PURE CYCLE CORP (Form: 8-K, Received: 07/10/2025 10:25:13)

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): July 9, 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 July 9, 2025, the Registrant issued a press release announcing its financial results for the three and nine months ended May 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 July 10, 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 July 9, 2025, announcing earnings for the three and nine months ended May 31, 2025
99.2		Three and nine months ended May 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: July 10, 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 Three and Nine Months Ended May 31, 2025

DENVER, CO / ACCESSWIRE / July 9, 2025 – Pure Cycle Corporation (NASDAQ Capital Market: PCYO) announced its financial results for the three and nine months ended May 31, 2025. Pure Cycle reported $2.3M of net income for the three months ended May 31, 2025, which marks our twenty-fourth consecutive fiscal quarter with positive net income. Pure Cycle is continuing to develop its Sky Ranch Master Planned Community, despite volatility in the market. We believe our segment pricing (entry level) lots and the low inventory of entry level housing in the Denver market continues to help Sky Ranch navigate a changing market better than other surrounding and significantly higher priced communities. We have completed the development of Phase 2A, and we are finishing our landscaping and warranty work on Phase 2B as our national homebuilder partners have begun construction in Phase 2B with nearly 75% of homes either sold or under construction. We are actively developing Phase 2C, with final paving underway, and we anticipate delivering finished lots by the end of fiscal 2025. Additionally, we have begun the utility work in Phase 2D and expect to complete these lots in the first half of fiscal 2026. Finally, we have started platting our next subphase, Phase 2E. We expect to have lots in Phase 2E ready for our national homebuilder partners by the end of calendar 2026 but plan to pace construction to match builder absorptions. Pure Cycle continues to drive income from its resource rich asset base and in the three and nine months ended May 31, 2025, we reported an increase in our royalty revenues from our oil and gas mineral interest at Sky Ranch, where an additional six wells were completed 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.

Q3 and YTD 2025 Highlights

Revenues for the three and nine months ended May 31, 2025 of $5.1 million and $14.9 million, which drove pre-tax income of $3.0 million and $9.3 million;

Net income for the three and nine months ended May 31, 2025 of $2.3 million and $7.0 million;

Royalty income for the three and nine months ended May 31, 2025 of $1.1 million and $5.9 million;

EBITDA for the three and nine months ended May 31, 2025 of $3.6 million and $11.3 million (see table below for reconciliation of net income to EBITDA);

Cash & cash equivalents totaled $14.4 million as of May 31, 2025;

For the three and nine months ended May 31, 2025, we delivered 76 and 443 acre-feet of water.

Net Income to EBITDA Reconciliation

We continue our profitability as shown in the table below:


	Three Months Ended				Nine Months Ended
(In thousands)	May 31, 2025		May 31, 2024		May 31, 2025		May 31, 2024
Net Income	$	2,256	$	2,825	$	7,002	$	5,008
Add back:
Interest expense, net		101		109		319		328
Taxes		737		1,027		2,275		1,805
Depreciation / amortization		534		561		1,677		1,579
EBITDA	$	3,628	$	4,522	$	11,273	$	8,720

Earnings per common share - basic and diluted
Basic	$	0.09	$	0.12	$	0.29	$	0.21
Diluted	$	0.09	$	0.12	$	0.29	$	0.21

Weighted average common shares outstanding:
Basic		24,076,022		24,087,170		24,077,188		24,085,578
Diluted		24,143,534		24,143,039		24,166,926		24,146,361

“We believe that with market volatility and weakening consumer confidence, our strong balance sheet, significant cash liquidity, entry level market segmentation and our just in time delivery of finished lots to our homebuilder partners continues to differentiate us as one of the regions premier land developers,” commented Mark Harding, CEO of Pure Cycle. “Based on market data, very few land developers in the Denver market deliver finished lots and partner with homebuilders to deliver lots in annual just in time quantities which has led to our return buyer retention among our national homebuilder customers. We are pleased to continue to serve our homebuilder customers and deliver an outstanding master planned community,” continued Mr. Harding.

