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PCYO on Nasdaq

PURE CYCLE CORP

In its 2025 annual report the company says: “We are a diversified water and wastewater service provider, land developer, and home rental company. We provide wholesale water and wastewater services in the Denver, Colorado area, develop land we own into master planned communities, and develop single-family homes for rent.”4 It is headquartered in Watkins, Colorado.1 Its shares trade on Nasdaq under the symbol PCYO.1

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Last updated Oct 21, 2026.

Overview

$26.1MRevenue, fiscal 20252
$13.1MNet income, fiscal 20252

Compare with CADIZ INC, Global Water Resources, Inc. or The York Water Company, or pick any stock.

  • TickerPCYO on Nasdaq1
  • IndustryWater Supply1
  • HeadquartersWatkins, Colorado1
  • Incorporated inCO3
  • Business address34501 E. Quincy Ave, Bldg. 34, Watkins, Co 801373
  • Filer categoryNon-accelerated filer, Smaller reporting company3

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We are a diversified water and wastewater service provider, land developer, and home rental company. We provide wholesale water and wastewater services in the Denver, Colorado area, develop land we own into master planned communities, and develop single-family homes for rent. Each of our businesses providing water and wastewater services, land development and single-family home rentals generates attractive recurring monthly income.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

61.4%Gross margin2
29.4%Operating margin2
50.3%Net margin2
-9.3%Revenue growth, 20252
9.2%Return on equity2
0.04×Debt to equity2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Lot Sales brought in 40% of the revenue PURE CYCLE CORP broke down this way in fiscal 2025.

  1. Lot Sales$13.7M240%down 14% from 2024
  2. Water and Wastewater Tap Fees$7.3M221%up 117% from 2024
  3. Water Tap Fees Recognized Excluding Waste Water Tap Fee$5.9M217%up 103% from 2024
  4. Water And Wastewater Activities$3.0M29%down 59% from 2024
  5. Wastewater Tap Fees$1.4M24%up 180% from 2024
  6. Special Facility Projects$800.0K22%down 11% from 2024
  7. Special Facility Projects and Other$785.0K22%down 12% from 2024
  8. Project Management Fees - Recognized$781.0K22%up 10% from 2024
  9. Single Family Rentals$496.0K21%up 3% from 2024
Products and services by year
Products and services20242025
Lot Sales$16.0M$13.7M
Water and Wastewater Tap Fees$3.4M$7.3M
Water Tap Fees Recognized Excluding Waste Water Tap Fee$2.9M$5.9M
Water And Wastewater Activities$7.3M$3.0M
Wastewater Tap Fees$500.0K$1.4M
Special Facility Projects$900.0K$800.0K
Special Facility Projects and Other$894.0K$785.0K
Project Management Fees - Recognized$707.0K$781.0K
Single Family Rentals$481.0K$496.0K

Business segments

Land Development brought in 58% of the revenue PURE CYCLE CORP broke down this way in fiscal 2025.

  1. Land Development$15.3M258%down 13% from 2024
  2. Water and Wastewater Resource Development$10.3M240%down 3% from 2024
  3. Single Family Rentals$496.0K22%up 3% from 2024
Business segments by year
Business segments20242025
Land Development$17.6M$15.3M
Water and Wastewater Resource Development$10.7M$10.3M
Single Family Rentals$481.0K$496.0K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue37¢$10.1M
  • Income tax16¢$4.4M
  • Profit48¢$13.1M

