Pure Cycle Q2 2021 Earnings Report
Key Takeaways
Pure Cycle reported a 35% increase in revenue and a significant increase in net income to $17.4 million for the quarter ended February 28, 2021. The revenue growth was driven by project management fees, increased water and wastewater tap sales, and special facility construction projects. The net income increase was primarily due to the recognition of reimbursable costs related to the Sky Ranch development.
Revenues increased by 35% compared to the same period last year, driven by project management fees, tap sales, and construction projects.
Net income reached $17.4 million due to the recognition of reimbursable costs from the Sky Ranch development.
Working capital stands at $16.5 million, including $20.8 million in cash.
Launched a new Build-to-Rent (BTR) business segment to increase shareholder value and recurring revenues.