Business
United Homes Group, Inc. Reports Fourth Quarter and Full Year 2023 Results
Fourth Quarter 2023 Highlights 387 homes closed, resulting in revenue, net of sales discounts, of $116.8 million Average sale price ("ASP") of
About this update from United Homes Group, Inc
[{"type":"text","content":"\nFourth Quarter 2023 Highlights\n\n\n\n387 homes closed, resulting in revenue, net of sales discounts, of $116.8 million\n\n\n\nAverage sale price (\"ASP\") of production-built homes was approximately $320,000 compared to $300,000 in Q4 2022\n\n\n\n294 net new home orders in Q4 2023 compared to 271 net new home orders in Q4 2022 and 260 net new home orders in January and February 2024.\n\n\n\nActive community count of 61 as of December 31, 2023\n\n\n\nApproximately 9,000 lots owned or controlled by the Company or affiliates as of December 31, 2023\n\n\n\nExpanded presence in the Greenville and Clemson, South Carolina markets through acquisition of Rosewood Communities\n\n\n\nIn January 2024, acquired the homebuilding business and assets of Creekside Custom Homes, LLC, expanding presence in the Myrtle Beach, South Carolina market which added approximately 1,000 lots under control\n\n\n\nAvailable liquidity of $81.1 million as of December 31, 2023, comprised of $56.7 million of cash and $24.4 million of undrawn revolver capacity under our credit facility\n\n\n\nFiscal Year Ended December 31, 2023 Highlights\n\n\n\nClosed Business Combination resulting in publicly-traded southeast focused homebuilder with a “land-light” operating model\n\n\n\nExpanded into new and existing markets through the acquisitions of Herring Homes and Rosewood Communities\n\n\n\n1,383 homes closed, resulting in revenue, net of sales discounts, of $421.5 million\n\n\n\nASP of production-built homes increased to $316,000 in 2023 compared to $296,000 in 2022\n\n\n\n1,296 net new home orders in 2023 compared to 1,259 net new orders in 2022\n\n\n\n COLUMBIA, S.C.--(BUSINESS WIRE)--\nUnited Homes Group, Inc. (the “Company”) (NASDAQ: UHG) today announced results for the fourth quarter and fiscal year ended December 31, 2023.\n\n\nFourth Quarter 2023 Operating Results\n\n\nFor the fourth quarter 2023, net loss was $66.6 million, or $(1.38) per diluted share, which included change in fair value of derivative liabilities of $(69.1) million, with that change predominantly due to changes in fair value on potential earn-out consideration due to fluctuation in the stock price during the measurement period, representing a non-cash expense item. The earnout consideration would be paid in common shares upon reaching certain stock price hurdles. The Company is required to r...