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Pure Cycle Corporation

$11.05 +$0.24 (+2.22%)
NASDAQ · 14 Sep 2026 20:00 UTC
Previous Close
$11.12
Day Range
$11.01$11.18
Year Range
$9.71$12.44
Market Cap
266.28M
AVG Volume
67.5K
Trailing/Forward PE
18.11/-
PEG ratio
2.03
Dividend Yield
-
Next Earnings Date
2026-11-11
Primary Exchange
NASDAQUS
Revenue (USD)
05M10M15M24 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q226 Q3
PCYO Revenue (USD) by quarter
PeriodRevenue (USD)
26 Q38.22M
26 Q25.17M
26 Q19.13M
25 Q411.2M
25 Q35.14M
25 Q24M
25 Q15.75M
24 Q412.56M
24 Q37.6M
24 Q23.2M
Net Income (USD)
02M4M6M8M24 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q226 Q3
PCYO Net Income (USD) by quarter
PeriodNet Income (USD)
26 Q32.95M
26 Q21.1M
26 Q14.57M
25 Q46.11M
25 Q32.26M
25 Q2809K
25 Q13.94M
24 Q46.61M
24 Q32.83M
24 Q2118K
Operating Income (USD)
-2.5M02.5M5M7.5M10M24 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q226 Q3
PCYO Operating Income (USD) by quarter
PeriodOperating Income (USD)
26 Q32.11M
26 Q2263K
26 Q14.38M
25 Q45.94M
25 Q31.33M
25 Q2-1.33M
25 Q11.72M
24 Q47.79M
24 Q33.07M
24 Q2-368K
EBITDA (USD)
02.5M5M7.5M10M24 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q226 Q3
PCYO EBITDA (USD) by quarter
PeriodEBITDA (USD)
26 Q32.11M
26 Q22.21M
26 Q16.69M
25 Q48.92M
25 Q33.63M
25 Q21.8M
25 Q15.84M
24 Q49.45M
24 Q34.52M
24 Q2778K
Cash Flows (USD)
-5M05M10M24 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q226 Q3
PCYO Cash Flows (USD) by quarter
PeriodCash Flows (USD)
26 Q33.4M
26 Q2-4.51M
26 Q1-1.13M
25 Q47.05M
25 Q3-1.52M
25 Q2-1.4M
25 Q1-434K
24 Q41.97M
24 Q3592K
24 Q2-971K
EPS (USD)
00.10.20.324 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q226 Q3
PCYO EPS (USD) by quarter
PeriodEPS (USD)
26 Q30.12
26 Q20.05
26 Q10.19
25 Q40.25
25 Q30.09
25 Q20.03
25 Q10.16
24 Q40.27
24 Q30.12
24 Q20
Expenses (USD)
-2M02M4M6M8MSG&ACapex24 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q226 Q3
PCYO Expenses (USD) by quarter
PeriodExpenses (USD)
26 Q32.01M
26 Q22.65M
26 Q11.86M
25 Q43.79M
25 Q32.89M
25 Q22.66M
25 Q17.9M
24 Q42.88M
24 Q31.95M
24 Q22.51M
Cash & Debt (USD)
010M20M30MCashLong Term DebtShort Term Debt24 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q226 Q3
PCYO Cash & Debt (USD) by quarter
PeriodCash & Debt (USD)
26 Q38.44M
26 Q24.82M
26 Q117.14M
25 Q421.93M
25 Q314.39M
25 Q216.8M
25 Q119.03M
24 Q422.11M
24 Q320.53M
