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United Homes Group (UHG) investor relations material
United Homes Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Fourth quarter 2025 home closings fell 9% year-over-year to 375, with revenue down 8% to $123.4 million.
Net new orders declined 14% year-over-year in Q4 2025; full-year net new orders dropped 12%.
Gross margin improved to 17.5% in Q4 2025, up 130 basis points year-over-year; adjusted gross margin reached 19.1%.
Fiscal year 2025 revenue decreased 12% to $406.7 million, with home closings down 17% to 1,192.
Entered into a merger agreement with Stanley Martin Homes, expected to close in Q2 2026.
Financial highlights
Q4 2025 net income was $3.2 million ($0.05 per diluted share), including a $22.1 million gain from derivative liabilities, offset by $20.4 million deferred tax expense.
Fiscal year 2025 net loss was $16.3 million ($0.28 per diluted share), compared to net income of $46.9 million in 2024.
Adjusted EBITDA for Q4 2025 was $8.6 million, up from $7.7 million in Q4 2024; full-year adjusted EBITDA was $22.5 million, down from $31.6 million in 2024.
Adjusted book value as of December 31, 2025 was $78.3 million.
Available liquidity at year-end was $80.8 million, including $24.4 million in cash.
Outlook and guidance
Merger with Stanley Martin Homes expected to close in Q2 2026, after which the company will become privately held and delist from Nasdaq.
- Up to 81.6% of Class A shares registered for resale, with proceeds dependent on warrant exercises.UHG
Registration Filing - Annual meeting to re-elect directors and ratify auditor, with Class B holders controlling voting power.UHG
Proxy Filing - Q3 2025 saw sharp declines in closings and revenue, with losses driven by non-cash items and board changes.UHG
Q3 2025 - Gross margin rose to 18.9% in Q2 2025 despite lower closings and a CEO transition.UHG
Q2 2025 - Q3 2024 revenue up 35%, but net loss from non-cash derivative liability swing.UHG
Q3 2024 - Q2 2024 delivered 337 homes, $109.4M revenue, and higher average sale prices amid margin pressure.UHG
Q2 2024 - Q1 revenue and orders declined, but margin and sales trends improved late in the quarter.UHG
Q1 2025 - Q4 2024 delivered strong order and revenue growth, but margins fell amid industry headwinds.UHG
Q4 2024
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