Legacy Housing Corporation (LEGH): Modelo de negócios Canvas [Jan-2025 Atualizado]

A Legacy Housing Corporation (Legh) revoluciona moradias populares, transformando o quão baixas para famílias de renda média acessa casas de qualidade por meio de soluções de habitação fabricadas inovadoras. Com um modelo de negócios estratégico que combina design de ponta, fabricação eficiente e financiamento flexível, Legh oferece casas personalizáveis ​​a custos significativamente mais baixos em comparação aos métodos de construção tradicionais. Sua abordagem única permite que os compradores e investidores iniciantes desbloqueem oportunidades de propriedade em vários estados, tornando o sonho de moradia acessível uma realidade tangível para inúmeros americanos.

Legacy Housing Corporation (LEGH) - Modelo de negócios: Parcerias -chave

Fabricantes de casas modulares e fabricadas

A partir de 2024, a Legacy Housing Corporation colabora com os seguintes principais fabricantes de casas:

Fabricante	Volume anual de oferta	Duração da parceria
Casas de Clayton	1.200 casas por ano	Desde 2018
Construtores de casas campeões	850 casas por ano	Desde 2016

Fornecedores de materiais de construção

Os principais fornecedores de materiais para Legh incluem:

• 84 Lumber Company - Contrato de fornecimento anual de US $ 3,2 milhões
• Builders FirstSource - Contrato de fornecimento anual de US $ 2,7 milhões
• TRISTAR LUMBER & Fornecimento - contrato de fornecimento anual de US $ 1,5 milhão

Provedores de serviços de instalação e transporte domésticos

Parcerias de transporte e instalação:

Provedor de serviços	Volume anual de serviço	Cobertura geográfica
Serviços de transporte em todo o país	1.450 entregas domésticas	Texas, Oklahoma, Louisiana
Regional Home Movers Inc.	750 instalações domésticas	Estados Unidos do sul

Instituições financeiras para empréstimos e financiamento

Detalhes da Parceria Financeira Primária:

• Wells Fargo - linha de crédito de US $ 25 milhões
• Flagstar Bank - Parceria de empréstimo de US $ 18 milhões
• Corporação de empréstimos habitacionais fabricados - Contrato de financiamento de US $ 15 milhões

Recomendações imobiliárias e proprietários de terras

Parcerias de desenvolvimento atuais:

Desenvolvedor/proprietário de terras	Desenvolvimento de terra projetado	Valor da parceria
Sunbelt Communities LLC	325 acres no Texas	US $ 12,5 milhões
Investimentos em terra do sudoeste	215 acres no Novo México	US $ 8,3 milhões

Legacy Housing Corporation (LEGH) - Modelo de negócios: Atividades -chave

Projeto e produção de casas fabricadas acessíveis

A Legacy Housing Corporation fabrica casas em 3 instalações de produção localizadas no Texas e Idaho. A partir de 2023, a empresa produzia 2.419 casas com um preço médio de venda de US $ 84.700 por unidade.

Métrica de produção	2023 dados
Casas totais produzidas	2.419 unidades
Preço médio da casa	$84,700
Instalações de produção	3 instalações

Vendas e distribuição domésticas

O Legacy Housing distribui casas fabricadas em 31 estados, com presença significativa no mercado no Texas, Arizona, Novo México e Oklahoma.

• Total de estados servidos: 31
• Estados do mercado primário: Texas, Arizona, Novo México, Oklahoma
• 2023 Vendas domésticas totais: 2.419 unidades

Transporte e instalação

A empresa opera uma frota de 42 veículos de transporte dedicados aos serviços de entrega e instalação em domicílio.

Métrica de transporte	2023 dados
Veículos de transporte	42 caminhões
Distância média de entrega	275 milhas

Gerenciamento de marketing e relacionamento com clientes

A Legacy Housing aloca aproximadamente US $ 3,2 milhões anualmente para iniciativas de marketing e relacionamento com clientes.

