United Homes Group Q4 revenue $123.4M, EPS $0.05; merger with Stanley Martin expected Q2 2026

For the fourth quarter 2025, net income was $3.2 million , or $0.05 per diluted share, which included a gain from the change in fair value of derivative liabilities of $22.1 million , with that change primarily due to changes in fair value on the Company's warrants due to fluctuation in the warrant price during the measurement period, representing a non-cash expense item, partially offset by deferred tax expense of $20.4 million related to a valuation allowance against the Company's net deferred tax assets. Net income for the fourth quarter 2024 was $0.7 million, or $0.01 per diluted share, which included a change in fair value of derivative liabilities of $38.0 million, partially offset by a predominantly non-cash loss on extinguishment of Convertible Notes of $45.6 million. Adjusted book value 2 , which excludes derivative liabilities and goodwill, was $78.3 million as of December 31, 2025 . Revenue, net of sales discounts, for the fourth quarter 2025 was $123.4 million, compared to

Home closings of 1,192, a decrease of 17% year over year compared to 1,431 home closings in 2024, resulting in revenue, net of sales discounts, of $406.7 million, a decrease of 12%