Pismo Coast Village Hikes Rates Amid Strong RV Resort Demand

TL;DR

**Pismo Coast Village is a niche, cash-generating RV resort with a strong competitive moat, making its rate hikes a bullish signal for long-term holders.**

AI Summary

Pismo Coast Village Inc., a California-based RV resort operator, reported a market value of $106,000,000 for its common equity held by non-affiliates as of its most recently completed second fiscal quarter. The company's sole business is owning and operating Pismo Coast Village RV Resort in Pismo Beach, California, which features 400 RV spaces, a restaurant, general store, and various amenities. Revenue is primarily generated from camping site rentals, RV storage, tow services, and retail sales. The company also owns and leases multiple RV storage yards across California, totaling over 40 acres and accommodating approximately 1,900 RV units. For the fiscal year ended September 30, 2025, shareholder free use of sites averaged approximately 30% of total occupied sites, consistent with historical averages. The Board of Directors approved a $20 per night increase for both prime and non-prime time site rates, effective January 1, 2026, to offset increasing operational expenses. The company allocated approximately $70,000 to its marketing plan for the 2026 fiscal year to maintain high occupancy rates.

Why It Matters

Pismo Coast Village Inc.'s rate increases for 2026 signal confidence in its market position and ability to pass on rising operational costs, which is crucial for investors evaluating profitability in the leisure sector. For employees, sustained high occupancy and revenue could mean job stability and potential growth opportunities within the 60-68 person workforce. Customers will face higher prices, but the company believes its unique beachside location and upgraded amenities, which earned it 'Best of Pismo Beach - RV Resort' in September 2023, will maintain its competitive edge against nine other local RV parks. This move reflects broader trends in the Central Coast California tourism market, where premium experiences are commanding higher prices, potentially influencing pricing strategies for competitors.

Risk Assessment

Risk Level: medium — The company faces medium risk due to its high dependence on California tourism and weather conditions, as highlighted in the forward-looking statements. Additionally, the business is highly seasonal, with revenue generally highest in the third and fourth quarters, making it vulnerable to economic downturns or extreme weather events, such as those experienced in 2023, which harmed the Central Coast leisure industry.

Analyst Insight

Investors should consider Pismo Coast Village Inc.'s consistent shareholder use (30% of occupied sites) and planned rate increases as indicators of stable demand and pricing power. Monitor the impact of the $20 rate hike effective January 1, 2026, on occupancy rates and overall revenue to assess its competitive positioning.

Financial Highlights

debt To Equity

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revenue

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operating Margin

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total Assets

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total Debt

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net Income

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eps

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gross Margin

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cash Position

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revenue Growth

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Revenue Breakdown

Key Numbers

• $106,000,000 — Market Value of Non-Affiliate Common Equity (As of the last business day of the most recently completed second fiscal quarter)
• 400 — RV Spaces (Total spaces at Pismo Coast Village RV Resort)
• 30% — Shareholder Free Use of Sites (Average percentage of total occupied sites for fiscal year 2025)
• $20 — Prime Time Site Rate Increase (Effective January 1, 2026, to offset operational expenses)
• $20 — Non-Prime Time Site Rate Increase (Effective January 1, 2026, to offset operational expenses)
• $70,000 — Marketing Plan Allocation (For the 2026 fiscal year to sustain high occupancy)
• 60 — Employees (As of September 30, 2025 (40 full-time, 20 part-time))
• 68 — Peak Employees (Maximum staffing level during fiscal year)
• 26 acres — Resort Property Size (Size of the Pismo Coast Village RV Resort site)
• 1,900 units — RV Storage Capacity (Across owned and leased RV storage yards)

Key Players & Entities

• Pismo Coast Village Inc. (company) — Registrant and operator of RV resort
• Pismo Coast Village RV Resort (company) — Company's sole business asset
• California Coastal Commission (regulator) — Permit approval for property development
• City of Pismo Beach (company) — Collaborating entity for marketing and services
• Jeanne E. Sousa (person) — Licensed broker/dealer for stock sales
• $106,000,000 (dollar_amount) — Aggregate market value of common equity held by non-affiliates
• $500,000 (dollar_amount) — Line of credit arranged for working capital
• $70,000 (dollar_amount) — Marketing plan allocation for fiscal year 2026
• $20 (dollar_amount) — Per night rate increase for prime and non-prime time sites
• September 30, 2025 (date) — Fiscal year end date

