Form 8-K

8-K — PURE CYCLE CORP

Accession: 0001104659-26-041286

Filed: 2026-04-09

Period: 2026-04-08

CIK: 0000276720

SIC: 4941 (WATER SUPPLY)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — pcyo-20260408x8k.htm (Primary)

EX-99.1 (pcyo-20260408xex99d1.htm)

EX-99.2 (pcyo-20260408xex99d2.htm)

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8-K

8-K (Primary)

Filename: pcyo-20260408x8k.htm · Sequence: 1

PURE CYCLE CORPORATION_ April 8, 2026

0000276720false00002767202026-04-082026-04-08

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 8, 2026

PURE CYCLE CORPORATION

(Exact name of registrant as specified in its charter)

Colorado

(State or other jurisdiction of incorporation)

0-8814

84-0705083

(Commission File Number)

(IRS Employer Identification No.)

34501 East Quincy Avenue, Building 1, Suite D, Watkins, CO 80137

(Address of principal executive offices) (Zip Code)

Registrant’s telephone, including area code

(303) 292-3456

N/A

(Former name or former address, if changed since last report.)

Securities registered pursuant to Section 12(b) of the Act:

Common Stock 1/3 of $.01 par value

PCYO

The NASDAQ Stock Market

(Title of each class)

(Trading Symbol(s))

(Name of each exchange on which registered)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth Registrant as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth Registrant ☐

If an emerging growth Registrant, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

This current report on Form 8-K is filed by Pure Cycle Corporation (Registrant), a Colorado corporation, in connection with the matters described herein

Item 2.02 Results of Operations and Financial Condition.

On April 8, 2026, the Registrant issued a press release announcing its financial results for the three and six months ended February 28, 2026. A copy of the press release is furnished as Exhibit 99.1 hereto, and in incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the press release furnished as Exhibit 99.1 to this current report on Form 8-K shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information or exhibit be deemed incorporated by reference into any filing under the Securities Act of 1933 or Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in any such filing.

Item 7.01Regulation FD Disclosure

On April 9, 2026, the Registrant presented and posted on its website a presentation summarizing Pure Cycle’s operations and financial results (Earnings Presentation). The Earnings Presentation is furnished as Exhibit 99.2 to this Form 8-K and is incorporated herein by reference.

The information contained in the Earnings Presentation is summary information and should be read in conjunction with Pure Cycle’s filings with the Securities and Exchange Commission and other public announcements that Pure Cycle may make by press release or otherwise from time to time. The Earnings Presentation will be posted in the Investor Relations section of Pure Cycle’s website, www.purecyclewater.com.

The information contained in this Item 7.01 of Form 8-K, including the accompanying Exhibit 99.2 is being furnished, and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (Exchange Act), or otherwise subject to the liabilities of that section. The information contained in the presentation shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01Financial Statements and Exhibits.

(d)Exhibits

Exhibit No.

Description

99.1

Press Release dated April 8, 2026, announcing earnings for the three and six months ended February 28, 2026

99.2

Three and six months ended February 28, 2026 earnings presentation

104

Cover Page Interactive Data File (the cover page XBRL tags are embedded in the inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: April 9, 2026

Vice

PURE CYCLE CORPORATION

By:

/s/ Marc S. Spezialy

Marc S. Spezialy

Vice President and Chief Financial Officer

EX-99.1

Filename: pcyo-20260408xex99d1.htm · Sequence: 2

Exhibit 99.1

Pure Cycle Announces Financial Results

For the Three and Six Months Ended February 28, 2026

DENVER, CO / GLOBE NEWSWIRE / April 8, 2026 – Pure Cycle Corporation (NASDAQ Capital Market: PCYO) (“Pure Cycle”, “we”, “us” or “our”) announced its financial results for the three and six months ended February 28, 2026. Pure Cycle reported $1.1 million and $5.7 million of net income for the three and six months ended February 28, 2026, respectively, marking the twenty-seventh consecutive fiscal quarter with positive net income. Pure Cycle reported $0.05 and $0.23 of earnings per fully diluted common share for the three and six months ended February 28, 2026, up from $0.03 and $0.20 in the same periods in 2025. By partnering with our national home builder customers, we deliver finished lots on an annual cadence that allows for steady absorption while navigating cyclical housing industry trends. A mild winter in the Denver area allowed us to capitalize on favorable conditions and advance our lot development schedule at Sky Ranch, which accelerated our revenue recognition during the period.

For the six months ended February 28, 2026, our cash balance was impacted by the acceleration of development activities at Sky Ranch as a result of the unseasonably mild winter, with Phase 2D now approximately 78% complete and Phase 2C approximately 91% complete. We expect to substantially complete Phase 2D in the third quarter of fiscal 2026 and collect contractual milestone and finished lot payments with minimal remaining development costs. Pure Cycle will begin construction activities in Phase 2E, with approximately 159 lots expected to be completed in fiscal 2027, paced to match builder absorptions. Our cash balance was also impacted during the six months by the investments in new water and wastewater infrastructure within the Sky Ranch community and a new water right obtained through a December 2025 Water Court settlement that added 1,635 acre feet of adjudicated water from the Box Elder Creek Alluvial aquifer to our water portfolio. Additionally, we continued to invest in our single-family rental business, with 39 additional units under construction in Phases 2B and 2C that we expect to be available for rent in fiscal 2026. Through February 28, 2026, we incurred $5.0 million of these construction costs, which were self-financed. Once a unit is completed, we anticipate financing the unit under our SFR Facility Agreement and using the loan proceeds to replenish the cash advanced during construction.

