The following are highlights of Genesis financial results for the first quarter of 2026:
Q1 2026 Highlights
82 Homes Sold and 108 New Home Orders: In Q1 2026, Genesis sold 82 homes, an increase of 15% from the 71 sold in Q1 2025. During Q1 2026, Genesis had 108 new home orders compared to 75 for Q1 2025. Genesis had 188 outstanding new home orders on hand at March 31, 2026 (269 at March 31, 2025).
$51.5 Million of Revenues: Genesis generated revenues of $51.5 million in Q1 2026, down from $58.2 million achieved in Q1 2025.
$0.8 Million of Net Earnings: Net earnings attributable to equity shareholders in Q1 2026 were $0.8 million ($0.01 net earnings per share - basic and diluted), compared to net earnings attributable to equity shareholders of $6.0 million ($0.11 net earnings per share - basic and diluted) in Q1 2025.
31 Lots Sold: In Q1 2026, Genesis sold 31 residential lots, a decrease of 52% from 65 lots in Q1 2025.
Land Servicing Activity: In Q1 2026, land servicing activity amounted to $1.6 million compared to $8.5 million in Q1 2025. Genesis is actively servicing six communities.
New $100 Million Secured Revolving Credit Facility: In February 2026, Genesis entered into a $100.0 million secured revolving credit facility agreement with a syndicate of Canadian financial institutions at an interest rate per annum of prime rate plus 0.75% or Term CORRA plus 2.60%. The facility is secured by specific dedicated project lands and a general corporate charge over all present and after-acquired assets of the Corporation. This facility matures on February 27, 2029 and replaces the Corporation's previous $50.0 million corporate revolving line of credit.
Dividends Declared: The Corporation declared an unconditional special cash dividend of $0.12 per common share for a total of $6.8 million on May 13, 2026, payable on June 3, 2026 to shareholders of record on May 22, 2026. Pursuant to subsection 89(14) of the Income Tax Act (Canada) the dividend qualifies as an eligible dividend for Canadian federal income tax purposes.
Genesis maintains financial discipline by prudently managing its balance sheet and opportunistically allocating its cash resources among the following:
maintaining a strong balance sheet;
acquiring and developing land either directly or through land development entities;
acquiring builder positions in third party communities and constructing homes; and
returning cash to shareholders by paying dividends and/or buying back its common shares.
Financial Highlights:
Three months ended March 31,
($000s, except for per share items or unless otherwise noted)
2026
2025
Consolidated Operating Highlights