Q3 and YTD 2025 Financial Summary

Revenues

For the three months ended May 31, 2025 and 2024, we reported total revenue of $5.1 million and $7.6 million with $2.3 million and $2.5 million being generated in our water and wastewater resource development segment, $2.7 million and $5.0 million generated by our land development segment, and $0.1 million and $0.1 million reported in our single-family rental business.

For the nine months ended May 31, 2025 and 2024, we reported total revenue of $14.9 million and $16.2 million with $8.0 million and $7.6 million being generated in our water and wastewater resource development segment, $6.5 million and $8.3 million generated by our land development segment, and $0.4 million and $0.4 million reported in our single-family rental business.

For the three months ended May 31, 2025 and 2024, we sold 40 and 20 water or water and wastewater taps for $1.7 million and $0.6 million. For the nine months ended May 31, 2025 and 2024, we sold 130 and 35 water or water and wastewater taps for $5.3 million and $1.2 million. As of May 31, 2025, we have sold 904 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 generate more than $20 million in water and wastewater tap fee revenue and cash over the next three years.

As of May 31, 2025, the first development phase (509 lots) is complete and the second development phase (1,032 lots) is being developed in five subphases, referred to as Phase 2A (229 lots), Phase 2B (211 lots), Phase 2C (228 lots), Phase 2D (218 lots) and Phase 2E (146 lots). As of May 31, 2025, Phase 2A is 100% complete, Phase 2B is approximately 96% complete, Phase 2C is approximately 68% complete, Phase 2D is approximately 29% complete and Phase 2E is expected to begin development work in fiscal 2026. Phase 2B is substantially completed with some landscaping and warranty items remaining. Phase 2C is expected to be substantially completed by the end of Pure Cycle’s fiscal 2025, Phase 2D is expected to be completed in fiscal 2026, and Phase 2E is expected to be completed by the end of calendar 2026.

As of May 31, 2025, the single-family rental business had 14 homes built and rented in Sky Ranch and 17 additional homes under contract to build in Phase 2B, all of which the Company believes will be available for rent in fiscal 2026. As noted in the prior quarters, due to the overwhelming demand for rental homes at Sky Ranch, we expect to have a total of 98 homes in Phases 1 and 2 with the ability to support more than 200 homes once Sky Ranch is built out.

"Pure Cycle is well positioned in the market to scale our land development activities to match market demands as we navigate a volatile market. Our earnings continue to showcase the strength and diversity of our portfolio of assets through royalty income and our water and wastewater infrastructure with high margins in water and wastewater tap sales," stated Marc Spezialy, CFO of Pure Cycle. "We are also pleased to announce that we have begun construction on our next group of 17 single-family homes to be built in Phase 2B, which will be available for rent in fiscal 2026," concluded Mr. Spezialy.

Working Capital

With the recent uncertainty in the capital markets our Company is well positioned with a strong balance sheet and working capital (current assets less current liabilities) of $18.1 million as of May 31, 2025, which includes $14.4 million of cash and cash equivalents. This allows us not only to execute delivering lots to our homebuilder customers but to capitalize on acquisition opportunities as they may become available.

Q3 and YTD 2025 Operational Summary

Water and Wastewater Resource Development

Water deliveries decreased for the three months ended May 31, 2025, to 76 acre-feet delivered as compared to 394 acre-feet delivered for 2024. Water deliveries decreased for the nine months ended May 31, 2025, to 443 acre-feet delivered as compared to 1,422 acre-feet delivered for 2024.The decreases were due to a decrease in water sold to oil and gas operations, which is not part of our recurring water revenue to residential customers. Oil and gas operations are highly variable and dependent on oil prices, demand for gas, and the timing of development of other leases in our service areas. As Sky Ranch continues to develop, we anticipate continued growth in our residential water and wastewater service revenues. The water and wastewater tap sales increased in 2025 to $1.7 million compared to $0.6 million in 2024 for the three months ended and increased in 2025 to $5.3 million compared to $1.2 million in 2024 for the nine months ended, primarily due to the timing of development activities in Phase 2B.

