Company: UHG
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001830188-25-000079
Chunk: 169

Company: United Homes Group, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 2
Chunk 169
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 allow comparison of UHG’s results of operations from period to period without regard to UHG’s financing methods or capital structure or other items that impact comparability of financial results from period to period such as fluctuations in interest expense or effective tax rates, levels of depreciation or amortization, or unusual items. EBITDA and adjusted EBITDA should not be considered as alternatives to, or more meaningful than, net income or any other measure as determined in accordance with GAAP. UHG’s computations of EBITDA and adjusted EBITDA may not be comparable to EBITDA or adjusted EBITDA of other companies. 

The following table presents a reconciliation of EBITDA and adjusted EBITDA to the GAAP financial measure of net income for each of the periods indicated (in thousands, except percentages).

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Three Months Ended September 30, Nine Months Ended September 30, 2025202420252024Net (loss) income$(31,295)$(7,339)$(19,456)$46,239 Interest expense in cost of sales1,159 1,525 4,292 6,697 Interest expense in other expense, net2,206 3,650 7,050 9,370 Depreciation and amortization643 523 1,650 1,449 Taxes682 7 (814)(896)EBITDA$(26,605)$(1,634)$(7,278)$62,859 Stock-based compensation expense1,936 1,568 5,304 4,918 Transaction cost expense669 686 1,376 2,428 Amortization in homebuilding cost of sales(a)598 573 2,161 2,434 Severance expense— — 125 1,504 Abandoned project costs9 — 67 320 Change in fair value of derivative liabilities27,208 7,785 12,170 (50,650)Non-recurring remediation costs— — — 109 Adjusted EBITDA$3,815 $8,978 $13,925 $23,922 EBITDA margin(b)(29.3)%(1.4)%(2.6)%19.1 %Adjusted EBITDA margin(b)4.2 %7.6 %4.9 %7.3 %

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(a) Represents expense recognized