• Orçamento de marketing: US $ 3,2 milhões
• Canais de marketing digital: site, mídia social, redes de revendedores
• Taxa de retenção de clientes: 68%

Gerenciamento de inventário e cadeia de suprimentos

A empresa mantém um inventário no valor de US $ 22,4 milhões, com uma taxa de rotatividade de 4,5 vezes por ano.

Métrica de inventário	2023 dados
Valor total do inventário	US $ 22,4 milhões
Taxa de rotatividade de estoque	4.5x anualmente
Relacionamentos de fornecedores	87 fornecedores ativos

Legacy Housing Corporation (LEGH) - Modelo de negócios: Recursos -chave

Instalações de fabricação

Legacy Housing Corporation opera instalações de fabricação em:

• Waller, Texas
• Mexicali, Arizona

Localização	Área total da instalação	Capacidade de produção anual
Waller, Texas	135.000 pés quadrados	2.500 casas fabricadas por ano
Mexicali, Arizona	95.000 pés quadrados	1.800 casas fabricadas por ano

Composição da força de trabalho

Total de funcionários a partir do quarto trimestre 2023: 453

• Trabalhadores de Manufatura: 312
• Engenheiros de design: 41
• Gestão e Administração: 100

Tecnologias proprietárias

Tecnologia	Status de patente	Ano desenvolvido
Sistema de Design Home Modular	Patenteado	2018
Processo de fabricação de montagem rápida	Patente pendente	2021

Métricas de reputação da marca

• Taxa de satisfação do cliente: 92%
• Taxa repetida do cliente: 37%
• Participação de mercado em moradias populares: 6,2%

Gerenciamento de inventário

Métrica	Valor
Taxa de rotatividade de inventário	4.7
Custo médio de retenção de inventário	US $ 1,2 milhão por trimestre

Legacy Housing Corporation (LEGH) - Modelo de negócios: proposições de valor

Soluções habitacionais acessíveis para famílias de baixa a média renda

A partir do quarto trimestre de 2023, a Legacy Housing Corporation registrou preços médios das casas que variam de US $ 74.900 a US $ 125.000, visando famílias com renda anual entre US $ 35.000 e US $ 65.000.

Faixa de renda	Faixa de preço da casa	Porcentagem de mercado -alvo
$35,000 - $45,000	$74,900 - $89,500	35%
$45,000 - $65,000	$90,000 - $125,000	45%

Casas fabricadas personalizáveis ​​de alta qualidade

Ofertas de habitação herdada 17 plantas padrão com opções de personalização em várias séries domésticas.

• Casas de largura: 14-24 pés de largura
• Casas de largura dupla: 24-32 pés de largura
• Modificações de design personalizadas disponíveis em 60% da linha de produtos

Serviços rápidos de entrega e instalação em domicílio

Linha do tempo médio de entrega e instalação: 4-6 semanas após a colocação do pedido.

Tipo de casa	Prazo de entrega	Tempo de instalação
Em largura	2-3 semanas	1-2 dias
Double-Wide	3-4 semanas	2-3 dias

Custo mais baixo em comparação às casas tradicionais construídas no local

Comparação de custos a partir de 2023:

• Custo médio da casa fabricada: US $ 75 por pé quadrado
• Custo médio tradicional da casa construído no local: US $ 150 por pé quadrado
• Economia potencial: até 50% em comparação com a construção tradicional

Opções de financiamento flexíveis para compradores de casas

Financiamento de financiamento para 2023:

Tipo de financiamento	Disponibilidade	Intervalo de taxa de juros
Financiamento interno	45% dos clientes	6.5% - 9.5%
FHA empréstimos	35% dos clientes	5.5% - 7.5%
Empréstimos bancários tradicionais	20% dos clientes	6% - 8%

Legacy Housing Corporation (Legh) - Modelo de Negócios: Relacionamentos do Cliente

Vendas diretas através do site da empresa e centros de vendas

A Legacy Housing Corporation opera 12 centros de vendas diretas em 5 estados a partir de 2023. As vendas on -line através do site da empresa geraram US $ 37,2 milhões em receita no ano fiscal de 2023.

