Company: UHG
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001830188-25-000079
Chunk: 157

Company: United Homes Group, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 2
Chunk 157
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 revenues and build-to-rent revenues.

(c)Calculated as a percentage of revenue.

(d)Adjusted gross profit, EBITDA and adjusted EBITDA are non-GAAP financial measures. For definitions of adjusted gross profit, EBITDA and adjusted EBITDA and a reconciliation to the most directly comparable financial measures calculated and presented in accordance with GAAP, see “Non-GAAP Financial Measures.”

Revenues: Revenues for the three months ended September 30, 2025 were $90.8 million, a decrease of $27.8 million, from $118.6 million for the three months ended September 30, 2024. The decrease in revenues was primarily attributable to a decrease in home closings of 29.0%, partially offset by an increase in average sales price (“ASP”) of production-built homes of 8.0%. The decline in the number of homes closed as compared to the three months ended September 30, 2024 was primarily due to decreases of 31.5% in the GSH South Carolina segment, partially offset by an increase in closings of 75.0% in the Rosewood reporting segment.

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The following table provides a summary of the Company’s revenues, home closings, and ASP in each of the reportable segments (revenues in thousands):

Three Months Ended September 30, 20252024Period over period changeRevenuesClosingsASP1RevenuesClosingsASP1RevenuesClosingsASP1GSH South Carolina$79,472 241 $329,083 $108,950 352 $308,125 (27.1)%(31.5)%6.8 %Rosewood8,448 14 603,429 5,701 8 712,625 48.2 %75.0 %(15.3)%Other22,874 7 410,571 3,993 9 443,667 (28.0)%(22.2)%(7.5)%Total$90,794 262 $345,920 $118,644 369 $320,199 (23.5)%(29.0)%8.0 %

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1 Average sales price of homes closed, excluding the impact of percentage of completion revenues and build-to-rent revenues.

2 Other consists of UHG’s homebuilding operations in Raleigh, NC.

Cost of sales and Gross profit: Cost of sales for