Our capital management and balance sheet strategy remains focused on growth and shareholder returns. We are prioritizing investment in our ongoing development projects, while utilizing available liquidity to continue our share repurchase program and reserving sufficient capital for strategic development initiatives and land acquisitions.

Q2 and YTD 2026 Highlights

Ø Revenue for the three and six months ended February 28, 2026 and 2025 of $5.2 million and $14.3 million, and $4.0 million and $9.7 million, respectively (a 29% increase for the three months and a 47% increase for the six months).

Ø Net income for the three and six months ended February 28, 2026 and 2025 of $1.1 million and $5.7 million, and $0.8 million and $4.7 million, respectively (a 37% increase for the three months and a 20% increase for the six months). Pre-tax income was $1.5 million and $7.5 million, and $1.1 million and $6.3 million, respectively.

Ø Earnings per fully diluted common share for the three and six months ended February 28, 2026 and 2025 of $0.05 and $0.23, and $0.03 and $0.20, respectively.

Ø EBITDA for the three and six months ended February 28, 2026 and 2025 of $2.2 million and $8.9 million, and $1.8 million and $7.6 million, respectively (a 23% increase for the three months and a 16% increase for the six months) (see table below for reconciliation of net income to EBITDA); and

Ø Cash & cash equivalents totaled $4.8 million on February 28, 2026.

Ø For the three and six months ended February 28, 2026, we delivered 272 and 418 acre-feet of water.

Net Income to EBITDA Reconciliation:

Three Months Ended

Six Months Ended

(In thousands)

February 28, 2026

February 28, 2025

February 28, 2026

February 28, 2025

Net Income

1,105

809

5,670

4,746

Add back:

Interest expense

142

109

236

218

Taxes

407

267

1,872

1,538

Depreciation / amortization

556

618

1,122

1,143

EBITDA

2,210

1,803

8,900

7,645

Earnings per common share - basic and diluted

Basic

0.05

0.03

0.24

0.20

Diluted

0.05

0.03

0.23

0.20

Weighted average common shares outstanding:

Basic

24,101,754

24,083,718

24,090,861

24,077,780

Diluted

24,171,858

24,196,178

24,158,145

24,177,677

“While our unseasonably warm and dry winter in Denver may have impacted the ski season, it allowed us to significantly advance construction of Phase 2D lots ahead of schedule with 70% of the lots being delivered at the end of Q2 and the remaining lots expected to be delivered by the end of Q3. This has helped our builders to construct new model homes in Phase 2D for the spring selling season. In addition to allowing us to deliver lots ahead of schedule, the mild winter has also enabled us to advance construction of our new high school ahead of schedule, and we look forward to welcoming new high school students in the fall,” commented Mark Harding, CEO of Pure Cycle. “While the housing market continues to experience headwinds due to low consumer confidence and affordability challenges, we continue to pace our lot deliveries to our homebuilder customers on annual deliveries, which minimizes inventory carry and continues to bring entry level product to the market, reinforcing the strength of our business model. Another example of the flexibility of our business model is that we slowed expansion of our Single-Family Rental home completions due to uncertainty regarding the administration’s plans to regulate institutional ownership of rental homes. We are in the process of selling approximately 30 reserved lots in Phase 2C and 2D to our home builder customers while completing the units we had permitted and that were under construction in 2B and 2C. Our home rental segment continues to see very strong demand with 95% of our units being leased prior to completion,” continued Mr. Harding. “Strong stewardship of our liquidity and balance sheet continues to allow us to capitalize on opportunities such as those presented by the mild winter, which allowed us to complete lots early for our home builder customers. The customers were then able to advance their construction schedules and improve their margins. Additionally, we are investing in our water rights and delivery systems to position ourselves to capture stronger industrial water demand from higher oil prices this year,” commented Mr. Harding.

Q2 and YTD 2026 Financial Summary

Revenues

For the three months ended February 28, 2026 and 2025, we reported total revenue of $5.2 million and $4.0 million, respectively, with $3.0 million and $2.5 million being generated in our water and wastewater resource development segment, $2.1 million and $1.3 million in our land development segment, and $0.2 million and $0.1 million in our single-family rental business.

For the six months ended February 28, 2026 and 2025, we reported total revenue of $14.3 million and $9.7 million, respectively, with $5.4 million and $5.4 million being generated in our water and wastewater resource development segment, $8.6 million and $4.1 million in our land development segment, and $0.3 million and $0.2 million in our single-family rental business.

