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

Pure Cycle (PCYO) reported third subphase — deferred revenue of $2.9M in Q2 2025.

What does third subphase — deferred revenue mean?

This metric represents payments received from customers for development services that have not yet been earned or recognized as revenue. It indicates future performance obligations and provides a view of the company's backlog of work.

Pure Cycle PCYO Third Subphase — Deferred Revenue

Other product segments

Second Subphase

$500K-61.5%

First Subphase

$0-100%

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 third subphase — deferred revenue?: Pure Cycle (PCYO) reported third subphase — deferred revenue of $2.9M in Q2 2025.
What does third subphase — deferred revenue mean?: This metric represents payments received from customers for development services that have not yet been earned or recognized as revenue. It indicates future performance obligations and provides a view of the company's backlog of work.