24 Q220.59M
Debt ratios
-1.5-1-0.500.524 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q226 Q3
PCYO Debt ratios by quarter
PeriodDebt ratios
26 Q30.29
26 Q20.15
26 Q1-0.43
25 Q4-0.75
25 Q3-0.36
25 Q2-0.45
25 Q1-0.58
24 Q4-0.83
24 Q3-1.28
24 Q2-1.22
Margins
0%20%40%60%80%24 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q226 Q3
PCYO Margins by quarter
PeriodMargins
26 Q352.12%
26 Q250.51%
26 Q168.43%
25 Q456.54%
25 Q363.37%
25 Q238.22%
25 Q163.73%
24 Q477.82%
24 Q362.01%
24 Q250.95%
Return on Capital
0%2%4%6%24 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q226 Q3
PCYO Return on Capital by quarter
PeriodReturn on Capital
26 Q31.94%
26 Q20.74%
26 Q13.1%
25 Q44.28%
25 Q31.65%
25 Q20.6%
25 Q12.95%
24 Q45.09%
24 Q32.29%
24 Q20.1%
Shares Outstanding
010M20M30M24 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q226 Q3
PCYO Shares Outstanding by quarter
PeriodShares Outstanding
26 Q324.1M
26 Q224.1M
26 Q124.08M
25 Q424.08M
25 Q324.08M
25 Q224.08M
25 Q124.07M
24 Q424.08M
24 Q324.09M
24 Q224.09M
Book Value Per Share (USD)
0246824 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q226 Q3
PCYO Book Value Per Share (USD) by quarter
PeriodBook Value Per Share (USD)
26 Q36.29
26 Q26.17
26 Q16.12
25 Q45.93
25 Q35.68
25 Q25.58
25 Q15.55
24 Q45.39
24 Q35.11
24 Q25
Total Assets (USD)
050M100M150M200M24 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q226 Q3
PCYO Total Assets (USD) by quarter
PeriodTotal Assets (USD)
26 Q3175.98M
26 Q2166.64M
26 Q1168.07M
25 Q4162.28M
25 Q3151.74M
25 Q2149.66M
25 Q1149.69M
24 Q4147.35M
24 Q3140.4M
24 Q2135.23M
Employee Count
02040602016201720182019202020212022202320242025
PCYO Employee Count by quarter
PeriodEmployee Count
202544
202439
202338
202235
202131
202031
201929
201819
201711
20166
PE Ratio
1020304050med 19.22Dec 24Apr 25Jul 25Nov 25Feb 26Jun 26Sep 26
PCYO PE Ratio by quarter
PeriodPE Ratio
Sep 2618.09
Sep 2618.2
Sep 2618.32
Aug 2618.71
Aug 2618.53
Aug 2618.43
Aug 2617.73
Jul 2617.2
Jul 2617.48
Jul 2617.51
Jul 2617.61
Jul 2618.56
Jun 2619.29
Jun 2619.01
Jun 2618.43
Jun 2618
May 2617.77
May 2617.24
May 2617.96
May 2619.96
May 2619.75
Apr 2619.75
Apr 2619.68
Apr 2619.29
Apr 2618.26
Mar 2617.3
Mar 2618.14
Mar 2618
Mar 2617.9
Feb 2618.53
Feb 2618.83
Feb 2619.61
Feb 2619.54
Jan 2620.3
Jan 2620.74
Jan 2620.39
Jan 2619.37
Jan 2619.85
Dec 2520.37
Dec 2520.81
Dec 2521.93
Dec 2520.92
Nov 2520.9
Nov 2520.2
Nov 2520.4
Nov 2519.34
