Company: SDHC
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049591
Chunk: 105

Company: Smith Douglas Homes Corp.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 105
---
56116,13222,56116,132Total controlled lots24,30017,87824,30017,878

(1)Earnings per share for the nine months ended September 30, 2024 is calculated for the period from January 11, 2024, the date of the IPO, to September 30, 2024.

(2)The cancellation rate is the total number of cancellations during the period divided by the total gross new home orders during the period.

35

(3)Backlog homes (period end) is the number of homes in backlog from the previous period plus the number of net new home orders generated during the current period minus the number of homes closed during the current period.

(4)A community becomes active once the model is completed or the community has its first sale. A community becomes inactive when it has fewer than two homes remaining to sell.

Home closing revenue

Home closing revenue for the three months ended September 30, 2025, was $262.0 million, a decrease of $15.8 million, or 6%, from $277.8 million for the three months ended September 30, 2024. Home closing revenue for the nine months ended September 30, 2025, was $710.7 million, an increase of $22.7 million, or 3%, from $688.0 million for the nine months ended September 30, 2024. The change in revenue for both periods is primarily attributable to changes in the number of homes closed, which decreased by 3% and increased by 5% for the three and nine months ended September 30, 2025, respectively, while ASP of homes closed decreased by 3% and 1% for the three and nine months ended September 30, 2025, respectively. The reduction in the number of homes closed for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024 were primarily due to decreases of 8% in our Southeast segment, partially offset by increases of 6% in our Central segment. The growth in the number of homes closed for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 were primarily due to increases of 9% in our Southeast segment, partially offset by decreases of 1% in our Central segment. 

The following table sets forth our home closing revenue, number of