)

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.
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.
The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
)
)
)
Frequently asked questions
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Explore our global coverage