For the three and six months ended February 28, 2026 and 2025, we sold 44 and 95 water or water and wastewater taps and 52 and 90 water or water and wastewater taps, respectively, for $1.6 million and $3.3 million and $2.1 million and $3.6 million, respectively. As of February 28, 2026, we have sold 1,131 water and wastewater taps at Sky Ranch in Phases 1, 2A, 2B, 2C and 2D. Based on current prices and engineering estimates, we believe Phase 2 of Sky Ranch will produce additional tap fee revenue of more than $19.0 million in water and wastewater tap fee revenue over the next three years.

As of February 28, 2026, the first development phase (509 lots) is complete and the second development phase (1,031 lots) is being developed in five subphases, referred to as Phase 2A (229 lots), Phase 2B (211 lots), Phase 2C (228 lots), Phase 2D (204 lots) and Phase 2E (159 lots). As of February 28, 2026, Phase 2A is complete, Phase 2B is approximately 98% complete, Phase 2C is approximately 91% complete, and Phase 2D is approximately 78% complete. Phases 2B and 2C are substantially completed with some landscaping and warranty items remaining. Phase 2D is expected to be completed in fiscal 2026, and Phase 2E is expected to be completed in fiscal 2027.

As of February 28, 2026, the single-family rental business had 19 homes built and rented or available for rent in Sky Ranch. We are currently under contract with several national home builders to construct 39 additional single-family homes in Phases 2B and 2C at Sky Ranch for delivery in fiscal 2026.

“We continued to achieve strong lot sales revenue in the second quarter by expanding our partnerships with national homebuilders and capitalizing on mild winter weather to maintain steady development activity year-round,” stated Marc Spezialy, CFO of Pure Cycle. “As our main development activities come to completion in the third quarter for Phase 2D, we will begin development activities on 159 lots in Phase 2E, which we are actively marketing to our national homebuilder partners," concluded Mr. Spezialy.

Working Capital

We reported working capital (current assets less current liabilities) of $3.8 million as of February 28, 2026, with $4.8 million of cash and cash equivalents. The decrease in cash from August 31, 2025, is primarily due to significant investment in single-family rental construction, water and wastewater infrastructure, and advances to the Sky Ranch CAB for public improvements, partially offset by $1.4 million of proceeds from our SFR Facility Agreement. As of February 28, 2026, we have an undrawn capacity of $9.9 million under a working capital line of credit and expect to receive approximately $18.9 million in milestone and finished lot payments from our home builder customers over the next 12 months, which, combined with anticipated tap fee payments, we will use to fund our obligations.

Q2 and YTD 2026 Operational Summary

Water and Wastewater

Water deliveries increased for the three months ended February 28, 2026 to 272 acre-feet delivered as compared to 64 acre-feet delivered in the same period in 2025. Water deliveries increased for the six months ended February 28, 2026 to 418 acre-feet delivered as compared to 367 acre-feet delivered in the same period in 2025. The increase in water deliveries is primarily due to an increase in demand from our oil and gas customers. Oil and gas operations are highly variable and dependent on oil prices, demand for gas, and timing of development of other leases in our service areas; however, our current expectation is for continued demand for oil and gas water sales in the coming years. As Sky Ranch continues to develop, we anticipate continued growth in our residential water and wastewater service revenues. The water or water and wastewater tap sales decreased in 2026 to 44 taps compared to 52 taps in 2025 for the three months ended February 28 and increased in 2026 to 95 taps compared to 90 taps in 2025 for the six months ended February 28, primarily due to the timing of development activities in Phase 2C.

Water and wastewater taps are sold to home builders at the time a building permit is issued and are dependent on when the home builder constructs homes; therefore, the timing of tap sales will fluctuate from quarter to quarter.

Land Development

Lot sales revenue increased to $1.6 million for the three months ended February 28, 2026 compared to $1.1 million in the same period in 2025. Lot sales revenue increased to $7.7 million for the six months ended February 28, 2026 compared to $3.5 million in the same period in 2025. Favorable weather conditions have allowed us to advance our lot development schedule at Sky Ranch during the winter months, which accelerated revenue recognition on a percentage of completion basis during the three and six months ended February 28, 2026. We expect to be substantially complete with the delivery of all 204 lots in Phase 2D during fiscal 2026. Despite lots being transferred to the homebuilders, we will continue to conduct minor construction activities to complete Phases 2B and 2C and to turn over the completed infrastructure to the applicable governmental agency for maintenance.

Single Family Rentals

As of February 28, 2026, Pure Cycle has 19 single-family detached homes which are rented under separate lease agreements. Pure Cycle generally rents its single-family properties under non-cancelable one-year lease agreements. Pure Cycle has contracts for the construction of 39 additional rental homes in Phases 2B and 2C, all of which the Company believes will be available for rent in fiscal 2026.

Earnings Presentation Information

Pure Cycle will host an earnings presentation on Thursday, April 9, 2026, at 8:30AM Eastern (6:30AM Mountain) to discuss the financial results and answer questions. For an interactive experience, including the ability to ask questions and view the slide presentation, please register and join the event via the link below. Call in access will be in listen-only mode. See below for event details. Additionally, we will post a detailed slide presentation on our website, which will provide an overview of Pure Cycle and present summary financial results and can be accessed at www.purecyclewater.com.