Land Development

For the three months ended May 31, 2025, lot sales revenue decreased to $2.5 million as compared to $4.8 million in 2024. For the nine months ended May 31, 2025, lot sales revenue decreased to $6.0 million as compared to $7.9 million in 2024. The decrease in lot sales revenue for the three and nine months is primarily due to the timing of finished lot deliveries. When we transfer title to lots to homebuilders under contracts where we remain obligated to deliver finished lots, the sales of such lots are recognized using the percentage of completion method. Therefore, revenue will fluctuate due to timing of construction activities as well as the number of lots under milestone payment contracts throughout Phase 2.

Single-Family Rentals

Rental income for the three and nine months ended May 31, 2025 and 2024 was consistent at $0.1 million for the three months ended and $0.4 million for the nine months ended as both periods represented the 14 completed homes in our portfolio. An additional 17 homes are under contract to be built in Phase 2B, which the Company believes will be available for rent in fiscal 2026.

Earnings Presentation Information

Pure Cycle will host an earnings presentation on Thursday July 10, 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 July 10, 2025

Event link:https://www.purecyclewater.com/Q32025

Call in number:872-240-8702 (access code: 339 096 271#)

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 nine months ended May 31, 2025 and 2024 (unaudited):


	Three Months Ended				Nine Months Ended
(In thousands, except share information)	May 31, 2025		May 31, 2024		May 31, 2025		May 31, 2024
Revenues:
Metered water usage from:
Municipal customers	$	148	$	145	$	507	$	458
Commercial customers		149		1,432		1,324		5,045
Wastewater treatment fees		102		85		284		258
Water and wastewater tap fees		1,700		581		5,292		1,162
Lot sales		2,526		4,795		5,981		7,906
Project management fees		138		221		507		362
Single-family rentals		131		123		373		357
Special facility projects and other		246		222		619		639
Total revenues		5,140		7,604		14,887		16,187

Cost of revenues:
Water service operations		533		564		1,418		1,628
Wastewater service operations		237		173		642		513
Land development construction costs		437		1,192		2,060		1,961
Project management costs		106		154		360		401
Single-family rental costs		40		71		133		161
Depletion and depreciation		409		410		1,248		1,132
Other		121		174		576		406
Total cost of revenues		1,883		2,738		6,437		6,202

General and administrative expenses		1,798		1,647		6,295		5,082
Depreciation		125		151		429		447
Operating income		1,334		3,068		1,726		4,456

Other income (expense):
Interest income - related party		417		217		1,223		1,156
Interest income - Investments		210		279		675		873
Oil and gas royalty income, net		1,140		392		5,857		479
Oil and gas lease income, net		—		18		—		56
Other, net		(7)		(13)		115		121
Interest expense, net		(101)		(109)		(319)		(328)
Income from operations before income taxes		2,993		3,852		9,277		6,813
Income tax expense		(737)		(1,027)		(2,275)		(1,805)
Net income	$	2,256	$	2,825	$	7,002	$	5,008

Earnings per common share - basic and diluted
Basic	$	0.09	$	0.12	$	0.29	$	0.21
Diluted	$	0.09	$	0.12	$	0.29	$	0.21
Weighted average common shares outstanding:
Basic		24,076,022		24,087,170		24,077,188		24,085,578
Diluted		24,143,534		24,143,039		24,166,926		24,146,361

The following table presents our consolidated financial position as of May 31, 2025 (unaudited) and August 31, 2024 (audited):


