AMREP Fiscal Q1 Net Income Drops 94.1% as Revenue Falls 66.1%

Key Facts

AMREP reported that net income fell 94.1% to $276,000, or $0.05 per diluted share, for fiscal 2027’s first quarter ended July 31, 2026, from $4.692 million, or $0.87 per diluted share, a year earlier. Revenue declined 66.1% to $6.051 million from $17.851 million.

Most of the sales decline came from the company’s 2 core activities. Land-sale revenue fell to $173,000 from $7.494 million, and home-sale revenue dropped to $4.881 million from $9.570 million, while other revenue rose to $997,000 from $787,000.

The consolidated operating result swung to a $163,000 loss from operating income of $6.146 million. The land-development segment recorded a $167,000 loss versus a $4.807 million profit, while homebuilding profit declined to $490,000 from $1.751 million.

AMREP sold 12 homes at an average price of $407,000, compared with 22 homes at an average of $434,000 a year earlier. At July 31, 2026, it had 83 homes in production, including 23 under contract representing $12.505 million of expected home-sale revenue upon closing, subject to customer cancellations and change orders.

The company said revenue, average selling prices and gross margins can vary substantially between periods depending on transaction nature and timing and the type and location of land or homes sold. It also expects significantly reduced developed residential land-sale revenue during fiscal 2027 after reducing some development projects and delaying others because of market headwinds, uncertainty and execution delays.

AXR closed at $22.97 on September 10, 2026, after trading between $22.72 and $23.20. The next assessment of its operating trajectory will hinge on contracted-home closings, homebuilding performance and whether the weakness in land sales anticipated by the company persists.