Filings show $24 million grant, 200-home Navajo plan before ZenniHome shut LeChee factory

Posted by Krista Allen | Oct 9, 2025 | News |

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ZenniHome filings presented an awarded factory grant and a 200-home Navajo announcement. Months later the company reported the LeChee, Arizona, plant had closed after losses and changes to an expected order.

ZenniHome’s April 2024 filings describe a plan built on two developments inside the Navajo Nation. The company told investors a $24 million grant for a 300,000 square foot automated factory near Page had been awarded. It also reported a Navajo Nation announcement to fund at least 200 modular homes through a partner. Four days later the annual report tied both items to projections through 2026. Fourteen months after those filings the company issued a statement saying the LeChee factory had closed following losses and a cut to an expected order.
This article summarizes those documents. It quotes the company’s language as filed and as later stated.

What ZenniHome told investors

On April 25, 2024, the company filed an amendment to its crowdfunding disclosure. The filing listed audited financials for 2023, a change in auditor, and new officers and directors. It also stated the company “received a grant of $24 million to build a new, automated factory.” In the same summary the company wrote that “The Navajo Nation has announced its intention to place an order for at least 200 homes for approximately $50 million, although the order is not yet in the form of a binding contract.” The document included new projections through 2026.

On April 29, 2024, the annual report added detail. Under “Recent Developments” the company wrote that on March 25, 2024, a wholly owned subsidiary “was awarded a $24 million grant from the Navajo Nation to support the design, construction, and fit out of a new 300,000 square foot automated factory facility that will be built near the company’s current factory on the former Navajo Generating Station site.” The report described a $60 million project with half for the building and half for automation equipment. It stated the balance would be financed with New Markets Tax Credits and commercial loans backed by the USDA Business and Industry program. It stated that the company retained Dudley Ventures to raise the remaining $36 million and that “Plans are underway for the development of the new factory with an expected opening date in 2026.”

The next page described a housing announcement by the Navajo Nation.
“On March 8, 2024, the Navajo Nation announced a $50 million commitment to IDS+A, a key ZenniHome partner, to help fund the construction and installation of at least 200 ZenniHome for high-need residents across the Navajo Nation.”

The filing stated, “These 200 homes will be the first installment of President Nygren’s 1,000 Home Initiative.” The report also noted a 75-year lease for the Page site with rent abated through 2030 for the current 40,000 square foot plant. The planned 300,000 square foot factory would be on the same leasehold.

Those developments feed directly into the three-year plan in the annual report. The table lists 2024 revenue of $50.6 million and 398 homes. For 2025 it lists $109.7 million and 863 homes. For 2026 it lists $361.2 million and 2,835 homes. The text reads “Based on the new factory, the announced order by the Navajo Nation, as well as other developments, the company has modified its financial projections.” It adds that “The revenue figures are based on booked and confirmed sales, the sale announced by the Navajo Nation, and other anticipated sales.” The filing cautions that these are management expectations and could change because of construction delays or “a cancellation of the order from the Navajo Nation.”

To read the full article, please see the Oct. 9, 2025, edition of the Navajo Times.

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