Legacy Housing第二季淨收入升32% 受惠勞動力住房大單

Legacy Housing Corporation_June 30, 2026
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Table of Contents

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from           to
Commission file number 001-38761

​
Legacy Housing Corporation
(Exact name of registrant as specified in its charter)

​
Texas
20-2897516

(State or other jurisdiction of
(I.R.S. Employer

incorporation or organization)
Identification No.)

​
1600 Airport Freeway, #100
Bedford, Texas 76022
(Address of principal executive offices)
(Zip Code)
(817) 799-4900
(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐
​
Accelerated filer ☒ 

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​

Non-accelerated filer ☐
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Smaller reporting company ☒

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Emerging growth company ☐ 

​
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No  ☒.
Securities registered pursuant to Section 12(b) of the Act:
​

Title of each class:
  ​ ​ ​
Trading Symbol
  ​ ​ ​
Name of each exchange on which registered:

Common Stock ($0.001 par value)
​
LEGH
​
NASDAQ Global Market

There were 23,781,601 shares of Common Stock ($0.001 par value) outstanding as of August 5, 2026.
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​

Table of Contents

LEGACY HOUSING CORPORATION
TABLE OF CONTENTS
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Page

PART I - FINANCIAL INFORMATION
2

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Item 1.
Financial Statements
2

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​

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Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
26

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​

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Item 3.
Quantitative and Qualitative Disclosures About Market Risk
35

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​

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Item 4.
Controls and Procedures
35

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PART II - OTHER INFORMATION
36

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​

​
Item 1.
Legal Proceedings
36

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​

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Item 1A.
Risk Factors
38

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​

​
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
38

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​

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Item 3.
Defaults Upon Senior Securities
38

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​

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Item 4.
Mine Safety Disclosures
38

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Item 5.
Other Information
38

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Item 6.
Exhibits
39

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SIGNATURES
40

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Table of Contents

PART I – FINANCIAL INFORMATION 
Item 1.Financial Statements
LEGACY HOUSING CORPORATION
BALANCE SHEETS 
(in thousands, except share data)
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  ​ ​ ​
June 30, 
  ​ ​ ​
​

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2026
​
December 31, 

​
​
(unaudited)
​
2025

Assets
​
​
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​
​
​

Current assets:
 
