NYSE: SDHC
Smith Douglas Homes Corp.CIK 0001982518 · SIC 1531 · Operative Builders
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SDHC Q2 net income plunges 89.6% to $246,000 despite 21.9% revenue growth to $273.0M
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Smith Douglas Homes prices $161.5M IPO at $21/share; insiders keep 98.3% voting power
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Latest financial statements
From 10-Q filed Aug 6, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Operations (Unaudited)
(in thousands)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Home closing revenue | 273,026 | 223,924 | 479,470 | 448,646 |
| Cost of home closings | 225,105 | 171,985 | 391,098 | 343,177 |
| Home closing gross profit | 47,921 | 51,939 | 88,372 | 105,469 |
| Selling, general and administrative costs | 41,914 | 34,702 | 77,826 | 67,701 |
| Equity in income from unconsolidated entities | (786) | (598) | (1,313) | (817) |
| Interest expense | 640 | 772 | 1,488 | 1,438 |
| Other expense (income), net | 4,285 | (116) | 4,188 | 401 |
| Income before income taxes | 1,868 | 17,179 | 6,183 | 36,746 |
| Provision for income taxes | 100 | 744 | 353 | 1,601 |
| Net income | 1,768 | 16,435 | 5,830 | 35,145 |
| Net income attributable to non-controlling interests | 1,522 | 14,070 | 5,019 | 30,097 |
| Net income attributable to Smith Douglas Homes Corp. | 246 | 2,365 | 811 | 5,048 |
Consolidated Balance Sheets (Unaudited)
(in thousands)
| Description | June 30, 2026 (Unaudited) | December 31, 2025 |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | 14,200 | 12,741 |
| Real estate inventory | 331,216 | 298,637 |
| Deposits on real estate under option or contract | 139,288 | 138,763 |
| Real estate not owned | 24,251 | 28,051 |
| Property and equipment, net | 9,206 | 9,720 |
| Goodwill | 25,726 | 25,726 |
| Deferred tax asset, net | 9,612 | 9,666 |
| Other assets | 38,603 | 34,289 |
| Total assets | 592,102 | 557,593 |
| Liabilities and Equity | ||
| Liabilities: | ||
| Accounts payable | 26,943 | 1,938 |
| Customer deposits | 6,027 | 3,108 |
| Notes payable | 66,026 | 44,075 |
| Liabilities related to real estate not owned | 24,251 | 28,051 |
| Accrued expenses and other liabilities | 26,517 | 26,428 |
| Tax receivable agreement liability | 9,382 | 9,857 |
| Total liabilities | 159,146 | 113,457 |
| Commitments and contingencies (Note 9) | ||
| Equity: | ||
| Preferred stock, $0.0001 par value 10,000,000 shares authorized; none issued and outstanding as of June 30, 2026 and December 31, 2025 | — | — |
| Class A common stock, $0.0001 par value 250,000,000 shares authorized; 9,109,212 and 9,017,708 shares issued, 8,386,996 and 9,017,708 shares outstanding as of June 30, 2026 and December 31, 2025, respectively | 1 | 1 |
| Class B common stock, $0.0001 par value 100,000,000 shares authorized; 42,435,897 shares issued and outstanding as of June 30, 2026 and December 31, 2025 | 4 | 4 |
| Additional paid-in capital | 62,122 | 60,610 |
| Retained earnings | 26,924 | 26,113 |
| Treasury stock, at cost | (9,588) | — |
| Total stockholders’ equity attributable to Smith Douglas Homes Corp. | 79,463 | 86,728 |
| Non-controlling interests attributable to Smith Douglas Holdings LLC | 353,493 | 357,408 |
| Total equity | 432,956 | 444,136 |
| Total liabilities and equity | 592,102 | 557,593 |
Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income | 5,830 | 35,145 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
| Depreciation | 1,772 | 1,066 |
| Accrued incentive compensation expense | 489 | 384 |
| Share-based payment expense | 2,744 | 1,581 |
| Abandonment of lot option contracts | 4,490 | 716 |
| Impairment of real estate inventory | 4,074 | 642 |
| Amortization of debt issuance costs | 406 | 456 |
| Equity in earnings from unconsolidated entities | (1,313) | (817) |
| Distributions of income from unconsolidated entities | 1,327 | 747 |
| Non-cash lease expense | 277 | 388 |
| Provision for deferred income taxes | 54 | 263 |
| Other | (13) | (10) |
| Changes in assets and liabilities: | ||
| Real estate inventory | (32,853) | (63,953) |
| Deposits on real estate under option or contract | (5,015) | (30,062) |
| Other assets | (5,815) | 677 |
| Accounts payable | 25,005 | (1,411) |
| Customer deposits | 2,919 | 602 |
| Accrued expenses and other liabilities | 472 | (10,261) |
| Net cash provided by (used in) operating activities | 4,850 | (63,847) |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (1,139) | (3,156) |
| Investments in unconsolidated entities | (25) | (1,086) |
| Other | 12 | 17 |
| Net cash used in investing activities | (1,152) | (4,225) |
| Cash flows from financing activities: | ||
| Borrowings under revolving credit facility | 131,000 | 149,000 |
| Repayments under revolving credit facility | (108,000) | (80,100) |
| Payments on notes payable | (908) | (832) |
| Payments on notes payable related party | (259) | (40) |
| Proceeds from sales of real estate not owned | 12,300 | 27,115 |
| Payments related to repurchases of real estate not owned | (16,100) | (6,818) |
| Distributions | (8,934) | (23,621) |
| Payment of debt issuance costs | (100) | (2,218) |
| Payments of shares withheld for taxes | (648) | — |
| TRA payments | (475) | — |
| Share repurchases | (10,115) | — |
| Net cash (used in) provided by financing activities | (2,239) | 62,486 |
| Net increase (decrease) in cash and cash equivalents | 1,459 | (5,586) |
| Cash and cash equivalents, beginning of period | 12,741 | 22,363 |
| Cash and cash equivalents, end of period | 14,200 | 16,777 |
Amounts as printed on the EDGAR/iXBRL face — (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