PURE CYCLE CORP (Form: 8-K, Received: 11/13/2025 10:20:11)

0000276720false00002767202025-11-122025-11-12

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): November 12, 2025

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 November 12, 2025, the Registrant issued a press release announcing its financial results for the year ended August 31, 2025. 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 November 13, 2025, 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 November 12, 2025, announcing earnings for the year ended August 31, 2025
99.2		Year ended August 31, 2025 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: November 13, 2025

Vice
	PURE CYCLE CORPORATION


	By:	/s/ Marc S. Spezialy
		Marc S. Spezialy
		Vice President and Chief Financial Officer

Exhibit 99.1

Pure Cycle Announces Financial Results

For the Year Ended August 31, 2025

DENVER, CO / GLOBE NEWSWIRE / November 12, 2025 – Pure Cycle Corporation (NASDAQ Capital Market: PCYO) announced its financial results for the year ended August 31, 2025. Pure Cycle reported $13.1 million of net income for the year ended August 31, 2025, which is a 13% increase in net income from 2024 and marks our eighth consecutive year and twenty-fifth consecutive fiscal quarter with positive net income. Pure Cycle reported $0.54 of earnings per fully diluted common share, which is up from $0.48 in 2024, a 12.5% increase. Pure Cycle continues to see demand for entry level lots at our Sky Ranch Master Planned Community. By partnering with our national homebuilders, we deliver finished lots on an annual cadence that allows for steady absorption while navigating ongoing housing industry headwinds. In the fourth quarter we completed the delivery of finished lots in Phase 2C, and our national homebuilder partners have already begun construction. Additionally, we are finishing the utility work and moving into road work in Phase 2D. We expect to complete Phase 2D in fiscal 2026. Pure Cycle continues to diversify our land development segment by partnering with two national homebuilders in Phase 2D who are new to the Sky Ranch Community. Finally, we have started platting our next 148 lots in Phase 2E. We expect to have lots in Phase 2E completed in fiscal 2027 but will pace construction to match builder absorptions. Pure Cycle continues to drive income from our resource rich asset base and in the year ended August 31, 2025, we reported an increase in our royalty income from our oil and gas mineral interest by 738%, as six wells were completed at Sky Ranch in 2024 that began producing during this fiscal year.

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.

Full Year 2025 Highlights

Revenue for the years ended August 31, 2025 and 2024 of $26.1 million and $28.7 million, respectively (a 9% decrease), which drove pre-tax income of $17.5 million and $15.6 million, respectively (a 12% increase);

Oil and gas royalty income for the years ended August 31, 2025 and 2024 of $6.7 million and $0.8 million, respectively (a 738% increase);

Net income for the years ended August 31, 2025 and 2024 of $13.1 million and $11.6 million, respectively (a 13% increase);

Earnings per fully diluted common share for the years ended August 31, 2025 and 2024 of $0.54 and $0.48, respectively (a 13% increase);

EBITDA for the years ended August 31, 2025 and 2024 of $20.2 million and $18.2 million, respectively (a 11% increase) (see table below for reconciliation of net income to EBITDA); and

Cash & cash equivalents totaled $21.9 million at August 31, 2025.

Net Income to EBITDA Reconciliation

We continue our profitability as shown in the table below:


	Year Ended
(In thousands)	August 31, 2025		August 31, 2024
Net Income	$	13,110	$	11,613
Add back:
Interest expense, net		426		439
Taxes		4,360		4,019
Depreciation / amortization		2,297		2,100
EBITDA	$	20,193	$	18,171

Earnings per common share - basic and diluted
Basic	$	0.54	$	0.48
Diluted	$	0.54	$	0.48

Weighted average common shares outstanding:
Basic		24,076,317		24,083,001
Diluted		24,167,529		24,140,946

“Our land development business model of delivering finished lots in annual increments and thus reducing inventories for both our shareholders and our homebuilder customers continues to differentiate us as one of the region’s premier land developers,” commented Mark Harding, CEO of Pure Cycle. “While the housing market can be cyclical, our phased development and annual delivery of lots provide a reliable, predictable model for housing in growth periods as well as weaker periods giving us a sustainable investment pace to delivering lots to our customers. This combined with the diversity of our business segments with water utilities (including industrial oil and gas sales) and single-family rental segments continue to deliver high margin recurring revenues for our shareholders,” continued Mr. Harding.

