United Homes Group, Inc. (UHG) announced on Friday that its net income for the first quarter was $24.9 million or $0.44 per share. This is a notable improvement from the previous year, which recorded a net loss of $204.5 million or $5.44 per share.
The latest financial statistics include the change in the fair value of derivative liabilities, which amounted to $26.4 million.
The first quarter's Adjusted EBITDA was $7.3 million, a slight decline from $8.5 million in the first quarter of 2023.
In terms of revenue, the residential builder's earnings for the first quarter increased to $100.8 million, up from the previous year's $94.8 million.
However, the number of home closings reduced to 311, from 328 the prior year. The net new home orders also saw a slight drop, falling to 384 from 389 the previous year.
Regarding production-built homes, the Average Sell Price (ASP) of 286 closed homes during the first quarter of 2024 was around $335,000. This is an increase from $314,000 during the first quarter of 2023, which saw 294 production-built homes closed.