​
  ​
 
​
  ​

Cash
​
$
 28,965
​
$
 8,478

Accounts receivable, net
​
 
 7,022
​
 
 5,467

Interest receivable from loan portfolios, net
​
​
 3,587
​
​
 3,517

Income tax refund receivable
​
​
 —
​
​
 5,617

Dealer financed receivables, net
​
​
 23,153
​
​
 26,685

Consumer loans receivable, current portion, net
​
 
 9,798
​
 
 9,458

Notes receivable from mobile home parks (“MHP”), current portion, net
​
 
 61,856
​
 
 59,632

Other notes receivable, current
​
 
 1,772
​
 
 4,868

Inventories, net
​
 
 43,941
​
 
 39,853

Prepaid expenses and other current assets
​
 
 1,150
​
 
 1,081

Total current assets
​
 
 181,244
​
 
 164,656

Property, plant and equipment, net
​
 
 65,405
​
 
 60,497

Consumer loans receivable, net
​
 
 192,376
​
 
 189,356

Notes receivable from mobile home parks (“MHP”), net
​
 
 147,161
​
 
 136,906

Other notes receivable, net
​
 
 1,476
​
 
 1,226

Other assets - leased mobile homes
​
​
 3,166
​
​
 3,804

ROU assets - operating leases
​
​
 1,080
​
​
 1,313

Other assets
​
 
 15,215
​
 
 13,911

Deferred income taxes, net
​
​
 1,348
​
​
 998

Intangible assets, net
​
​
 4,713
​
​
 5,198

Goodwill
​
​
 2,472
​
​
 2,472

Total assets
​
$
 615,656
​
$
 580,337

Liabilities and Stockholders' Equity
​
 
  ​
​
 
  ​

Current liabilities:
​
 
  ​
​
 
  ​

Accounts payable
​
$
 5,883
​
$
 6,443

Accrued liabilities
​
 
 17,596
​
 
 25,063

Customer deposits
​
 
 12,472
​
 
 1,764

Escrow liability
​
 
 14,554
​
 
 13,109

Operating lease obligation, current
​
​
 459
​
​
 479

Total current liabilities
​
 
 50,964
​
 
 46,858

Long‑term liabilities:
​
 
  ​
​
 
  ​

Operating lease obligation, net
​
​
 650
​
​
 860

Lines of credit
​
​
 —
​
​
 1,200

Dealer incentive liability
​
 
 1,800
​
 
 2,805

Total liabilities
​
 
 53,414
​
 
 51,723

Commitments and contingencies (Note 13)
​
 
  ​
​
 
  ​

Stockholders' equity:
​
​
​
​
​
​

Preferred stock, $.001 par value, 10,000,000 shares authorized: no shares issued or outstanding
​
​
 —
​
​
 —

Common stock, $.001 par value, 90,000,000 shares authorized; 24,866,342 issued and 23,781,601 and 23,812,341 outstanding at June 30, 2026 and December 31, 2025, respectively
​
​
 32
​
​
 32

Treasury stock at cost, 1,084,741 and 1,054,001 shares at June 30, 2026 and December 31, 2025, respectively
​
​
 (18,150)
​
​
 (17,484)

Additional paid-in-capital
​
​
 182,742
​
​
 182,857

Retained earnings
​
​
 397,618
​
​
 363,209

Total stockholders' equity
​
​
 562,242
​
​
 528,614

Total liabilities and stockholders' equity
​
$
 615,656
​
$
 580,337

See accompanying notes to unaudited interim financial statements.

2

Table of Contents

LEGACY HOUSING CORPORATION
STATEMENTS OF INCOME
 (in thousands, except share data)
(unaudited)
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Three months ended June 30, 
​
Six months ended June 30, 

​
​
2026
​
2025
  ​ ​ ​
2026
  ​ ​ ​
2025

Net revenue:
 
​
  ​
 
​
​
 
​
  ​
 
​
​

Product sales
​
$
 53,760
​
$
 38,387
​
$
 75,310
​
$
 62,677

Consumer, MHP and dealer loans interest
​
 
 11,474
​
 
 10,883
​
 
 22,792
​
 
 21,538

Other revenue
​
 
 1,114
​
 
 891
​
 
 2,612
​
 
 1,616

Total net revenue
​
 
 66,348
​
 
 50,161
​
 
 100,714
​
 
 85,831

Operating expenses:
​
 
  ​
​
 
  ​
​
 
  ​
​
 
  ​

Cost of product sales
​
 
 33,521
​
​
 25,941
​
 
 48,457
​
 
 43,133

Cost of other sales
​
​
 32
​
​
 628
​
​
 1,233
​
​
 1,143

Selling, general and administrative expenses
​
 
 6,906
​
​
 5,701
​
 
 11,357
​
 
 11,595

Provision for loan loss (income) (1)
​
​
 (569)
​
​
 1,074
​
​
 820
​
​
 1,552

Total operating expenses
​
​
 39,890
​
​
 33,344
​
​
 61,867
​
​
 57,423

Income from operations
​
 
 26,458
​
 
 16,817
​
 
 38,847
​
 
 28,408

Other income (expense):
​
 
  ​
​
 
  ​
​
 
  ​
​
 
  ​

Non‑operating interest income
​
 
 218
​
​
 499
​
 
 574
​
 
 966

Miscellaneous, net
​
 
 (213)
​
​
 489
​
 
 95
​
 
 1,164

Interest expense
​
 
 (17)
​
​
 (29)
​
 
 (46)
​
 
 (34)

Total other income (loss)
​
 
 (12)
​
 
 959
​
 
 623
​
 
 2,096

Income before income tax expense
​
 
 26,446
​
 
 17,776
​
 
 39,470
​
 
 30,504

Income tax expense
​
 
 (2,965)
​
​
 (3,081)
​
 
 (5,061)
​
 
 (5,533)