When:8:30AM Eastern (6:30AM Mountain) on April 9, 2026

Event link:https://www.purecyclewater.com/Q22026

Call in number:872-240-8702 (access code: 415 477 947# )

Replay:https://www.purecyclewater.com/investors/news-events/ir-calendar

Other Important Information

The table below presents our consolidated results of operations for the three and six months ended February 28, 2026 and 2025 (unaudited):

Three Months Ended

Six Months Ended

(In thousands, except share information)

February 28, 2026

February 28, 2025

February 28, 2026

February 28, 2025

REVENUES:

Water and Wastewater

Water and wastewater activities

1,329

408

2,141

1,799

Water and wastewater tap fees

1,626

2,126

3,296

3,592

Total water and wastewater

2,955

2,534

5,437

5,391

Land Development

Lot sales

1,634

1,136

7,658

3,455

Project management fees

211

116

507

369

Special facility projects and other

219

421

290

Total land development

2,064

1,343

8,586

4,114

Single-family rentals

150

118

281

242

Total revenues

5,169

3,995

14,304

9,747

COST OF REVENUES:

Water and wastewater

1,543

1,107

2,655

2,168

Lot development

800

1,336

2,517

2,293

Single-family rental

Total cost of revenues

2,385

2,468

5,269

4,554

General and administrative expenses

2,348

2,705

4,057

4,497

Depreciation

173

149

332

304

Operating income

263

(1,327)

4,646

392

Other income (expense):

Interest income

906

539

1,855

1,271

Interest expense

(142)

(109)

(236)

(218)

Oil and gas royalty income, net

519

1,910

1,259

4,717

Other, net

(34)

122

Income from operations before income taxes

1,512

1,076

7,542

6,284

Income tax expense

(407)

(267)

(1,872)

(1,538)

Net income

1,105

809

5,670

4,746

Earnings per common share - basic and diluted

Basic

0.05

0.03

0.24

0.20

Diluted

0.05

0.03

0.23

0.20

Weighted average common shares outstanding:

Basic

24,101,754

24,083,718

24,090,861

24,077,780

Diluted

24,171,858

24,196,178

24,158,145

24,177,677

The following table presents our consolidated financial position as of February 28, 2026 (unaudited) and August 31, 2025 (audited):

(In thousands, except shares)

February 28, 2026

August 31, 2025

ASSETS:

Current Assets:

Cash and cash equivalents

4,815

21,931

Accounts receivable, net

2,755

1,330

Prepaid expenses and other assets

637

1,004

Land under development

5,547

7,388

Total current assets

13,754

31,653

Restricted cash

6,782

6,448

Investment in water and wastewater systems, net

71,298

67,523

Land and mineral rights held for development

4,957

4,168

Single-family rental units

11,204

5,240

Related party notes receivable, including accrued interest, less current portion

56,289

45,002

Other assets

2,352

2,245

Total assets

166,636

162,279

LIABILITIES & SHAREHOLDERS’ EQUITY:

Current Liabilities:

Accounts payable

2,415

3,518

Accrued and other liabilities

3,201

4,335

Deferred revenue

2,815

3,355

Debt, current portion

1,488

411

Total current liabilities

9,919

11,619

Debt, less current portion

6,478

6,380

Deferred tax liability, net

1,541

Lease obligations, less current portion

—

Total liabilities

17,938

19,541

Series B preferred shares: par value $0.001 per share, 25 million authorized;

432,513 issued and outstanding (liquidation preference of $432,513)

—

Common shares: par value 1/3 of $.01 per share, 40.0 million authorized;

24,103,908 and 24,066,805 outstanding, respectively

Additional paid-in capital

175,859

175,448

Accumulated deficit

(27,241)

(32,790)

Total shareholders’ equity

148,698

142,738

166,636

162,279

Company Information

Pure Cycle continues to grow and strengthen its operations, grow its balance sheet, and drive recurring revenues. We operate in three distinct business segments, each of which complements the other. At our core, we are an innovative and vertically integrated wholesale water and wastewater service provider. In 2017, we launched our land development segment, which develops master planned communities on land we own and to which we provide water and wastewater services. In 2021, we launched our newest line of business, the rental of single-family homes located at Sky Ranch, which provides long-term recurring revenues, furthers our land development operations, and adds more customers to our water resource segment.

Additional information, including our recent press releases and SEC filings, is available at www.purecyclewater.com, or you may contact our President, Mark W. Harding, or our CFO, Marc Spezialy, at 303-292-3456 or info@purecyclewater.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are all statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, such as statements about the following: the timing of completion and availability for rent of our rental units; the number of rental units we may add as Sky Ranch builds out; timing of development at Sky Ranch, including timing of delivery of finished lots and plans to pace construction to match builder absorptions; future water and wastewater tap sales and revenues; expected receipt of milestone and other payments; and anticipated future economic conditions; the strength of the Sky Ranch market, including the demand for entry-level and rental homes; future demand for oil and gas water; and forecasts about our expected financial results. The words "anticipate," "likely," "may," "should," "could," "will," "believe," "estimate," "expect," "plan," "intend," "potential" and similar expressions are intended to identify forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially. Factors that could cause actual results to differ from projected results include, without limitation, changes in interest rates, inflation, trade policies, tariffs, conflicts in the Middle East, and other factors impacting the housing market, home sales, the demand for water by oil and gas industry and other aspects of our business; uncertainties regarding our ability to continue our development activities as anticipated; the risk factors discussed in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended August 31, 2025; and other factors discussed from time to time in our press releases, public statements and documents filed or furnished with the U.S. Securities and Exchange Commission.

