Pure Cycle Corp 2026年季度报告

Securities registered pursuant to Section12(b)of the Act: (Name of each exchange on which registered) Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the SecuritiesExchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports),and (2)has been subject to such filing requirements for the past 90days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuantto Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrantwas required to submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reportingcompany,” and “emerging growth company” in Rule12b-2 of the Exchange Act. Accelerated filer☐Smaller reporting company☒Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section13(a)of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes☐No☒ Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 24,090,605shares of 1/3 of $.01 par value common stock as of January 6, 2026. PURE CYCLE CORPORATIONINDEX TO NOVEMBER 30, 2025 FORM10-Q PARTI. FINANCIAL INFORMATION 4Item1. Consolidated Financial Statements4Consolidated Balance Sheets: November 30, 2025 (unaudited) and August31, 20254Consolidated Statements of Income (unaudited): For the three months ended November 30, 2025 and20245Consolidated Statements of Shareholders’ Equity (unaudited): For the three months ended November30, 2025 and 20246Consolidated Statements of Cash Flows (unaudited): For the three months ended November 30, 2025and 20247Notesto Consolidated Financial Statements8Item2. Management’s Discussion and Analysis of Financial Condition and Results of Operations21Item3. Quantitative and Qualitative Disclosures About Market Risk29Item4. Controls and Procedures29PART II. OTHER INFORMATION29Item1. Legal Proceedings29Item2. Unregistered Sales of Equity Securities and Use of Proceeds30Item6. Exhibits31SIGNATURES32 FORWARD-LOOKING STATEMENTS Statements that are not historical facts contained in this Quarterly Report on Form10-Q are “forward-lookingstatements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section27A of the SecuritiesAct of 1933, as amended (Securities Act), and Section21E of the Securities Exchange Act of 1934, as amended(Exchange Act). The words “anticipate,” “seek,” “project,” “future,” “likely,” “believe,” “may,” “should,” “could,”“will,” “estimate,” “expect,” “plan,” “intend,” “potential” and similar expressions, as they relate to us, are intended toidentify forward-looking statements. Forward-looking statements include statements relating to, among other things: ●future water supply needs in Colorado and how such needs will be met;●anticipated revenue from water sales;●anticipated increases in residential and commercial demand for water services and competition for these services;●estimated population increases in the Denver metropolitan area and the South Platte River basin;●demand for single-family rental homes;●plans for, and the efficiency of, development of our Sky Ranch property;●our competitive advantage;●the number of units planned for development at Sky Ranch;●the timing of the completion of construction and sale of finished lots at Sky Ranch;●the number of lots expected to be delivered in a fiscal period;●anticipated financial results, including anticipated increases in customers and revenue, from development of ourSky Ranch property;●estimated tap fees to be generated from the development of the various phases of Sky Ranch;●anticipated expansion and rental dates for our single-family rental homes;●anticipated revenue and cash flows from our single-family rental homes;●timing of and interpretation of royalty obligations to the State Board of Land Commissioners;●participation in regional water projects, including “WISE” (as defined herein) and the timing and availability ofwater from, and projected costs related to, WISE;●future water or wastewater tap fees;●our ability to collect fees and charges from customers and other users;●the estimated amount of reimbursable costs for Sky Ranch and the collectability of reimbursables;●anticipated timing and amount of, and sources of funding for, (i)capital expenditures to construct infrastructureandinc