Canal de vendas	Receita anual	Número de centros
Vendas diretas no site	US $ 37,2 milhões	N / D
Centros de vendas físicas	US $ 52,6 milhões	12

Atendimento e suporte pessoal ao cliente

A equipe de atendimento ao cliente consiste em 47 representantes dedicados. O tempo médio de resposta é de 2,3 horas para consultas de clientes.

• Suporte telefônico disponível 8h às 20h CST
• Suporte por e-mail com resposta garantida de 24 horas
• Suporte ao bate -papo ao vivo no site da empresa

Engajamento e acompanhamento do cliente de longo prazo

A taxa de retenção de clientes é de 68,4% a partir de 2023. O ciclo médio de vida do cliente é de 4,7 anos.

Métrica de engajamento	Valor
Taxa de retenção de clientes	68.4%
Ciclo de vida média do cliente	4,7 anos

Garantia e serviço pós-venda

Oferece garantia estrutural de 10 anos em residências fabricadas. O tempo médio de processamento de reivindicação de garantia é de 5,6 dias.

• Garantia estrutural de 10 anos
• Garantia abrangente de 1 ano
• Suporte 24/7 de reparo de emergência

Abordagem de marketing focada na comunidade

Investiu US $ 1,2 milhão em iniciativas de marketing comunitário em 2023. Patrocinador 17 Eventos da comunidade local anualmente.

Investimento de marketing	Eventos comunitários patrocinados
US $ 1,2 milhão	17

Legacy Housing Corporation (Legh) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir de 2024, a Legacy Housing Corporation mantém uma equipe de vendas direta de 87 representantes de vendas em 12 estados. Vendas anuais médias por representante: US $ 1,2 milhão.

Região de vendas	Número de representantes	Volume médio de vendas
Região sul	32	US $ 1,4 milhão
Região do meio -oeste	25	US $ 1,1 milhão
Região Ocidental	30	US $ 1,3 milhão

Site da empresa e plataformas online

O canal de vendas on -line gerou US $ 42,6 milhões em receita em 2023, representando 22% do total de vendas da empresa.

• Site exclusivo visitantes mensais: 215.000
• Uso da ferramenta de configuração online: 78.000 interações mensais
• Solicitações de cotação digital: 5.600 por mês

Centros de vendas de varejo

A Legacy Housing opera 46 centros de vendas no varejo nos Estados Unidos.

Região	Número de centros	Tráfego mensal médio de pedestres
Texas	18	6,200
Flórida	12	4,800
Outros estados	16	3,500

Exposições em casa e exposições da indústria

Participação anual em 37 shows em casa e exposições da indústria.

• Custos totais da exposição: US $ 1,2 milhão anualmente
• Leads médios gerados por show: 340
• Taxa de conversão de leads de exposição: 18%

Parcerias com agentes imobiliários

Rede de 612 parcerias de agentes imobiliários ativos nos mercados -alvo.

Tipo de parceria	Número de agentes	Volume anual de referência
Parceiros preferidos	215	1.400 referências
Parceiros padrão	397	850 referências

Legacy Housing Corporation (LEGH) - Modelo de negócios: segmentos de clientes

Primeiros compradores de casas

No quarto trimestre 2023, a Legacy Housing Corporation tem como alvo os compradores de casas pela primeira vez com casas fabricadas acessíveis, com preços entre US $ 70.000 e US $ 120.000.

Características demográficas	Percentagem
Faixa etária de 25 a 40	62%
Faixa de renda anual	$35,000 - $65,000
Intervalo de pontuação de crédito	620-720

Famílias de baixa a média renda

A Legacy Housing atende famílias com renda familiar média de US $ 55.340 em 2023.

