What is Pure Cycle's first subphase — deferred revenue?

Pure Cycle (PCYO) reported first subphase — deferred revenue of $0 in Q2 2025.

What does first subphase — deferred revenue mean?

Represents payments received from customers for development services that have not yet met the criteria for revenue recognition. This liability reflects future performance obligations and serves as an indicator of future revenue that will be realized upon project completion.

Pure Cycle PCYO First Subphase — Deferred Revenue

Other product segments

Third Subphase

$2.9M+314%

Second Subphase

$500K-61.5%

Other financials

Income statement

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Revenue$5.2M+29.4%

Gross profit$2.8M+82.3%

Operating income$263.0K+120%

Net income$1.1M+36.6%

EPS (diluted)$0.05+66.7%

Balance sheet

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Cash & equivalents$4.8M-70.8%

Total debt$8.0M+15.1%

Total equity$148.7M+10.6%

Total assets$166.6M+11.3%

Cash flow

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Operating cash flow-$4.2M—

CapEx$303.0K+2,425%

Free cash flow-$4.5M—

Valuation

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Market cap$258.15M+3.7%

Where this comes from

Reported directly by Pure Cycle in its filing.

Tagged under the XBRL concept us-gaap:DeferredRevenue.

The official record: Pure Cycle’s 10-K, filed November 12, 2025, on SEC EDGAR. View the filing →

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Questions, answered.

What is Pure Cycle's first subphase — deferred revenue?: Pure Cycle (PCYO) reported first subphase — deferred revenue of $0 in Q2 2025.
What does first subphase — deferred revenue mean?: Represents payments received from customers for development services that have not yet met the criteria for revenue recognition. This liability reflects future performance obligations and serves as an indicator of future revenue that will be realized upon project completion.