20231115x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001558370-23-019154
- JSON: https://secwatch.observer/filing/0001558370-23-019154.json
- Plain text: https://secwatch.observer/filing/0001558370-23-019154.txt

## Key facts
- Earnings Releases
  PURE CYCLE CORP reported the year ended August 31, 2023 results: revenue $14.6 million, net income $4.7 million, EPS $0.19.
  - Period: the year ended August 31, 2023
  - Revenue: $14.6 million
  - Net income: $4.7 million
  - EPS: $0.19
  - Result: reported results
  source text: rentals. During Fiscal Year 2023 we completed and leased 11 additional single-family homes bringing our total to 14 homes. ​ Full Year 2023 Highlights ​ Ø Revenues of $14.6 million, which drove p re-tax income of $6.2 million; Ø Net income of $4.7 million; Ø EBITDA of $8.6 million (see table below for re conciliation of net income to EBITDA); Ø Cash totaled
  evidence_url: https://www.sec.gov/Archives/edgar/data/276720/000155837023019154/0001558370-23-019154-index.htm

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