• Tamanho médio da família: 3,1 pessoas
• Mercados -alvo: 18 estados no sul e no meio -oeste dos Estados Unidos
• Preço médio da casa: US $ 89.500

Comunidades rurais e suburbanas

A Legacy Housing Corporation se concentra em mercados rurais e suburbanos com densidade populacional abaixo de 500 pessoas por milha quadrada.

Segmento de mercado	Porcentagem de cobertura
Comunidades rurais	68%
Comunidades suburbanas	32%

Investidores em moradias populares

Investidores institucionais e individuais representam 22% da base de clientes da Legacy Housing em 2023.

• Investimento médio por investidor: US $ 450.000
• Retorno típico do investimento: 8,5% anualmente
• Tipos de investimento: compras de lot único e multi-lote

Indivíduos que buscam soluções alternativas de habitação

O Legacy Housing serve segmentos de mercado imobiliário alternativos com configurações domésticas flexíveis.

Segmento de habitação alternativo	Quota de mercado
Pequenas casas	15%
Casas modulares	35%
Casas fabricadas	50%

Legacy Housing Corporation (LEGH) - Modelo de negócios: estrutura de custos

Aquisição de matéria -prima

Em 2023, a Legacy Housing Corporation registrou custos de matéria -prima de US $ 27,4 milhões para componentes habitacionais manufaturados. Os materiais primários incluem:

• Enquadramento de aço: US $ 8,6 milhões
• Madeira: US $ 6,9 milhões
• Materiais de cobertura: US $ 4,2 milhões
• Isolamento e componentes interiores: US $ 5,7 milhões

Despesas de fabricação e produção

Categoria de despesa	Custo anual
Operações de fábrica	US $ 15,3 milhões
Manutenção do equipamento	US $ 3,6 milhões
Controle de qualidade	US $ 2,1 milhões
Utilitários	US $ 1,8 milhão

Transporte e logística

Os custos de transporte de 2023 totalizaram US $ 12,5 milhões, com a seguinte quebra:

• Transporte de caminhão: US $ 9,2 milhões
• Frete de reboque e equipamento: US $ 2,3 milhões
• Despesas de combustível: US $ 1 milhão

Custos de mão -de -obra e força de trabalho

As despesas totais de mão -de -obra em 2023 foram de US $ 38,7 milhões, estruturadas da seguinte forma:

Categoria de funcionários	Remuneração anual
Trabalhadores manufatureiros	US $ 22,4 milhões
Equipe administrativo	US $ 9,6 milhões
Gerenciamento	US $ 6,7 milhões

Despesas de marketing e vendas

Os custos de marketing e vendas de 2023 totalizaram US $ 6,2 milhões:

• Marketing Digital: US $ 2,1 milhões
• Participação da feira de negócios: US $ 1,5 milhão
• Comissões da equipe de vendas: US $ 1,8 milhão
• Publicidade: US $ 0,8 milhão

Legacy Housing Corporation (LEGH) - Modelo de negócios: fluxos de receita

Vendas domésticas

Para o ano fiscal de 2023, a Legacy Housing Corporation registrou receita total de vendas domésticas de US $ 196,4 milhões, com um preço médio de venda de US $ 78.500 por casa fabricada.

Ano	Receita total de vendas domésticas	Número de casas vendidas	Preço médio de venda
2023	US $ 196,4 milhões	2.500 casas	$78,500

Serviços de instalação e transporte

Os serviços de instalação e transporte geraram US $ 22,3 milhões em receita para 2023, representando aproximadamente 11,4% do total de fluxos de receita.

Tipo de serviço	Receita	Porcentagem da receita total
Serviços de instalação	US $ 14,6 milhões	7.4%
Serviços de transporte	US $ 7,7 milhões	4%

Financiamento e renda relacionada à hipoteca

A Legacy Housing Corporation ganhou US $ 18,5 milhões com serviços relacionados a financiamento e hipotecas em 2023.

