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Pure Cycle's Business Segments
Pure Cycle's reported revenue by business segment and by geographic region, quarterly and annual, normalized against the consolidated income statement. Free below: the top 3 rows per table, this quarter and this fiscal year. Subscriber access adds the full segment history and operating income by segment.
Segment Data As of Q3 FY2026
Reportable Segments
3
Largest Segment
Water and Wastewater Resource Development Segment
Total Revenue
$ 8
Regions Reported
-
Revenue Share by Reportable Segment - Q3 FY2026
- Water and Wastewater Resource Development Segment56.7%
- Land Development Segment40.5%
- Single Family Rentals2.8%
Revenue by Reportable Segment - Q3 FY2026
| Segment | Revenue (Millions) | % of Total |
|---|---|---|
| Water and Wastewater Resource Development Segment | $ 5 | 56.7% |
| Land Development Segment | $ 3 | 40.5% |
| Single Family Rentals | $ 0 | 2.8% |
Revenue by Product & Service Category - Q3 FY2026
- Water and Wastewater56.7%
- Construction40.5%
- Lot sales36.6%
- Water and Wastewater Activities29.2%
- Metered Water and Wastewater Usage Fees29.2%
- Water and Wastewater Tap Fees27.5%
- Water Tap Fee23.1%
- Wastewater Tap Fee4.9%
- Single Family Rentals2.8%
- Special Facility Projects and Other2.3%
- Project Management Fees1.7%
Revenue by Product & Service Category - Q3 FY2026
| Category | Revenue (Millions) | % of Total |
|---|---|---|
| Water and Wastewater | $ 5 | 56.7% |
| Construction | $ 3 | 40.5% |
| Lot sales | $ 3 | 36.6% |
Product and service categories are a supplemental disclosure and are not required to sum to consolidated revenue or to the reportable segments above.
8 more categories available
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Description of Pure Cycle
Pure Cycle Corporation is a Colorado corporation that provides wholesale water
and wastewater services. The wholesale water and wastewater services may include,
but are not limited to, water production, storage, treatment, bulk transmission
to retail distribution systems, wastewater collection and treatment, irrigation
water treatment and transmission, construction management, billing and collection,
and emergency response. We provide these services to our wholesale customers,
which are typically industrial customers and local governmental entities that
provide water and wastewater services to their end-use customers located in the
greater Denver, Colorado metropolitan area.
We are a vertically integrated water company, which means we own all assets necessary to provide wholesale water and wastewater services to our customers. This includes owning (i) water rights which we use to provide domestic and irrigation water to our wholesale customers (we own surface water, groundwater, reclaimed water rights and water storage rights), (ii) infrastructure (such as wells, diversion structures, pipelines, reservoirs and treatment facilities) required to withdraw, treat, store and deliver water, (iii) infrastructure required to collect, treat, store and reuse wastewater, and (iv) infrastructure required to treat and deliver reclaimed water for irrigation use.
Pure Cycle Corporation: Comprehensive Overview of Segments, Products, and Services
1. Water Supply Operations
- Rangeview Water Supply:
- Water Rights: Pure Cycle Corporation owns or controls a substantial water supply critical for its operations, comprising approximately:
- 3,300 acre-feet of tributary surface water.
- 20,450 acre-feet of non-tributary and non-tributary groundwater rights.
- 26,000 acre-feet of adjudicated reservoir sites.
- Location: This water supply is primarily located in the southeast Denver metropolitan area, specifically at the Lowry Range, an expansive area owned by the State Board of Land Commissioners.
- Water Agreements: The company engages in several agreements to manage and operate water services in the area:
- Lease Agreements: Various lease agreements, most notably a 2014 Amended and Restated Lease Agreement with the Land Board, govern the use and management of the water supply.
- Export Water Agreements: Agreements that allow the exportation of non-tributary groundwater to meet nearby community water needs, ensuring a significant supply of water to other users outside the District.
