sdhc-20260806
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________________
FORM 8-K
_______________________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
August 6, 2026
Date of Report (Date of earliest event reported)
_______________________________________________________________
Smith Douglas Homes Corp.
(Exact name of registrant as specified in its charter)
_______________________________________________________________
Delaware001-4191793-1969003
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)
110 Village Trail, Suite 215
Woodstock, Georgia 30188
(Address of principal executive offices) (Zip Code)
(770) 213-8067
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
_______________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Class A common stock, $0.0001 par value per shareSDHCThe New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company    x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. x


Item 2.02. Results of Operations and Financial Condition.
On August 6, 2026, Smith Douglas Homes Corp. (the “Company”) announced its financial results for the three and six months ended June 30, 2026. The full text of the press release issued by the Company in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K (the “Current Report”).
The information contained in Item 2.02 of this Current Report (including Exhibit 99.1 attached hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly provided by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits
The following exhibit relates to Item 2.02 and shall be deemed to be furnished, and not filed:
Exhibit
No.
Description
Press release dated August 6, 2026
104Cover Page Interactive Data File (embedded within the inline XBRL document)


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: August 6, 2026
SMITH DOUGLAS HOMES CORP.
By:/s/ Russell Devendorf
Russell Devendorf
Executive Vice President and Chief Financial Officer


Exhibit 99.1
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Smith Douglas Homes Reports Second Quarter 2026 Results
ATLANTA, August 6, 2026 (Business Wire) – Smith Douglas Homes Corp. (NYSE: SDHC) (“Smith Douglas” or the “Company”) today announced second quarter results for the three and six months ended June 30, 2026.
Q2 2026 Results as compared to Q2 2025:
•Home closings increased 25% to 839
•Home closing revenue increased 22% to $273.0 million
•Home closing gross margin of 17.6% compared to 23.2%
•Net new home orders increased 32% to 970
•Backlog homes increased 17% to 1,000
•Pretax income of $1.9 million, which includes $7.6 million of real estate inventory impairment and lot option contract abandonment charges, compared to $17.2 million
•Earnings of $0.03 per diluted share compared to $0.26
•Debt-to-book capitalization of 13.2% compared to 9.0% at December 31, 2025
•Active community count increased 20% to 110 at quarter end
•Total controlled lots of 23,527
•Repurchased 312,351 shares of Class A common stock for $4.4 million
“We delivered another quarter of solid operational execution, generating strong year-over-year growth in both net new home orders and home closings despite a market that remains uncertain and constantly evolving,” said Greg Bennett, Chief Executive Officer and Vice Chairman of Smith Douglas Homes. “Our teams continued to help buyers find the right combination of affordability, personalization, and value, while maintaining our disciplined operations and industry-leading build times. We believe this performance reflects the strength of our operating model and positions us well for continued long-term growth.”
Mr. Bennett continued, “While the housing market continues to face affordability challenges and macroeconomic uncertainty, we remain encouraged by underlying demand and the resilience of today's homebuyer.”
Russ Devendorf, Executive Vice President and Chief Financial Officer, added, “Our second quarter results demonstrate that we can continue growing while remaining disciplined in how we operate the business. We expanded our community count, increased sales, and continued to execute our land-light land strategy without compromising our underwriting standards. As we scale across the Southeastern and Southern United States, we remain focused on generating attractive returns, preserving balance sheet flexibility, and creating long-term value for our shareholders.”
Conference Call & Webcast Information
Management will host a conference call to discuss the Company’s results at 8:30 a.m. Eastern Time on August 6, 2026. Interested parties can dial in using the numbers below or access the call via a webcast link provided in the investor relations section of the company’s website.
Dial-in Numbers:
Local: (+1) 585-542-9983
Toll Free: (+1) 833-461-5787
Conference ID: 284 191 644

A replay of the call will be available on the Company’s website shortly after the call concludes.
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About Smith Douglas Homes
Headquartered in Woodstock, Georgia, Smith Douglas Homes completed its initial public offering in January 2024. Since its inception, Smith Douglas has been entrusted by over 20,000 families to fulfill their new home dreams. Ranked a top 50 builder nationally for several years and with 2,908 closings in 2025, Smith Douglas currently holds the #33 position on the Builder Magazine Top 100 list. The Smith Douglas communities are primarily targeted to entry-level and empty-nest homebuyers looking to purchase a new home priced below the Federal Housing Administration loan limit in the metro areas of Atlanta, Birmingham, Central Georgia, Charlotte, Chattanooga, Dallas-Fort Worth, Greenville, Houston, Huntsville, Nashville, Raleigh, and the Alabama Gulf Coast. Smith Douglas offers its homebuyers a personalized, affordable buying experience at attractive prices, delivering exceptional value and quality.
Investor Relations
Joe Thomas, SVP of Accounting & Finance
[email protected]