Fourth Quarter 2025 Highlights

Revenue for the three months ended August 31, 2025 of $11.2 million, which drove pre-tax income of $8.2 million;

Net income for the three months ended August 31, 2025 of $6.1 million; and

EBITDA for the three months ended August 31, 2025 of $8.9 million (see table below for reconciliation of net income to EBITDA).

Net Income to EBITDA Reconciliation

We continue our profitability as shown in the table below:


	Three Months Ended
(In thousands)	August 31, 2025		August 31, 2024
Net Income	$	6,108	$	6,605
Add back:
Interest expense, net		107		111
Taxes		2,085		2,214
Depreciation / amortization		620		521
EBITDA	$	8,920	$	9,451

Earnings per common share - basic and diluted
Basic	$	0.25	$	0.27
Diluted	$	0.25	$	0.27

Weighted average common shares outstanding:
Basic		24,073,734		24,075,325
Diluted		24,142,835		24,128,165

Full Year 2025 Financial Summary

Revenues

For the years ended August 31, 2025, and 2024, we reported total revenue of $26.1 million and $28.7 million, respectively with $10.3 million and $10.7 million being generated in our water and wastewater resource development segment, $15.3 million and $17.6 million generated by our land development segment, and $0.5 million and $0.5 million reported in our single-family rental business.

For the years ended August 31, 2025, and 2024, we sold 182 and 73 water or water and wastewater taps, respectively for $7.3 million and $3.4 million. As of August 31, 2025, we have sold 965 water and wastewater taps at Sky Ranch in Phases 1, 2A, 2B and 2C. Based on current prices and engineering estimates, we believe Phase 2 of Sky Ranch will produce additional tap fee revenue of $19.1 million in water and wastewater tap fee revenue and cash over the next three years.

As of August 31, 2025, the first development phase (509 lots) is complete and the second development phase (1,020 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 (148 lots). As of August 31, 2025, Phase 2A is complete, Phase 2B is approximately 97% complete, Phase 2C is approximately 82% complete, and Phase 2D is approximately 43% complete. Phases 2B and 2C are substantially completed with some landscaping and warranty items remaining. Phase 2D is expected to be substantially complete by the end of Pure Cycle’s fiscal 2026 and Phase 2E is expected to be complete by the end of fiscal 2027.

As of August 31, 2025, the single-family rental business had 14 homes built and rented in Sky Ranch. During the fall of 2025, we plan to bring five rental townhomes online that are constructed by one of our national homebuilder

partners and we are currently under contract with several other national home builders to construct the next 40 single-family detached homes in Phases 2B and 2C at Sky Ranch for delivery in fiscal 2026. As noted in prior releases, due to the overwhelming demand for rental homes at Sky Ranch, we expect to have a total of 100 homes in Phase 2 with the ability to add more than 200 homes as Sky Ranch builds out.

“Leveraging our robust balance sheet and diversified asset portfolio, Pure Cycle has successfully reported year-over-year earnings per share growth during this period of housing market uncertainty,” commented Marc Spezialy, CFO of Pure Cycle. “Despite a decrease in lot delivery revenue our earnings growth has showcased the strength of our underlying assets from royalty income through our oil and gas royalty portfolio and water and wastewater tap sales through the strength of our water and wastewater infrastructure. In 2026 we plan to continue diversifying our revenue by ramping up our single-family rental segment. Since fiscal year-end, we have already closed on five additional rental units, and we are under contract to close on an additional 40 units this fiscal year,” concluded Mr. Spezialy.

Working Capital

We reported working capital (current assets less current liabilities) of $20 million as of August 31, 2025, with $21.9 million of cash and cash equivalents.

Full Year 2025 Operational Summary

Water and Wastewater

Water deliveries decreased for the year ended August 31, 2025, to 639 acre-feet delivered as compared to 1,818 acre-feet delivered for 2024. The decrease in water deliveries is due to a decrease in demand from our oil and gas customers as a result of reduced drilling activity. 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 strong demand for oil and gas water sales for the coming years. As Sky Ranch continues to develop, we anticipate continued growth in our residential water and wastewater service revenues which increased to 347 acre-feet delivered in 2025 compared to 306 acre-feet delivered in 2024. Water and wastewater tap sales increased in 2025 to 182 taps sold compared to 73 taps in 2024. 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 and are not contractually driven in terms of timing; therefore, the timing of tap sales fluctuate with demand for new construction. During 2025, the average price of a Sky Ranch water and wastewater tap was approximately $40,000 compared to approximately $38,000 per tap for 2024.