SOURCE: Pure Cycle Corporation

EX-99.2

Filename: pcyo-20260408xex99d2.htm · Sequence: 3

Exhibit 99.2

PURE CYCLE CORPORATION PAGE 2

MARK W. HARDING

President, CEO, and Director

Mark is an exceptional leader who has

significantly shaped Pure Cycle's

success. Under his 36-year tenure, the

company has successfully acquired over

$160 million in water and land interests.

His vision and strategic acumen have

been instrumental in the company's

growth and impact.

MARC SPEZIALY

VP, CFO, Principal Accounting

Officer, Principal Financial Officer

Marc brings over 20 years of

financial expertise. He manages

our financial operations and single-family rentals. Marc obtained his

bachelor's degree in Accounting

and Finance from the University of

San Francisco and is a licensed

Certified Public Accountant.

RACHELLE BEAUDRY

Head of Marketing

BRENT BROUILLARD

Vice President, Engineering

Brent Brouillard, Vice President of

Engineering at Pure Cycle since 2017,

oversees the planning, design, and

operation of water and wastewater

systems in the Denver-Metro area. A

licensed Professional Engineer with

fifteen years’ experience, he holds

degrees in Civil Engineering and

Hydrology from the University of

Wyoming and Colorado School of Mines.

DIRK LASHNITS

Vice President, Land Development

Dirk is a seasoned leader with a

Civil Engineering background

and over two decades of local

land development experience.

He skillfully guides land

development, entitlements, and

construction, playing a vital role

in advancing corporate

objectives, risk management,

and project success.

PURE CYCLE CORPORATION PAGE 3

Management Team

PURE CYCLE CORPORATION PAGE 4

BOARD OF DIRECTORS

Mark W. Harding

Patrick J. Beirne Susan D. Heitmann

Wanda J. Abel Daniel R. Kozlowski

Frederick A. Fendel III

President and CEO

Chair of the Board Director and Chair of the Audit

Committee

Jeffrey G. Sheets

Director Director

Director and Chair of the

Compensation Committee

Director and Chair of the Nominating

and Governance Committee

Daniel J. Roller

Director and Chair of the Capital

Allocation Committee

INVESTMENT SNAPSHOT

PURE CYCLE CORPORATION PAGE 5

Pure Cycle has posted net income for six

consecutive years, demonstrating a durable

and resilient earnings model.

Revenues from water and wastewater utilities,

rental income, and service fees underwrite

financial predictability.

As of Q2 ‘26, $11.6M in cash and restricted

cash. $56.3M Note Receivable enabling

flexibility in capital allocation decisions.

Phases 1 & 2 development of approximately

1,500 lots across multiple years ensures

revenue continuity into FY26 and beyond.

27 Straight Profitable

Quarters

Recurring Revenue Base

Sky Ranch Development

Visibility Capital Position & Liquidity

2nd Quarter Results

PURE CYCLE CORPORATION PAGE 6

CONSOLIDATED METRICS

Q2 2026 results reflect higher revenue and gross profit driven primarily by accelerated finished lot deliveries, with

revenue recognition shifting into the quarter due to an unseasonably warm and dry winter.

$3,197

$3,995

$5,169

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

Q2 2024 Q2 2025 Q2 2026

QoQ Q2 Revenue

Revenue

$1,777

$1,527

$2,784

$500

$1,000

$1,500

$2,000

$2,500

$3,000

Q2 2024 Q2 2025 Q2 2026

QoQ Q2 Gross Profit

Gross Profit

PURE CYCLE CORPORATION PAGE 7

CONSOLIDATED METRICS

Q2 2026 net income increased approximately 37% to $1.1 million, with EPS equal to $0.05, reflecting higher

profitability period over period.

$118

$809

$1,105

$200

$400

$600

$800

$1,000

$1,200

Q2 2024 Q2 2025 Q2 2026

QoQ Q2 Net Income

Net Income

$0.005

$0.03

$0.05

$0.00

$0.01

$0.02

$0.03

$0.04

$0.05

$0.06

Q2 2024 Q2 2025 Q2 2026

QoQ Q2 EPS

EPS

2nd Quarter Results

YEAR TO DATE RESULTS

PURE CYCLE CORPORATION PAGE 8

CONSOLIDATED METRICS

As of Q2 2026, approximately 49% of the full-year revenue guidance and 47% of the gross profit forecast have

been achieved. This compares favorably to prior years, reflecting stronger early-year contribution driven by the

timing of finished lot deliveries.