(In thousands, except shares)	May 31, 2025		August 31, 2024
ASSETS:		(unaudited)
Current assets:
Cash and cash equivalents	$	14,392	$	21,946
Trade accounts receivable, net		1,331		1,472
Income taxes receivable		633		—
Prepaid expenses and other assets		781		530
Land under development		8,068		3,647
Reimbursable public improvements and project management fees		—		10,100
Total current assets		25,205		37,695
Restricted cash		6,065		3,412
Investments in water and water systems, net		64,954		60,486
Construction in progress		2,473		3,161
Single-family rental units		4,891		5,059
Land and mineral rights:
Held for development		4,513		3,683
Held for investment purposes		—		451
Held for sale		352		—
Other assets		1,326		1,164
Notes receivable – related parties, including accrued interest
Reimbursable public improvements and project management fees		40,600		30,864
Other		1,222		1,221
Operating leases - right of use assets		138		158
Total assets	$	151,739	$	147,354

LIABILITIES:
Current liabilities:
Accounts payable	$	2,607	$	1,948
Accrued liabilities		2,303		1,514
Accrued liabilities – related parties		911		2,208
Income taxes payable		—		1,442
Deferred lot sales revenue		984		2,173
Deferred water and other sales revenue		2		—
Debt, current portion		346		64
Total current liabilities		7,153		9,349
Debt, less current portion		6,512		6,821
Deferred tax liability, net		1,395		1,395
Lease obligations - operating leases, less current portion		4		87
Total liabilities		15,064		17,652
Commitments and contingencies
SHAREHOLDERS’ EQUITY:
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; 24,074,305 and 24,063,894 outstanding, respectively		80		80
Additional paid-in capital		175,419		175,125
Accumulated deficit		(38,824)		(45,503)
Total shareholders’ equity		136,675		129,702
Total liabilities and shareholders’ equity	$	151,739	$	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 most recent Annual Report on Form 10-K for the fiscal year ended August 31, 2024; 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

Earnings Presentation PURE CYCLE CORPORATION For the Three and Nine Months Ended May 31, 2025 Presented by Mark Harding www.purecyclewater.com Exhibit 99.2 ,--

Statements that are not historical facts 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 21C 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 results to differ materially from those contemplated by such FLS include, without limitation: the risk factors discussed in our most recent Annual Report on Form 10-K; the timing 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; population growth; employment rates; general 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 service life of our systems; uncertainties in the estimation of costs of construction projects; uncertainties in the amount and timing 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 furnished with the SEC. Forward-Looking Statements 2 • • • • • • • ■ • •

3 Leadership Team 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 SCOTT LEHMAN Vice President, Engineering Scott brings four decades of experience as a Professional Engineer (PE) to the role. His expertise encompasses planning, design, construction, and operation of water and wastewater systems. With educational foundations from the University of Colorado and Stanford University, he plays a pivotal role in shaping our strategies and operations in this vital sector. 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.

4 Board of Directors Mark W. Harding Patrick J. Beirne Susan Heitmann Jeffrey G. Sheets Wanda J. Abel Daniel R. Kozlowski Fredrick A. Fendel III President and CEO Chair of the Board Director and Chair of the Audit Committee Director Director Director and Chair of the Compensation Committee Director and Chair of the Nominating and Governance Committee

LS FINANCIALS PURE CYCLE CORPORATION 5 1,000 QJ --- Q3

Financial Performance Results CONSOLIDATED METRICS In Q3 2025, we delivered revenue of $5.1M, gross profit of $3.3M with a 63% gross margin, and net income of $2.3M, translating to $0.09 EPS. YTD 2025, we delivered revenue of $14.9M, gross profit of $8.5M with a 57% gross margin, and net income of $7M, translating to $0.29 EPS. These results demonstrate robust profitability and operational efficiency, reinforcing our focus on driving shareholder value. 6 $2,256 $1,140 $3,257 $5,140 Net Income Royalty Income Gross Profit Revenue $0.09 EPS 1 63% GM Figures in Thousands 1 – Revenues minus Cost of Revenues Q3 2025 $7,002 $5,857 $8,450 $14,887 Net Income Royalty Income Gross Profit Revenue $0.29 EPS 1 57% GM YTD 2025 ■ ■ ■ ■ ■

