United Homes Group, Inc. (UHG) reported Friday that its first-quarter net income was $24.9 million or $0.44 per share, compared to prior year's net loss of $204.5 million or $5.44 per share.
The latest result included change in fair value of derivative liabilities of $26.4 million.
Adjusted EBITDA during the first quarter was $7.3 million, compared to $8.5 million during the first quarter 2023.
The residential builder's revenues for the first quarter grew to $100.8 million from last year's $94.8 million.
Home closings were 311, down from 328 last year. Net new home orders also declined to 384 from prior year's 389.
ASP of 286 production-built homes closed during the first quarter 2024 was approximately $335,000, compared to $314,000 during the first quarter 2023 for 294 production-built homes.
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