Beazer Homes USA Inc reported a disappointing QQ1 2026, with revenue of $363.5 million and a gross profit of $37.2 million, yielding a gross margin of 10.2%. The company posted a net loss of $32.6 million and an EPS of -$1.13, alongside an EBITDA of -$27.0 million and an operating loss of -$31.8 million. The quarter exhibited pronounced seasonality and a severe sequential decline from the prior quarter (Q4 2025 revenue was $791.9 million, a drop of ~54% QoQ). Cash flow was negative, with operating cash flow of -$165.3 million and free cash flow of -$170.9 million, driven by a substantial working-capital cycle and inventory buildup. On the balance sheet, Beazer maintains a liquid position (net cash of approximately $120.8 million) but carries a sizable inventory balance of about $2.14 billion and relatively modest current liabilities, signaling potential working-capital pressure but ample liquidity to weather near-term volatility. Management commentary for QQ1 2026 is not provided in the dataset; no earnings-call transcript is included.