Out of $26.1M in revenue.2

Where each dollar of operating cash went, fiscal 2025

  • Share buybacks3¢$397.0K
  • Kept or used elsewhere97¢$12.8M

Out of $13.2M of cash from operations.2

Financial statements

Revenue56789102$26.1M in 2025+275% since 2018
0$10.0M$20.0M$30.0M2018: $7.0M$7.0M20182019: $20.4M$20.4M2019+193%2020: $25.9M$25.9M2020+27%2021: $17.1M$17.1M2021−34%2022: $23.0M$23.0M2022+34%2023: $14.6M$14.6M2023−37%2024: $28.7M$28.7M2024+97%2025: $26.1M$26.1M2025−9%
Gross profit56789102$16.0M in 2025+473% since 2018
0$5.0M$10.0M$15.0M$20.0M2018: $2.8M$2.8M20182019: $6.4M$6.4M2019+129%2020: $7.5M$7.5M2020+18%2021: $10.7M$10.7M2021+42%2022: $16.4M$16.4M2022+53%2023: $8.0M$8.0M2023−51%2024: $19.8M$19.8M2024+146%2025: $16.0M$16.0M2025−19%
Operating income56789102$7.7M in 2025
-$5.0M0$5.0M$10.0M$15.0M2018: -$308.7K-$308.7K20182019: $3.0M$3.0M20192020: $1.5M$1.5M2020−50%2021: $5.3M$5.3M2021+248%2022: $10.1M$10.1M2022+92%2023: $2.1M$2.1M2023−79%2024: $12.2M$12.2M2024+491%2025: $7.7M$7.7M2025−37%
Net income56789102$13.1M in 2025+3061% since 2018
0$10.0M$20.0M$30.0M2018: $414.7K$414.7K20182019: $4.8M$4.8M2019+1060%2020: $6.8M$6.8M2020+40%2021: $20.1M$20.1M2021+198%2022: $9.6M$9.6M2022−52%2023: $4.7M$4.7M2023−51%2024: $11.6M$11.6M2024+147%2025: $13.1M$13.1M2025+13%

Every line of the income statement as filed: the last 2 fiscal years, latest first.2

Period ending2025-08-312024-08-31
Total revenues$26.1M$28.7M
Total cost of revenues$10.1M$9.0M
General and administrative expenses$7.8M$6.9M
Depreciation$590.0K$596.0K
Operating income$7.7M$12.2M
Interest income$3.3M$2.8M
Interest expense-$426.0K-$439.0K
Oil and gas royalty income, net$6.7M$795.0K
Other, net$300.0K$197.0K
Income from operations before income taxes$17.5M$15.6M
Income tax expense-$4.4M-$4.0M
Net income$13.1M$11.6M
Basic (in dollars per share)$0.54$0.48
Diluted (in dollars per share)$0.54$0.48
Weighted average common shares outstanding, Basic (in shares)24.1M shares24.1M shares
Weighted average common shares outstanding, Diluted (in shares)24.2M shares24.1M shares

Compare PURE CYCLE CORP with another company

Corporate structure

PURE CYCLE CORP sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of PURE CYCLE CORP

  • PURE CYCLE CORP Watkins, Colorado

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What PURE CYCLE CORP reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Construction in progress$103.0K2 Aug 31, 2025$1.0M2 Aug 31, 2024−89.8%
Operating-lease assets (leased space)$13.0K2 Aug 31, 2025$158.0K2 Aug 31, 2024−91.8%

Real estate and locations

ItemLatestA year beforeChange
Area of land930 acres2 Aug 31, 2025930 acres10 Aug 31, 20240%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$21.9M2 Aug 31, 2025$22.1M2 Aug 31, 2024−0.8%

Properties, in its own words

Water Related Assets

In addition to the water rights and adjudicated reservoir sites that are described in Item 1 – Our Water and Land Assets, we own or have exclusive rights to use through the Rangeview District a 1.0 million-gallon and two 500,000-gallon treated water storage tanks, three storage reservoirs that can store 1.7 million barrels of water (71.4 million gallons) seven deep water wells, three alluvial wells, three pump stations, 51 miles of water transmission and distribution lines, and more than 12 miles of wastewater collection pipelines, water treatment and wastewater treatment facilities in Arapahoe County and Elbert County, Colorado. In conjunction with Wild Pointe and the Elbert 86 District, we have exclusive rights to use, operate and maintain two water tanks with a combined capacity of 438,000 gallons, two deep water wells, a pump station, and over 11 miles of transmission lines serving customers at Wild Pointe in Elbert County. These assets are used to provide service to our customers.

