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 15.59 M.

Overall Performance

United Homes Group, Inc. reported a net loss of - $16.3 million for the year ended December 31, 2025, a significant decrease compared to a net income of $46.9 million for the year ended December 31, 2024, representing a -134.6% change. Total revenue, net of sales discounts, decreased by - $57.0 million, or -12.3%, from $463.7 million in 2024 to $406.7 million in 2025. The company’s gross margin slightly increased to 17.6% in 2025 from 17.2% in 2024, while adjusted gross margin decreased to 19.7% from 19.9% over the same period. Adjusted EBITDA margin also saw a decline, falling to 5.5% in 2025 from 6.8% in 2024.

Revenue and Closings by Segment

• GSH South Carolina
  • Revenue: $358.7 million in 2025, down from $419.5 million in 2024 (-14.5% change).
  • Closings: 1,106 units in 2025, a decrease from 1,358 units in 2024 (-18.6% change).
  • Average Sales Price (ASP): $324,389 in 2025, up from $313,814 in 2024 (3.4% change).
• Rosewood
  • Revenue: $32.8 million in 2025, an increase from $25.8 million in 2024 (27.6% change).
  • Closings: 52 units in 2025, up from 39 units in 2024 (33.3% change).
  • Average Sales Price (ASP): $639,157 in 2025, a decrease from $660,395 in 2024 (-3.2% change).
• Other (Raleigh, NC homebuilding operations)
  • Revenue: $15.1 million in 2025, down from $18.5 million in 2024 (-18.4% change).
  • Closings: 34 units in both 2025 and 2024 (0% change).
  • Average Sales Price (ASP): $444,118 in 2025, a decrease from $541,500 in 2024 (-18.0% change).

Income Before Taxes by Segment

• GSH South Carolina: Income before taxes was $14.6 million in 2025, down from $30.2 million in 2024 (-51.7% change).
• Rosewood: Income before taxes was - $1.1 million in 2025, an improvement from - $1.5 million in 2024 (25.2% change).
• Other: Income before taxes was - $1.2 million in 2025, an improvement from - $2.9 million in 2024 (59.0% change).
• Corporate: Income before taxes was - $22.8 million in 2025, an improvement from - $33.1 million in 2024 (31.2% change).

Operational Metrics

• Home Closings: Total home closings decreased to 1,192 units in 2025 from 1,431 units in 2024 (-16.7% change).
• Net New Orders: Net new orders were 1,227 units in 2025, a decrease from 1,399 units in 2024 (-12.3% change).
• Cancellation Rate: The cancellation rate increased to 13.0% in 2025 from 11.4% in 2024.
• Backlog: Backlog inventory increased to 192 units as of December 31, 2025, from 157 units as of December 31, 2024 (22.3% change). The value of backlog inventory rose to $68.1 million in 2025 from $58.3 million in 2024 (16.9% change).
• Active Communities: The company had 57 active communities at the end of 2025, up from 46 in 2024 (23.9% change).
• Goodwill Impairment: A goodwill impairment charge of - $1.1 million was recorded in 2025, with - $647 thousand attributed to Rosewood and - $500 thousand to Other segments.
• Equity in Net Earnings from Investment in Joint Venture: Earnings from the joint venture decreased to $1.1 million in 2025 from $1.5 million in 2024 (-30.9% change).

Cash Flow

• Net Cash Flows from Operating Activities: Net cash used in operating activities was - $19.6 million for the year ended December 31, 2025, a shift from cash provided by operating activities of $15.4 million in 2024. This change was primarily due to a $33.2 million increase in inventory in 2025.
• Net Cash Flows from Investing Activities: Net cash used in investing activities was - $1.9 million in 2025, a decrease from - $12.6 million in 2024.
• Net Cash Flows from Financing Activities: Net cash provided by financing activities was $21.6 million in 2025, compared to net cash used of - $34.0 million in 2024.

Unique Metrics

• Lot Deposits: Lot deposits for option contracts were $40.5 million as of December 31, 2025, down from $48.2 million as of December 31, 2024. These controlled 6,941 option lots in 2025, compared to 7,565 in 2024.
• Owned and Controlled Lots: Total owned or controlled lots decreased to 7,225 in 2025 from 7,690 in 2024.
• Syndicated Line of Credit: The outstanding balance was $78.2 million as of December 31, 2025, with $56.4 million in unused committed capacity. The weighted average interest rate was 7.48%.
• Term Loan: The outstanding balance was $67.5 million as of December 31, 2025, with a weighted average interest rate of 11.52%.

Outlook / Guidance

United Homes Group, Inc. announced a merger agreement with Stanley Martin Homes, LLC, expected to be completed in the second quarter of 2026, which will result in the company becoming a privately held entity. Prior to this, the company plans to continue its organic growth strategy, leveraging key macro housing trends and capitalizing on strong growth in core markets. It also expects to expand its mortgage joint venture, Homeowners Mortgage, to enhance revenue, EBITDA growth, improve buyer traffic conversion, and reduce backlog cancellation rates.