Financial Performance QoQ In Q3 2025, we reported revenue of $5.1M and gross profit of $3.3M. The decline compared to Q3 2024 was primarily due to a decrease in our lot sales revenue compared to 2024 due to the timing of finished lot deliveries. 7 $6,879 $7,604 $5,104 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 Q3 2023 Q3 2024 Q3 2025 QoQ Q3 Revenue Revenue $4,673 $4,866 $3,257 0 1,000 2,000 3,000 4,000 5,000 6,000 Q3 2023 Q3 2024 Q3 2025 QoQ Q3 Gross Profit Gross Profit Figures in Thousands CONSOLIDATED METRICS ■ ■ ■ ■ ■ ■ ■

$0.14 $0.12 $0.09 $0.00 $0.02 $0.04 $0.06 $0.08 $0.10 $0.12 $0.14 $0.16 Q3 2023 Q3 2024 Q3 2025 QoQ Q3 EPS EPS $3,295 $2,825 $2,256 0 500 1,000 1,500 2,000 2,500 3,000 3,500 Q3 2023 Q3 2024 Q3 2025 QoQ Q3 Net Income Net Income In Q3 2025 we generated net income of $2.3M and EPS of $0.09. The decrease from prior quarters is due to a decrease 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. 8 Figures in Thousands CONSOLIDATED METRICS Financial Performance QoQ ■ ■ ■ ■ ■ ■ ■

Financial Performance YTD Year-to-date results for Q3-2025 demonstrate solid progress toward our annual goals. We have achieved $14.9M in revenue and $8.5M in gross profit, representing 48% and 36% of our full-year 2025 guidance, respectively. Revenues are anticipated to accelerate through the fourth quarter as we approach finished lot status in Phase 2C, positioning us for strong full-year results. 9 Figures in Thousands CONSOLIDATED METRICS $28,747 $14,887 $15,965 2024 2025 REVENUE Actual to Date Remaining Forecast 30.85M $19,759 $8,450 $15,293 2024 2025 GROSS PROFIT Actual to Date Remaining Forecast 23.74M ■ ■ ■ • ■ ■ ■ ■ ■

Net income year-to-date totaled $7M, or 56% of our full-year target, while earnings per share reached $0.29, which is 56% of our 2025 EPS guidance. Notably, net income was positively impacted by royalty income YTD. 10 Figures in Thousands CONSOLIDATED METRICS Financial Performance YTD $11,613 $7,002 $5,538 2024 2025 NET INCOME Actual to Date Remaining Forecast 12.54M $0.48 $0.29 $0.23 2024 2025 EPS Actual to Date Remaining Forecast $0.52 ■ ■ ■ • ■ ■ ■ ■ ■ D

WATER UTILITIES 22% Customer CAGR Avg Cus to me r Annual Re ve nue $ 1,5 0 0 - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 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 11 Figures in Thousands Financial Performance (QTD) $220 $230 $250 $2,145 $1,432 $149 $1,256 $581 $1,700 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 Q3 2023 Q3 2024 Q3 2025 Water Revenues By Type (000s) Water/Wastewater O&G Tap Fees $2,243 $2,099 $3,621 ■ ■ ■ ■ ■ ■ ■ ■ ■ ■

> 150 WELLS DRILLED TO DATE AVERAGE $250,000 OF WATER SALES PER WELL OIL RIG CAN DRILL 60 WELLS PER YEAR WE CAN PROVIDE WATER TO MORE THAN 200 SQUARE MILES IN ADAMS & ARAPAHOE COUNTIES With existing systems, we provide water to O&G operators. We have also made strategic investments in our system to further our ability to provide water when it is needed, where it is needed in the future. WE PROVIDE RAW WATER TO O&G OPERATORS FOR DRILLING 12 $1,199 $461 $206 $1,988 $851 $583 $1,508 $1,437 $36 $22 $499 $2,086 $1,344 $11 $988 $1,376 $320 $781 $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