FAQ

Risk Factors

• Increased Competition [medium — market]: The company faces competition from nine other RV parks within a five-mile radius. New resorts in the market could further impact occupancy and rates.
• Rising Operating Costs [high — operational]: Inflation, labor costs, workers' compensation, healthcare, utilities, and insurance are increasing. These costs may not be offset by increased rates, impacting profitability.
• Seasonal Business Fluctuations [medium — market]: The business is seasonal, with revenue concentrated in prime times (holidays, summer). Quarterly fluctuations can occur due to seasonality and external events like weather or economic downturns.
• Capital Expenditure Needs [medium — financial]: Ongoing renovations and potential significant capital expenditures for improvements are required. Costs may exceed expectations, potentially harming financial condition or requiring unfavorable financing.
• Adverse Market Conditions [medium — market]: Downturns in the leisure industry or market conditions that diminish the desire for leisure travel can negatively impact demand for RV resort services.
• Changes in Laws and Regulations [low — regulatory]: Changes in governmental laws, regulations, fiscal policies, and zoning ordinances, along with the costs of compliance, pose a risk to operations.
• Interest Rate and Debt Financing [low — financial]: Changes in interest rates, cost, and terms of debt financing could affect the company's ability to manage its debt obligations.
• Reliance on Shareholder Use Policy [medium — operational]: The policy of offering 45 free nights to shareholders (30% of occupied sites) requires sufficient revenue generation from public guests to cover expenses and capital improvements.

Industry Context

Pismo Coast Village Inc. operates in the RV resort industry, a segment of the broader leisure and travel sector. The industry is characterized by seasonal demand, competition from numerous parks, and sensitivity to economic conditions and fuel prices. Key differentiators include location, amenities, and service quality. The company's beachfront location in Pismo Beach provides a competitive advantage.

Regulatory Implications

The company must comply with various governmental laws, regulations, fiscal policies, and zoning ordinances. Changes in these regulations or increased compliance costs could impact operations and profitability. Specific attention may be required for environmental regulations and local land-use policies.

What Investors Should Do

1. Monitor impact of site rate increases
2. Assess marketing effectiveness
3. Evaluate capital expenditure plans
4. Analyze competitive landscape

Key Dates

• 1975-04-02: Company Incorporated — Establishes the legal foundation and history of Pismo Coast Village, Inc.
• 2025-09-30: Fiscal Year End — Marks the end of the reporting period for which financial data is discussed, including shareholder free use averaging 30%.
• 2026-01-01: Site Rate Increase Effective — A $20 per night increase for prime and non-prime time sites is implemented to offset rising operational expenses.

Glossary

Recreational Vehicle Resort (Resort)

A facility designed to accommodate recreational vehicles (RVs) with amenities and services for travelers. (This is the sole business of Pismo Coast Village Inc.)

Prime Time

The period of highest demand for RV site rentals, typically including holidays and summer months. (Affects pricing strategy and revenue generation, with higher rates and occupancy expected.)

Non-Prime Time

The period of lowest demand for RV site rentals, outside of peak seasons. (Represents opportunities for lower-priced rentals and impacts the overall utilization of the resort.)

Shareholder Free Use

A policy allowing shareholders a certain number of free nights at the resort annually, impacting revenue from public rentals. (A significant portion of occupied sites (historically 30%) are used by shareholders without direct revenue, requiring careful management of public site allocation.)

Working Capital

The difference between current assets and current liabilities, representing the funds available for day-to-day operations. (The company accumulates reserves during peak seasons to manage working capital needs during the off-season.)

Line of Credit

A flexible loan that allows a business to draw funds up to a certain limit as needed. (The company has a $500,000 line of credit arranged but unused, to ensure liquidity during the off-season if necessary.)