The rest of Item 2

Additionally, we have seven ground water wells located in Weld County referred to as our Lost Creek Water. Subject to water court approval, our plans are to consolidate our Lost Creek Water with our Rangeview Water Supply to provide service to the Rangeview District’s customers both on and off Lowry Ranch.

Land and Mineral Interests

We own approximately 470 acres of land remaining at our Sky Ranch Master Planned Community as well as approximately 634 net mineral acres at Sky Ranch. We own 40 acres of land that comprise the current boundaries of the Rangeview District (together with all the mineral rights). We own 544 acres of land in the Arkansas River Valley, and we hold 13,900 acres of mineral interests in the Arkansas River Valley in Southeast Colorado in Otero, Bent and Prowers Counties. We also own 693 acres in Weld County together with certain water shares in the Henrylyn Irrigation District and groundwater rights in the Lost Creek Designated Basin.

Item 2 of the 10-K filed Nov 12, 2025.4

Leadership

Who has led PURE CYCLE CORP, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Mark W. Harding2016–now

President

  1. Mark W. Harding2006–2020

Chief financial officer

  1. Mark W. Harding2006–2020
  2. Kevin Blain McNeill2020–2023
  3. Marc Stephen Spezialy2023–now
2010201520202025
Board members and other officers (16)

Timeline

  1. Aug 25, 20268-K Executive or director change; Regulation FD disclosure34
  2. Jul 9, 20268-K Results of operations; Executive or director change; Regulation FD disclosure35
  3. May 26, 20268-K Executive or director change36
  4. Apr 9, 20268-K Results of operations; Regulation FD disclosure37
  5. Jan 16, 20268-K Entered a material agreement; Executive or director change; Shareholder vote38
  6. Jan 8, 20268-K Results of operations; Regulation FD disclosure39
  7. Nov 13, 20258-K Results of operations; Regulation FD disclosure40
  8. Jul 10, 20258-K Results of operations; Regulation FD disclosure41
  9. Apr 10, 20258-K Results of operations; Regulation FD disclosure42
  10. Jan 17, 20258-K Shareholder vote43
  11. Jan 10, 20258-K Results of operations; Regulation FD disclosure44
  12. Nov 14, 20248-K Results of operations; Regulation FD disclosure45
  13. Oct 14, 2016New chief executive Mark W. Harding becomes CEO15

Calendar

Coming up

  1. Nov 11, 2026Reports results for the quarter ending Aug/202646

When it reported results

  1. Jul 9, 2026Reported quarterly or annual results35
  2. Apr 9, 2026Reported quarterly or annual results37
  3. Jan 8, 2026Reported quarterly or annual results39
  4. Nov 13, 2025Reported quarterly or annual results40
  5. Jul 10, 2025Reported quarterly or annual results41
  6. Apr 10, 2025Reported quarterly or annual results42
  7. Jan 10, 2025Reported quarterly or annual results44
  8. Nov 14, 2024Reported quarterly or annual results45

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

139 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 32 major events, 57 insider forms, 14 large holders, 16 other. The latest 20:

  1. Sep 23, 20264 EDGAR
  2. Sep 18, 20264 EDGAR
  3. Sep 18, 20263 EDGAR
  4. Sep 17, 20264 EDGAR
  5. Sep 17, 20264 EDGAR
  6. Sep 1, 20263 EDGAR
  7. Aug 25, 20268-K EDGAR
  8. Aug 14, 2026SCHEDULE 13G/A EDGAR
  9. Aug 10, 2026DEFA14A EDGAR
  10. Aug 6, 2026SCHEDULE 13D/A EDGAR
  11. Jul 9, 2026SCHEDULE 13D/A EDGAR
  12. Jul 9, 20268-K EDGAR
  13. Jul 8, 202610-Q EDGAR
  14. May 26, 20268-K EDGAR
  15. Apr 9, 20268-K EDGAR
  16. Apr 8, 202610-Q EDGAR
  17. Jan 16, 20264 EDGAR
  18. Jan 16, 2026SCHEDULE 13D/A EDGAR
  19. Jan 16, 20268-K EDGAR
  20. Jan 15, 20264 EDGAR

