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SEGMENT INFORMATION | 9 Months Ended
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May 31, 2025
SEGMENT INFORMATION |
SEGMENT INFORMATION | NOTE 11 – SEGMENT INFORMATION The Company reports two operating segments which meet segment disclosure requirements, the water and wastewater resource development segment and the land development segment. The single-family rentals, although not currently material to operations and not a required segment disclosure, is presented within the operating segment information below for informational purposes. The water and wastewater resource development segment includes providing water and wastewater services to customers. The Company delivers these services by using water rights owned or controlled by the Company and developing, operating, and maintaining infrastructure to divert, treat and distribute that water and collect, treat and reuse reclaimed wastewater. The land development segment includes all activities necessary to develop and sell finished lots, which for the three and nine months ended May 31, 2025 and 2024, was done exclusively at the Company’s Sky Ranch Master Planned Community. The single-family rental business includes the monthly rental fees received from the renters under the non-cancelable annual leases. The tables below present the measure of profit and assets used to assess the performance of the two required segments and the single-family rentals that the Company believes will become a segment for the periods presented: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended May 31, 2025
(In thousands) |  | Water and wastewater resource development |  | Land development | ​ | Single-family rental |  | Total
Total revenue |  | $ | 2,345 |  | $ | 2,664 | ​ | $ | 131 |  | $ | 5,140
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost of revenue | ​ |  | 891 | ​ |  | 543 | ​ |  | 40 | ​ |  | 1,474
Depreciation and depletion | ​ |  | 409 | ​ |  | — | ​ |  | — | ​ |  | 409
Total cost of revenue | ​ |  | 1,300 | ​ |  | 543 | ​ |  | 40 | ​ |  | 1,883
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment profit | ​ | $ | 1,045 | ​ | $ | 2,121 | ​ | $ | 91 | ​ | $ | 3,257
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended May 31, 2024
(In thousands) |  | Water and wastewater resource development |  | Land development | ​ | Single-family rental |  | Total
Total revenue | ​ | $ | 2,465 | ​ | $ | 5,016 | ​ | $ | 123 | ​ | $ | 7,604
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost of revenue | ​ |  | 911 | ​ |  | 1,346 | ​ |  | 71 | ​ |  | 2,328
Depreciation and depletion | ​ |  | 410 | ​ |  | — | ​ |  | — | ​ |  | 410
Total cost of revenue | ​ |  | 1,321 | ​ |  | 1,346 | ​ |  | 71 | ​ |  | 2,738
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment profit | ​ | $ | 1,144 | ​ | $ | 3,670 | ​ | $ | 52 | ​ | $ | 4,866
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended May 31, 2025
(In thousands) |  | Water and wastewater resource development |  | Land development | ​ | Single-family rental |  | Total
Total revenue |  | $ | 8,026 |  | $ | 6,488 | ​ | $ | 373 |  | $ | 14,887
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost of revenue | ​ |  | 2,636 | ​ |  | 2,420 | ​ |  | 133 | ​ |  | 5,189
Depreciation and depletion | ​ |  | 1,248 | ​ |  | — | ​ |  | — | ​ |  | 1,248
Total cost of revenue | ​ |  | 3,884 | ​ |  | 2,420 | ​ |  | 133 | ​ |  | 6,437
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment (loss) profit | ​ | $ | 4,142 | ​ | $ | 4,068 | ​ | $ | 240 | ​ | $ | 8,450
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended May 31, 2024
(In thousands) |  | Water and wastewater resource development |  | Land development | ​ | Single-family rental |  | Total
Total revenue | ​ | $ | 7,562 | ​ | $ | 8,268 | ​ | $ | 357 | ​ | $ | 16,187
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost of revenue | ​ |  | 2,547 | ​ |  | 2,362 | ​ |  | 161 | ​ |  | 5,070
Depreciation and depletion | ​ |  | 1,132 | ​ |  | — | ​ |  | — | ​ |  | 1,132
Total cost of revenue | ​ |  | 3,679 | ​ |  | 2,362 | ​ |  | 161 | ​ |  | 6,202
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment profit | ​ | $ | 3,883 | ​ | $ | 5,906 | ​ | $ | 196 | ​ | $ | 9,985
​ 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 segment. The Company’s other assets (Corporate) primarily consist of cash, short term investments, restricted cash, equipment, and related party notes receivable. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(In thousands) |  | May 31, 2025 |  | August 31, 2024
Water and wastewater resource development | ​ | $ | 68,588 | ​ | $ | 64,616
Land development | ​ | ​ | 11,497 | ​ | ​ | 8,521
Single-family rental | ​ | ​ | 5,272 | ​ | ​ | 5,371
Corporate | ​ | ​ | 66,382 | ​ | ​ | 68,846
Total assets | ​ | $ | 151,739 | ​ | $ | 147,354
​

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- Definition The entire disclosure for reporting segments including data and tables. 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