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ZenniHome’s application discusses the allocation of a mill grant and the announcement of 200 homes for the Navajo community. A few months later, the company revealed that its LeChee, Arizona plant had shut down due to financial difficulties and changing order expectations.
In its April 2024 filing, ZenniHome outlined plans for two projects on the Navajo Nation. The company announced to investors a $24 million grant aimed at constructing a 300,000 square foot automated factory near Page. Furthermore, it shared that the Navajo Nation was set to finance at least 200 modular homes through partnerships. Just four days later, this news was integrated with revenue projections into an annual report extending to 2026. However, fourteen months after these filings, the company stated it had closed the LeChee factory due to financial losses and a predicted downturn in orders. This article reflects the essence of those documents, using the company’s wording at the times of filing and later statements.
What ZenniHome Communicated to Investors
On April 25, 2024, the company submitted amendments to its crowdfunding disclosures. This filing included audited financial results for 2023, updates on auditors, and new leadership. The company expressed that it “received a $24 million grant to construct a new automated factory.” It also noted, “The Navajo Nation has announced plans to order at least 200 housing units for about $50 million, although this order is not yet formalized as a contract.” The document presented updated projections through 2026.
The annual report, dated April 29, 2024, provided additional insights. In the “Recent Developments” section, the company noted that on March 25, 2024, its wholly-owned subsidiary was awarded a $24 million grant from the Navajo Nation to assist in the design, construction, and equipping of a 300,000-square-foot automated factory close to the existing plant at the Navajo Nation Power Plant site. This report indicated a $60 million project split equally between building and automation investments. The remaining costs would be financed through New Markets Tax Credits and USDA Business and Industry Program loans, with the company engaging Dudley Ventures to secure an additional $36 million, mentioning plans for a factory opening in 2026.
The subsequent page outlined the housing commitment from the Navajo Nation. “On March 8, 2024, the Navajo Nation pledged $50 million to IDS+A, a principal partner of ZenniHome, to fund the creation and installation of at least 200 ZeniHomes aimed at high-need groups across the Nation.”
“These 200 homes represent the first phase of President Nygren’s initiative for 1,000 homes,” as stated in the application. The report indicated that the Page location holds a 75-year lease with reduced rent until 2030 for the current 40,000-square-foot factory. The intended 300,000 square foot factory will share the same lease.
All these developments are directly aligned with the three-year strategy presented in the annual report. The report lists projected 2024 revenue at $50.6 million with expectations of constructing 398 homes. For 2025, the forecast is 863 homes totaling $109.7 million, and for 2026, $361.2 million with 2,835 homes anticipated. “Based on the new factory, order announcements from the Navajo Nation, and other factors, the company has updated its financial projections,” it states. It cautions, however, that sales figures are dependent on confirmed sales, Navajo Nation announcements, and other anticipated sales. The filing also highlights that these expectations are management’s viewpoints and can change due to construction delays or possible “cancellation of orders from the Navajo Nation.”
To read the full article, please see the Oct. 9, 2025 edition of the Navajo Times.
