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Backlog
Represents the value of unfulfilled orders, highlighting future revenue visibility and demand strength for the company's homes.Backlog has retraced sharply from the 2021 peak and, despite intermittent rebounds, remains structurally lower—signaling weaker near‑term revenue and ASP pressure. Management argues the decline is being managed: disciplined land buys, faster starts/construction, a rolling-out mortgage business to capture buyers, and planned H2 community adds. Those levers bolster liquidity and margins, but the combination of shrinking backlog, rising incentives and a recent accounting restatement means recovery depends on sustained order momentum—monitor orders, incentives and mortgage uptake closely.
Date | Backlog |
|---|---|
Jun 30, 2026 | $387.38M |
Mar 31, 2026 | $381.25M |
Dec 31, 2025 | $354.33M |
Sep 30, 2025 | $465.59M |
Jun 30, 2025 | $516.18M |
Mar 31, 2025 | $594.17M |
Dec 31, 2024 | $495.88M |
Sep 30, 2024 | $581.85M |
Jun 30, 2024 | $650.35M |
Mar 31, 2024 | $725.49M |