Oct 2519.48
Oct 2519.5
Oct 2519.41
Oct 2519.3
Oct 2519.66
Sep 2519.43
Sep 2520.15
Sep 2519.5
Sep 2519.5
Aug 2517.87
Aug 2518.83
Aug 2517.92
Aug 2517.53
Aug 2517.25
Jul 2517.91
Jul 2517.64
Jul 2517.78
Jul 2518.84
Jun 2518.16
Jun 2517.09
Jun 2517.23
Jun 2517.5
May 2518.04
May 2517.6
May 2518.43
May 2517.6
May 2517.14
Apr 2517.09
Apr 2516.92
Apr 2517.18
Apr 2518.64
Mar 2519.15
Mar 2519.12
Mar 2519.05
Mar 2519.58
Feb 2520.76
Feb 2520.51
Feb 2521.69
Feb 2520.78
Jan 2520.97
Jan 2519.92
Jan 2520.62
Jan 2520.65
Jan 2526.06
Dec 2426.02
Dec 2426.85
Dec 2427.68
Dec 2428.3
Nov 2430.15
Nov 2429.09
Nov 2426.46
Nov 2447.86
Nov 2442.46
Oct 2442.03
Free Cash Flow Yield
-2%-1%0%1%2%med 0.3%Dec 24Apr 25Jul 25Nov 25Feb 26Jun 26Sep 26
PCYO Free Cash Flow Yield by quarter
PeriodFree Cash Flow Yield
Sep 261.8%
Sep 261.79%
Sep 261.78%
Aug 261.74%
Aug 261.76%
Aug 261.77%
Aug 261.84%
Jul 261.9%
Jul 261.87%
Jul 261.86%
Jul 261.85%
Jul 26-0.04%
Jun 26-0.04%
Jun 26-0.04%
Jun 26-0.04%
Jun 26-0.04%
May 26-0.04%
May 26-0.05%
May 26-0.04%
May 26-0.04%
May 26-0.04%
Apr 26-0.04%
Apr 26-0.04%
Apr 26-0.04%
Apr 261.19%
Mar 261.26%
Mar 261.2%
Mar 261.21%
Mar 261.22%
Feb 261.18%
Feb 261.16%
Feb 261.11%
Feb 261.12%
Jan 261.07%
Jan 261.05%
Jan 261.07%
Jan 261.13%
Jan 261.42%
Dec 251.38%
Dec 251.35%
Dec 251.28%
Dec 251.35%
Nov 251.35%
Nov 251.39%
Nov 251.38%
Nov 25-0.53%
Oct 25-0.53%
Oct 25-0.53%
Oct 25-0.53%
Oct 25-0.53%
Oct 25-0.52%
Sep 25-0.53%
Sep 25-0.51%
Sep 25-0.53%
Sep 25-0.53%
Aug 25-0.57%
Aug 25-0.54%
Aug 25-0.57%
Aug 25-0.58%
Aug 25-0.59%
Jul 25-0.57%
Jul 25-0.58%
Jul 25-0.58%
Jul 250.27%
Jun 250.28%
Jun 250.3%
Jun 250.3%
Jun 250.29%
May 250.28%
May 250.29%
May 250.28%
May 250.29%
May 250.3%
Apr 250.3%
Apr 250.3%
Apr 250.3%
Apr 250.46%
Mar 250.45%
Mar 250.45%
Mar 250.45%
Mar 250.44%
Feb 250.41%
Feb 250.42%
Feb 250.39%
Feb 250.41%
Jan 250.41%
Jan 250.43%
Jan 250.42%
Jan 250.41%
Jan 25-0.15%
Dec 24-0.15%
Dec 24-0.15%
Dec 24-0.14%
Dec 24-0.14%
Nov 24-0.13%
Nov 24-0.14%
Nov 24-0.15%
Nov 24-1.22%
Nov 24-1.38%
Oct 24-1.39%
Price to Sales
6810121416med 8.91Dec 24Apr 25Jul 25Nov 25Feb 26Jun 26Sep 26
PCYO Price to Sales by quarter
PeriodPrice to Sales
Sep 267.9
Sep 267.95
Sep 268
Aug 268.17
Aug 268.09
Aug 268.05
Aug 267.74
Jul 267.51
Jul 267.63
Jul 267.65
Jul 267.69
Jul 268.5
Jun 268.83
Jun 268.71
Jun 268.44
Jun 268.24
May 268.14
May 267.9
May 268.23
May 269.14
May 269.04
Apr 269.04
Apr 269.01
Apr 268.83
