United Homes Group Inc
NASDAQ:UHG
United Homes Group Inc
United Homes Group, Inc. engages in the designing, building, and selling of homes principally in South Carolina, with a smaller presence in Georgia. The company is headquartered in New York City, New York and currently employs 148 full-time employees. The company went IPO on 2021-01-26. The firm's builder brand is Great Southern Homes (GSH). GSH has delivered approximately 11,000 homes in the South Carolina and Georgia markets and is also focused on expanding into North Carolina. GSH focuses on the entry-level and first-time move-up home buyer segments.
United Homes Group, Inc. engages in the designing, building, and selling of homes principally in South Carolina, with a smaller presence in Georgia. The company is headquartered in New York City, New York and currently employs 148 full-time employees. The company went IPO on 2021-01-26. The firm's builder brand is Great Southern Homes (GSH). GSH has delivered approximately 11,000 homes in the South Carolina and Georgia markets and is also focused on expanding into North Carolina. GSH focuses on the entry-level and first-time move-up home buyer segments.
Strategic Review Outcome: The company completed a review of strategic alternatives and will remain an independent public company.
Board Changes: Several board members are resigning, and replacements are being sought to maintain NASDAQ listing compliance.
Revenue Drop: Third quarter revenue fell to $90.8 million, a decrease of $27.8 million year-over-year, mainly due to lower home closings.
Order & Traffic Trends: Despite industry headwinds, September was the best order month of the year and buyer traffic improved significantly.
Margins Under Pressure: Gross margin declined to 17.7% from increased incentives and discounting, though some cost savings helped offset pressure.
Net Loss: The company posted a net loss of $31.3 million for the quarter, mainly due to non-cash charges related to derivative liabilities.