Year-Over-Year Comparison

Information comparing key metrics to the previous year, such as revenue growth, margin changes, and new risks, is not explicitly detailed in the provided text. The MD&A section indicates a comparison of financial condition as of September 30, 2025, with September 30, 2024, but the specific comparative figures are not present in this excerpt.

Key Financial Figures

• $500,000 — e Company has arranged, but not used, a $500,000 line of credit to ensure funds are avai
• $70,000 — The Company has allocated approximately $70,000 to its marketing plan for the 2026 fisc
• $20 — voted to increase prime time site rates $20 per night effective January 1, 2026, an
• $60,000 — urred September 20, 2025, at a price of $60,000 for one share conveyed. b. HOLDERS

Filing Documents

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• 0001062993-25-017396.txt ( ) — 4972KB
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RISK FACTORS 7

ITEM 1A. RISK FACTORS 7

REMOVED AND RESERVED 8

ITEM 1B. REMOVED AND RESERVED 8

CYBERSECURITY 8

ITEM 1C. CYBERSECURITY 8

PROPERTIES 9

ITEM 2. PROPERTIES 9

LEGAL PROCEEDINGS 10

ITEM 3. LEGAL PROCEEDINGS 10

(REMOVED AND RESERVED) 10

ITEM 4. (REMOVED AND RESERVED) 10

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 10

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 10

SELECTED FINANCIAL DATA 11

ITEM 6. SELECTED FINANCIAL DATA 11

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 11

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 11

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 18

ITEM 7A QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 18

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 19

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 19

CONTROLS AND PROCEDURES 40

ITEM 9A. CONTROLS AND PROCEDURES 40

OTHER INFORMATION 41

ITEM 9B. OTHER INFORMATION 41

DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE 42

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE 42

EXECUTIVE COMPENSATION 47

ITEM 11. EXECUTIVE COMPENSATION 47

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 49

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 49 EMPLOYMENT AGREEMENTS 49

PRINCIPAL ACCOUNTING FEES AND SERVICES 50

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 50

EXHIBITS. 51

ITEM 15. EXHIBITS. 51 SIGNATURES 52 3

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS This Annual Report on Form 10-K and certain information incorporated by reference herein contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Many of the forward-looking statements are located in "Management's Discussion and Analysis of Financial Condition and Results of Operations." Forward-looking statements relate to future events, anticipated expenses, capital spending, financing sources or our future financial performance based on certain assumptions. In some cases, you can identify forward-looking statements by words such as "may," "should," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," or "continue," the negative of such terms, or comparable terminology. These risks and uncertainties include, but are not limited to, those relating to competitive industry conditions, California tourism and weather conditions, dependence on existing management, leverage and debt service, the regulation of the recreational vehicle industry, domestic or global economic conditions, and changes in federal or state tax laws or the administration of such laws. Actual events or results may differ materially from those expressed or implied in these forward-looking statements. Forward-looking statements are not guarantees of future results, events, levels of activity, performance, or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. These statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. In evaluati

BUSINESS

ITEM 1. BUSINESS. BUSINESS DEVELOPMENT Pismo Coast Village, Inc., the "Registrant" or the "Company," was incorporated under the laws of the State of California on April 2, 1975. The Company's sole business is owning and operating Pismo Coast Village RV Resort, a recreational vehicle resort (hereinafter the "Resort") in Pismo Beach, California. The Resort has continued to enhance its business by upgrading facilities and services to better serve customers. BUSINESS OF ISSUER The company exclusively operates within the realm of owning and managing Pismo Coast Village RV Resort. Its revenue streams originate primarily from camping site rentals, recreational vehicle storage, tow services and retail sales through a general store. Pismo Coast Village RV Resort stands as a comprehensive, full-service facility featuring 400 spaces for recreational vehicles, as well as a video arcade, laundromat, restaurant and general store. 4 PUBLIC AND SHAREHOLDER USERS The policy of the Company is to offer each shareholder the opportunity for 45 nights of free use of sites at the Resort; 25 nights may be used during prime time and 20 nights during non-prime time. The free use of sites by shareholders is managed by designating the nights of the year as prime time and non-prime time. A prime-time night is one that is most in demand, for example, Memorial Day Weekend and the period from June 1 until Labor Day. Non-prime time is that time with the least demand. Each shareholder is furnished annually a calendar that designates the prime and non-prime time nights; it also provides a schedule of when reservations can be made and the procedure for making reservations. Over the past 30 years, the shareholder's free use of nights has averaged approximately 30% of total occupied sites. Shareholder use during the fiscal year ended September 30, 2025 was consistent with this average. SEASONAL ASPECTS OF BUSINESS The business of the Company is seasonal and is concentrated during prime