Apr 268.51
Mar 268.06
Mar 268.46
Mar 268.39
Mar 268.34
Feb 268.64
Feb 268.78
Feb 269.14
Feb 269.11
Jan 269.46
Jan 269.67
Jan 269.5
Jan 269.03
Jan 269.98
Dec 2510.24
Dec 2510.46
Dec 2511.02
Dec 2510.51
Nov 2510.5
Nov 2510.15
Nov 2510.25
Nov 259.59
Oct 259.66
Oct 259.67
Oct 259.62
Oct 259.57
Oct 259.75
Sep 259.63
Sep 259.99
Sep 259.67
Sep 259.67
Aug 258.86
Aug 259.33
Aug 258.89
Aug 258.69
Aug 258.55
Jul 258.88
Jul 258.75
Jul 258.82
Jul 258.93
Jun 258.61
Jun 258.1
Jun 258.16
Jun 258.29
May 258.55
May 258.34
May 258.74
May 258.34
May 258.12
Apr 258.1
Apr 258.02
Apr 258.14
Apr 258.63
Mar 258.87
Mar 258.86
Mar 258.82
Mar 259.07
Feb 259.62
Feb 259.5
Feb 2510.05
Feb 259.62
Jan 259.72
Jan 259.23
Jan 259.55
Jan 259.57
Jan 2510.53
Dec 2410.51
Dec 2410.85
Dec 2411.18
Dec 2411.43
Nov 2412.18
Nov 2411.75
Nov 2410.69
Nov 2414.84
Nov 2413.16
Oct 2413.03
EV/EBITDA
1015202530med 12.44Dec 24Apr 25Jul 25Nov 25Feb 26Jun 26Sep 26
PCYO EV/EBITDA by quarter
PeriodEV/EBITDA
Sep 2613.65
Sep 2613.73
Sep 2613.82
Aug 2614.11
Aug 2613.97
Aug 2613.9
Aug 2613.38
Jul 2612.99
Jul 2613.2
Jul 2613.22
Jul 2613.3
Jul 2612.29
Jun 2612.77
Jun 2612.59
Jun 2612.2
Jun 2611.92
May 2611.78
May 2611.43
May 2611.9
May 2613.2
May 2613.07
Apr 2613.07
Apr 2613.03
Apr 2612.77
Apr 2611.49
Mar 2610.86
Mar 2611.41
Mar 2611.32
Mar 2611.25
Feb 2611.66
Feb 2611.86
Feb 2612.37
Feb 2612.33
Jan 2612.82
Jan 2613.11
Jan 2612.88
Jan 2612.21
Jan 2612.14
Dec 2512.47
Dec 2512.76
Dec 2513.49
Dec 2512.83
Nov 2512.82
Nov 2512.37
Nov 2512.5
Nov 2512.34
Oct 2512.43
Oct 2512.44
Oct 2512.38
Oct 2512.31
Oct 2512.54
Sep 2512.39
Sep 2512.87
Sep 2512.44
Sep 2512.44
Aug 2511.37
Aug 2512
Aug 2511.41
Aug 2511.15
Aug 2510.96
Jul 2511.39
Jul 2511.22
Jul 2511.31
Jul 2511.9
Jun 2511.46
Jun 2510.75
Jun 2510.84
Jun 2511.02
May 2511.38
May 2511.09
May 2511.63
May 2511.09
May 2510.79
Apr 2510.75
Apr 2510.64
Apr 2510.81
Apr 2511.62
Mar 2511.96
Mar 2511.94
Mar 2511.89
Mar 2512.24
Feb 2513.01
Feb 2512.85
Feb 2513.62
Feb 2513.02
Jan 2513.15
Jan 2512.46
Jan 2512.92
Jan 2512.94
Jan 2515.85
Dec 2415.82
Dec 2416.35
Dec 2416.88
Dec 2417.28
Nov 2418.46
Nov 2417.78
Nov 2416.1
Nov 2426.24
Nov 2423.14
Oct 2422.88
Price/Operating Cashflow
050100150200med 35.83Dec 24Apr 25Jul 25Nov 25Feb 26Jun 26Sep 26
PCYO Price/Operating Cashflow by quarter
PeriodPrice/Operating Cashflow
Sep 2634.83
Sep 2635.05
Sep 2635.27
Aug 2636.03
Aug 2635.68
Aug 2635.49
Aug 2634.14
Jul 2633.13
