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ENGlobal Corp (NASDAQ: ENG) is an engineering and professional services firm, founded in 1985, that primarily serves the energy industry globally. The company operates through two main segments: Commercial and Government Services.
The Commercial segment offers a wide array of services including engineering, design, fabrication, construction management, and integration of automated control systems. This segment is pivotal in delivering advanced automation solutions that cater to the upstream, midstream, downstream, pulp and paper, and alternative energy markets.
The Government Services segment, on the other hand, focuses on engineering, design, installation, operations, and maintenance of various government facilities. This segment specializes in turnkey automation and instrumentation systems for the U.S. Defense industry, providing critical support to government-related projects.
ENGlobal is committed to its core values of health, safety, environmental responsibility, integrity, accountability, teamwork, and communication. With a vision to become the preferred provider of innovative automation integration services and select EPCM (engineering, procurement, construction management) projects, ENGlobal continues to evolve and adapt to meet the dynamic needs of the energy sector.
Recent achievements include the repayment of its credit facility with Pacific Western Business Finance and the entry into a new credit agreement with Alliance 2000, Ltd. This strategic move is part of ENGlobal's ongoing efforts to reposition the company financially and operationally. Moreover, the company has streamlined its engineering assets to focus on middle-market projects across the energy value chain and has made significant reductions in payroll and overhead costs to improve profitability.
ENGlobal’s latest operational updates show an emphasis on full-service engineering, automation project work, and enhanced procurement and fabrication capabilities. Despite challenges, the company has maintained a strong project backlog and continues to secure new business opportunities.
As of the latest updates, ENGlobal has shown a steady trajectory towards financial recovery, with efforts in place to improve margins, control overhead, and regain profitability. The company remains committed to delivering high-quality engineering project solutions to both its commercial and government clients.
ENGlobal (NASDAQ:ENG) reported its Q3 2024 financial results. Revenue decreased to $5.7 million from $9.5 million in Q3 2023. The company reduced its net loss to $0.5 million from $0.7 million year-over-year. Excluding non-recurring adjustments, gross profit percentage increased by 87% to 8.4%, and SG&A decreased by $0.7 million to $1.8 million. For the nine months ended September 28, 2024, revenues were $18.4 million compared to $32.4 million in 2023, while net loss improved by $8.3 million to $3.1 million.
ENGlobal (NASDAQ:ENG) reported its Q2 2024 financial results, showing progress in its business refocus strategy. The company's net loss decreased to $1.2 million for Q2 2024, compared to $1.4 million in Q1 2024 and $4.3 million in Q2 2023. Revenues for Q2 2024 were $6.1 million, down 37% year-over-year. Gross profit improved to $0.8 million, up from a $0.4 million loss in Q2 2023. SG&A expenses were reduced by 52% to $1.9 million. The company's backlog stood at $7.7 million as of June 29, 2024. ENGlobal is focusing on electric power infrastructure for data centers and new technologies, having signed a Master Services Agreement with a regional power infrastructure provider. The company aims to achieve run-rate profitability by year-end 2024.
ENGlobal announced its first quarter 2024 financial and operating results, showcasing a focus on repositioning its business towards providing engineering and automation services. Despite a net loss and decreased revenues compared to the previous year, the company saw improvements in gross profit, reduced expenses, and higher billable resource utilization. ENGlobal remains optimistic about future opportunities and potential partnerships to drive revenue growth. The company's total backlog was approximately $10.8 million as of March 30, 2024.
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