Company: SDHC
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001982518-25-000020
Chunk: 94

Company: Smith Douglas Homes Corp.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 94
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 becomes inactive when it has fewer than two homes remaining to sell.

Home closing revenue

Home closing revenue for the three months ended March 31, 2025, was $224.7 million, an increase of $35.5 million, or 19%, from $189.2 million for the three months ended March 31, 2024. The increase in revenue was primarily attributable to an increase of 19% in the number of homes closed. The growth in the number of homes closed as compared to the three months ended March 31, 2024 reflected increases of 32% in our Southeast segment and 4% in our Central segment. 

The following table sets forth our home closing revenue, number of home closings, and ASP of homes closed for the periods presented, in each of our reportable segments (dollar amounts in thousands):

Three months ended March 31,20252024Period over period changeHome closingrevenueHome closingsASP ofhomes closedHome closingrevenueHome closingsASP ofhomes closedHome closingrevenueHome closings ASP ofhomes closed Southeast$138,218392$353$103,494297$34834%32%1%Central86,50427931085,7152693191%4%(3)%Total$224,722671$335$189,209566$33419%19%—%

Cost of home closings

Cost of home closings for the three months ended March 31, 2025, was $171.2 million, an increase of $31.4 million, or 22%, from $139.7 million for the three months ended March 31, 2024, which was primarily driven by a 19% increase in home closings and an 3% increase in the average cost of home closings. 

Home closing gross profit

Home closing gross profit for the three months ended March 31, 2025 was $53.5 million, an increase of $4.1 million, or 8%, from $49.5 million for the three months ended March 31, 2024. Home closing gross margin, expressed as a percentage and calculated as home closing gross profit divided by home closing revenue, was 23.8% in the three months ended March 31, 2025 compared to 26.1% in the same period in 2024. 

The decrease in home closing gross margin for the three months ended March 31, 2025 compared to