Pure Cycle Corp. Files 2024 10-K with Financial Details

TL;DR

Pure Cycle Corp. 2024 10-K filed. Financials look solid, check retained earnings.

AI Summary

Pure Cycle Corp. filed its 10-K for the fiscal year ending August 31, 2024. The company, operating in Water Supply (SIC 4941), reported financial data including accrued liabilities. Specific financial figures for common stock, retained earnings, and additional paid-in capital are detailed for the fiscal years 2022, 2023, and 2024.

Why It Matters

This filing provides investors and analysts with a comprehensive overview of Pure Cycle Corp.'s financial health and performance for the fiscal year 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not indicate any immediate or significant risks.

Key Numbers

• 432513 — Accrued Liabilities Current (Reported for the fiscal year ending 2024-08-31)
• 0.003 — Accrued Liabilities Current (as % of total) (Indicates a small portion of total liabilities)

Key Players & Entities

• PURE CYCLE CORP (company) — Filer of the 10-K
• 2024-08-31 (date) — Fiscal year end
• 2023-08-31 (date) — Previous fiscal year end
• 2022-08-31 (date) — Prior fiscal year end
• 4941 (other) — Standard Industrial Classification for Water Supply

FAQ

Filing Documents

• pcyo-20240831x10k.htm (10-K) — 2474KB
• pcyo-20240831xex10d27.htm (EX-10.27) — 142KB
• pcyo-20240831xex21.htm (EX-21) — 2KB
• pcyo-20240831xex23d1.htm (EX-23.1) — 3KB
• pcyo-20240831xex31d1.htm (EX-31.1) — 17KB
• pcyo-20240831xex31d2.htm (EX-31.2) — 17KB
• pcyo-20240831xex32d1.htm (EX-32.1) — 7KB
• pcyo-20240831xex32d2.htm (EX-32.2) — 7KB
• pcyo-20240831xex97d1.htm (EX-97.1) — 26KB
• pcyo-20240831x10k001.jpg (GRAPHIC) — 11KB
• pcyo-20240831x10k002.jpg (GRAPHIC) — 158KB
• pcyo-20240831x10k003.jpg (GRAPHIC) — 210KB
• 0001558370-24-015541.txt ( ) — 12244KB
• pcyo-20240831.xsd (EX-101.SCH) — 94KB
• pcyo-20240831_cal.xml (EX-101.CAL) — 62KB
• pcyo-20240831_def.xml (EX-101.DEF) — 412KB
• pcyo-20240831_lab.xml (EX-101.LAB) — 722KB
• pcyo-20240831_pre.xml (EX-101.PRE) — 588KB
• pcyo-20240831x10k_htm.xml (XML) — 1792KB

Business

Business 4 1A.

Risk Factors

Risk Factors 23 1B. Unresolved Staff Comments 38 1C. Cybersecurity 38 2

Properties

Properties 39 3

Legal Proceedings

Legal Proceedings 39 4 Mine Safety Disclosures 39 Part II 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 39 6

Selected Financial Data

Selected Financial Data 40 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 41 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 48 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data F-1 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 49 9A.

Controls and Procedures

Controls and Procedures 49 9B. Other Information 50 Part III 10 Directors, Executive Officers and Corporate Governance 50 11

Executive Compensation

Executive Compensation 50 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 50 13 Certain Relationships and Related Transactions and Director Independence 50 14 Principal Accounting Fees and Services 50 Part IV 15 Exhibits and Financial Statement Schedules 51 16 Form 10-K Summary 51

Signatures

Signatures 56 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Statements that are not historical facts contained in this Annual Report on Form 10-K, or incorporated by reference into this Annual Report on Form 10-K, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The words "anticipate," "seek," "project," "future," "likely," "believe," "may," "should," "could," "will," "estimate," "expect," "plan," "intend" and similar expressions, as they relate to us, are intended to identify forward-looking statements. Forward-looking statements include statements relating to, among other things: future water supply needs in Colorado and how such needs will be met; anticipated revenue from water sales; anticipated increases in residential and commercial demand for water services and competition for these services; estimated population increases in the Denver metropolitan area and the South Platte River basin; increased demand for single-family rental homes; plans for, and the efficiency of, development of our Sky Ranch property; our competitive advantage; the impact of individual housing and economic cycles on the number of connections we can serve with our water; the number of new water connections needed to recover the costs of our water supplies; the number of units planned for development at Sky Ranch; the timing of the completion of construction and sale of finished lots at Sky Ranch; the number of lots expected to be delivered in a fiscal period; anticipated financial results, including anticipated increases in customers and revenue, from development of our Sky Ranch property; estimated tap fees to be generated from the development of the various phases of Sky Ranch; anticipated expansion and rental dates for our single-family rental homes; anticipated revenue and cas

– Business

Item 1 – Business Unless otherwise specified or the context otherwise requires, any reference to "Pure Cycle," the "Company," "we," "us" or "our" is to Pure Cycle Corporation and its wholly-owned subsidiaries on a consolidated basis. We are a diversified water and wastewater service provider, land developer, and home rental company. We provide wholesale water and wastewater services in the Denver, Colorado area, develop land we own into master planned communities, and develop single-family homes for rent. Each of our businesses, providing water and wastewater services, land development and single-family home rentals generate attractive recurring monthly income. For more than 30 years, we have accumulated and continue to accumulate a portfolio of valuable water rights and land interests along the Front Range of Colorado. We have added an extensive network of wholesale water production, storage, treatment and distribution systems, and wastewater collection and treatment systems that we operate and maintain to serve domestic, commercial, and industrial customers in the eastern Denver metropolitan region (the illustration below notes the general area of our land and water assets). Our primary land asset, known as Sky Ranch, is in one of the most active development areas in the Denver metropolitan region along the rapidly developing I-70 corridor, and we are developing lots at Sky Ranch for residential, commercial, retail, and light industrial uses. Sky Ranch is zoned to include up to 3,200 single family and multifamily homes, parks, open spaces, trails, recreational centers, schools, and over two million square feet of retail, commercial and light industrial space, all of which will be serviced by our water and wastewater services segment. Additionally, we have retained lots in our Sky Ranch development for our single-family rental business where we build single-family homes for rent under annual lease agreements. With 14 homes currently owned and rented, we continue