United Homes Group (UHG) Company Report

United Homes Group reported a net loss of $31.3 million for Q3 2025, with revenue declining to $90.8 million from $118.6 million in Q3 2024, primarily due to lower home closings.
Following a strategic review, the board unanimously decided to continue as an independent public company, which led to several board members resigning effective November 14th, necessitating the appointment of new independent directors to maintain NASDAQ compliance.
Despite uneven market demand, the company observed improving trends in Q3 2025, with September marking its best order month year-to-date and weekly traffic increasing to 350-400 visits from approximately 200 in the first half.
Home sales gross margins were 17.7% (19.6% adjusted) in Q3 2025, impacted by pricing pressure and discounting, though partially offset by construction cost savings and efforts to right-size the business.
As of September 30, 2025, UHG had 56 active communities (currently 58) and controlled approximately 7,700 lots, supported by $83.1 million in liquidity.

Nov 6, 2025, 1:30 PM

United Homes Group Reports Q3 2025 Results and Board Changes

UHG

Earnings

Board Change

Demand Weakening

United Homes Group reported a net loss of $31.3 million, or $0.53 per diluted share, for Q3 2025, significantly higher than the $7.3 million net loss in Q3 2024, primarily due to a $27.2 million non-cash loss from derivative liabilities.
Revenue, net of sales discounts, decreased 23% year over year to $90.8 million in Q3 2025, driven by a 29% reduction in home closings to 262 units. Gross margin also declined to 17.7% from 18.9% in Q3 2024 due to aggressive discounting.
The company concluded its strategic alternatives review, opting to remain an independent public company. This was followed by the immediate resignation of one director and the intended resignation of five additional directors by November 14, 2025, necessitating efforts to identify replacements for Nasdaq compliance.
Despite operational declines, the average sale price (ASP) of production-built homes increased 8.1% to approximately $346,000 in Q3 2025. Backlog inventory also grew 20.0% to 264 units, valued at $94.3 million, as of September 30, 2025.

Nov 6, 2025, 12:01 PM

United Homes Group, Inc. Reports Preliminary Q3 2025 Unit Statistics

UHG

Demand Weakening

New Projects/Investments

Earnings

United Homes Group, Inc. (UHG) reported preliminary Q3 2025 unit statistics, with net new orders declining 5.0% to 324 and home closings decreasing 29.0% to 262 year-over-year.
Home starts surged 65.9% to 526 in Q3 2025, supported by an increase in community count to 56 as of September 30, 2025.
The company's backlog inventory rose 20.0% to 264 as of September 30, 2025, while total inventory (backlog, spec, and model homes) increased 6.2% to 723.
Management indicated that elevated new home inventory and competitive dynamics are expected to impact gross margin improvement.

Oct 7, 2025, 11:01 AM

United Homes Group, Inc. Amends Credit Facility Covenants

UHG

Debt Issuance

On September 29, 2025, United Homes Group, Inc. (UHG) entered into a Fourth Amendment to its Second Amended and Restated Credit Agreement with Wells Fargo Bank, National Association, and a First Amendment to its Credit Agreement with Kennedy Lewis Agency Partners LLC.
The Wells Fargo amendment revises financial covenants, increasing the minimum Tangible Net Worth to $76,005,357.00 and the minimum Liquidity to $45,000,000 for the period from September 29, 2025, through the Specified Covenant Termination Date.
For the Wells Fargo facility, the minimum Debt Service Coverage Ratio was adjusted to 1.35 to 1.00 for the fiscal quarter ending September 30, 2025, and 1.50 to 1.00 for the fiscal quarter ending December 31, 2025.
The Kennedy Lewis amendment also sets the minimum Debt Service Coverage Ratio at 1.35 to 1.00 through December 31, 2025, allowing for two instances where it can be less than 1.35 to 1.00 but greater than or equal to 1.20 to 1.00 from December 11, 2024, until December 31, 2025.