--- title: "UNITED HOMES GROUP INC C/WTS 30/03/2028 (TO PUR COM) | 10-K: FY2025 Revenue: USD 406.69 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/279090407.md" datetime: "2026-03-13T20:41:04.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/279090407.md) - [en](https://longbridge.com/en/news/279090407.md) - [zh-HK](https://longbridge.com/zh-HK/news/279090407.md) --- # UNITED HOMES GROUP INC C/WTS 30/03/2028 (TO PUR COM) | 10-K: FY2025 Revenue: USD 406.69 M Revenue: As of FY2025, the actual value is USD 406.69 M. EPS: As of FY2025, the actual value is USD -0.28. EBIT: As of FY2025, the actual value is USD 14.8 M. #### Consolidated Financial Performance - **Revenue**: UHG’s revenues decreased by $57.0 million, from $463.7 million in 2024 to $406.7 million in 2025, representing a -12.3% change year-over-year. - **Net (Loss) Income**: The company reported a net loss of - $16.3 million in 2025, a significant decrease from a net income of $46.9 million in 2024, representing a -134.6% change. This 2025 net loss included a deferred tax expense of $20.4 million and was partially offset by a $9.9 million gain from the change in fair value of derivative liabilities. - **Gross Profit**: Gross profit was $71.7 million in 2025, down from $79.8 million in 2024, a -10.1% decrease. - **Gross Margin**: Gross margin slightly increased to 17.6% in 2025 from 17.2% in 2024, a 0.4% increase. - **Adjusted Gross Profit**: Adjusted gross profit was $80.1 million in 2025, a decrease of - $12.3 million from $92.4 million in 2024, representing a -13.3% change. - **Adjusted Gross Margin**: Adjusted gross margin decreased to 19.7% in 2025 from 19.9% in 2024, a -0.2% change. - **EBITDA**: EBITDA was $18.0 million in 2025, down from $60.4 million in 2024, a -70.2% decrease. - **EBITDA Margin**: EBITDA margin decreased to 4.4% in 2025 from 13.0% in 2024, an -8.6% change. - **Adjusted EBITDA**: Adjusted EBITDA was $22.5 million in 2025, down from $31.6 million in 2024, a -28.7% decrease. - **Adjusted EBITDA Margin**: Adjusted EBITDA margin decreased to 5.5% in 2025 from 6.8% in 2024, a -1.3% change. - **Income Before Taxes**: Consolidated income before taxes decreased by - $36.7 million, from $37.2 million in 2024 to $0.5 million in 2025, a -98.7% change. - **Goodwill Impairment**: UHG recorded a goodwill impairment of - $1.1 million in 2025. - **Loss on Extinguishment of Convertible Notes**: A loss of - $45.6 million was recorded in 2024 related to the redemption of Convertible Notes. - **Change in Fair Value of Derivative Liabilities**: A gain of $9.9 million was recorded in 2025, compared to a gain of $88.7 million in 2024, an -88.8% change. #### Segmented Performance (Year Ended December 31, 2025 vs. 2024) - **GSH South Carolina**: - **Revenue**: Decreased to $358.7 million in 2025 from $419.5 million in 2024, a -14.5% change. - **Closings**: Decreased by -18.6%. - **Average Sales Price (ASP)**: Increased by 3.4%. - **Income Before Taxes**: Decreased to $14.6 million in 2025 from $30.2 million in 2024, a -51.7% change. - **Rosewood**: - **Revenue**: Increased to $32.8 million in 2025 from $25.8 million in 2024, a 27.6% change. - **Closings**: Increased by 33.3%. - **Average Sales Price (ASP)**: Decreased by -3.2%. - **Income Before Taxes**: Improved to - $1.1 million in 2025 from - $1.5 million in 2024, a 25.2% improvement, including - $0.6 million of goodwill impairment in 2025. - **Other (Raleigh, NC Homebuilding Operations)**: - **Revenue**: Decreased to $15.1 million in 2025 from $18.5 million in 2024, a -18.4% change. - **Closings**: Remained unchanged. - **Average Sales Price (ASP)**: Decreased by -18.0%. - **Income Before Taxes**: Improved to - $1.2 million in 2025 from - $2.9 million in 2024, a 59.0% improvement, including - $0.5 million in goodwill impairment in 2025. #### Operational Metrics (Year Ended December 31, 2025 vs. 2024) - **Active Communities**: Increased to 57 in 2025 from 46 in 2024, a 23.9% increase. - **Home Closings**: Decreased to 1,192 in 2025 from 1,431 in 2024, a -16.7% change. - **Average Sales Price of Homes Closed**: Increased to $341,314 in 2025 from $329,111 in 2024, a 3.7% increase. - **Net New Orders (units)**: Decreased to 1,227 in 2025 from 1,399 in 2024, a -12.3% change. - **Cancellation Rate**: Increased to 13.0% in 2025 from 11.4% in 2024, a 1.6% increase. - **Backlog Inventory**: Increased to 192 units in 2025 from 157 units in 2024, a 22.3% increase. - **Backlog Inventory - Value**: Increased to $68.1 million in 2025 from $58.3 million in 2024, a 16.9% increase. #### Cash Flow - **Net Cash Flows (Used in) Provided by Operating Activities**: UHG used - $19.6 million in operating activities in 2025, a shift from $15.4 million provided by operating activities in 2024. - **Net Cash Flows Used in Investing Activities**: Cash used decreased to - $1.9 million in 2025 from - $12.6 million in 2024. - **Net Cash Flows Provided by (Used in) Financing Activities**: UHG generated $21.6 million from financing activities in 2025, a change from - $34.0 million used in 2024. #### Unique Metrics - **Lot Deposits**: Totaled $40.5 million in 2025, controlling 6,941 option lots, compared to $48.2 million controlling 7,565 option lots in 2024. - **Owned or Controlled Lots**: Totaled 7,225 in 2025 (284 owned, 6,941 controlled) compared to 7,690 in 2024 (125 owned, 7,565 controlled). #### Outlook / Guidance UHG entered into a Merger Agreement on February 22, 2026, to be acquired by Stanley Martin Homes, LLC, for $1.18 per share of Class A and Class B common stock. The merger is expected to close in the second quarter of 2026, after which UHG will become a privately held company and its stock and warrants will be delisted from Nasdaq. The per share amount will not be adjusted for changes in UHG’s value or market conditions. ### Related Stocks - [UHGWW.US](https://longbridge.com/en/quote/UHGWW.US.md) ## Related News & Research - [Ta Yang exits loss-making UK unit but keeps London foothold via asset swap](https://longbridge.com/en/news/286588935.md) - [OMNICOM TO PRESENT AT THE J.P. MORGAN GLOBAL TECHNOLOGY, MEDIA AND COMMUNICATIONS CONFERENCE | OMC Stock News](https://longbridge.com/en/news/286281406.md) - [Watts Water Technologies, Inc. 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