Land Development

Lot sales revenue decreased to $13.7 million for the year ended August 31, 2025 compared to $16.0 million in 2024. The number of lots delivered (which refers to when title to the lot passes to the homebuilder) decreased in 2025 compared to 2024 due to delays in closing in Phase 2D. We recognized certain milestones from our Lot Delivery Agreements from home builders in 2025 which accounted for $0.1 million in lot sales revenue for Phase 2A, $0.9 million in lot sales revenue for Phase 2B, $10.9 million in lot sales revenue for Phase 2C and $1.8 million in lot sales revenue for Phase 2D. We expect to be substantially complete with the delivery of all 180 lots in Phase 2D during fiscal 2026. Despite lots being transferred to the homebuilders, we still will 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

Fiscal 2025 and 2024 both represented rental income for our first 14 completed homes. We expect to rent five townhomes in the first quarter of fiscal 2026 and we are currently under contract with several national home builders to construct the next 40 single-family detached homes in Phases 2B and 2C at Sky Ranch for delivery in fiscal 2026.

Earnings Presentation Information

Pure Cycle will host an earnings presentation on Thursday November 13, 2025, 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 November 13, 2025

Event link:https://www.purecyclewater.com/YE2025

Call in number:872-240-8702 (access code: 188 613 957#)

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

Other Important Information

The table below presents our consolidated results of operations for the years ended August 31, 2025 and 2024:


	Year Ended
(In thousands, except share information)	August 31, 2025		August 31, 2024
REVENUES:
Water and Wastewater
Water and wastewater activities	$	2,997	$	7,283
Water and wastewater tap fees		7,337		3,384
Total water and wastewater		10,334		10,667
Land Development
Lot sales		13,691		15,998
Project management fees		781		707
Special facility projects and other		785		894
Total land development		15,257		17,599

Single-family rentals		496		481
Total revenues		26,087		28,747

COST OF REVENUES:
Water and wastewater		4,781		4,426
Lot development		5,100		4,374
Single-family rental		176		188
Total cost of revenues		10,057		8,988

General and administrative expenses		7,770		6,921
Depreciation		590		596
Operating income		7,670		12,242

Other income (expense):
Interest income		3,272		2,837
Interest expense		(426)		(439)
Oil and gas royalty income, net		6,654		795
Other, net		300		197
Income from operations before income taxes		17,470		15,632
Income tax expense		(4,360)		(4,019)
Net income	$	13,110	$	11,613

Earnings per common share - basic and diluted
Basic	$	0.54	$	0.48
Diluted	$	0.54	$	0.48
Weighted average common shares outstanding:
Basic		24,076,317		24,083,001
Diluted		24,167,529		24,140,946

The following table presents our consolidated financial position as of August 31, 2025 and 2024:


(In thousands, except shares)	August 31, 2025		August 31, 2024
ASSETS:
Current Assets:
Cash and cash equivalents	$	21,931	$	22,113
Accounts receivable, net		1,330		1,472
Related party notes receivable, including accrued interest, current portion		—		10,100
Prepaid expenses and other assets		1,004		530
Land under development		7,388		3,647
Total current assets		31,653		37,862
Restricted cash		6,448		3,245
Investment in water and wastewater systems, net		67,523		62,290
Land and mineral rights held for development		4,168		4,695
Single-family rental units		5,240		5,330
Related party notes receivable, including accrued interest, less current portion		45,002		32,085
Other assets		2,245		1,847
Total assets	$	162,279	$	147,354

LIABILITIES & SHAREHOLDERS’ EQUITY:
Current Liabilities:
Accounts payable	$	3,518	$	1,948
Accrued and other liabilities		4,335		5,164
Deferred revenue		3,355		2,173
Debt, current portion		411		64
Total current liabilities		11,619		9,349
Debt, less current portion		6,380		6,821
Deferred tax liability, net		1,541		1,395
Lease obligations, less current portion		1		87
Total liabilities		19,541		17,652

