Company: UHG
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001830188-25-000065
Chunk: 150

Company: United Homes Group, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 2
Chunk 150
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659 3,133 5,172 Interest expense in other expense, net2,383 3,578 4,844 5,720 Depreciation and amortization515 476 1,007 926 Taxes(251)218 (1,496)(903)EBITDA$(2,062)$34,571 $19,327 $64,493 Stock-based compensation expense1,411 1,840 3,368 3,350 Transaction cost expense707 517 707 1,742 Amortization in homebuilding cost of sales(b)882 913 1,563 1,861 Severance expense125 1,504 125 1,504 Abandoned project costs3 320 58 320 Change in fair value of derivative liabilities6,171 (32,055)(15,038)(58,435)Non-recurring remediation costs— 50 — 109 Adjusted EBITDA$7,237 $7,660 $10,110 $14,944 EBITDA margin(a)(2.0)%31.6 %10.0 %30.7 %Adjusted EBITDA margin(a)6.9 %7.0 %5.3 %7.1 %

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(a) Calculated as a percentage of revenue

(b) Represents expense recognized resulting from purchase accounting adjustment

Liquidity and Capital Resources

Overview

UHG funds its operations from its current cash holdings and cash flows generated by operating activities, as well as borrowings under the revolving credit facility (“Syndicated Line”), as further described below. As of June 30, 2025, UHG had approximately $36.5 million in cash and cash equivalents, an increase of $13.9 million, from $22.6 million as of December 31, 2024. As of June 30, 2025 and December 31, 2024, UHG had approximately $58.7 million and $96.4 million, respectively, in unused committed capacity, calculated in accordance with the Syndicated Line. 

UHG believes that its current cash holdings including cash generated from continuing operations and cash available under the Syndicated Line will be sufficient to satisfy its short term and long term cash requirements for working capital to support its daily operations and meet current commitments under its contractual obligations.

Cash flows used