The 139 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

10 open-market trades by officers, directors and large owners since October 2021: 0 buys and 10 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Nov 17, 2025Plaisance Capital LLC10% ownerSale68,778$11.01$757.2KForm 4
Nov 21, 2024Plaisance SPV I, LLC10% ownerSale20,000$13.10$262.0KForm 4
Aug 7, 2023HARDING MARK WCHIEF EXECUTIVE OFFICERSale8,867$12.23$108.4KForm 4
Aug 4, 2023HARDING MARK WCHIEF EXECUTIVE OFFICERSale4,688$12.42$58.2KForm 4
Aug 3, 2023HARDING MARK WCHIEF EXECUTIVE OFFICERSale6,445$12.52$80.7KForm 4
Apr 28, 2023McNeill Kevin BlainCHIEF FINANCIAL OFFICERSale4,450$9.89$44.0KForm 4
Nov 30, 2022Plaisance Capital LLC10% ownerSale33,500$10.24$343.0KForm 4
Nov 30, 2022Plaisance Capital LLC10% ownerSale33,500$10.24$343.0KForm 4
Nov 29, 2022Plaisance Capital LLC10% ownerSale16,500$10.21$168.5KForm 4
Nov 29, 2022Plaisance Capital LLC10% ownerSale16,500$10.21$168.5KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Mark W. Harding62$525.0K$965.0K53
2025Marc S. Spezialy43$310.0K$327.5K53
2024President and CEO$525.0K$1.2M53
2024Vice President and CFO$275.0K$309.3K53

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Magnolia Group, LLC1,795,421$19.2M4.0%−119,138
BlackRock, Inc.1,397,370$15.0M0.0%+25,501
Vanguard Capital Management LLC927,930$9.9M0.0%+12,123
Sapient Capital LLC685,024$7.3M0.1%−3,335
Heartland Advisors Inc611,309$6.5M0.3%−15,955
Geode Capital Management, LLC548,230$5.9M0.0%+38,777
Kennedy Capital Management LLC514,431$5.5M0.1%−10,624
Dimensional Fund Advisors LP468,979$5.0M0.0%+3,964
Gem Investment Advisors, LLC449,829$4.8M3.0%No change
State Street Corp446,656$4.8M0.0%−704
First Wilshire Securities Management Inc418,677$4.5M0.9%−8,010
MYDA Advisors LLC394,591$4.2M1.0%+36,849
ArrowMark Colorado Holdings LLC385,122$4.1M0.2%−165,585
Cannell Capital LLC314,640$3.4M2.4%New
Bard Associates Inc311,023$3.3M0.7%−2,792
Curi Capital, LLC294,033$3.1M0.0%−10,512
Epiq Partners, LLC258,962$2.8M1.2%+1,445
Morgan Stanley238,866$2.6M0.0%+16,429
Peapod Lane Capital LLC186,734$2.0M1.3%New
Northern Trust Corp164,653$1.8M0.0%−11,556
Vanguard Fiduciary Trust Co156,222$1.7M0.0%+8,520
Vanguard Portfolio Management LLC132,721$1.4M0.0%+12,302
Cannell & Spears LLC114,000$1.2M0.0%No change
Blair William & Co/il112,965$1.2M0.0%−32,311
Goldman Sachs Group Inc110,301$1.2M0.0%−9,852

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How PURE CYCLE CORP is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARPURE CYCLE CORP1
  • CIK0000276720
  • Employer ID (EIN)84-07050834
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inColorado4
  • Fiscal year endsAugust 311
  • Industry code (SIC)4941 Water Supply1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address34501 E. Quincy Ave, Bldg. 34, Watkins, CO 801371
  • Phone30329234561
  • Shares outstanding24,097,370 as of Jul 6, 202613
  • Public float$200.6M as of Feb 28, 20254
  • AuditorForvis Mazars, LLP, Denver, CO PCAOB ID 686; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceJul 14, 19951
  • Filings738 in all: 4 (250), 8-K (127), 10-Q (63), SC 13D/A (35), SC 13G/A (35), 10QSB (31), DEF 14A (24), 10-K (20)1
    All 40 form types