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; 24,066,805 and 24,063,894 outstanding, respectively		80		80
Additional paid-in capital		175,448		175,125
Accumulated deficit		(32,790)		(45,503)
Total shareholders’ equity		142,738		129,702
	$	162,279	$	147,354

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: factors that differentiate us in the market and our belief that we are well positioned in the market; the timing of completion and availability for rent of our rental units; the number of rental units we may be able to 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; timing of future home construction by our home builder customers; the strength of the Sky Ranch market, including the demand for entry-level and rental homes; 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: home mortgage interest rates, inflation, trade policies, tariffs, and other factors impacting the housing market and home sales; 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 those factors discussed from time to time in our press releases, public statement and documents filed or furnished with the U.S. Securities and Exchange Commission.

SOURCE: Pure Cycle Corporation

Exhibit 99.2

, PURE CYCLE CORPORATION FISCAL YEAR 2025 EARNINGS PRESENTATION - - Presented By: MARK HAIRDING

PURE CYCLE CORPORATION PAGE 2 FORWARD LOOKING STATEMENT Statements that are not historical tacts contained or incorporated by reference in this presentation are "forward-looking statements" ("FLS"} within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21 C of the Securities Exchange Act of 1934 as amended. FLS involve risks and uncertainties that could cause actual results to differ from projected results. The words "anticipate," "believe,'' "estimate," "expect," "plan," "intend" and similar expressions, as they relate to us, are intended to identify FLS. Such statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. We are not able to predict all factors that may affect future results. We cannot assure you that any of our expectations will be realized. Our actual results could differ materially from those discussed in or implied by these forward-looking statements. Factors that may cause actual rnsults to dirffer materially from those contemplated by such FLS include, without limitation: the ri sk factors discussed in our most recent Annual Report on Form 10-K; the timingr of new home construction and other development in the areas where we may sell our water, which in turn may be impacted by credit availability; popt.Jllation growth; employment rates; greneraI1 economic conditions; the market price of water; changes in customer consumption patterns; changes in applicable statutory and regulatory requirements; changes in governmental policies and procedures; uncertainties in the estimation of water available under decrees; uncertainties in the estimation of costs of delivery of water and treatment of wastewater; uncertainties in the estimation of the servi'Ce life of our systems; uncertainties in the estimation of costs of construction projects; uncertainties in the amount and timingr of reimbursable public improvement payments: uncertainty in the single family home rental market and our ability to rent homes in a timely manner or at the amount we project; the strength and financial resources of our competitors; our ability to find and retain skilled personnel; climatic and weather conditions, including flood, droughts and freezing conditions; labor relations; availability and cost of labor, material and equipment; delays in anticipated permit and construction dates; environmental risks and regulations; our ability to raise capital; our ability to negotiate contracts with new customers; and uncertainties in water court rulings; and other factors discussed from time to time in our press releases, public statements and documents filed or furniished with the SEC.

MARK W. HARDING President, CEO, and Director Mark is an exceptional leader who has significantly shaped Pure Cycle's success. Under his 35-year tenure, the company has successfully acquired over $130 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

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

INVESTMENT SNAPSHOT PURE CYCLE CORPORATION PAGE 5 Pure Cycle has posted net income for six consecutive years, demonstrating a durable and resilient earnings model. Stable earnings from water and wastewater utilities, rental income, and service fees underwrite financial predictability. As of FY2025, $28M in cash and restricted cash $45M Note Receivable enabling flexibility in capital allocation decisions. Phased development of over 1,400 lots across multiple years ensures revenue continuity into FY26–and beyond. 25 Straight Profitable Quarters Recurring Revenue Base Sky Ranch Development Visibility Capital Position & Liquidity

4th Quarter Results PURE CYCLE CORPORATION PAGE 6 CONSOLIDATED METRICS In Q4 2025, we reported revenue of $11.2M and gross profit of $7.6M. The decline compared to Q4 2024 was primarily due to the timing in our lot sales revenue compared to 2024 specifically the timing of finished lot deliveries. $3,368 $12,560 $11,200 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 Q4 2023 Q4 2024 Q4 2025 QoQ Q4 Revenue Revenue $1,764 $9,774 $7,580 0 2,000 4,000 6,000 8,000 10,000 12,000 Q4 2023 Q4 2024 Q4 2025 QoQ Q4 Gross Profit Gross Profit

