0001953366-26-000010
SEC filingRevenue surged 43% on a bulk land sale, but net loss widened on higher costs and unrealized investment losses.
Revenue for the three months ended March 31, 2026 was $20.9 million, a 43% increase from $14.6 million in the same period last year. The increase was primarily due to a bulk sale at our Asbury Park property, as described in Note 5 to the consolidated financial statements.
Net loss for Q1 2026 was $10.3 million, compared to a net loss of $7.6 million in Q1 2025. The increase in net loss was driven by higher costs and unrealized losses on Safe Shares. Diluted loss per share was $0.85, compared to $0.57 in the prior year.
Net cash used in operating activities was $8.4 million in Q1 2026, compared to $6.3 million in Q1 2025. The increase reflects new property operations and higher expenses.
Management expects land development revenue to decline as remaining residential and development assets are sold. The company will adjust plans in response to market conditions. Key risks include reliance on asset sales for liquidity, exposure to Safe Shares' market volatility, and rising interest expenses on floating-rate debt.