Pure Cycle (PCYO) Lytham Partners Fall 2026 Investor Conference summary

Management and governance

• Leadership team and board possess deep expertise in housing, land development, water rights, and corporate governance.

• Board includes professionals with backgrounds in SEC, audit, municipal bonds, and operational management.

Financial performance and capital allocation

• Achieved 28 consecutive quarters of profitability, with continued revenue growth across segments.

• Operations are funded internally, enabling share buybacks and avoiding shareholder dilution.

• Maintains a strong balance sheet with minimal debt, primarily related to single-family rentals.

• Over $60 million in receivables expected from public improvement reimbursements.

Water utility segment

• Provides water and wastewater services to residential and industrial (oil and gas) customers.

• Industrial water sales, mainly for fracking, generate high-margin revenue and exceed domestic sales by fivefold.

• Customer base has grown at a 22% CAGR, driving recurring monthly revenue.

• Utilizes only about 2% of its 30,000 acre-feet water portfolio, indicating significant growth capacity.