PURE CYCLE CORPORATION PAGE 7 CONSOLIDATED METRICS In Q4 2025 we generated net income of $6.1M and EPS of $0.25. The decrease from prior quarters is due to the timing in our lot sales revenue and offset by higher tap sales and royalty income which highlights the strength of our earnings through our diverse assets. $1,056 $6,605 $6,109 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 Q4 2023 Q4 2024 Q4 2025 QoQ Q4 Net Income Net Income $0.04 $0.27 $0.25 $0.00 $0.05 $0.10 $0.15 $0.20 $0.25 $0.30 Q4 2023 Q4 2024 Q4 2025 QoQ Q4 EPS EPS 4th Quarter Results

FY 2025 RESULTS PURE CYCLE CORPORATION PAGE 8 CONSOLIDATED METRICS We have achieved $26.1M in revenue and $16.0M in gross profit. Revenues in the fourth quarter are reflective of the finished lot status in Phase 2C. $28,747 $26,087 2024 2025 REVENUE Actual to Date $19,759 $16,030 2024 2025 GROSS PROFIT Actual to Date

FY 2025 RESULTS PURE CYCLE CORPORATION PAGE 9 CONSOLIDATED METRICS Net income totaled $13.1M, surpassing our full-year guidance of $12.54M, while earnings per share reached $0.54. Notably, net income was positively impacted by O&G royalty income. $11,613 $13,110 2024 2025 NET INCOME Actual to Date 12.54M Forecasted $0.48 $0.54 2024 2025 EPS Actual to Date $0.52 Forecasted

PURE CYCLE CORPORATION PAGE 10 $12,544 $(4,766) $(1,438) $6,770 $13,110 Net Income Revenue Cost of Revenue G&A/Other Net Income $- $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 Forecast to Actual (000s) Increase Decrease Total Forecast Actual FY2025 net income exceeded forecast by approximately $0.6 million, driven by stronger recurring performance across water utilities and higher oil & gas royalties. While land development activity contributed less than expected, consistent water margins and stable cost control helped maintain profitability, underscoring the durability of our recurring revenue base. EARNINGS BRIDGE Lower revenue driven by homebuilder timing delays Higher-than-expected COR driven by cost escalation in materials, labor, and contracted services Lower G&A expenses and higher income from O&G operations positively impacted earnings

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 is already in place WATER & WASTEWATER SEGMENT PERFORMANCE PURE CYCLE CORPORATION PAGE 12 DOMESTIC INDUSTRIAL CONNECTIONS

PURE CYCLE CORPORATION PAGE 13 We continue to invest in our systems with a current book value of $58.5M which can produce over 3.4M 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 1,649 connections, representing 2.7% of our overall capacity 95.5% 2.3% 2.2% 4.5% PORTFOLIO CAPACITY At Buildout Current Remaining Capacity Sold To Date CAPACITY AND PRODUCTION 0% 20% 40% 60% 80% 100% 635 2359 Acre Feet Production FY 2025 AF Used AF Available

WATER REVENUE PURE CYCLE CORPORATION PAGE 14 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 $1,219 $1,732 $2,058 $2,646 $5,551 $939 $2,991 $3,384 $7,337 FY 2023 FY 2024 FY 2025 WATER REVENUES BY TYPE (000S) Recurring W/WW O&G Tap Fees $10,667 $10,334 $6,856 FY2025 water revenues show a shift toward recurring water and wastewater income as tap fee activity accelerated with continued development at Sky Ranch. O&G revenues declined from FY2024 highs but remain a meaningful contributor. Customer growth trends point to accelerating utility demand, with active connections expected to rise sharply through FY2030, providing a strong foundation for long-term recurring cash flow. 22% Customer CAGR Avg Customer Annual Revenue $1,500

PURE CYCLE CORPORATION PAGE 15 $2,792 $3,844 $2,647 $5,550 $939 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Oil and Gas Water Sales by Quarter (in 000s) Q1 Q2 Q3 Q4 TOTAL Our existing infrastructure enables us to supply water to O&G operators, while ongoing strategic investments enhance our capacity to deliver water where and when it’s needed.  > 150 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

Land Development

PURE CYCLE CORPORATION PAGE 17 LAND DEVELOPMENT Phase 2D: 204 Lots: 43% complete by FY2025; $1.4M milestone payments received, $19M remaining for FY26. Visibility into FY26: Revenue growth expected to accelerate as final 2D and initial 2E milestones are completed. FY2025 Lot Sales: $13.6M lot revenue from Sky Ranch, compared to $16M prior-year, reflecting builder timing shifts. Phase 2C: 228 Lots: 82% complete by FY2025; $16.5M milestone payments received, ~$811K remaining for FY26.