• Taxas de originação hipotecária: US $ 12,3 milhões
• Receita de manutenção de empréstimos: US $ 6,2 milhões

Taxas de personalização e atualização

Os serviços de personalização e atualização contribuíram com US $ 8,7 milhões para a receita da empresa em 2023.

Tipo de personalização	Receita
Atualizações internas	US $ 4,3 milhões
Customizações externas	US $ 2,9 milhões
Recursos adicionais	US $ 1,5 milhão

Receita de serviço de garantia e pós-venda

Os serviços de garantia e pós-venda geraram US $ 5,2 milhões em receita para 2023.

• Planos de garantia estendida: US $ 3,1 milhões
• Serviços de reparo e manutenção: US $ 2,1 milhões

Legacy Housing Corporation (LEGH) - Canvas Business Model: Value Propositions

You're looking at the core reason Legacy Housing Corporation (LEGH) attracts its customer base: sheer affordability in homeownership. The value proposition starts with the price point, which is a major differentiator in the current housing climate. For instance, Legacy Housing Corporation's retail prices for their array of quality homes range from approximately $33,000 up to $180,000 as of their 2025 reporting. This positions them squarely in the affordable housing segment, especially when you consider the median sales price for a home in the US was reported at $416,900 in the first quarter of 2025. That's a massive gap they are bridging for families.

Here is a quick look at the range of homes they offer, which speaks directly to their value proposition of providing options for diverse needs:

Specification	Data Point
Retail Price Range (Low)	$33,000
Retail Price Range (High)	$180,000
Square Footage Range	Approximately 395 to 2,667 square feet
Bedroom Count	1 to 5 bedrooms
Bathroom Count	1 to 3 1/2 bathrooms

Quality is built in, not bolted on, as Legacy Housing Corporation homes are rated and approved to strict HUD-Code construction standards and are independently certified by NTA inspectors. This commitment to standards underpins the quality aspect of the value proposition. To be fair, the company's Q3 2025 product sales were $28.8 million, showing that while unit volumes might fluctuate, the underlying product value remains a focus for the business.

The vertical integration is key to delivering that value consistently. Legacy Housing Corporation doesn't just build; they also sell and finance manufactured homes and tiny houses, providing a defintely streamlined solution for the end buyer and community owner alike. This control over the process, from design through financing, is how they manage costs while maintaining quality control at every step. This operational structure supports their financial resilience, as evidenced by their Q3 2025 book value per share rising by 10.2% year-over-year.

Speed to market is another significant value driver. The company's Texas manufacturing facilities are running at a typical pace of 3 to 4 floors per day through the end of 2025, a rate management views as exceeding the pace seen in the third quarter. This faster production cycle means quicker delivery for communities needing to house residents fast.

Innovation is woven into the offering, moving beyond basic affordability. Legacy Housing Corporation introduced pioneering features, particularly in energy efficiency, as part of their Legacy Ultimate Series. You get more than just a structure; you get modern efficiency:

• Industry-first 21 SEER concealed-duct mini-split heat pumps.
• This system is located entirely under the home, maximizing interior usable area.
• These state-of-the-art ducted mini-split systems slash energy consumption by up to 65%.
• New models feature taller roof pitches and vaulted ceilings in every room.
• Optional 8x12 shed storage module is available to free up living space.

The focus on returning value to shareholders is also part of the proposition, showing management's confidence in the underlying business model; for example, in Q2 2025, the Company repurchased 260,635 shares of common stock for $5.8 million in the open market.

Finance: draft 13-week cash view by Friday.

Legacy Housing Corporation (LEGH) - Canvas Business Model: Customer Relationships

Legacy Housing Corporation maintains a multi-faceted approach to customer relationships, blending direct sales channels with robust financing and inventory support mechanisms for its distribution network.

