AMREP Corporation (AXR) reported a significant decline in its financial performance for the quarter ending July 31, 2026, with revenues falling to $6.1 million, down 66.1% from $17.9 million year-over-year. The net income for the quarter dropped to $276,000, or 5 cents per share, compared to $4.7 million, or 87 cents per share, in the same period last year. The company’s shares have lost 1% since the earnings announcement, while the S&P 500 gained 0.2% during the same timeframe.
Key contributors to the revenue decline included a staggering 97.7% drop in land sale revenues to $173,000 and a 48.9% decrease in home sale revenues to $4.9 million. AMREP sold 12 homes during the quarter, a drop from 22 the previous year, at an average price of $407,000. The company’s operating cash flow showed a negative of $3.6 million, down from a positive $9.5 million year-over-year, while its cash, U.S. government securities, and restricted cash totaled $49.1 million as of July 31, 2026.
In response to market challenges, AMREP has reduced the scope of its land development projects and is focusing more on its homebuilding segment. The company anticipates significantly lower revenues from residential land sales during fiscal 2027 due to project delays and a concentrated emphasis on homebuilding.
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