Financial Performance - For Q3 2025, the net loss was $31.3 million, or $0.53 per diluted share, compared to a net loss of $7.3 million, or $0.15 per diluted share in Q3 2024[2] - Revenue for Q3 2025 was $90.8 million, a decrease of 23% from $118.6 million in Q3 2024[4] - Adjusted EBITDA for Q3 2025 was $3.8 million, compared to $9.0 million in Q3 2024[5] - For the nine months ended September 30, 2025, net loss was $19.5 million, or $0.33 per diluted share, compared to net income of $46.2 million, or $0.86 per diluted share in the same period of 2024[6] - Revenue for the nine months ended September 30, 2025 was $283.3 million, down from $328.9 million in the same period of 2024[7] - Gross profit for the three months ended September 30, 2025, was $16,048,000, down 28.4% from $22,383,000 in the prior year[26] - Adjusted EBITDA for the three months ended September 30, 2025, was $3,815,000, compared to $8,978,000 in the same period of 2024, a decline of 57.5%[34] Sales and Orders - Home closings in Q3 2025 were 262, down 29% from 369 in Q3 2024, while net new orders decreased by 5% to 324 from 341[4] - Total net new orders for the three months ended September 30, 2025, decreased by 5.0% year-over-year to 324, while total closings decreased by 29.0% to 262[43] - For the nine months ended September 30, 2025, total net new orders decreased by 11.8% to 924, and total closings decreased by 19.7% to 817[43] Margins and Expenses - Gross margin for Q3 2025 was 17.7%, a decrease of 120 basis points from 18.9% in Q3 2024, while adjusted gross margin was 19.6%, down from 20.6%[3] - Adjusted gross profit for the three months ended September 30, 2025, was $17,814,000, down from $24,481,000 in 2024, reflecting a decrease of 27.2%[29] - Selling, general and administrative expenses for the three months ended September 30, 2025, were $17,573,000, slightly down from $18,690,000 in 2024[26] Assets and Liabilities - Total assets increased to $293,114,000 as of September 30, 2025, up from $265,381,000 on December 31, 2024, representing an increase of 10.5%[23] - Total liabilities increased to $240,205,000 as of September 30, 2025, from $198,514,000 on December 31, 2024, marking a rise of 20.9%[24] - Cash and cash equivalents rose to $25,649,000 as of September 30, 2025, compared to $22,629,000 at the end of 2024, an increase of 13.4%[23] - Available liquidity as of September 30, 2025 was $83.1 million, including $25.6 million in cash and $57.5 million in unused committed capacity under the credit facility[4] Market Performance - The backlog inventory as of September 30, 2025, increased by 20.0% to 264 homes, with a backlog value of $94.3 million, up 18.0% from the previous year[43] - In the Coastal market, net new orders decreased by 16.8% to 153, while closings decreased by 3.9% to 146 for the nine months ended September 30, 2025[43] - The Midlands market experienced a 21.9% decrease in net new orders to 442 and a 27.8% decrease in closings to 374 for the same period[43] - The Upstate market showed a slight decrease of 0.4% in net new orders to 252, with closings down 24.7% to 223[43] - Rosewood market saw a significant increase in net new orders by 92.0% to 48, and closings increased by 43.3% to 43[43] - Raleigh market reported a 45.0% increase in net new orders to 29, while closings increased by 47.6% to 31[43] - The backlog value in the Coastal market increased by 15.2% to $19.7 million, while the Midlands market's backlog value increased by 17.8% to $47.1 million[43] Stockholders' Equity - Total stockholders' equity as of September 30, 2025, is $52,909 million, with an adjusted book value of $94,846 million[42]
United Homes (UHG) - 2025 Q3 - Quarterly Results