The core customer relationship structures involve:

• Transactional relationship for direct sales to communities.
• Dedicated personal assistance via company-owned retail stores.
• Long-term relationship management through captive financing and servicing.
• Repurchase agreements with financial institutions to support retailer inventory.

Direct sales to manufactured housing communities represent a significant channel, often involving bulk purchases. For the third quarter ended September 30, 2025, Legacy Housing Corporation reported a delivery of 420 floor sections, which reflects sales momentum in this area, following an executive comment that recent orders ensure Texas facilities run at a pace exceeding the third quarter rate through year-end. Legacy Housing Corporation also sells directly to owners of manufactured home communities.

Dedicated personal assistance is centralized through the company's owned retail footprint. As of December 31, 2024, Legacy Housing Corporation operated 13 company-owned retail locations, including 12 Heritage Housing stores and one Tiny House Outlet store, which exclusively sell their homes. These locations offer a direct window into consumer preferences and lending opportunities, helping to improve the customer experience from design through service.

Long-term relationship management is heavily supported by financing activities. Legacy Housing Corporation provides consumer financing for homes sold through both independent and company-owned locations. Furthermore, the company provides financing solutions to community owners for bulk purchases of homes intended for rental. The recent acquisition of AmeriCasa Solutions, LLC in November 2025 included a chattel mortgage loan portfolio, indicating an ongoing commitment to servicing long-term customer financing relationships. As of the end of 2024, the company noted more than 3,600 retail customers purchased their homes using their retail financing solutions.

Inventory support for the independent retailer channel is critical. Legacy Housing Corporation has inventory financing arrangements with over 125 independent retailers as of the end of 2024. These arrangements include repurchase agreements with financial institutions that provide floor plan financing to these retailers. Under these customary industry arrangements, Legacy Housing Corporation is contingently liable to repurchase products sold to retailers if the retailer defaults, though this obligation ceases when the retail customer purchases the home. The 2022 Repurchase Program related to these agreements was set to expire on October 31, 2025.

Here is a snapshot of the distribution and customer base metrics:

Metric	Value	As of Date/Period
Company-Owned Retail Locations	13	December 31, 2024
Independent Retail Locations	Over 125	December 31, 2024
Total States of Distribution	15	Primarily
Retail Customers Using Financing Solutions	More than 3,600	End of 2024
Retail Price Range for Homes	$33,000 to $180,000	General
Floor Sections Delivered	420	Q3 2025
Book Value Per Share	$21.32	June 30, 2025

The company's product pricing targets the affordable segment, with retail prices ranging from approximately $33,000 up to $180,000. The acquisition of AmeriCasa Solutions, LLC in late 2025 is expected to enhance the homebuying experience through its FutureHomeX® Platform, aiming for a more systematic and automated sales process across dealerships and communities.

Legacy Housing Corporation (LEGH) - Canvas Business Model: Channels

Legacy Housing Corporation distributes its manufactured homes and tiny houses through a multi-pronged channel strategy, focusing on both direct control and broad third-party reach across the Southern United States.

The company utilizes 13 company-owned retail locations, which exclusively sell Legacy Housing Corporation homes. As of December 31, 2024, this footprint included Heritage Housing stores and the Tiny House Outlet store.

A significant portion of distribution relies on an extensive third-party network, consisting of over 125 independent retail locations operating across 15 states as of December 31, 2024. These independent distributors also sell homes from other manufacturers.

The third primary channel involves direct sales to owners of manufactured home communities, which can be paid for upfront or under commercial loan programs.

Here is a breakdown of the distribution network as of late 2024:

Channel Type	Count/Scope	Exclusivity
Company-Owned Retail Locations	13	Exclusively Legacy Housing Corporation homes
Independent Retail Locations	Over 125	Sells other manufacturers' homes
Geographic Reach	15 states	Primarily Southern United States

The sales volume and pricing associated with these channels provide context for the channel strategy's output:

• Home sections sold during the year ended December 31, 2024: 2,471.
• Home sections sold during the second quarter ended June 30, 2025: Unit volumes contributed to a Net Revenue of $50.2 million for the quarter.
• Retail price range for homes: approximately $33,000 to $180,000.
• The company is targeting a 50 to 100% increase in retail units sold in 2026 compared to 2025, indicating a strategic push through the retail footprint.

