Harbor Custom Development Reports 70% Increase in Gross Revenue and 346% Increase in Net Income in Q2 Financial Results

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Harbor Custom Development, Inc. (NASDAQ: HCDI; HCDIP; HCDIW), an innovative and market-leading real estate company, posted impressive financial results for the second quarter.

According to the Q2 2021 report, revenue was $ 14,132,400 with net income of $ 1,069,400. Q2 revenue was 70% higher than Q2 2020, while net income also increased 346% over the same period.

The 2nd quarter results are an improvement over the 1st quarter 2021 financial report. In the 1st quarter report, the company’s revenue was $ 13,874,200 with a net loss of $ 1,549,200.

The company is recording remarkable growth figures despite the COVID-19 pandemic and its impact on businesses. Most businesses have reported low incomes and slow or no growth due to the pandemic.

Harbor CEO Sterling Griffin said, “We are delighted to have our profitable first quarter as a public company and look forward to building on that success for the remainder of 2021 and beyond. I am delighted with the momentum we have gained over the past six months, which serves as further validation of our approach to development.

“We are able to serve multiple segments of the home buying market while providing an inventory of developed lots to domestic public builders, which provides the company with a stable and diversified revenue stream,” he said. he adds.

“With a business strategy based on disciplined analysis, agility and highly efficient operations, we are well positioned for continued growth. I am very proud of the diligent work of our employees which has led to significant progress in all segments of our business, ”concluded Griffin.

Read the detailed 2nd quarter financial results here.

In March of this year, Harbor announced that gross revenues for 2020 were $ 50,397,000 with a net loss of $ 3,532,800. The company also revealed that it had raised its forecast of forecasted gross revenue for 2021 from $ 70,000,000 announced on November 23, 2020 to $ 80,000,000.

Harbor forecasts year-over-year revenue growth from 2020 to 2021 of approximately 59%, from $ 50,397,000 to $ 80,000,000.

Sterling Griffin, CEO of Harbor Custom Development, Inc.

About Harbor Custom Development, Inc.

Harbor Custom Development is a real estate development company involved in all aspects of the land development cycle. This includes land acquisition, rights, project infrastructure construction, housing construction, marketing, sales and management of various residential projects.

The company operates in multiple regions, including the Puget Sound area of ​​western Washington, Sacramento, California, and Austin, Texas.

Harbor has active or recently sold residential communities in Gig Harbor, Bremerton, Silverdale, Bainbridge Island, Belfair, Allyn, Port Orchard and Blaine in Washington.

In addition, Harbor has acquired land and will begin building homes in new markets. Harbor will build homes in completed subdivisions in Rocklin and Auburn, Calif., In the Sacramento Metro Market.

In the Austin market, Harbor acquired an inventory of lots developed in Dripping Springs, Driftwood and Horseshoe Bay, Texas.

The company recently acquired a property in Punta Gorda, Florida, and plans to start building beachfront condominiums there in 2022.

Harbor Custom Development’s business strategy is to acquire and develop land strategically, based on an understanding of population growth patterns, rights restrictions, infrastructure development and geo-economic forces.

Harbor focuses on real estate within target markets with convenient access to metropolitan areas typically characterized by diverse economic and employment bases and growing population.

Learn more about Harbor Custom Development here.

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