How did AXR's revenue and expenses shift in Q3 2025 compared to previous quarters?

AMREP Corporation (NYSE:AXR) experienced a significant decline in revenue and a notable increase in net income in the third quarter of 2025 compared to the previous quarter and the same quarter of the previous year.

1. **Revenue Shift**:
- In Q3 2025, AMREP's revenue decreased by 41% from Q3 2024, dropping from $12.69 million to $7.52 million.
- When comparing the first nine months of 2025 to the same period in 2024, revenue also decreased, going from $31.83 million to $38.516 million.
2. **Expense Shift**:
- Despite the revenue decline, AMREP saw a significant increase in net income, which rose by $625,000 from Q3 2024 to $717,000 in Q3 2025.
- The company's profit margin improved, increasing from 0.7% in Q3 2024 to 9.5% in Q3 2025, primarily driven by lower expenses.
3. **Net Income Increase**:
- For the first nine months of 2025, AMREP's net income increased by $8,277,000, reaching $8,823,000 compared to $2,546,000 in the same period of 2024.
- This trend indicates a strong financial performance despite the revenue decline, suggesting effective cost management.
4. **Expense Management**: The increase in net income can be attributed to lower expenses. Although the specific expense figures for Q3 2025 are not available, the company's overall expense management contributed to the improved profitability.
5. **Market Conditions**: The decline in revenue can be attributed to challenging market conditions, including high mortgage rates and uncertainty in the real estate market. Despite these challenges, AMREP's strategic focus on cost control and efficient operations helped maintain profitability.

In conclusion, AMREP Corporation experienced a notable decline in revenue in Q3 2025 compared to the previous quarter and the same quarter of the previous year. However, the company's net income saw a significant increase, primarily driven by lower expenses and effective cost management.