- Service Agreements: The company has Service Agreements, which describe the provisions for delivering water and wastewater services to the District’s customers.
- Operations and Services: Pure Cycle is responsible for designing, constructing, operating, and maintaining water and wastewater systems, exclusively serving approximately 24,000 acres within the Lowry Range. Additionally, its empowered to provide wholesale water and wastewater services to external customers, which include governmental entities and commercial clients.
- Supply Capacity: The company estimates that its available water resources can serve approximately 59,400 single-family equivalents (SFEs), based on an average usage of 0.4 acre-feet per SFE.
2. Wastewater Services
- Wastewater Treatment: Pure Cycle operates wastewater services as mandated by the Wastewater Service Agreement with the District. This includes the construction and management of wastewater facilities, ensuring the treatment and management of wastewater from the districts residents, commercial and governmental customers.
- Compliance and Management: The company adheres to environmental regulations and standards to ensure sustainable and responsible wastewater management practices.
3. Agricultural Operations and Leasing
- Agricultural Leasing: Since September 1, 2012, Pure Cycle has categorized its agricultural operations as a separate business segment. These operations include various leasing arrangements:
- Cash Leases: Approximately 78% of agricultural lands are leased for a fixed annual fee, billed semi-annually, maximizing revenue through predictable income streams.
- Crop Share Agreements: About 22% of the farming activities are managed under crop share leases where revenues from crop sales are shared between Pure Cycle and tenant farmers (75% for the farmer and 25% for the landlord).
- Crops Grown: Predominantly, alfalfa is cultivated, supplemented by corn, sorghum, and wheat.
4. Tap Participation Fee (TPF)
- Revenue from Tap Fees: The company agreed to pay a percentage of tap fees collected from new water service installations. Specifically, they owe 10% of the tap fees received from the first 40,000 taps sold following the Arkansas River Agreement. This fee structure is used as a form of financing to support ongoing water-related infrastructure developments.
5. Mineral Interests
- Mineral Rights Ownership: As of a settlement in 2015, Pure Cycle gained control of 75% of the mineral interests in its Arkansas River land from a previous partner, in addition to its pre-existing 25%. This consolidation grants the corporation rights over approximately 13,900 acres of mineral interests, which are valued at about $1,425,500. These mineral rights could provide additional revenue streams through leasing or extraction, significantly complementing other business verticals.
6. Partnership and Cooperative Projects
- South Metropolitan Water Supply Authority (SMWSA):
- Pure Cycle is a member of SMWSA, a regional water authority aimed at collaborative acquisition and development of water supplies. This municipal collaboration enables members to pool resources for water infrastructure initiatives.
- WISE Partnership:
- Engaging in the WISE (Water Infrastructure Supply Efficiency) project, Pure Cycle collaborates with other water agencies, including the City of Denver and the City of Aurora, to enhance regional water supply reliability. They participate in developing interconnecting infrastructure for efficient water transfer and management among several participating entities.
- Funding Contributions: Pure Cycle has committed significant funding to support the Districts involvement in these cooperative water initiatives, specifically targeting long-term improvements to the regional water supply infrastructure.
Conclusion
Pure Cycle Corporation integrates a diverse range of segments, products, and services primarily revolving around water supply management, wastewater treatment, agricultural operations, and mineral rights management. The company strategically positions itself within regional partnerships and cooperative agreements to enhance its water infrastructure and service offerings, ensuring sustainable access to vital resources for both municipal and commercial needs.
1. Water Supply Operations
- Rangeview Water Supply:
- Water Rights: Pure Cycle Corporation owns or controls a substantial water supply critical for its operations, comprising approximately:
- 3,300 acre-feet of tributary surface water.
- 20,450 acre-feet of non-tributary and non-tributary groundwater rights.
- 26,000 acre-feet of adjudicated reservoir sites.
- Location: This water supply is primarily located in the southeast Denver metropolitan area, specifically at the Lowry Range, an expansive area owned by the State Board of Land Commissioners.
