Dream Finders Homes, Inc. reported a significant increase in financial performance for the fiscal year ending December 31, 2024, with total revenues reaching $4.45 billion, an 18% increase from $3.75 billion in 2023. The company's net income attributable to shareholders also rose to $335.3 million, compared to $295.9 million in the previous year, reflecting a 13% increase. Earnings per share (EPS) improved to $3.44 from $3.03, while EBITDA increased to $629.8 million, up from $521.5 million, resulting in an EBITDA margin of 14.1%.
The company experienced notable operational changes, including the acquisition of Crescent Homes in February 2024, which contributed approximately $469.7 million in homebuilding revenues and 877 home closings. This acquisition, along with the consolidation of Jet HomeLoans in July 2024, played a crucial role in the overall revenue growth. Dream Finders also expanded its geographic footprint, entering new markets such as Tampa, Florida, and Charleston, South Carolina, while increasing its controlled lots from 29,748 in 2023 to 54,698 in 2024, an 84% increase.
Despite the positive financial results, Dream Finders faced challenges, including a decrease in backlog from 3,978 homes valued at $1.9 billion in 2023 to 2,599 homes valued at approximately $1.3 billion in 2024. This decline was attributed to a strategic shift towards move-in ready speculative homes, which typically result in quicker closings. The cancellation rate improved slightly to 16.6% from 18.3%, indicating a stabilization in customer demand amidst ongoing market volatility and elevated mortgage interest rates.
Looking ahead, Dream Finders remains optimistic about future growth, driven by favorable demographic trends and a limited supply of affordable homes. The company plans to continue leveraging its asset-light lot acquisition strategy while pursuing organic growth and strategic acquisitions. The management anticipates that the current market conditions will support faster inventory turnover and reinforce the shift towards speculative sales, positioning the company well for continued success in the homebuilding sector.
About Dream Finders Homes, Inc.
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