$26,087

$14,304

$14,855

$29,159

2025 2026

REVENUE

Actual to Date Remaining Forecast

Total Forecast

$16,030

$9,035

$10,239

$19,274

2025 2026

GROSS PROFIT

Actual to Date Forecast Remaining

Total Forecast

YEAR TO DATE RESULTS

PURE CYCLE CORPORATION PAGE 9

CONSOLIDATED METRICS

As of Q2 2026, approximately 46% of the full-year net income and 47% of the EPS guidance have been achieved,

representing a stronger early-year contribution compared to FY 2025, when earnings were more back-half

weighted.

$13,110

$5,670

$6,534

$12,204

2025 2026

NET INCOME

Actual to Date Remaining Forecast

Total Forecast

$0.54

$0.24

$0.27

$0.51

2025 2026

BASIC EPS

Actual to Date Total

Total Forecast

Water Utilities

Base utility fees and service charges add steady income,

smoothing quarterly earnings volatility

Industrial water sales to oil & gas operations generate

incremental, high-margin income tied to drilling and fracking,

further strengthening the return on Pure Cycle’s water assets

Incremental taps deliver high-margin contribution as

infrastructure investment outpaced tap connections

WATER & WASTEWATER

SEGMENT PERFORMANCE

PURE CYCLE CORPORATION PAGE 11

DOMESTIC

INDUSTRIAL

CONNECTIONS

WATER REVENUE

PURE CYCLE CORPORATION PAGE 12

CONSOLIDATED METRICS

1,000

2,000

3,000

4,000

5,000

FY 2020

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

FY 2026

FY 2027

FY 2028

FY 2029

FY 2030

WATER UTILITY CUSTOMER

GROWTH

Actual Projected

$677 $913 $1,003

$3,425

$886 $1,138

$581

$3,592 $3,296

$4,683

$5,391 $5,437

YTD 2024 YTD 2025 YTD 2026

WATER REVENUES BY TYPE

(000S)

Recurring W/WW O&G Tap Fees 22% Customer CAGR

Avg Customer Annual Revenue

$1,500

Recurring water and wastewater revenue increased approximately 16% from 6mo 2024 to 6mo 2026, demonstrating consistent growth

in the core utility business. Water segment revenues remain strong consisting of tap fee revenue from multiple phases of Sky Ranch

being delivered as well as increased demand for Industrial water sales due to drilling in our service area. This combination supports a

growing recurring base while capturing near-term value from system expansion.

PURE CYCLE CORPORATION PAGE 13

$2,647

$5,550

$939 $1,138

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

FY 2023 FY 2024 FY 2025 FY 2026

Oil and Gas Water Sales by Quarter

(in 000s)

6 mo FY 26

 > 250 WELLS DRILLED TO DATE

 OIL RIG CAN DRILL 60 WELLS PER YEAR

 WE CAN PROVIDE WATER TO MORE THAN 200 SQUARE

MILES IN ADAMS & ARAPAHOE COUNTIES

 AVERAGE $250,000 OF WATER SALES PER WELL

WE PROVIDE RAW WATER TO O&G OPERATORS FOR DRILLING

Oil and gas water sales are driven by drilling activity and can vary meaningfully year to year. While volumes

declined in FY 2025 and early FY 2026 due to reduced drilling, activity has resumed with a dedicated rig to Lowry

through the remainder of 2026 and strong oil prices bolstering the remaining year’s activity.

PURE CYCLE CORPORATION PAGE 14

We continue to invest in our systems with a current book value of

$59.8M which can produce over 3.0M gallons of water per day.

We estimate our portfolio can serve approximately 60,000

connections, generating approximately $2.3 billion in

revenues based on current rates. To date, we have added

around 1,695 connections, representing 2.8% of our

overall capacity.

95.5%

2.3%

2.8%

4.5%

PORTFOLIO CAPACITY

At Buildout Current Remaining Capacity Sold To Date

CAPACITY AND PRODUCTION

20%

40%

60%

80%

100%

418

2577

Acre Feet Production Q2-2026

AF Used AF Available

Land Development

PURE CYCLE CORPORATION PAGE 16

LAND DEVELOPMENT

Phase 2D: 204 Lots: 78%

complete by Q2 2026; $7.5M

milestone payments received,

$13.4M remaining for FY26.

Visibility into FY27: Land

development continuing as

final 2D and 2E milestones are

completed.

FY2026 continued Lot

Production: Phase 2E – 159

lots grading to start Q3 for lot

deliveries in FY’27.

Phase 2C: 228 Lots: 91%

complete by Q2 2026; all

$18.3M revenue payments

received.

PURE CYCLE CORPORATION PAGE 17

LAND DEVELOPMENT REVENUE

$3,531

$4,114

$8,586

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

$10,000

YTD 2024 YTD 2025 YTD 2026

YTD Total Land Development

Revenue (000s)

$477

$1,160

Lot Revenue Contribution by Phase Q2 2026

(000s)

Phase 2B Phase 2C Phase 2D

Land development revenue increased significantly in the first 6 months of FY 2026, driven by higher finished lot deliveries.

Revenue was primarily generated from Phase 2D, with some landscaping completion in Phase 2C, reflecting the continued

progression of Phase 2 development. Period-over-period land development revenue increased to $8.6 million, up materially from

prior-year periods due to delivery timing.

