Landsea Homes Reports Decrease in Revenue and Net Income

By Tamara Parker • Monday, March 18 15:14 • Permanent Link

Landsea Homes Corporation has released its unaudited pro forma condensed combined financial statements for the year ended December 31, 2023, which factor in the Antares acquisition. The company's total revenue for the year ended December 31, 2023, was $1.2 billion, an increase from $1.1 billion for the year ended December 31, 2022.

In terms of net income, the company reported a net loss of $29.5 million for the year ended December 31, 2023, compared to a net income of $14.3 million for the year ended December 31, 2022.

Looking at adjusted EBITDA, Landsea Homes Corporation reported $18.6 million for the year ended December 31, 2023, compared to $83.6 million for the year ended December 31, 2022.

When considering the company's adjusted homebuilding gross margin percentage, it decreased to 13.1% for the year ended December 31, 2023, from 16.7% for the year ended December 31, 2022.

Furthermore, Landsea Homes Corporation's adjusted homebuilding gross margin per unit also experienced a decline, dropping to $58,000 for the year ended December 31, 2023, from $68,000 for the year ended December 31, 2022.

The company's adjusted homebuilding gross margin percentage, as well as the adjusted homebuilding gross margin per unit, decreased, reflecting a challenging period for the business. Today the company's shares have moved -3.1% to a price of $12.03. For more information, read the company's full 8-K submission here.

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