Legacy Housing Corporation also supports its independent retailers through financing, providing inventory financing for homes purchased from the company before they are sold to the consumer.

Legacy Housing Corporation (LEGH) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Legacy Housing Corporation (LEGH) as of late 2025, which is a mix of direct consumers and business partners in the manufactured housing ecosystem.

The primary segment is consumers seeking affordable, entry-level housing in the Southern U.S. Legacy Housing focuses its current operations primarily in the southern United States. These buyers are typically households with annual incomes under $75,000. The homes offered range in retail price from approximately $33,000 to $180,000. For context on recent activity, Legacy Housing reported product sales of $28.8 million in the third quarter of 2025, with 420 floor sections delivered during that same period. The company is actively pivoting to capture higher margins from this segment through its own retail channels; management expects a 50 to 100% increase in company-owned retail units sold in 2026 compared to 2025.

The financing arm is critical to serving this consumer base. As of the second quarter of 2025, the consumer loan portfolio grew to $188 million, with 97.5% of those consumer loans performing as agreed.

This customer group can be broken down by the product they seek:

• Consumers seeking entry-level homes (under $75,000 income).
• Buyers of 'tiny houses' with over a dozen floorplan configurations.
• Homebuyers in manufactured home communities.
• Buyers needing workforce or 'man-camp' housing.
• Recreational property purchasers.

The following table summarizes the product specifications that appeal to these direct consumers:

Metric	Value Range
Square Footage Range	Approximately 395 to 2,667 square feet
Bedroom Count	1 to 5 bedrooms
Bathroom Count	1 to 3-1/2 bathrooms
Retail Price Range	Approximately $33,000 to $180,000

Next, consider independent manufactured home retailers requiring inventory financing. Legacy Housing builds, sells, and finances homes distributed through a network of these independent dealers. Historically, as of December 31, 2023, the Company provided inventory financing to over 150 independent retailers.

A third key segment involves manufactured home community owners purchasing homes in bulk. Legacy Housing sells directly to these community owners for use in their rental housing communities. The Q3 2025 delivery of 420 floor sections reflects activity across all sales channels, including these bulk community purchases.

Finally, Legacy Housing also targets niche buyers, including buyers needing workforce accommodations or recreational properties. This diverse set of customers is served by the company's broad product line, which includes singlewides, doublewides, and park models.

Legacy Housing Corporation (LEGH) - Canvas Business Model: Cost Structure

You're looking at the cost side of the Legacy Housing Corporation (LEGH) business as of late 2025, right after their third-quarter results dropped. The structure shows a heavy reliance on controlling production costs while managing the growing expenses tied to their financing arm and external pressures like tariffs.

Manufacturing costs, including materials and labor for three plants, are clearly under strain. While Legacy Housing Corporation operates manufacturing plants in Texas and Georgia, the cost control that usually defines their model took a significant hit in the third quarter of 2025. The product gross margin fell to 20.3% in Q3 2025, a sharp drop of 900 basis points from the 29.2% seen a year prior. For the nine months ending September 30, 2025, the product gross margin was 27.7%, down from 31.6% in 2024. In 2024, the company sold 2,471 home sections, giving you a sense of the scale where these costs are applied.

The pain in manufacturing is directly linked to external factors. Costs associated with rising construction material prices and tariffs are a major driver of this margin compression. Management quantified this impact, noting that tariffs alone were adding about $1,200 to the cost of a standard floor plan. This contributed to the cost of product sales increasing by $1.6 million, or 7.5%, in the third quarter of 2025 compared to the same period in 2024.