Jul 2633.66
Jul 2633.73
Jul 2633.92
Jul 2669.48
Jun 2672.18
Jun 2671.15
Jun 2668.96
Jun 2667.36
May 2666.52
May 2664.53
May 2667.23
May 2674.68
May 2673.91
Apr 2673.91
Apr 2673.65
Apr 2672.18
Apr 2638.54
Mar 2636.5
Mar 2638.28
Mar 2637.98
Mar 2637.76
Feb 2639.09
Feb 2639.72
Feb 2641.38
Feb 2641.24
Jan 2642.83
Jan 2643.75
Jan 2643.01
Jan 2640.87
Jan 2619.77
Dec 2520.28
Dec 2520.72
Dec 2521.84
Dec 2520.83
Nov 2520.81
Nov 2520.12
Nov 2520.32
Nov 2538.68
Oct 2538.96
Oct 2538.99
Oct 2538.82
Oct 2538.61
Oct 2539.31
Sep 2538.85
Sep 2540.3
Sep 2538.99
Sep 2538.99
Aug 2535.74
Aug 2537.65
Aug 2535.85
Aug 2535.07
Aug 2534.5
Jul 2535.81
Jul 2535.28
Jul 2535.56
Jul 2532.88
Jun 2531.69
Jun 2529.82
Jun 2530.06
Jun 2530.53
May 2531.48
May 2530.71
May 2532.16
May 2530.71
May 2529.91
Apr 2529.82
Apr 2529.53
Apr 2529.97
Apr 2527.57
Mar 2528.34
Mar 2528.29
Mar 2528.18
Mar 2528.97
Feb 2530.72
Feb 2530.35
Feb 2532.09
Feb 2530.74
Jan 2531.03
Jan 2529.48
Jan 2530.51
Jan 2530.56
Jan 25136.82
Dec 24136.61
Dec 24140.96
Dec 24145.31
Dec 24148.58
Nov 24158.27
Nov 24152.72
Nov 24138.89
Jul 2457.85
Jun 2459.86
Jun 2456.47
Price to Book
1.522.53med 1.86Dec 24Apr 25Jul 25Nov 25Feb 26Jun 26Sep 26
PCYO Price to Book by quarter
PeriodPrice to Book
Sep 261.76
Sep 261.77
Sep 261.78
Aug 261.82
Aug 261.8
Aug 261.79
Aug 261.72
Jul 261.67
Jul 261.7
Jul 261.7
Jul 261.71
Jul 261.75
Jun 261.82
Jun 261.79
Jun 261.74
Jun 261.7
May 261.68
May 261.63
May 261.7
May 261.88
May 261.86
Apr 261.86
Apr 261.86
Apr 261.82
Apr 261.7
Mar 261.61
Mar 261.69
Mar 261.68
Mar 261.67
Feb 261.73
Feb 261.75
Feb 261.83
Feb 261.82
Jan 261.89
Jan 261.93
Jan 261.9
Jan 261.8
Jan 261.82
Dec 251.87
Dec 251.91
Dec 252.01
Dec 251.92
Nov 251.92
Nov 251.86
Nov 251.87
Nov 251.93
Oct 251.94
Oct 251.94
Oct 251.93
Oct 251.92
Oct 251.96
Sep 251.93
Sep 252.01
Sep 251.94
Sep 251.94
Aug 251.78
Aug 251.87
Aug 251.78
Aug 251.75
Aug 251.72
Jul 251.78
Jul 251.76
Jul 251.77
Jul 251.99
Jun 251.92
Jun 251.8
Jun 251.82
Jun 251.85
May 251.9
May 251.86
May 251.94
May 251.86
May 251.81
Apr 251.8
Apr 251.78
Apr 251.81
Apr 251.88
Mar 251.93
Mar 251.93
Mar 251.92
Mar 251.98
Feb 252.1
Feb 252.07
Feb 252.19
Feb 252.1
Jan 252.12
Jan 252.01
Jan 252.08
Jan 252.08
Jan 252.33
Dec 242.33
Dec 242.4
Dec 242.48
Dec 242.53
Nov 242.7
Nov 242.6
Nov 242.37
Nov 242.36
Nov 242.09
Oct 242.07
Pure Cycle Corporation
PCYO
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News: PCYO