Net income
​
$
 23,481
​
$
 14,695
​
$
 34,409
​
$
 24,971

Weighted average shares outstanding:
​
​
​
​
​
​
​
​
​
​
​
​

Basic
​
​
 23,781,601
​
​
 24,050,252
​
​
 23,795,389
​
​
 24,091,086

Diluted
​
​
 23,813,873
​
​
 24,600,720
​
​
 23,826,244
​
​
 24,648,705

Earnings per share:
​
​
​
​
​
​
​
​
​
​
​
​

Basic
​
$
 0.99
​
$
 0.61
​
$
 1.45
​
$
 1.04

Diluted
​
$
 0.99
​
$
 0.60
​
$
 1.44
​
$
 1.01

​
​
(1)Provision for loan loss is broken out from SG&A this period. Prior period amounts were reclassified.
​
See accompanying notes to unaudited interim financial statements.
​

3

Table of Contents

LEGACY HOUSING CORPORATION
​
STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY 
(in thousands, except share data)
(unaudited)
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
 
Common Stock
​
Treasury
​
Additional
​
Retained
​
​
​

​
  ​ ​ ​
Shares (1)
  ​ ​ ​
Amount
  ​ ​ ​
stock
  ​ ​ ​
paid-in-capital
  ​ ​ ​
earnings
  ​ ​ ​
Total

Balances, December 31, 2024
​
 24,865,906
​
$
 31
​
$
 (9,875)
​
$
 182,400
​
$
 321,400
​
$
 493,956

Share based compensation
​
 436
​
​
 1
​
​
 —
​
​
 170
​
​
 —
​
​
 171

Purchase of treasury stock
​
 —
​
​
 —
​
​
 (675)
​
​
 —
​
​
 —
​
​
 (675)

Net income 
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 10,276
​
​
 10,276

Balances, March 31, 2025
​
 24,866,342
​
$
 32
​
$
 (10,550)
​
$
 182,570
​
$
 331,676
​
$
 503,728

Share based compensation
​
 —
​
​
 —
​
​
 —
​
​
 174
​
​
 —
​
​
 174

Purchase of treasury stock
​
 —
​
​
 —
​
​
 (5,817)
​
​
 —
​
​
 —
​
​
 (5,817)

Net income 
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 14,695
​
​
 14,695

Balances, June 30, 2025
​
 24,866,342
​
$
 32
​
$
 (16,367)
​
$
 182,744
​
$
 346,371
​
$
 512,780

​
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Common Stock
​
Treasury
​
Additional
​
Retained
​
​
​

​
  ​ ​ ​
Shares (1)
  ​ ​ ​
Amount
  ​ ​ ​
stock
  ​ ​ ​
paid-in-capital
  ​ ​ ​
earnings
  ​ ​ ​
Total

Balances, December 31, 2025
​
 23,812,341
​
$
 32
​
$
 (17,484)
​
$
 182,857
​
$
 363,209
​
$
 528,614

Share based compensation
​
 —
​
​
 —
​
​
 —
​
​
 24
​
​
 —
​
​
 24

Purchase of treasury stock
​
 (30,740)
​
​
 —
​
​
 (573)
​
​
 —
​
​
 —
​
​
 (573)

Net income
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 10,928
​
​
 10,928

Balances, March 31, 2026
​
 23,781,601
​
$
 32
​
$
 (18,057)
​
$
 182,881
​
$
 374,137
​
$
 538,993

Share based compensation
​
 —
​
​
 —
​
​
 —
​
​
 (139)
​
​
 —
​
​
 (139)

Purchase of treasury stock
​
 —
​
​
 —
​
​
 (93)
​
​
 —
​
​
 —
​
​
 (93)

Net income
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 23,481
​
​
 23,481

Balances, June 30, 2026
​
 23,781,601
​
$
 32
​
$
 (18,150)
​
$
 182,742
​
$
 397,618
​
$
 562,242

​
(1)Shares are net of treasury shares.
​
See accompanying notes to unaudited interim financial statements.
​

4

Table of Contents

LEGACY HOUSING CORPORATION
STATEMENTS OF CASH FLOWS
(unaudited, in thousands) 
​

​

​

​

​

​

​

​
​
Six Months Ended June 30, 

​
  ​ ​ ​
2026
  ​ ​ ​
2025

Operating activities:
 
​
  ​
 
​
  ​

Net income
​
$
 34,409
​
$
 24,971

Adjustments to reconcile net income to net cash provided by operating activities:
​
 
​
​
​
​

Depreciation and amortization expense
​
 
 1,355
​
 
 858

Amortization of deferred revenue
​
​
 (674)
​
​
 (709)

