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REVENUES

12 Months Ended

Apr. 30, 2025

(7) REVENUES

Land sale revenues. Land sale revenues are sales of developed residential land, developed commercial land and undeveloped land.

Home sale revenues. Home sale revenues are sales of homes constructed and sold by the Company.

Other revenues. Other revenues consist of (in thousands):


	Year Ended April 30,
	2025		2024
Sale of investment assets	$	—	$	5,701
Landscaping revenues		2,089		1,186
Miscellaneous other revenues		709		470
Total	$	2,798	$	7,357

Sale of investment assets for 2024 consists of the sale of two buildings leased to commercial tenants.

Landscaping revenues consist of landscaping services provided by the Company primarily to homebuilders.

Miscellaneous other revenues for 2025 primarily consist of extension fees for purchase contracts, management fees for homeowners’ associations and residential rental revenues. Miscellaneous other revenues for 2024 primarily consist of extension fees for purchase contracts and residential rental revenues.

Major customers. A substantial majority of land sale revenues were received from three customers during 2025 and four customers during 2024. Other than receivables for immaterial amounts (if any), there were no outstanding receivables from these customers as of April 30, 2025 or April 30, 2024. There were two customers that each contributed in excess of 10% of the Company’s revenues for 2025. The revenues from each such customer for 2025 were as follows: $11,809,000 and $6,028,000, with each of these revenues reported in the Company’s land development business segment. There were two customers that each contributed in excess of 10% of the Company’s revenues for 2024. The revenues from each such customer for 2024 were as follows: $11,554,000 and $7,200,000, with each of these revenues reported in the Company’s land development business segment.