Business
Comstock Reports Fourth Quarter and Fiscal Year 2022 Results
Revenue increased 20% to $9.3 million in Q4 2022 vs. $7.8 million in Q4 2021; FY 2022 revenue increased 26% to $39.3 million vs. $31.1 million in 2021
About this update from Comstock Holding Companies, Inc.
[{"type":"text","content":"\n\nRevenue increased 20% to $9.3 million in Q4 2022 vs. $7.8 million in Q4 2021; FY 2022 revenue increased 26% to $39.3 million vs. $31.1 million in 2021\n\n\nOperating income increased 61% to $1.6 million in Q4 2022 vs. $1.0 million in Q421; FY 2022 operating income increased 57% to $8.0 million vs. $5.1 million in 2021\n\n\nNet income increased 39% to $1.3 million in Q4 2022 vs. $0.9 million in Q4 2021; FY 2022 net income of $7.7 million vs. $16.0 million in 2021, primarily due to $11.2 million non-cash tax benefit in 2021\n\n\nAdjusted EBITDA increased 58% to $1.9 million in Q4 2022 vs. $1.2 million in Q4 2021; YTD 2022 Adjusted EBITDA increased 55% to $9.0 million vs. $5.8 million in 2021\n\n\n RESTON, Va.--(BUSINESS WIRE)--\nComstock Holding Companies, Inc. (Nasdaq: CHCI) (“Comstock” or the “Company”) announced its financial results for the fourth quarter and fiscal year ended December 31, 2022.\n\n“Our Q4 results once again demonstrated significant year-over-year growth in revenue, net income, and Adjusted EBITDA, while our FY 2022 results highlight the benefits and resiliency of our asset-light and debt-free strategy,” said Christopher Clemente, Comstock’s Chairman and Chief Executive Officer. “Comstock’s ability to consistently produce positive financial results quarter after quarter during uncertain economic times speaks to the risk mitigation strategy that is at the core of our business model. The significant transactions we executed in 2022 to streamline our balance sheet, eliminate remaining debt, and further strengthen our robust managed portfolio further enhanced our ability to continue generating excellent results for all stakeholders.”\n\nKey Performance Metrics1\n\n\n\n\n\n\n\n\n\n \n\n\n\n($ in thousands, except per share and portfolio data)\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\nQ4 2022\n\n\n\n \n\n\n\nQ4 2021\n\n\n\n \n\n\n\nFY 2022\n\n\n\n \n\n\n\nFY 2021\n\n\n\n \n\n\n\n\n\n \n\n\n\nRevenue\n\n\n\n$\n\n\n\n9,302\n\n\n\n \n\n\n\n$\n\n\n\n7,765\n\n\n\n \n\n\n\n$\n\n\n\n39,313\n\n\n\n \n\n\n\n$\n\n\n\n31,093\n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\n \n\n\n\nIncome from operations\n\n\n\n$\n\n\n\n1,595\n\n\n\n \n\n\n\n$\n\n\n\n993\n\n\n\n \n\n\n\n$\n\n\n\n7,952\n\n\n\n \n\n\n\n$\n\n\n\n...