Bank of New York Mellon Corp Purchases New Shares in Pure Cycle Corporation $PCYO

defenseworld.net · 12 Sep 2026

Bank of New York Mellon Corp Purchases New Shares in Pure Cycle Corporation $PCYO

Bank of New York Mellon Corp purchased a new position in shares of Pure Cycle Corporation (NASDAQ: PCYO) in the undefined quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 80,547 shares of the utilities provider's stock, valued at approximately $863,000. Bank of New York

Pure Cycle Corporation to Participate in Nasdaq / LD Micro Summit Series

globenewswire.com · 1 Sep 2026

Pure Cycle Corporation to Participate in Nasdaq / LD Micro Summit Series

DENVER, Sept. 01, 2026 (GLOBE NEWSWIRE) -- Pure Cycle Corporation (Nasdaq Capital Market: PCYO) (“Pure Cycle”, “we”, “us” or “our”) announced today that Mark W. Harding, President and Chief Executive Officer and Marc S. Spezialy, Chief Financial Officer, will participate in the Nasdaq / LD Micro Summit Series on September 9, 2026, at Nasdaq's office in San Francisco.

Pure Cycle (NASDAQ:PCYO) Stock Crosses Above Two Hundred Day Moving Average   – What’s Next?

defenseworld.net · 27 Aug 2026

Pure Cycle (NASDAQ:PCYO) Stock Crosses Above Two Hundred Day Moving Average – What’s Next?

Pure Cycle Corporation (NASDAQ: PCYO - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $10.80 and traded as high as $11.70. Pure Cycle shares last traded at $11.52, with a volume of 48,838 shares trading hands.

Pure Cycle Corporation Appoints Two Industry Leaders, Chris Fink and Kelly Haecker, to its Board of Directors

globenewswire.com · 25 Aug 2026

Pure Cycle Corporation Appoints Two Industry Leaders, Chris Fink and Kelly Haecker, to its Board of Directors

DENVER, Aug. 25, 2026 (GLOBE NEWSWIRE) -- Pure Cycle Corporation (Nasdaq Capital Market: PCYO) (“Pure Cycle”, “we”, “us” or “our”) announced today that two new independent directors, Chris Fink and Kelly Haecker, were appointed to its Board of Directors (the “Board”), effective August 24, 2026. The appointments follow the two vacancies created earlier in the year and return the Board to eight directors, seven of whom are independent.

Pure Cycle Corporation Announces Receipt of Notice to Nominate Director Candidates

globenewswire.com · 7 Aug 2026

Pure Cycle Corporation Announces Receipt of Notice to Nominate Director Candidates

DENVER, Aug. 07, 2026 (GLOBE NEWSWIRE) -- Pure Cycle Corporation (NASDAQ Capital Market: PCYO) (“Pure Cycle”, “we”, “us” or “our”) today confirmed that it has received notice from Maran Partners Fund, LP, a fund managed by Maran Capital Management, LLC (“Maran”), that it has nominated five individuals to stand for election to the Pure Cycle Board of Directors at the Company's 2027 Annual Meeting of Shareholders.

Pure Cycle Spotlights Sky Ranch Cash Flows, Lowry Upside at Investor Day

marketbeat.com · 16 Jul 2026

Pure Cycle Spotlights Sky Ranch Cash Flows, Lowry Upside at Investor Day

Pure Cycle NASDAQ: PCYO used its annual investor tour and fireside chat to emphasize the physical scale of its assets east of Denver, with Mark Harding focusing much of his commentary on the company's Lowry service area, Sky Ranch development and the timing of future residential and commercial cash flows.

Pure Cycle Corporation (PCYO) Analyst/Investor Day Transcript

seekingalpha.com · 15 Jul 2026

Pure Cycle Corporation (PCYO) Analyst/Investor Day Transcript

Pure Cycle Corporation (PCYO) Analyst/Investor Day Transcript

Pure Cycle Q3 Earnings Call Highlights

marketbeat.com · 9 Jul 2026

Pure Cycle Q3 Earnings Call Highlights

Pure Cycle NASDAQ: PCYO reported what Chief Executive Officer Mark Harding called “very solid results” for its fiscal third quarter, citing revenue growth, accelerated lot development at its Sky Ranch project and stronger liquidity following earlier development spending.

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