PURE CYCLE CORPORATION PAGE 18 FY2025 land development revenue remains strong at $15.3 million, following a record FY2024 driven by Phase 2 B & C activity. The majority of FY2025 lot revenue stems from Phase 2C, which represents over 70% of total lot contributions, while minimal revenue remains from prior phases. Continued buildout of Phase 2D positions and start of 2E for sustained lot delivery and revenue visibility into FY2026. LAND DEVELOPMENT REVENUE $7,565 $17,599 $15,257 0 2000 4000 6000 8000 10000 12000 14000 16000 18000 20000 FY 2023 FY 2024 FY 2025 YoY Total Land Development Revenue (000s) $121 $860 $10,902 $1,807 Lot Revenue Contribution by Phase 2025 (000s) Phase 2A Phase 2B Phase 2C Phase 2D

PAGE 19 2 A +$18.4M Lot Revenue +$6.3M Taps Fees +$420K/yr SFR Rents +$343K/yr W/WW Sales PHASE 2A 229 Lots 2 B +$17.3M Lot Revenue +$9.5M Taps Fees +$930K/yr SFR Rents +$316K/yr W/WW Sales 2 C 2 D +$20.4M Lot Revenue +$8.0M Taps Fees +$2.9M/yr SFR Rents +$306K/yr W/WW Sales PHASE 2B 211 Lots PHASE 2C 228 Lots PHASE 2D 204 Lots +$17.3M Lot Revenue +$6.6M Taps Fees +$2.1M/yr SFR Rents +$342K/yr W/WW Sales

PURE CYCLE CORPORATION PAGE 20 LAND DEVELOPMENT TIMELINE Our land development continues to advance on schedule across Phases 2C through 2E. Phase 2C is now complete, Phase 2D is well underway with wet utilities finishing in early fiscal 2026, and Phase 2E is entering the entitlement and utility installation phase, setting up continued lot deliveries through 2026

This phase will add an estimated • $14M Lot Revenue • $4.3M Taps Fees • $300K/yr SFR Rents • $225K/yr W/WW Sales PHASE 2E 148 Lots PURE CYCLE CORPORATION PAGE 21

Pg. 22 GROUNDBREAKING ON HIGH SCHOOL PURE CYCLE CORPORATION PAGE 22

Pg. 23 Development Encroachment To Lowry Ranch PURE CYCLE CORPORATION PAGE 23 Lowry Ranch Service Area

Single-Family Rentals

PURE CYCLE CORPORATION PAGE 25 Segment Performance – Single-Family Rentals • 14 Homes Completed - Rental units built at Sky Ranch now fully leased, generating stable recurring income. • 40 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. • Asset-Light Expansion Model - Partnerships with homebuilders reduce capital intensity and support scalable growth. A B C D E

PURE CYCLE CORPORATION PAGE 26 Rental income continues to grow steadily, increasing from $165K in FY2023 to nearly $500K in FY2025 as additional homes are completed and leased. The portfolio continues to demonstrate strong asset appreciation, with fair market value exceeding net book value and providing both recurring income and long-term equity growth SINGLE-FAMILY RENTALS $165 $481 $496 0 100 200 300 400 500 600 FY 2023 FY 2024 FY 2025 YoY Rent Rent $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 FY 2022 FY 2023 FY 2024 FY 2025 Appreciating Assets (000s) Net Book Assets FMV

4 14 31 71 95 4 10 17 40 24 10 Phase 1 Phase 2A Phase 2B Phase 2C Phase 2D Phase 2E 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 71 Homes $2.1M Rent/Yr $25.3M Assets $37.3M FMV 4 Homes $120K Rent/Yr $1.4M Assets $2.1M FMV 95 Homes $2.9M Rent/Yr $33.7M Assets $52.5M FMV SFR Portfolio Sky Ranch Phase 1 & 2 105 Homes $3.1M Rent/Yr $37.2M Assets $57M FMV PURE CYCLE CORPORATION PAGE 27