    3 (17), SC 13G (16), CORRESP (14), UPLOAD (13), 10KSB (11), DEFA14A (11), 4/A (8), SC 13D (8), S-3/A (5), 10-K/A (4), PRE 14A (4), S-3 (4), 10KSB/A (3), 424B3 (3), 8-K/A (3), ARS (3), EFFECT (3), S-8 (3), SCHEDULE 13D/A (3), 424B2 (2), NT 10-K (2), NT 10-Q (2), SB-2/A (2), 10-Q/A (1), 10QSB/A (1), 144 (1), 424B4 (1), REGDEX (1), RW (1), SB-2 (1), SCHEDULE 13D (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Nov 12, 2025
    Quarterly report (10-Q) Jul 8, 2026
    Proxy statement (DEF 14A) Dec 4, 2025
    Latest 8-K (8-K) Aug 25, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock 1/3 of $.01 par valuePCYONASDAQ

From the cover page of the 10-K filed Nov 12, 2025 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks PURE CYCLE CORP names in Item 1A of its 10-K filed Nov 12, 2025: 44 risks under these headings, as written.4

  • Our operations are concentrated in the Front Range area of Colorado; we are subject to general economic conditions in Colorado.
  • We are dependent on the housing market and development in our targeted service areas for future revenue. The homebuilding industry is cyclical and a deterioration in industry conditions or downward changes in general economic or other business conditions could adversely affect our business, results of operations, cash flows and financial condition.
  • Tariffs, trade restrictions, and related supply chain disruptions could increase our costs, delay our projects, or reduce demand for our products and services, any of which could adversely affect our business, results of operations, and financial condition.
  • Significant competition from other development projects could adversely affect our results.
  • Our operations could be adversely impacted by increases in material, labor, supplier, logistics and other operating costs, or supply chain delays and shortages, which could cause lower margins or lost sales and adversely impact our business, financial position, results of operations and cash flows, and component price volatility and availability, as well as supplier concentration.
  • Our water business is subject to seasonal fluctuations and weather conditions that could affect demand for our water service and our revenue and that could become more extreme with climate change.
  • The physical impacts of natural disasters and severe weather conditions could reduce consumer demand for housing, result in service disruptions, delay the closing of the sale of residential lots at Sky Ranch and increase our costs, any of which could harm our sales and results of operations.
  • We may not generate sufficient cash flows from operations or other capital resources to pursue our business objectives.
  • We may not be able to manage the increasing demands of our expanded operations.
  • The rates that the Rangeview District is allowed to charge customers on the Lowry Ranch for water services are limited by the Lease with the Land Board and our contract with the Rangeview District and may not be sufficient to cover our costs of construction and operation.
  • A significant portion of our water supplies come from non-renewable aquifers and inadequate water and wastewater supplies could have a material adverse effect on us.
  • To utilize our water resources as intended, we may need to apply for a change of use with the water court from time to time. This may take several years to complete, and there is no assurance that we will be able to obtain a favorable ruling, which may adversely impact our business and financial condition.
The other 32 risks
  • A failure of the water wells or distribution networks we own or control could result in losses and damages that may affect our business and financial condition.
  • Development on the Lowry Ranch is not within our control and is subject to obstacles.
  • Dependence on third-party utilities for power and gas could delay our projects, increase costs, and adversely affect our results of operations and financial condition.
  • We have limited experience with the development of real property.
  • The funds we are advancing to the Sky Ranch CAB for construction of public improvements might not be repaid, which would negatively impact our income, gross margin on selling lots, and cash flows.
  • Supply shortages and risks related to the demand for skilled labor and building materials could increase costs and delay closings.
  • We may purchase additional land parcels for development or other purposes, thereby exposing us to certain financial risks.
  • Delays in property development may extend the time it takes us to recover our property development costs and delay our revenue from water and wastewater resource development services.
  • Fluctuations in real property values may require us to write-down the book value of our land interests.