PAGE 18

2 A

+$18.4M Lot Revenue

+$6.3M Tap Fees

+$300K/yr SFR Rents

+$343K/yr W/WW Sales

PHASE 2A

229 Lots

2 B

+$17.3M Lot Revenue

+$7.3M Tap Fees

+$510K/yr SFR Rents

+$316K/yr W/WW Sales

2 C 2 D

+$21.0M Lot Revenue

+$8.1M Tap Fees

+$60K/yr SFR Rents

+$306K/yr W/WW Sales

PHASE 2B

211 Lots

PHASE 2C

228 Lots

PHASE 2D

204 Lots

+$18.3M Lot Revenue

+$8.6M Tap Fees

+$870K/yr SFR Rents

+$342K/yr W/WW Sales

PURE CYCLE CORPORATION PAGE 19

LAND DEVELOPMENT TIMELINE

Our land development continues to advance on schedule across Phases 2C through 2E. Phase 2C is now

substantially complete, Phase 2D is well underway with wet utilities finished in the first half of fiscal 2026, and

Phase 2E is entering the entitlement and grading phase, setting up continued lot deliveries through 2027.

PHASE 2E

159 Lots

PURE CYCLE CORPORATION PAGE 20

This phase will add an estimated

• $14M Lot Revenue

• $4.3M Tap Fees

• $240K/yr W/WW Sales

Pg. 21

GROUNDBREAKING ON HIGH SCHOOL

PURE CYCLE CORPORATION PAGE 21

PURE CYCLE CORPORATION Pg. PAGE 2222

Lowry Ranch

Service Area

Lowry Ranch

Service Area

Development Encroachment

To Lowry Ranch

Single-Family Rentals

PURE CYCLE CORPORATION PAGE 24

SFR Strategy Update: Measured

Growth Approach

What Changed

• Reduced number of homes retained for SFRs in Sky Ranch

• Increased selectivity on new SFR investments

• Adjusted pacing of future SFR phases

• SFR remains a strategic component of the development mix

• Ability to shift between build-to-rent and for-sale as conditions warrant

• Preserves balance sheet strength while maintaining upside exposure

Going Forward

• Maintain flexibility in capital allocation

• Elevated uncertainty on Institutional Ownership

• Focus on highest return opportunities

Why It Changed

PURE CYCLE CORPORATION PAGE 25

Segment Performance –

Single-Family Rentals

• 19 Homes Completed - Rental units built at Sky

Ranch now fully leased, generating stable

recurring income.

• 39 Additional Homes Under Contract - Next

phase of single-family rentals progressing, with

occupancy expected through FY2026.

• Steady Rental Income Stream - Rentals

complement tap fees and land sales, creating

diversification across revenue types.

PURE CYCLE CORPORATION PAGE 26

Single-family rental revenue increased approximately 20% from 6m 2024 to 6m 2026, driven by increasing units

and rents. Asset values have also increased over the same period, with fair market value growing faster than

net book assets, underscoring ongoing appreciation and long-term value creation.

SINGLE-FAMILY RENTALS

$234 $242

$281

$50

$100

$150

$200

$250

$300

6mo 2024 6mo 2025 6mo 2026

6mo Rent Revenue

Rent

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

FY 2022 FY 2023 FY 2024 FY 2025 FY 2026

Appreciating Assets (000s)

Net Book Assets FMV

Phase 1 Phase 2A Phase 2B Phase 2C Phase 2D

Added in Phase Prior Phases

14 Homes

$420K Rent/Yr

$5.3M Assets

$7.4M FMV

31 Homes

$930K Rent/Yr

$11.3M Assets

$16.3M FMV

4 Homes

$120K Rent/Yr

$1.4M Assets

$2.1M FMV

62 Homes

$1.9M Rent/Yr

$22M Assets SFR Portfolio $32.6M FMV

Sky Ranch Phase 1 & 2

PURE CYCLE CORPORATION PAGE 27

60 Homes

$1.8M Rent/Yr

$21M Assets

$31.5M FMV

Capital Allocation & Shareholder

Value

PURE CYCLE CORPORATION PAGE 29

$74.2M Total Assets

$9.0M in Wastewater Systems

$32.5M Water Rights Portfolio

$29.8M in Water Systems

$2.9M in other assets

Water rights portfolio supports

up to 60,000 connections,

providing significant capacity

for growth beyond the 1,700

currently served.

$10.4M Total Assets

$4.9M of Land for Development

$5.5M developed land for sale

930-acre Sky Ranch community

east of Denver, planned for up

to 3,200 homes and 2M sq. ft.

of commercial space, located

15 mi from downtown and 4

mi south of DIA.

$11.3M Total Assets

$14M in Fair Market Value (19

units)

Pure Cycle develops and retains

single-family rentals at Sky

Ranch, recovering all lot and

tap costs while generating

positive cash flow and strong

asset appreciation.

$67.9M Cash &

Receivables

$11.6M in Cash and Restricted

$56.3M Receivable CAB/

Rangeview

Strong balance sheet with

liquidity to support

operations, significant cash

and receivables from the Sky

Ranch CAB and Rangeview.