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding the Company’s performance, growth, strategic plans and opportunities, financial position, ability to navigate the changing homebuilding landscape in the macroeconomic environment, and the timing of any of the foregoing. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, as the same may be updated from time to time in our subsequent filings with the Securities and Exchange Commission. These forward-looking statements are based on management’s current estimates and expectations. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.
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Smith Douglas Homes
Condensed Consolidated Statements of Income
(Unaudited, in thousands, except share and per share amounts)
Three months ended June 30,Six months ended June 30,
2026202520262025
Home closing revenue$273,026 $223,924 $479,470 $448,646 
Cost of home closings225,105 171,985 391,098 343,177 
Home closing gross profit47,921 51,939 88,372 105,469 
Selling, general and administrative costs41,914 34,702 77,826 67,701 
Equity in income from unconsolidated entities(786)(598)(1,313)(817)
Interest expense640 772 1,488 1,438 
Other expense (income), net4,285 (116)4,188 401 
Income before income taxes1,868 17,179 6,183 36,746 
Provision for income taxes100 744 353 1,601 
Net income1,768 16,435 5,830 35,145 
Net income attributable to non-controlling interests1,522 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 
Weighted average shares of common stock outstanding:
Basic8,380,6478,998,4708,698,0438,983,328
Diluted8,380,6478,998,4708,698,0439,160,922
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Smith Douglas Homes
Condensed Consolidated Balance Sheets
(In thousands, except share and per share amounts)
June 30, 2026December 31, 2025
(Unaudited)
Assets
Cash and cash equivalents$14,200 $12,741 
Real estate inventory331,216 298,637 
Deposits on real estate under option or contract139,288 138,763 
Real estate not owned24,251 28,051 
Property and equipment, net9,206 9,720 
Goodwill25,726 25,726 
Deferred tax asset, net9,612 9,666 
Other assets38,603 34,289 
Total assets$592,102 $557,593 
Liabilities and Equity
Liabilities:
Accounts payable$26,943 $1,938 
Customer deposits6,027 3,108 
Notes payable66,026 44,075 
Liabilities related to real estate not owned24,251 28,051 
Accrued expenses and other liabilities26,517 26,428 
Tax receivable agreement liability9,382 9,857 
Total liabilities159,146 113,457 
Commitments and contingencies
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 capital62,122 60,610 
Retained earnings26,924 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 LLC353,493 357,408 
Total equity432,956 444,136 
Total liabilities and equity$592,102 $557,593 
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Smith Douglas Homes
Summary Cash Flow Information
(Unaudited, dollars in thousands)
Six months ended June 30,20262025
Net cash provided by (used in) operating activities$4,850 $(63,847)
Net cash used in investing activities(1,152)(4,225)
Net cash (used in) provided by financing activities(2,239)62,486 
Net increase (decrease) in cash and cash equivalents1,459 (5,586)
Cash and cash equivalents, beginning of period12,741 22,363 
Cash and cash equivalents, end of period$14,200 $16,777 
Smith Douglas Homes
Selected Other Operating Data
(Unaudited, dollars in thousands)
Three months ended June 30,Six months ended June 30,
2026202520262025
Home closings8396691,4631,340
ASP of homes closed$325$335$328$335
Net new home orders9707361,9511,504
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)
12.7%10.0%11.0%9.1%
Backlog homes (period end)(2)
1,0008581,000858
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)
1109211092
Controlled lots (period end):
Homes under construction1,2081,0911,2081,091
Owned lots664834664834
Optioned lots21,65522,89921,65522,899
Total controlled lots23,52724,82423,52724,824
(1)The cancellation rate is the total number of cancellations during the period divided by the total gross new home orders during the period.
(2)Backlog homes (period end) is the number of homes in backlog from the previous period plus the number of net new home orders generated during the current period minus the number of homes closed during the current period.
(3)A community becomes active once the model is completed or the community has its first sale. A community becomes inactive when it has fewer than two homes remaining to sell.
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Smith Douglas Homes
Selected Financial Information by Segment
(Unaudited, dollars in thousands)
Home Closing Revenue
Three months ended June 30,20262025Period over period change
Home closing
revenue		Home closingsASP of
homes closed		Home closing
revenue		Home closingsASP of
homes closed		Home closing
revenue		Home closingsASP of
homes closed
Southeast$168,995 509 $332 $141,267 407 $347 20 %25 %(4)%
Central104,031 330 315 82,657 262 315 26 %26 %— %
Total$273,026 839 $325 $223,924 669 $335 22 %25 %(3)%
Six months ended June 30,20262025Period over period change
Home closing
revenue		Home closingsASP of
homes closed		Home closing
revenue		Home closingsASP of
homes closed		Home closing
revenue		Home closingsASP of
homes closed
Southeast$290,073 867 $335 $279,485 799 $350 4 %9 %(4)%
Central189,397 596 318 169,161 541 313 12 %10 %2 %
Total$479,470 1,463 $328 $448,646 1,340 $335 7 %9 %(2)%
Backlog
As of June 30,20262025Period over period change
Backlog
homes		Contract
value of
backlog
homes		ASP of
backlog
homes		Backlog
homes		Contract
value of
backlog
homes		ASP of
backlog
homes		Backlog
homes		Contract
value of
backlog
homes		ASP of
backlog
homes
Southeast591 $194,893 $330 511 $178,409 $349 16 %9 %(5)%
Central409 127,254 311 347 114,472 330 18 %11 %(6)%
Total1,000 $322,147 $322 858 $292,881 $341 17 %10 %(6)%
Controlled Lots
As of June 30,20262025Period over period change
Owned(1)
OptionedTotal Controlled
Owned(1)
OptionedTotal Controlled
Owned(1)
OptionedTotal Controlled
Southeast1,023 14,007 15,030 986 16,005 16,991 4%(12%)(12%)
Central849 7,648 8,497 939 6,894 7,833 (10%)11%8%
Total1,872 21,655 23,527 1,925 22,899 24,824 (3%)(5%)(5%)
(1)Includes homes under construction and owned lots.
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Net Income
Three months ended June 30,Six months ended June 30,
20262025
Period over
period change
20262025
Period over
period change
Southeast$10,574$21,991$(11,417)$23,054$45,846$(22,792)
Central5,8666,345(479)11,30113,355(2,054)
Segment total16,44028,336(11,896)34,35559,201(24,846)
Other(1)
(14,672)(11,901)(2,771)(28,525)(24,056)(4,469)
Total$1,768$16,435$(14,667)$5,830$35,145$(29,315)
(1)Other primarily includes homebuilding operations in non-reportable segments, corporate overhead costs, such as payroll and benefits, business insurance, information technology, office costs, outside professional services and travel costs, and certain other amounts that are not allocated to the reportable segments.
Non-GAAP Financial Measures
In addition to our results determined in accordance with generally accepted accounting principles in the U.S. (“GAAP”), this press release includes net debt-to-net book capitalization and adjusted net income.
Net debt-to-net book capitalization
Net debt-to-net book capitalization is a supplemental measure of our leverage that is not required by, or presented in accordance with, GAAP and should not be considered as an alternative to debt-to-book capitalization or any other measure derived in accordance with GAAP. We caution investors that amounts presented in accordance with our definition of net debt-to-net book capitalization may not be comparable to similar measures disclosed by our competitors because not all companies and analysts calculate this non-GAAP financial measure in the same manner. We present this non-GAAP financial measure because we consider it to be an important supplemental measure of our leverage and believe it is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in our industry.