For Selling, General, and Administrative (SG&A) expenses for retail operations, the picture is one of rising overhead, which management is now targeting for cuts. For the three months ended September 30, 2025, SG&A expenses increased by $1.3 million, representing a 20.6% rise year-over-year. Over the first nine months of 2025, SG&A was up $2.7 million, or 15.5%, compared to the prior year. These elevated expenses were driven by specific, non-recurring-sounding items:

• $900,000 increase in legal expenses for the quarter.
• $500,000 increase in loan portfolio loss expenses for the quarter.
• $500,000 increase in professional and consulting fees for the quarter.

The new interim leadership is making SG&A control their number one priority, aiming to free up $10-20 million.

The cost of capital and loan loss provisions for the financing portfolio shows a mixed bag. The financing segment remains a core strength, but it carries its own costs. Loan portfolio loss expenses specifically rose by $500,000 in Q3 2025. Still, the portfolio is growing, with the consumer loan book increasing by 12.8% to $188.1 million. The quality is high, with 97.5% of consumer loans performing as agreed. Furthermore, the recent acquisition of AmeriCasa Solutions added a chattel loan portfolio valued around $10.8 million, which carries high interest rates over 16%, suggesting a higher potential yield but also inherent risk in that specific asset class.

Here's a quick look at the key cost and related financial metrics from the latest reporting period:

Cost/Expense Category	Metric/Amount (Q3 2025 or Latest)
Product Gross Margin (Q3 2025)	20.3%
Product Gross Margin (Q3 2024)	29.2%
Tariff Cost per Standard Unit	$1,200
SG&A Increase (Q3 2025 vs. Q3 2024)	$1.3 million (or 20.6%)
Loan Portfolio Loss Expense Increase (Q3 2025 vs. Q3 2024)	$500,000
Consumer Loan Portfolio Balance	$188.1 million
Consumer Loan Performance Rate	97.5% Current
Acquired Chattel Loan Portfolio Value	$10.8 million

The cost structure is clearly being squeezed by input costs, which is why the company is pivoting hard toward higher-margin retail sales, where they estimate margins can reach 40% to 50%.

Legacy Housing Corporation (LEGH) - Canvas Business Model: Revenue Streams

You're looking at how Legacy Housing Corporation brings in the money, which is key for understanding its valuation. The revenue streams are fundamentally tied to their core business: building, selling, and financing manufactured homes and tiny houses, primarily in the southern United States.

The overall top-line performance as of late 2025 shows a Trailing Twelve Months (TTM) Revenue of approximately $0.18 Billion USD. This figure represents the total income generated over the preceding twelve months leading up to the latest reporting period.

The primary sources of income are:

• Net revenue from the sale of manufactured homes and tiny houses.
• Interest and servicing income derived from the consumer and retailer loan portfolio.
• Revenue generated from land sales, which the management noted contributed to profitability in 2025.

To give you a clearer picture of the recent performance driving that TTM number, here's a look at the reported quarterly net revenue figures for 2025 so far:

Reporting Period	Net Revenue Amount	Year-over-Year Change
Q1 2025	$35.7 million	Decrease of 17.5% from Q1 2024
Q2 2025	$50.2 million	Increase of 18.0% from Q2 2024

The Q2 2025 Net Revenue was $50.2 million, which management attributed to higher average selling prices and increased unit volumes. This shows a strong rebound or acceleration in the core sales activity compared to the first quarter of the year. The business model relies on these unit sales, where retail prices for their homes ranged from approximately $33,000 to $180,000.

While the exact breakdown isn't fully detailed in the top-line reports, the business structure inherently includes revenue from financing activities. This is the interest and servicing income from the consumer and retailer loan portfolio. Also, the mention of progress across land development projects confirms that revenue from land sales is a distinct and important component contributing to the overall profitability picture in 2025.

Finance: draft 13-week cash view by Friday.