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.
statements of income (Unaudited)
(amounts 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 |
| Earnings per share: | ||||
| Basic | 0.03 | 0.26 | 0.09 | 0.56 |
| Diluted | 0.03 | 0.26 | 0.09 | 0.55 |
| Other operating data: | ||||
| Home closings | 839 | 669 | 1,463 | 1,340 |
| ASP of homes closed | 325 | 335 | 328 | 335 |
| Net new home orders | 970 | 736 | 1,951 | 1,504 |
| Contract value of net new home orders | 311,612 | 247,421 | 635,305 | 506,139 |
| ASP of net new home orders | 321 | 336 | 326 | 337 |
| Cancellation rate(1) | ||||
| Backlog homes (period end)(2) | 1,000 | 858 | 1,000 | 858 |
| Contract value of backlog homes (period end) | 322,147 | 292,881 | 322,147 | 292,881 |
| ASP of backlog homes (period end) | 322 | 341 | 322 | 341 |
| Active communities (period end)(3) | 110 | 92 | 110 | 92 |
| Controlled lots (period end): | ||||
| Homes under construction | 1,208 | 1,091 | 1,208 | 1,091 |
| Owned lots | 664 | 834 | 664 | 834 |
| Optioned lots | 21,655 | 22,899 | 21,655 | 22,899 |
| Total controlled lots | 23,527 | 24,824 | 23,527 | 24,824 |
Consolidated Balance Sheets (Unaudited)
| Description | Jun 30, 2026 | Dec 31, 2025 |
|---|---|---|
| Current assets: | ||
| Cash and equivalents | 14.2 | 12.7 |
| Prepaid expenses and other current assets | 5.3 | |
| Investments | 2.3 | 2.3 |
| Property, plant and equipment, net | 9.2 | 9.7 |
| Operating lease right-of-use assets, net | 2.6 | 1.9 |
| Goodwill | 25.7 | 25.7 |
| Deferred income taxes and other assets | 9.6 | 9.7 |
| TOTAL ASSETS | 592.1 | 557.6 |
| Current liabilities: | ||
| Total liabilities | 159.1 | 113.5 |
| Shareholders' equity: | ||
| Capital in excess of stated value | 62.1 | 60.6 |
| Retained earnings (deficit) | 26.9 | 26.1 |
| Treasury stock | (9.6) | — |
| Total shareholders' equity | 79.5 | 86.7 |
| Noncontrolling interest | 353.5 | 357.4 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 592.1 | 557.6 |
Consolidated Statements of Cash Flows (Unaudited)
| Description | Six months ended Jun 30, 2026 | Six months ended Jun 30, 2025 |
|---|---|---|
| Operating Activities: | ||
| Net cash from operating activities | 4.8 | (63.8) |
| Investing Activities: | ||
| Net cash from investing activities | (1.2) | (4.2) |
| Financing Activities: | ||
| Net cash from financing activities | (2.2) | 62.5 |
| Net increase/(decrease) in cash | 1.5 | (5.6) |
Face scale: (amounts in thousands). Amounts in millions USD (mixed scale; EPS as reported); EPS as reported. Statements found on the EDGAR/iXBRL face print as filed; the rest are presentation-friendly mappings of filer XBRL tags. Use EDGAR for interactive notes and detail. Interactive statements & notes on EDGAR ↗