RISK FACTORS

ITEM 1A. RISK FACTORS. A number of factors, many of which are common to the lodging industry and beyond our control, could affect our business, including the following: increased gas prices; increased competition from new resorts in our market; increases in operating costs due to inflation, labor costs, workers' compensation and healthcare related costs, utility costs, insurance, and unanticipated costs such as acts of nature and their consequences and other factors that may not be offset by increased rates; changes in interest rates, cost, and terms of debt financing; changes in governmental laws and regulations, fiscal policies and zoning ordinances and the related costs of compliance with laws and regulations, fiscal policies, and ordinances; adverse effects of market conditions, which may diminish the desire for leisure travel; and adverse effects of a downturn in the leisure industry. The leisure and travel business is seasonal and seasonal variations in revenue at our Resort can be expected to cause quarterly fluctuations in our revenue. Our revenue is generally highest in the third and fourth quarters. Quarterly revenue also may be harmed by events beyond our control, such as extreme weather conditions, terrorist attacks or alerts, contagious diseases, economic factors, and other considerations affecting travel. To the extent that cash flow from operations is insufficient during any quarter due to temporary or seasonal fluctuations in revenue, we rely upon our cash reserves and may have to rely on our short-term line of credit for operations. Recent events beyond our control, such as the economic slowdown and extreme weather conditions in 2023, harmed the operating performance of the Central Coast leisure industry generally. If these or similar events occur again, our operating and financial results may be harmed by declines in average daily rates or occupancy. Our Resort has a need for ongoing renovations and potentially significant capit

REMOVED AND RESERVED

ITEM 1B. REMOVED AND RESERVED.

CYBERSECURITY

ITEM 1C. CYBERSECURITY. Disclosure of cybersecurity risk management, & strategy Management is responsible for the oversight and administration of cyber security protocols. Our strategy is to mitigate risks preventatively through cybersecurity strategies and preventative measures carried out by third-party providers. The Company regularly assesses, identifies, and manages these material risks in partnership with its third-party providers. Our management team relies on our third-party providers to administer cybersecurity assessments and to identify, manage, mitigate, and respond to cybersecurity threats. Management of the cybersecurity environment also includes patch management, and a managed network, security, and 24/7 support. Management updates the Board as necessary, regarding any significant cybersecurity occurrences. Pismo Coast Village is not aware of any material cybersecurity incidents in the 2025 fiscal year. 8

PROPERTIES

ITEM 2. PROPERTIES. Owned Properties The Company's principal asset consists of the Resort, which is located at 165 South Dolliver Street in Pismo Beach, California. The Resort is built on a 26-acre site and includes 400 campsites with full hookups and nearby restrooms with showers and common facilities, such as a video arcade, recreation hall, restaurant, general store, swimming pool, laundromat, and three playgrounds. The Company also has numerous parcels of real property, listed below: Property address Property Size Property Use RV Storage Yards 2180 Arriba Place in Arroyo Grande, California 19.3 acres RV storage yard - 900 units Cell tower 1295 Sand Dollar Avenue, Oceano, California 5.5 acres RV storage yard - 400 units 974 Sheridan Road, Arroyo Grande, California 6.4 acres RV storage yard - 200 units 2030 Front Street in Oceano, California 2.2 acres RV storage yard - 200 units 2250 22nd Street, Oceano, California 2.1 acres RV storage yard - 100 units Cell tower 424 South Dolliver Street, Pismo Beach, California 3.3 acres RV storage yard - 100 units Cell tower 255 N. Oak Glen Avenue in Nipomo, California 4.42 acres Pending development Fountain Avenue in Oceano, California (1) 4.7 acres Pending development Properties Leased to 3 rd Parties 180 South Dolliver Street, Pismo Beach, California 0.6 acres Storefront with parking RV maintenance bay 2096 Nipomo Street in Oceano, California 0.4 acres RV Repair & Service Facility (1) The construction permit to develop this property, which was granted by the County of San Luis Obispo, was contingent upon permit approval by the California Coastal Commission. In January 2006, the Commission denied the permit based on wetland conditions. The property is currently being considered for another use or possibly liquidation. There is no deferred maintenance on any of the Resort's facilities. The Company's facilities are in good condition and adequate to meet the needs of the