We define net debt-to-net book capitalization as:
•Total debt, less cash and cash equivalents, divided by
•Total debt, less cash and cash equivalents, plus equity.
This non-GAAP financial measure has limitations as an analytical tool in that it subtracts cash and cash equivalents and therefore may imply that the Company has less debt than the most comparable measure determined in accordance with GAAP. Because of this limitation, this non-GAAP financial measure should be considered along with other financial measures presented in accordance with GAAP. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. We have reconciled this non-GAAP financial measure with the most directly comparable GAAP financial measure in the following table:
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As of
(in thousands, except percentages)		June 30,
2026		December 31,
2025
Notes payable$66,026$44,075
Equity432,956444,136
Total capitalization$498,982$488,211
Debt-to-book capitalization13.2%9.0%
Notes payable$66,026$44,075
Less: cash and cash equivalents14,20012,741
Net debt51,82631,334
Equity432,956444,136
Total net capitalization$484,782$475,470
Net debt-to-net book capitalization10.7%6.6%
Adjusted net income
Adjusted net income is not a measure of net income or net income margin as determined by GAAP. Adjusted net income is a supplemental non-GAAP financial measure used by management and external users of our consolidated financial statements, such as industry analysts, investors, lenders, and rating agencies. We define adjusted net income as net income adjusted for the tax impact using an applicable federal and state blended tax rate (assuming 100% public ownership to adjust for the impact of taxes on earnings attributable to Smith Douglas Holdings LLC as if Smith Douglas Holdings LLC was a subchapter C corporation in the periods presented).
Management believes adjusted net income is useful because it allows management to more effectively evaluate our operating performance and comparability to industry peers who record income tax expense on their income before tax as opposed to the income of Smith Douglas Holdings LLC not being taxed at the entity level and, therefore, not reflecting a charge against earnings for income tax expense. Adjusted net income should not be considered as an alternative to, or more meaningful than, net income or any other measure as determined in accordance with GAAP. Our computation of adjusted net income may not be comparable to adjusted net income of other companies. We present adjusted net income because we believe it provides useful information regarding our comparability to peers.
The following table presents a reconciliation of adjusted net income to the GAAP financial measure of net income for each of the periods indicated (in thousands):
Three months ended June 30,Six months ended June 30,
2026202520262025
Net income$1,768 $16,435 $5,830 $35,145 
Provision for income taxes100 744 353 1,601 
Income before income taxes1,868 17,179 6,183 36,746 
Tax-effected adjustments(1)
502 4,278 1,662 9,150 
Adjusted net income$1,366 $12,901 $4,521 $27,596 
(1)For the three and six months ended June 30, 2026 and 2025, our tax expenses assume a 26.9% and 24.9% federal and state blended tax rate, respectively, (assuming 100% public ownership to adjust for the impact of taxes on earnings attributable to Smith Douglas Holdings LLC as if Smith Douglas Holdings LLC was a subchapter C corporation in the periods presented).
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