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Visual24 Oct 2025
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Landsea Homes (LSEA) investor relations material
Landsea Homes Q1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2025 earnings summary13 May, 2025
Executive summary
Home sales revenue rose 2.3% year-over-year to $299.4M, with total revenue up 6% to $310.8M, driven by a 27% increase in home deliveries, offset by a 20% drop in average selling price.
Net loss was $7.1M ($0.20 per share) for Q1 2025, compared to net income of $0.7M in Q1 2024, reflecting higher incentives, increased interest costs, and lower gross margins.
Net new home orders increased 11% to 679 homes, but backlog fell 32% in units and 39% in value year-over-year.
The company expanded in Texas through the Antares acquisition and signed a merger agreement in May 2025 for a cash tender offer at $11.30 per share.
Strategic shift toward a balanced mix of spec and build-to-order homes, targeting a 50/50 split to improve margins and reduce inventory risk.
Financial highlights
Total revenue: $310.8M, up from $294.0M year-over-year.
Gross margin: 13.0% (down 190 bps), or 13.5% excluding a $1.5M inventory impairment; adjusted home sales gross margin improved to 20.0% from 19.4% year-over-year.
Adjusted EBITDA: $13.5M, down from $17.0M in Q1 2024.
Book value per share stood at $18.14 at quarter end.
SG&A was 17% of home sales revenue, up 180 bps due to higher sales and marketing costs.
Outlook and guidance
Management expects continued challenges from high mortgage rates and affordability concerns, with stabilization in absorption and cancellation rates.
Incentive levels expected to remain elevated through 2025, fluctuating with mortgage rates; Q2 incentives anticipated in the 7%-9% range.
Focus remains on managing inventory, expanding in Texas, and leveraging incentives to drive sales.
The company anticipates increasing backlog in coming quarters as quick move-in homes convert faster.
Optimism for long-term industry outlook due to housing supply needs and homeownership demand, despite near-term macro uncertainty.
Explain the decrease in home sales gross margin.
Why did average selling prices decrease?
Assess Landsea's asset-light strategy impact.
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Frequently asked questions
Landsea Homes Corporation is a residential homebuilder focused on designing and constructing homes in high-growth markets across the United States. The company specializes in single-family homes, townhomes, and condominiums, emphasizing energy-efficient and sustainable building practices. Its operations span regions such as California, Arizona, Florida, and Texas. The company is headquartered in Dallas, Texas, and its shares are listed on the NASDAQ.
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