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS. No pending legal proceedings against the Company other than routine litigation incidental to the business.

(REMOVED AND RESERVED)

ITEM 4. (REMOVED AND RESERVED). PART II

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. a. MARKET INFORMATION There is no market for the Company's common stock, and there are only limited or sporadic transactions in its stock. Ms. Jeanne E. Sousa, a licensed broker/dealer, handled sales of the Company's shares as Pismo Coast Investments. The following table sets forth for the indicated periods the high and low sales prices per share for our common stock: Year ended September 30, 2024, quarters ended: Low High December 31, 2023 $ 58,000 $ 58,000 March 31, 2024 $ 58,000 $ 58,800 June 30, 2024 $ 58,000 $ 59,000 September 30, 2024 $ 55,000 $ 59,000 Year ended September 30, 2025, quarters ended: Low High December 31, 2024 $ 58,000 $ 59,000 March 31, 2025 $ 59,000 $ 60,000 June 30, 2025 $ 60,000 $ 60,000 September 30, 2025 $ 60,000 $ 60,000 The last transaction during the fiscal year ended September 30, 2025 occurred September 20, 2025, at a price of $60,000 for one share conveyed. b. HOLDERS The approximate number of holders of the Company's common stock on December 1, 2025, was 1,495. c. DIVIDENDS The Company has paid no dividends since it was organized in 1975, and although there is no legal restriction impairing the right of the Company to pay dividends, the Company does not intend to pay dividends in the foreseeable future. The Company selects to invest its available working capital to enhance the facilities at the Resort or develop properties supporting the Resort operations. d . SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS The Company does not currently have securities authorized for issuance under equity compensation plans. e. RECENT SALES OF UNREGISTERED SECURITIES: USE OF PROCEEDS FROM REGISTERED SECURITIES The Company does not have sales of unregistered securities. 10

SELECTED FINANCIAL DATA

ITEM 6. SELECTED FINANCIAL DATA. Not applicable to smaller reporting companies. See Management's Discussion and Analysis.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following analysis discusses the Company's financial condition as of September 30, 2025, compared with September 30, 2024. The discussion should be read in conjunction with the audited financial statements and the related notes to the financial statements included elsewhere in this Form 10-K. This section is organized as follows: Overview: A discussion of the Company's business operations. Liquidity and Capital Resources: An analysis of changes in our balance sheets and cash flows, and a discussion of our financial condition and potential sources of liquidity. Results of Operations: An analysis and discussion of our financial results comparing our results of operations for the current fiscal year to the prior fiscal year, and of the prior fiscal year compared to the previous fiscal year. Critical Accounting Estimates: A discussion of the accounting estimates that we believe are most important to understand the assumptions and judgments incorporated in our reported financial results and forecasts, as well as recent accounting pronouncements that have had or are expected to have a material impact on our results of operations. Contractual Obligations: Disclosures related to our contractual obligations, contingent liabilities, commitments and off-balance sheet arrangements as of September 30, 2025. OVERVIEW Pismo Coast Village, Inc. operates as a 400-space recreational vehicle resort located along the coast of Central California. The resort offers a full range of services, such as a general store, video arcade, laundromat, and an RV storage operation. The Company is authorized to issue 1,800 shares of one class, all with equal voting rights and all being without par value. Transfers of shares are restricted by Company bylaws. One such restriction is that transferees must acquire shares with intent to hold the same for the purpose of enjoying camping right

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