| Segment Reporting |
The tables below present the measure of profit and assets as well as the interest income and expense that the CODM uses to assess the performance of the segment for the periods presented:
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Year Ended August 31, 2025 |
(In thousands) |
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Water and wastewater resource development |
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Land development |
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Single-family rental |
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Corporate |
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Total |
Total revenue |
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$ |
10,334 |
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$ |
15,257 |
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$ |
496 |
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$ |
— |
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$ |
26,087 |
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|
|
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Cost of revenue |
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|
3,074 |
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|
5,100 |
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|
176 |
|
|
— |
|
|
8,350 |
Depreciation and depletion |
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|
1,707 |
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— |
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|
— |
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|
— |
|
|
1,707 |
Total cost of revenue |
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|
4,781 |
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|
5,100 |
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|
176 |
|
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— |
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10,057 |
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Segment profit |
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$ |
5,553 |
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$ |
10,157 |
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$ |
320 |
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$ |
— |
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$ |
16,030 |
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Interest income |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
3,272 |
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$ |
3,272 |
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Interest expense |
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$ |
151 |
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$ |
— |
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$ |
273 |
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$ |
2 |
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$ |
426 |
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Year Ended August 31, 2024 |
(In thousands) |
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Water and wastewater resource development |
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Land development |
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Single-family rental |
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Corporate |
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Total |
Total revenue |
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$ |
10,667 |
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$ |
17,599 |
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$ |
481 |
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$ |
— |
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$ |
28,747 |
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Cost of revenue |
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2,922 |
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|
4,374 |
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|
188 |
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— |
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|
7,484 |
Depreciation and depletion |
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|
1,504 |
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— |
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— |
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— |
|
|
1,504 |
Total cost of revenue |
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|
4,426 |
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|
4,374 |
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|
188 |
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— |
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8,988 |
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Segment profit |
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$ |
6,241 |
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$ |
13,225 |
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$ |
293 |
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$ |
— |
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$ |
19,759 |
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Interest income |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
2,837 |
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$ |
2,837 |
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Interest expense |
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$ |
151 |
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$ |
— |
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$ |
276 |
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$ |
12 |
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$ |
439 |
The following table summarizes the Company’s total assets by segment. The assets consist of water rights and water and wastewater systems in the Company’s water and wastewater resource development segment; land, land development costs and deposits in the Company’s land development segment; and the cost of the homes in the single-family rental line. The Company’s other assets (“Corporate”) primarily consist of cash, cash equivalents, restricted cash, equipment, and related party notes receivables.
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(In thousands) |
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August 31, 2025 |
|
August 31, 2024 |
Water and wastewater resource development |
|
$ |
69,366 |
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$ |
64,616 |
Land development |
|
|
11,121 |
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|
8,521 |
Single-family rental |
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|
5,280 |
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|
5,371 |
Corporate |
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|
76,512 |
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|
68,846 |
Total assets |
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$ |
162,279 |
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$ |
147,354 |
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