United Homes Group (UHG) Q4 2025 earnings summary

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.