Capital Allocation & Shareholder Value

PURE CYCLE CORPORATION PAGE 29 $67.5M Total Assets $9.0M in Wastewater Systems $31.8M Water Rights Portfolio $26.7M in Water Systems Water rights portfolio supports up to 60,000 connections, providing significant capacity for growth beyond the 2,500 currently served. $9.9M Total Assets $7.4M of Land for Development $2.4M developed land for sale $0.1M other assets 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. $5.2M Total Assets $7.2M in Fair Market Value 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. $65.4M Total Liquidity $28.4M in Cash and Restricted $43.8M in Receivable from CAB $6.8M in Total Debt Strong balance sheet with liquidity to support operations, including significant cash and a 6% interest-bearing receivable from the Sky Ranch CAB for approved public improvement reimbursements. STRONG BALANCE SHEET

Capital Allocation Strong Balance Sheet Cash & Investments: $21.9 M CAB Receivable: $43.8 M @ 6% interest Liquidity to fund next phases Growth Investment Sky Ranch infrastructure & water systems Single-Family Rental portfolio expansion Long-term land development projects Shareholder Returns Share repurchases to date: 95,426 @ avg $10.22/share Authorization remaining: 104,574 Capital discipline focused on ROA & EPS growth $9,652 $28,379 $397 FY 25 Capital Allocation Mix (000s) Growth Investment Liquidity Shareholder Returns PURE CYCLE CORPORATION PAGE 30

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 Share 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 Total 95,426 10.22 104,574 PURE CYCLE CORPORATION PAGE 31

Recurring Revenue Strength Utilities Revenue Stability: Recurring water and wastewater revenue offer consistent contribution across cycles Rental Income from 14 Homes: Fully leased homes generating monthly cash flows; additional 40 units to expand income in FY26 Diversified Earnings Mix: Blending regulated 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 32

$- $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 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 $1,383 $2,214 $2,554 $2,703 $8,869 $15,201 $- $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 Annual Recurring Revenue (000s) Recurring Water Revenue SFR Revenue PURE CYCLE CORPORATION PAGE 33

PURE CYCLE CORPORATION PAGE 34 $5,638 $8,934 $8,276 $9,774 $14,076 $7,565 $17,599 $15,257 $16,682 $43,063 $1,383 $2,214 $2,554 $2,703 $5,174 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 2023 2024 2025 2026 2028 Recurring Revenue Water Taps/O&G/Land Development Revenue Fiscal Year Water Taps & O&G Land Development Recurring Revenue $.20 $0.48 RoE 3.97% 8.95% $0.54 9.18% $0.51 8.56% $1.63 19.05% EPS Total Revenue $14,586 $28,747 $26,087 $29,159 $62,313 PROJECTED PROFITABILITY TRENDS

PURE CYCLE CORPORATION PAGE 35 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, potential for beat vs baseline estimates. Valuation Sensitivity Scenarios

Short-Term Outlook (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 yet to monetize providing additional upside. • Single-Family Rentals: Expansion to more than 100 homes as the segment scales, benefiting from suburban population growth and sustained housing demand. Efficiencies improve as operations mature and occupancy remains strong. PURE CYCLE CORPORATION PAGE 36

Long-Term Outlook (Sky Ranch Buildout & Beyond) •Water Utilities: Buildout to ~5,000 total connections at Sky Ranch and expansion into adjacent service areas (e.g., Lowry Ranch, Arapahoe County parcels). Continued investment in infrastructure enhances recurring revenue streams and long - term shareholder value. •Land Development: Completion of final Sky Ranch phases and expansion into nearby parcels broaden development footprint. Monetization of high -value commercial land near the interstate adds strategic growth potential. •Single-Family Rentals: Portfolio expected to exceed 200 homes, creating a durable recurring-revenue platform. Operational efficiencies improve as the rental base expands, supported by Colorado’s economic and population growth. PURE CYCLE CORPORATION PAGE 37

PURE CYCLE CORPORATION APPENDIX PAGE 1 SKY RANCH

Earnings Presentation Q&A PURE CYCLE CORPORATION www.purecyclewater.com