Amortization of lines of credit cost
​
​
 34
​
​
 —

Provision for accounts and notes receivable
​
​
 271
​
​
 1,585

Gain from sale of property
​
​
 (164)
​
​
 (92)

Gain on foreclosure of property
​
​
 —
​
​
 (329)

Non-cash operating lease expense
​
​
 —
​
​
 (9)

Writeoff of investment in Corpus AmeriCasa
​
​
 560
​
​
 —

Provision for inventories
​
​
 (30)
​
​
 35

Amortization of operating lease right of use asset
​
​
 233
​
​
 —

Deferred income taxes
​
​
 (350)
​
​
 —

Share based compensation expense
​
​
 (115)
​
​
 344

Changes in operating assets and liabilities:
​
 
​
​
 
​

Accounts receivable
​
 
 3,853
​
 
 (500)

Interest receivable, net
​
​
 (283)
​
​
 —

Consumer loans activity, net
​
 
 (3,604)
​
 
 (12,573)

Notes receivable MHP activity, net
​
 
 (12,069)
​
 
 3,504

Dealer inventory loan activity, net
​
​
 3,615
​
​
 20

Inventories, net
​
 
 (4,058)
​
 
 (3,017)

Prepaid expenses and other current assets
​
 
 (91)
​
 
 106

Other assets - leased mobile homes
​
​
 380
​
​
 271

Other assets
​
 
 (1,764)
​
 
 (2,558)

Accounts payable and accrued liabilities
​
 
 (8,028)
​
 
 (3,080)

Right of use activity, net
​
 
 (230)
​
 
 —

Customer deposits
​
 
 10,709
​
 
 489

Escrow liability
​
​
 1,446
​
​
 1,553

Dealer incentive liability
​
 
 (1,006)
​
 
 101

Net cash provided by operating activities
​
 
 24,399
​
 
 10,970

Investing activities:
​
 
  ​
​
 
  ​

Purchases of property, plant and equipment
​
 
 (6,637)
​
 
 (3,636)

Proceeds from sale of property
​
​
 1,281
​
​
 194

Issuance of notes receivable
​
 
 (752)
​
 
 (1,336)

Notes receivable collections
​
​
 3,724
​
​
 1,574

Purchases of loans
​
​
 —
​
​
 (113)

Collections from purchased loans
​
​
 128
​
​
 179

Net cash used in investing activities
​
 
 (2,256)
​
 
 (3,138)

Financing activities:
​
 
  ​
​
 
  ​

Purchases of treasury stock
​
​
 (666)
​
​
 (6,492)

Proceeds from lines of credit
​
 
 26,262
​
 
 2,544

Payments on lines of credit
​
 
 (27,252)
​
 
 (2,402)

Net cash used in financing activities
​
 
 (1,656)
​
 
 (6,350)

Net increase in cash
​
 
 20,487
​
 
 1,482

Cash at beginning of period
​
 
 8,478
​
 
 1,149

Cash at end of period
​
$
 28,965
​
$
 2,631

Supplemental disclosure of cash flow information:
​
 
  ​
​
 
  ​

Cash paid for interest
​
$
 12
​
$
 —

Cash paid for taxes
​
$
 3,598
​
$
 5,120

​
See accompanying notes to unaudited interim financial statements.
​
​

5

Table of Contents
LEGACY HOUSING CORPORATION
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
​