- Water Agreements: The company engages in several agreements to manage and operate water services in the area:
- Lease Agreements: Various lease agreements, most notably a 2014 Amended and Restated Lease Agreement with the Land Board, govern the use and management of the water supply.
- Export Water Agreements: Agreements that allow the exportation of non-tributary groundwater to meet nearby community water needs, ensuring a significant supply of water to other users outside the District.
- Service Agreements: The company has Service Agreements, which describe the provisions for delivering water and wastewater services to the District’s customers.
- Operations and Services: Pure Cycle is responsible for designing, constructing, operating, and maintaining water and wastewater systems, exclusively serving approximately 24,000 acres within the Lowry Range. Additionally, its empowered to provide wholesale water and wastewater services to external customers, which include governmental entities and commercial clients.
- Supply Capacity: The company estimates that its available water resources can serve approximately 59,400 single-family equivalents (SFEs), based on an average usage of 0.4 acre-feet per SFE.
2. Wastewater Services
- Wastewater Treatment: Pure Cycle operates wastewater services as mandated by the Wastewater Service Agreement with the District. This includes the construction and management of wastewater facilities, ensuring the treatment and management of wastewater from the districts residents, commercial and governmental customers.
- Compliance and Management: The company adheres to environmental regulations and standards to ensure sustainable and responsible wastewater management practices.
3. Agricultural Operations and Leasing
- Agricultural Leasing: Since September 1, 2012, Pure Cycle has categorized its agricultural operations as a separate business segment. These operations include various leasing arrangements:
- Cash Leases: Approximately 78% of agricultural lands are leased for a fixed annual fee, billed semi-annually, maximizing revenue through predictable income streams.
- Crop Share Agreements: About 22% of the farming activities are managed under crop share leases where revenues from crop sales are shared between Pure Cycle and tenant farmers (75% for the farmer and 25% for the landlord).
- Crops Grown: Predominantly, alfalfa is cultivated, supplemented by corn, sorghum, and wheat.
4. Tap Participation Fee (TPF)
- Revenue from Tap Fees: The company agreed to pay a percentage of tap fees collected from new water service installations. Specifically, they owe 10% of the tap fees received from the first 40,000 taps sold following the Arkansas River Agreement. This fee structure is used as a form of financing to support ongoing water-related infrastructure developments.
5. Mineral Interests
- Mineral Rights Ownership: As of a settlement in 2015, Pure Cycle gained control of 75% of the mineral interests in its Arkansas River land from a previous partner, in addition to its pre-existing 25%. This consolidation grants the corporation rights over approximately 13,900 acres of mineral interests, which are valued at about $1,425,500. These mineral rights could provide additional revenue streams through leasing or extraction, significantly complementing other business verticals.
6. Partnership and Cooperative Projects
- South Metropolitan Water Supply Authority (SMWSA):
- Pure Cycle is a member of SMWSA, a regional water authority aimed at collaborative acquisition and development of water supplies. This municipal collaboration enables members to pool resources for water infrastructure initiatives.
- WISE Partnership:
- Engaging in the WISE (Water Infrastructure Supply Efficiency) project, Pure Cycle collaborates with other water agencies, including the City of Denver and the City of Aurora, to enhance regional water supply reliability. They participate in developing interconnecting infrastructure for efficient water transfer and management among several participating entities.
- Funding Contributions: Pure Cycle has committed significant funding to support the Districts involvement in these cooperative water initiatives, specifically targeting long-term improvements to the regional water supply infrastructure.
Conclusion
Pure Cycle Corporation integrates a diverse range of segments, products, and services primarily revolving around water supply management, wastewater treatment, agricultural operations, and mineral rights management. The company strategically positions itself within regional partnerships and cooperative agreements to enhance its water infrastructure and service offerings, ensuring sustainable access to vital resources for both municipal and commercial needs.