Comstock Holding Companies, Inc. (CHCI)·Q4 2024 Earnings Summary

Executive Summary

• Q4 2024 delivered strong top-line growth with revenue of $16.9M (+54% YoY) and a sharp step-up in profitability; operating income rose 162% YoY to $5.1M and Adjusted EBITDA grew 45% to $3.1M .
• Diluted EPS was $0.99, boosted by a $5.0M income tax benefit; underlying operating performance improved materially on higher recurring fee-based revenue and supplemental fees .
• Cash generation remained robust with $7.8M of operating cash flow in Q4 and year-end cash of $28.8M, reinforcing the asset-light, debt-free model .
• Consensus estimates from S&P Global were not available for Q4 2024, limiting beat/miss analysis; investors should anchor on sequential and YoY trends and the company’s visibility into fee growth and AUM expansion .

What Went Well and What Went Wrong

• What Went Well

  • Recurring fee-based revenue and supplemental fees drove broad-based growth; Q4 revenue rose 54% YoY to $16.9M, with recurring fees up 38% and $3.2M of supplemental fees earned in Q4 .
  • Profitability inflected: operating income +162% YoY to $5.1M and Adjusted EBITDA +45% YoY to $3.1M, supported by scale and fee mix .
  • Leasing momentum remained strong: stabilized commercial portfolio 93% leased (8 new leases; 104k sq ft in Q4) and residential 96% leased with 4% rent growth; ParkX revenue growth contributed meaningfully .

• What Went Wrong

  • Q4 net income ($10.3M) benefited from a $5.0M tax benefit, inflating bottom-line metrics and complicating trend comparability; underlying operating metrics offer a cleaner view of performance .
  • Year-to-date losses on real estate ventures persisted (-$0.3M YTD), though markedly better than 2023; variability here can introduce quarterly noise .
  • Estimates context was unavailable from S&P Global for EPS and revenue, limiting external benchmark comparisons and near-term “beat/miss” stock catalysts .

Financial Results

Quarterly trend (sequential)

Year-over-year snapshot (Q4)

Estimates vs. Actuals (Q4 2024)

*Values retrieved from S&P Global; consensus not available for CHCI for Q4 2024.

KPIs and operating highlights

Notes: Net margins in Q4 were elevated by a $4.97M income tax benefit .

Guidance Changes

No formal numerical guidance for revenue, margins, OpEx, OI&E, or tax rate was provided in the releases reviewed .

Earnings Call Themes & Trends

No Q4 2024 earnings call transcript was available in our document set; themes below reflect quarterly press releases.

Management Commentary

• “Our fiscal year 2024 results are the latest data point in what is now a seven-year track record of producing positive net earnings and consistent growth in revenue and Adjusted EBITDA…our top-line CAGR is an industry-defying 25%.” — Christopher Clemente, Chairman & CEO .
• “The stabilized commercial and residential properties that anchor the transit-oriented, mixed-use neighborhoods we serve are more than 90% leased…The Row at Reston Station…set to deliver later this fall [late 2025].” .
• On growth platform: “The recurring, fee-based revenue streams we generate…have established a stable growth platform…we have the benefit of clear visibility on future top line growth in Q4 and beyond.” .
• On business model: “Our asset-light, debt-free business model continues to generate cash…well-positioned to expand our Institutional Venture Platform.” .

Q&A Highlights

No Q4 2024 earnings call transcript was available in the document set, so Q&A themes and any guidance clarifications could not be reviewed. Commentary herein reflects the press release narrative .

Estimates Context

• S&P Global consensus estimates for Q4 2024 EPS and revenue were not available for CHCI; therefore, beat/miss analysis versus Street is not determinable for this quarter. Investors should focus on sequential acceleration in revenue and operating income and YoY growth in Adjusted EBITDA as primary signals of fundamental strength .
• Actuals: Revenue $16.908M; Diluted EPS $0.99 (note: EPS includes a $4.97M tax benefit), limiting comparability to prior periods .
• Implication: In the absence of consensus anchors, the stock’s reaction is likely to hinge on durability of fee growth, leasing traction, and confidence around The Row delivery and monetization milestones .

Key Takeaways for Investors

• Fee flywheel intact: Recurring fee-based revenue growth and supplemental fees are scaling with AUM and ParkX expansion; sequential momentum from Q2→Q3→Q4 supports 2025 visibility .
• Quality bias drives leasing: Commercial stabilized occupancy at 93% with strong quarterly leasing; residential 96% leased with rent growth, underscoring “flight-to-quality” dynamics .
• Profitability inflection with caveat: Operating income and Adjusted EBITDA rose strongly, but Q4 net income/EPS were amplified by a sizable tax benefit; focus on operating metrics for trend assessment .
• Balance sheet and cash: $7.8M operating cash in Q4 and $28.8M year-end cash provide dry powder to fund selective investments within the asset-light model .
• 2025 catalyst path: The Row at Reston Station (late 2025 delivery), continued JW Marriott residence pre-sales, and office lease-up at trophy towers are key medium-term value drivers .
• Watch venture P&L variability: Real estate venture gains/losses improved but remain a source of quarterly noise; fee growth helps dampen volatility .
• With no S&P consensus available, trading may key off internal KPIs and milestone updates; near-term headlines on leasing wins, ParkX growth, and project progress could move the stock .

Sources: Q4 2024 8-K press release and financials ; Q3 2024 8-K press release and financials ; Q2 2024 8-K press release and financials . S&P Global consensus for CHCI Q4 2024 was not available (values retrieved from S&P Global).