Company: UHG
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001830188-25-000012
Chunk: 87

Company: United Homes Group, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 7
Chunk 87
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2024 Compared to Year Ended December 31, 2023

The following table presents summary results of operations for the periods indicated:

Year Ended December 31,Amount Change20242023% Change Statements of OperationsRevenue, net of sales discounts$463,714,017 $421,474,101 $42,239,916 10.0 %Cost of sales383,883,751 341,748,481 42,135,270 12.4 %Selling, general and administrative expense74,699,741 65,094,444 9,605,297 14.7 %Other expense, net(12,482,940)(3,762,613)(8,720,327)NMEquity in net earnings from investment in joint venture1,528,984 1,244,091 284,893 22.9 %Loss on extinguishment of Convertible Notes(45,642,497)— (45,642,497)NMChange in fair value of derivative liabilities88,652,980 115,904,646 (27,251,666)(23.5)%Income before taxes$37,187,052 $128,017,300 $(90,830,248)(71.0)%Income tax (benefit) expense(9,718,688)2,957,016 (12,675,704)NMNet income$46,905,740 $125,060,284 $(78,154,544)(62.5)%Other Financial and Operating Data:Active communities at end of period(a)46 61 (15)(24.6)%Home closings1,431 1,383 48 3.5 %Average sales price of homes closed(b)$329,111 $315,718 $13,393 4.2 %Net new orders (units)1,399 1,296 103 7.9 %Cancellation rate11.4 %13.6 %(2.2)%(16.2)%Backlog157 189 (32)(16.9)%Gross profit$79,830,266 $79,725,620 $104,646 0.1 %Gross profit %(c)17.2 %18.9 %(1.7)%(9.0)%Adjusted gross profit(d)$92,407,360 $