STRONG BALANCE SHEET

-----------------------

% Total Asset : 44%

% Developed : 4%

-----------------------

% Total Asset : 6%

% Developed : 20%

-----------------------

% Total Asset : 5% -----------------------

% Total Asset : 41%

Recurring Revenue Strength

Utilities Revenue Stability: Recurring

water and wastewater revenue offer

consistent contribution across cycles

Rental Income from 19 Homes: Fully

leased homes generating monthly cash

flows; 5 units came online in Q2 and an

additional 39 units to expand income in

FY26

Diversified Earnings Mix: Blending utility

income with residential rent yields lowers

overall earnings volatility and cash flows

SFR Synergy with Land Development:

Rental strategy monetizes lots internally,

capturing additional value from Sky

Ranch development

PURE CYCLE CORPORATION PAGE 30

$1,218

$1,733

$2,058 $1,956

$165

$481

$496 $747

$1,383

$2,214

$2,554

$2,703

$500

$1,000

$1,500

$2,000

$2,500

$3,000

Annual Recurring Revenue (000s)

Recurring Water Revenue SFR Revenue

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

$160,000

$180,000

2019 2020 2021 2022 2023 2024 2025 2026

Asset Growth (000s)

Assets

Shareholder Value

Pure Cycle has shown consistent growth in both recurring revenue (with contributions from water services

and an increasing SFR component) and total assets over recent years, suggesting a strong financial position

for continued expansion and growing returns on investments.

Forecast Forecast

PURE CYCLE CORPORATION PAGE 31

PURE CYCLE CORPORATION PAGE 32

$5,638

$8,934 $8,276 $9,774

$7,565

$17,599

$15,257

$16,682

$1,383

$2,214 $2,554

$2,703

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

2023 2024 2025 2026

Recurring Revenue

Water Taps/O&G/Land Development Revenue

Fiscal Year

Water Taps & O&G Land Development Recurring Revenue

$.20 $0.48

RoE 4.16% 9.82%

$0.54

10.11%

$0.51

8.55%

EPS

Total Revenue $14,586 $28,747 $26,087 $29,159

PROJECTED

PROFITABILITY TRENDS

RoE calculated using beginning SE equity and NI

PURE CYCLE CORPORATION PAGE 33

FY26 Gross Revenue: $26–30M Range: Scenario modeling based on

timing of Phase 2D/2E milestone completions and builder uptake.

FY26 EPS Sensitivity: $0.43–$0.52: EPS estimates vary with lot

closings pace and rental unit lease-up timing.

Upside in Timing Acceleration: If delivery milestones pull into early

FY26, Industrial water sales beat vs baseline estimates.

Valuation Sensitivity Scenarios

Stock Repurchase Program Update

The Company continues to invest in itself

through its approved stock repurchase

program. We believe our shares remain

considerably undervalued – maybe more

than ever given our momentum and we will

continue to be in the market repurchasing

shares opportunistically. We continue to

demonstrate the value of our assets and

execution in our core businesses, both

creating outstanding shareholder value.

Fiscal Period Total Number of

Shares Purchased

Average Price Paid per

Maximum Number of Shares that

May Yet Be Purchased Under the

Plans or Programs

Q1 2024 20,000 9.92 180,000

Q2 2024 10,000 9.94 170,000

Q3 2024 15,000 9.48 155,000

Q4 2024 14,926 9.34 140,074

Q1 2025 10,000 10.73 130,074

Q2 2025 16,000 12.31 114,074

Q3 2025 2,000 10.19 112,074

Q4 2025 7,500 9.87 104,574

YTD 2026 11,100 10.80 93,474

Total 106,526 10.29 93,474

PURE CYCLE CORPORATION PAGE 34

Short

-Term (3

–5

Years)

• Water Utilities:

Customer base expected to grow to ~2,500 accounts

with consistent tap sales across remaining Sky Ranch

phases. Base utility fees and service charges continue to

provide predictable, recurring revenue, with annual tap

fee increases of ~3%.

• Land Development:

Ongoing lot deliveries and steady absorption at Sky

Ranch drive near

-term growth. Lot margins are

expected to remain healthy as costs stabilize, with

commercial parcels set through completion of

Interchange to monetize providing additional upside.

• Single

-Family Rentals:

Realignment of our rental strategy around measured

portfolio growth with an emphasis on operational

efficiency. We will grow to approximately 60 homes

through Phase 2 and will evaluate unit economics and

scalability before committing to further expansion

PURE CYCLE CORPORATION PAGE 35

SKY RANCH UPDATE

Earnings

Presentation

Q&A

PURE CYCLE CORPORATION

www.purecyclewater.com

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PURE CYCLE CORPORATION

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For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

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- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

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- Definition

Address Line 1 such as Attn, Building Name, Street Name

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Name of the City or Town

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Code for the postal or zip code

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Name of the state or province.

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A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Indicate if registrant meets the emerging growth company criteria.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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No definition available.

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Two-character EDGAR code representing the state or country of incorporation.

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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Local phone number for entity.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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- Definition

Title of a 12(b) registered security.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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Name of the Exchange on which a security is registered.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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- Definition

Trading symbol of an instrument as listed on an exchange.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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