Quarter ended March 31, 2026.
| Closings | 624 (↓7%) |
| Revenue | $206.4M (↓8%) |
| Gross margin | 19.6% |
| Orders | 981 (↑28%, record) |
From the call
“I’d say we’re probably 70%, 80% before drywall stage has got a sale and our spec inventory has been coming down.”
Selling before drywall lets buyers personalize, capturing build-to-order margin with spec-like speed. With a 57-day build, sales and construction have to move in step.
Source: Smith Douglas Homes 8-K and earnings call.
