PCYO · CIK 276720
What Pure Cycle Corporation told the SEC could break it.
2 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
A limited set so far, we surface every cited disclosure we’ve extracted for PCYO. More may follow as additional filings are processed.
In its own words
What could break it.
Commodity & input dependence
- Commercial water sales dependent on oil & gas drilling activity / oil pricesmedium
Commercial water sales to oil & gas operators for hydraulic fracturing (Niobrara) swing with oil prices and drilling activity — revenue from such sales fell from $6.1M in 2024 to $1.6M in 2025.
“Oil and gas drilling in our area is affected by the price of oil and state, local and federal government regulations. The number of wells drilled varies from year to year.”
Geographic concentration
- Water assets and operations concentrated in the southeast Denver metro area, Coloradomedium
The company's core Rangeview Water Supply, land development (Sky Ranch), and rental operations are concentrated in the southeast Denver metropolitan area / Lowry Ranch in Colorado, tying the whole business to one region's water regime and economy.
“The Rangeview Water Supply is principally located in the southeast Denver metropolitan area at the “Lowry Ranch,” which is land owned by the State Board of Land Commissioners (Land Board) and is described below.”
SEC filing →As of 2025
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