LAND DEVELOPMENT 13 Financial Performance (YTD) $3,160 $4,795 $2,526 Q3 2023 Q3 2024 Q3 2025 QoQ Land Development Revenue $121 $557 $4,088 $1,215 Revenue Contribution by Phase 2025 YTD Phase 2A Phase 2B Phase 2C Phase 2D Phase Lots SFR Lots Progress Phase 1 505 4 100% Phase 2A 219 10 100% Phase 2B 194 17 96% Phase 2C 188 40 68% Phase 2D 191 27 29% 1297 98 ■ ■ ■ ■ ■ ■

QUARTERLY RENT REVENUE $131k COMPLETED HOMES 14 GROSS MARGIN 69% $- $2,000 $4,000 $6,000 $8,000 FY 2022 FY 2023 FY 2024 Appreciating Assets Net Book Assets FMV 14 SINGLE - FAMILY RENTALS Financial Performance (QTD) $34 $123 $131 0 20 40 60 80 100 120 140 Q3 2023 Q3 2024 Q3 2025 QoQ Rent Rent ■ ■ ■ • ■ ■ ■ □

ER OVERVIEW LA 15 PURE CYCLE CORPORATION

 Build single-family homes in the Denver metro area in neighborhoods we are developing  Receive rental income in growing housing market  Benefit from immediate asset appreciation and positive cash flows  Provide water and wastewater service to rental properties SINGLE-FAMILY RENTALS  Own highly-appreciated property in attractive and easily accessible I-70 Corridor of Denver, Colorado  Developing nearly 930 acres of a full Master Planned community known as Sky Ranch  Sky Ranch can have around 3,200 residential units and over 2 million square feet of retail, commercial and industrial uses (Equivalent of 1,800 residential units)  Developing residential and commercial land for which we are the sole water and wastewater service provider LAND DEVELOPMENT  Own over 30K acre-feet of water rights (surface and ground water)  Water rights we estimate can serve up to 60,000 SFEs  Denver metro land development requires developers to have water service as a condition of zoning, offering us a competitive edge  Provide industrial and oil and gas customers with water  Own and reuse our reclaimed water WATER & WASTEWATER WE OPERATE MULTIPLE COMPLIMENTARY SEGMENTS 16

EW WATER LA 17 PURE CYCLE CORPORATION

WATER SEGMENT $65.0 M TOTAL WATER ASSETS NET Our water rights portfolio can provide water to as many as 60,000 connections. This would allow ample room for growth within our current water system, which presently supports roughly 2,500 connections. WATER SYSTEMS WASTEWATER SYSTEMS WATER RIGHTS PORTFOLIO 18

CURRENT SYSTEM CAPACITY We continue to invest in our systems with a current book value of $56.0M which can produce over 3.4M gallons of water per day YTD 5/31/25 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 1,542 connections, representing less than 2% of our overall capacity TAP FEES - PORTFOLIO CAPACITY (60,000) AMOUNT At Buildout Current Remaining Capacity Sold To Date 440 2,554 ACRE-FOOT PRODUCTION PER YEAR AF Used AF Available WATER UTILITIES 19 ■ ■ ■ ■ ■

Pg. 20 Development Encroachment To Lowry Range ■ ■ ■ ■ ■ LOWRY RANG ER LEGEND Wells Horizontal Wells Base with Pump c=;i Raw Water Pipeline c=::i Tie-In Pipeline == New WISE Pipeline Water Storage ~ Lowry Ridge Storage Pond (LRSP) [:::J Reservoir 8 - Aurora East Reservoir c::::J Reservoir B (Final Stage) [:::J Reservoir C [=1 Reservoir C (Final Stage) Service Area I:', Lowry Range Ir I Arapahoe County Fairgrounds I:'' Sky Ranch