  • Our land development segment may be subject to risks related to oil and gas operations in the vicinity of our Sky Ranch development, which could have an adverse impact on the marketability and/or value of our Sky Ranch property.
  • Our single-family home development activities expose us to additional operational and real estate risks, which may adversely affect our financial condition and operating results.
  • We will depend on our tenants for all of our rental home revenue. Poor tenant selection and defaults and nonrenewal by our tenants may adversely affect our reputation and financial performance.
  • Our planned lease terms could require us to re-lease our properties frequently, which we may be unable to do on attractive terms, on a timely basis or at all.
  • Tenant relief laws, including laws restricting evictions and other regulations could limit our ability to evict bad tenants, and this may negatively impact our rental income and profitability.
  • It would be difficult for us to quickly generate cash from sales of our properties.
  • Products supplied to us and work done by subcontractors can expose us to risks that could adversely affect our business.
  • 3. Risks Related to Legal, Regulatory, and Environmental, Health and Safety Matters
  • Government regulations and legal challenges may delay the closing of the sale of our residential lots, increase our expenses or limit other activities, which could have a negative impact on our results of operations.
  • Laws and regulations related to climate change, greenhouse gases, and energy may adversely affect us by directly and indirectly increasing the cost of or restricting our planned future growth activities.
  • Our construction of water and wastewater projects and improvements at Sky Ranch may expose us to certain completion, performance, and financial risks.
  • Our water sales for the past several years have been highly concentrated among companies providing hydraulic fracturing services to the oil and gas industry, and such sales can fluctuate significantly, including as a result of increasing regulatory burdens on oil and gas development activities.
  • We may be subject to significant potential liabilities because of warranty and liability claims made against us.
  • A major health and safety incident relating to our business could be costly in terms of potential liabilities and reputational damage.
  • Conflicts of interest may arise relating to the operation of the Rangeview District, the Sky Ranch Districts and the Sky Ranch CAB.
  • Growth limitations or moratoriums imposed by governmental authorities could adversely affect our land development activities or the land development activities of our customers, which could adversely impact both the land development and water and wastewater segments of our business.
  • Contamination to our water supply may result in disruption in our services and litigation, which could adversely affect our business, operating results and financial condition.
  • We may be adversely affected by any future decision by the Colorado Public Utilities Commission to regulate us as a public utility.
  • The Rangeview District’s and our rights under the Lease have been challenged by third parties.
  • Our Lowry Ranch surface water rights are “conditional decrees” and require findings of reasonable diligence.
  • Our operations are affected by local politics and governmental procedures that are beyond our control.
  • Our stock price has been volatile in the past and may decline in the future.
  • Failure to maintain effective internal controls over financial reporting could result in material misstatements in our financial statements and affect our ability to meet our reporting requirements.

Legal proceedings

The Company, Rangeview District and the State Land Board filed a Water Court Application on December 31, 2020 seeking to: (1) adjudicate 1,635 acre feet of water from the Box Elder Creek Alluvial aquifer (a new water right), (2) consolidate and enlarge certain reservoirs on the Lowry Ranch, (3) approve new places of use for existing water rights, (4) approve new places of storage for certain water rights, and (5) approve a new alternate diversion point for certain existing water rights. On February 7, 2025, the Water Court denied our new water right application of 1,635 acre feet of Box Elder Creek Alluvial aquifer water as well as the consolidation and enlargement of certain reservoirs on the Lowry Ranch. Neither of these rulings impacted our existing water rights or existing reservoir storage sites. The Court sought additional information from the Company and opposing parties regarding the three claims which remain outstanding before continuing the trial. The Company is working with opposing parties to reach a settlement agreement for all five claims in the Water Court Application.

The opening of Item 3, Legal Proceedings.4

Sources

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