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May 12 , 2021 DE DREAM FINDERS HOMES Dream Finders Homes Announces Record First Quarter 2021 Earnings as Homes Delivered Increased by 95 % and Net New Orders Increased by 137 % JACKSONVILLE , Fla . , May 12 , 2021 ( GLOBE NEWSWIRE ) -- Jacksonville , Fla . - ( May 12 , 2021 ) - Dream Finders Homes , Inc. ( NASDAQ : DFH ) announced net income of $ 16.1 million for the quarter ended March 31 , 2021 , an increase of 145.0 % over the $ 6.6 million earned in the quarter ended March 31 , 2020. The increase in net income was mainly driven by an 82.2 % increase in home sales revenues and 210 basis points of accretion in the gross margin percentage from the first quarter of 2020 . First Quarter 2021 Highlights and Results • Total revenues were $ 343.6 million , an increase of 82.0 % when compared to the $ 188.7 million in the first quarter of 2020. Home closings increased to 1,002 homes for the first quarter of 2021 , a 94.6 % increase over the 515 home closings in the first quarter of 2020. Average selling price per home closed ( " ASP ” ) in the first quarter of 2021 was $ 335,986 compared to $ 362,591 for the first quarter of 2020. The decrease in ASP was primarily attributable to the impact of a full quarter of H & H Homes with 343 home closings • Gross margin as a percentage of homes sales revenues was 14.9 % , an increase of 210 basis points when compared to the first quarter of 2020 gross margin percentage of 12.8 % . Margin expansion was primarily driven by increases in the sales prices of comparable homes closed when compared to the first quarter of 2020 , a lower cost of funds and the Company achieving scale through additional units in certain of its operating segments • Pre - tax income , net of income attributable to non - controlling interests , was $ 20.9 million , an increase of 218.2 % when compared to the $ 6.6 million generated in the first quarter of 2020 • Net profit margin as a percentage of total revenues was 4.7 % , an increase of 120 basis points when compared to the first quarter of 2020 net profit margin percentage of 3.5 % • Net new orders increased to a record 2,010 homes , an increase of 137.0 % over the net new orders of 848 in the first quarter of 2020 • The cancellation rate for the first quarter of 2021 was 8.1 % , a decrease of 370 basis points from the 11.8 % in the first quarter of 2020 • Controlled lots at March 31 , 2021 were 22,591 compared to 19,276 lots controlled at December 31 , 2020 , a sequential quarterly increase of 17.2 % • Active community count at the end of the first quarter of 2021 was 120 , an increase of 44.6 % over the 83 active communities at the end of the first quarter of 2020. Active community count at the end of 2020 was 126 , resulting in an absorption rate of 5.3 per month in the first quarter of 2021