R LAND DEV RE 21 PURE CYCLE CORPORATION

History & Strategy Pure Cycle Corporation has a strategic history of entering the land development industry, driven by its vision to enhance shareholder value and create integrated communities. Initially focused on water utility services, the company recognized the opportunity to expand its operations in the late 2010s as urban growth and housing demands increased. In 2010, Pure Cycle acquired the land that eventually became Sky Ranch and engaged in partnerships that allowed it to develop residential projects alongside its water utility offerings. This vertical integration enabled the company to provide essential services directly to the communities it was developing. Metrics of Completed Phases TOTAL LOT SALES $80m GROSS MARGIN 77% LAND DEVELOPMENT 22 ■ ■ ■ ■ ■ ■ ■ ■ ■ •

2A Land development is substantially complete. Out of 229 homes, 229 are finished and occupied. PHASE 2A 229 Lots 2B Land development is substantially complete. Out of 211 homes, 115 are finished and sold. 2C Paving nearly complete Land development is scheduled to be completed by the end of fiscal year 2025 for 228 lots. 2D Grading complete, utility work underway, 20 priority lots scheduled for completion 10/30/25 Balance 8/31/26. LAND DEVELOPMENT 23 PHASE 2B 211 Lots PHASE 2C 228 Lots PHASE 2D 218 Lots • • • • • • • • • •

Pg. 24 GROUNDBREAKING ON HIGH SCHOOL

$77,200 $- $77,200 $38,640 $38,640 $6,720 $6,720 $194,250 $423,000 $617,250 RESIDENTIAL COMMERCIAL COMBINED Remaining Sold Not Started Under Construction Completed SKY RANCH CAPACITY PROJECTIONS Lot Revenue (000s) 3,200 SFES 1,800 SFES 5,000 SFES Pure Cycle’s land acquisition cost for Sky Ranch was $3.7 million, but with over $600 million in potential development revenue expected in the coming years, it highlights the substantial hidden value on the company’s balance sheet. 22% 0% 18% LAND DEVELOPMENT 25 ■ ■ ■

EV RENTALS FIN 26 PURE CYCLE CORPORATION

OVERVIEW OF OPERATIONS Maximizing Land Development Opportunities: By developing single-family homes for rent within our master planned community, the company can enhance the value of its landholdings and generate consistent income. Recurring Revenue: SFR properties provide a steady, recurring revenue stream. This aligns with our strategy to balance the Company’s revenue mix. Leverage Market Demand: The SFR market has been booming, driven by increased demand for rental housing from families who prefer single-family homes over apartments but may not be ready or able to purchase a home. This demand is especially strong in suburban and near-urban areas, where the Company has land. Higher Return on Investment: Developing rental properties on our land potentially offers higher returns than simply selling lots or developing for sale. This allows the Company to capitalize on both land appreciation and rental income. Pure Cycle Corporation entered the single-family rental (SFR) market as a strategic move to diversify and expand its revenue streams. As a company originally focused on water rights and infrastructure development, Pure Cycle realized the potential in the rapidly growing demand for rental properties, particularly single-family homes. 2 1 3 4 27 SINGLE - FAMILY RENTALS

SINGLE-FAMILY RENTALS Pure Cycle contracts to build single-family homes in its Sky Ranch Master Planned Community to hold for rentals. Lot development costs are fully recovered (horizontal costs and tap fees). Each unit covers financing costs and provides positive cash flows. Segment provides excellent asset appreciation positive cash flows. $7.4 M IN FAIR MARKET VALUE COMPLETED HOMES NBV HOMES UNDER CONSTRUCTION 28

29 Cumulative Metrics 4 14 31 71 4 10 17 40 27 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 $10.9M Assets $16.3M FMV 71 Homes $2.1M Rent/Yr $24.9M Assets $37.3M FMV 4 Homes $120K Rent/Yr $1.4M Assets $2.1M FMV 98 Homes $3M Rent/Yr $35M Assets $52.5M FMV SFR Portfolio Sky Ranch Phase 1 & 2 ■ ■ • . . • • • I