1. NATURE OF OPERATIONS 
Legacy Housing Corporation (referred herein as ”Legacy”, “we”, “our”, “us”, or the “Company”) was formed on January 1, 2018 as a Delaware corporation through a corporate conversion of Legacy Housing, Ltd. (the “Partnership”), a Texas limited partnership formed in May 2005. Effective December 31, 2019, the Company reincorporated from a Delaware corporation to a Texas corporation. The Company is headquartered in Bedford, Texas. 
The Company (1) manufactures and provides for the transport of manufactured homes, (2) provides wholesale financing to dealers and mobile home parks, (3) provides retail financing to consumers and (4) is involved in financing and developing new manufactured home communities. The Company manufactures its homes at plants located in Fort Worth, Texas, Commerce, Texas and Eatonton, Georgia. The Company relies on a network of dealers to market and sell its manufactured homes. The Company also sells homes directly to consumers, through its own retail stores, and to dealers and mobile home parks.
Basis of Presentation
The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") as required by Regulation S-X, Rule 8-03. In the opinion of management, the unaudited interim financial statements have been prepared on the same basis as the audited annual financial statements, and include all adjustments, consisting only of normal recurring adjustments, necessary for the fair statement of the Company's financial position for the periods presented. The results for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026, or any other period. The accompanying balance sheet as of December 31, 2025 was derived from audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 (the “Form 10-K”), filed on March 12, 2026. The accompanying financial statements do not include all of the information and footnotes required by GAAP for annual financial statements. Accordingly, they should be read in conjunction with the audited financial statements and notes thereto included in the Form 10-K. 
Use of Estimates
The preparation of our financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of income and expenses during the reporting period. Significant estimates made in connection with the accompanying financial statements primarily relate to the determination and valuation of notes receivable from mobile home parks, consumer loans receivable, other notes receivable, dealer financed receivables and fair value of financial instruments. Actual results could differ from these estimates.
Segment Reporting
The Company has one reportable segment. All of our activities are interrelated, and each activity is dependent and assessed based on how each of the activities of the Company supports the others. For example, the sale of manufactured homes includes providing transportation for dealers. We also provide financing options for customers to facilitate home sales. Accordingly, all significant operating and strategic decisions by the co-chief operating decision makers, the Executive Chairman and Chief Executive Officer, and are based upon analyses of our Company as one operating segment.
We generate revenues through the manufacture and sales of manufactured homes and “Tiny Houses” and the related interest income associated with financing these homes sales. We define the segment primarily based on how internally reported financial and operating information is regularly reviewed by our co-chief operating decision makers (“co-CODMs”) to evaluate financial performance, make decisions and allocate resources. The co-CODMs assess performance for the segment based on net income and total assets that are also reported on the statements of income and 

6

Table of Contents
LEGACY HOUSING CORPORATION
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
​

balance sheet as net income and total assets, respectively. The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The co-CODMs assess our operating and financial performance on a company-wide or consolidated basis.
On July 17, 2026, subsequent to the interim balance sheet, the Executive Chairman notified the Company of his retirement, effective July 21, 2026 (see Note 17 — Subsequent Events), and the Chief Executive Officer became the Company's sole chief operating decision maker. This change did not affect the Company's single reportable segment or the manner in which financial and operating performance is reviewed and resources are allocated.
Revenue Recognition
Product sales primarily consist of sales of manufactured homes to consumers and mobile home parks through various sales channels, which include Direct Sales, Commercial Sales, Inventory Finance Sales, and Retail Store Sales. Direct Sales include homes sold directly to independent retailers or customers that are not financed by the Company and are not sold under an inventory finance arrangement. These types of homes are generally paid for prior to shipment. Commercial Sales include homes sold to mobile home parks under commercial loan programs or paid for upfront. Inventory Finance Sales include sales of homes to independent retailers, or dealers, who then resell the homes to consumers. Retail Store Sales are homes sold through Company-owned retail locations. Inventory Finance Sales and Retail Store Sales of homes may be financed by the Company or a third party, or they may be paid in cash.
Consumer, MHP and dealer loans interest includes interest income from the consumer, MHP and dealer finance loan portfolios. Other revenue consists of contract deposit forfeitures, consignment fees, commercial lease rents, land sales, service fees and other miscellaneous income.
Accounts Receivable
Net accounts receivable includes receivables from direct sales of manufactured homes, sales of parts and supplies to customers, inventory finance fees and interest.
Accounts receivable related to inventory finance fees and interest generally are due upon receipt, and all other accounts receivable generally are due within 30 days. Accounts receivable is stated at amounts due from customers net of an allowance for doubtful accounts. Accounts outstanding longer than the contractual payment terms are considered past due. The Company determines the allowance by considering several factors, including the aging of the past due balance, the customer’s payment history, and the Company’s previous loss history. The Company establishes an allowance for doubtful accounts for amounts that are deemed to be uncollectible. At June 30, 2026, December 31, 2025, and December 31, 2024, the allowance for doubtful accounts totaled $1.5 million, $1.5 million, and $0.6 million, respectively. At June 30, 2026, December 31, 2025, and December 31, 2024 accounts receivable, net was $7.0 m