Filing Flows › Smith Douglas Homes (SDHC) › Q1 2025
Smith Douglas Homes (SDHC) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 14, 2025
Smith Douglas Homes (SDHC) reported revenue of $225M for the first quarter 2025 (Q1 2025), +19% from a year earlier and -22% from the quarter before. Operating margin was 8.7%, net earnings $2.7M (1.2% of revenue).
Smith Douglas Homes, Q1 2025: revenue $225M (+19% year over year), operating margin 8.7%, net earnings $2.7M, operating cash flow −$34.9M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $225M | -22% | +19% |
| Gross profit | $53.5M | -27% | +8% |
| Operating profit | $19.6M | -35% | -9% |
| Net earnings | $2.7M | -35% | -10% |
| Operating cash flow | −$34.9M | — | — |
What changed
Revenue was $224.7M in Q1 2025, up 19% year over year and down 22% from the previous quarter.
Gross margin was 23.8%, down 2.3 points from a year earlier. Operating profit was $19.6M, a 8.7% margin (down 2.6 points year over year). Operating profit fell $1.8M even though revenue rose $35.5M versus a year earlier, so costs grew faster than sales. Operating expenses grew 21% against revenue growth of 19%. The fastest-growing cost line was Other operating costs (+88%). Net earnings were $2.7M, down 10% year over year. The effective tax rate was 4.4%.
Operating cash flow was −$34.9M. Non-cash charges added back $486K of depreciation and $612K of share-based compensation. Working capital and other items used $54.7M. Capital expenditures of $1.0M exceeded it, leaving free cash flow of −$35.9M.
Questions
What was Smith Douglas Homes' revenue in the first quarter 2025?
Smith Douglas Homes (SDHC) reported revenue of $225M for the first quarter 2025 (Q1 2025), +19% from a year earlier and -22% from the quarter before.
Was Smith Douglas Homes profitable in the first quarter 2025?
Operating profit was $19.6M (8.7% of revenue) and net earnings $2.7M.