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Smith Douglas Homes (SDHC) investor relations material
Smith Douglas Homes Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved 669 home closings and $223.9M in Q2 2025 revenue, up 2% and 1% year-over-year, with net new orders rising to 736 and ASP at $335,000.
Gross margin was 23.2%, down from 26.7% year-over-year due to higher costs and incentives.
Controlled lots surged 57% to nearly 25,000, and active communities grew 23% to 92.
Expansion into Dallas-Fort Worth and Gulf Coast of Alabama via greenfield startups; focus remains on entry-level and empty-nest buyers.
Net income and EPS declined year-over-year, with pretax income at $17.2M and EPS at $0.26.
Financial highlights
Net income for Q2 2025 was $16.4M, down from $24.7M prior year; adjusted net income was $12.9M vs. $19.4M.
Home closing revenue was $223.9M, up from $220.9M year-over-year.
Gross profit from home closings was $51.9M, down from $59.1M year-over-year.
SG&A rose to 15.5% of revenue, mainly due to new division openings and payroll.
Adjusted EBITDA for Q2 2025 was $19.8M (margin 8.8%), down from $28.8M (margin 13.0%) in Q2 2024.
Outlook and guidance
Q3 2025 guidance: 725–775 home closings, ASP $330,000–$335,000, gross margin 20.5%–21.5%.
Full-year target of 3,000 closings remains achievable, contingent on demand and macro environment.
Management expects continued headwinds from high mortgage rates and affordability, but long-term demand is supported by housing undersupply and demographics.
Sufficient liquidity for at least 12 months, with $16.8M in cash and $189.2M available under the Amended Credit Facility.
Focus on cost control, inventory turnover, and leveraging land-light, option-based lot acquisition.
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