Company: UHG
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001830188-25-000065
Chunk: 70

Company: United Homes Group, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 70
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 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).

32

Three Months Ended June 30,Six Months Ended June 30,2025202420252024Net (loss) income$(6,341)$28,640 $11,839 $53,578 Interest expense in cost of sales1,632 1,659 3,133 5,172 Interest expense in other expense, net2,383 3,578 4,844 5,720 Depreciation and amortization515 476 1,007 926 Taxes(251)218 (1,496)(903)EBITDA$(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