LIQUIDITY Pure Cycle has a strong balance sheet with liquidity to support our business segments. Pure Cycle maintains a significant cash position as well as a receivable from the Sky Ranch CAB for approved reimbursements for public improvements that were paid for by Pure Cycle. The receivable bears interest at a rate of 6% per annum. CASH, INVESTMENTS, and Restricted cash RECEIVABLE FROM CAB IN TOTAL LIQUIDITY 30

EW OUTLOOK LA 31 PURE CYCLE CORPORATION

32 Housing Market Update New Development Completed Homes Sky Ranch HEADWINDS Weakening consumer confidence Mortgage rates Affordability Rising inventory OPPORTUNITIES Market segmentation Low inventory at entry level Phased deliveries Phase 2A Delivery 229 lots 8/31/23 Sold Homes 200 8/31/24 Phase 2B Delivery 221 lots 8/31/24 Sold Homes 115 6/30/25 Phase 2C Delivery 228 lots 8/31/25 Phase 2D Delivery 20 lots 10/30/25 Delivery 198 lots 8/31/26 Phase 2E Delivery 156 lots (Platting) TBD OverallMarket

COMPANY OUTLOOK SHORT TERM OUTLOOK (3-5 YEARS) • Customer growth to 2,500 accounts • Consistent tap sales over the remaining phases adding to the recurring customer base • Annual tap fee increases at 3% WATER UTILITIES • Buildout of Sky Ranch 5,000 total residential and commercial connections at Sky Ranch • Achieving greater operational efficiencies as the segment grows • Building long-term, recurring revenue streams to enhance shareholder value • System expansion will serve additional areas (Lowry Ranch, Arapahoe County parcels) LONG TERM OUTLOOK (SR Buildout) 33 ' 'r

• Steady lot sales over the next 5 years through the completion of Sky Ranch with opportunities to expand portfolio • Increasing lot margins as lot costs are expected to remain consistent through the remainder of Sky Ranch Development • Most valuable commercial land yet to begin monetizing which will accelerate margins LAND DEV SHORT TERM OUTLOOK (3-5 YEARS) LONG TERM OUTLOOK (SR Buildout) • Buildout/Completion of final phases of the Sky Ranch project • Expanding development into the Lowry Ranch and surrounding areas approaches Pure Cycle’s service region • Bringing online valuable commercial land at interstate interchange 34 COMPANY OUTLOOK

• Expansion of segment to over 100 homes in the next 5 years • Increased efficiencies as segment continues to scale • Sustained population growth, particularly in suburban areas, will drive continued demand for single-family rentals SINGLE FAMILY RENTALS SHORT TERM OUTLOOK (3-5 YEARS) LONG TERM OUTLOOK (SR Buildout) • Expansion of segment to over 200 homes growing a diversified investment portfolio to generate long-term recurring revenue • Increasing operational efficiencies as the rental segment scales • Leveraging Colorado’s strong economic growth and stable job market to support sustained rental demand and affordability 35 COMPANY OUTLOOK

$5,638 $8,934 $8,323 $14,076 $7,098 $16,705 $19,281 $43,063 $1,850 $3,108 $3,246 $5,174 $- $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $- $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 2023 2024 2025 2028 Recurring Revenue Gross Revenue Water Taps & O&G Land Development Recurring Revenue 36 $0.20 $0.48 $0.52 $1.63 3.97% 8.95% 9.26% 19% EPS RoE Profitability Trends The metrics displayed in these graphics are derived from non-GAAP calculations and estimates PROJECTED 14,586 28,747 30,850 62,313 ■ ■ ■ ■ ■ - -

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. 37 $- $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 Assets Growth (000s) Forecast Forecast $1,701 $2,063 $1,850 $3,108 $3,246 $5,174 $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 ■ ■ ■ • ■ ■ ■

38 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 Total 87,926 $10.27 112,074 ■ ■ ■ ■ ■

Earnings Presentation Reminder Investor day is July 16 Starts at 10 am MST followed by a virtual Q&A Q&A PURE CYCLE CORPORATION www.purecyclewater.com -----