Englobal Corp Stock Price, News & Analysis

ENGlobal Corporation (NASDAQ:ENG) announced the appointment of Meg Lassarat to its Board of Directors. With over 30 years of experience in corporate finance and strategic leadership within the energy engineering sector, Lassarat is expected to bring significant expertise to the role. She previously served as CFO for various prominent firms, including Exyte Energy and Louis Berger, and has a robust background in driving growth and delivering positive results.

Lassarat will fill the seat vacated by Mark Hess, who retired. She is also set to stand for election at the upcoming annual meeting. Her background includes roles at Halliburton and KPMG, among others, and she holds a BA in Accounting from Texas A&M University.

ENGlobal (NASDAQ:ENG) announced the retirement of Mark Hess, its former CEO, effective April 20, 2023. Hess cited a desire to spend more time with family and pursue new opportunities. His long-term service to ENGlobal was acknowledged by Bill Coskey, Executive Chairman, who expressed gratitude for Hess's commitment to the company and its employees. ENGlobal is known for providing project solutions in the energy sector, operating through two segments: Commercial and Government Services. The company offers comprehensive engineering, design, and automation solutions, including capabilities in the U.S. Defense industry. The press release emphasizes Hess's positive impact while signaling a transition within the company. For further information, ENGlobal encourages stakeholders to visit its website or contact investor relations.

ENG (NASDAQ:ENG) reported its annual results on March 31, 2023, revealing a 10.4% increase in revenues to $40.2 million for 2022. However, the company faced significant challenges, marked by a gross loss of $4.2 million, a stark increase of 555.1% from the previous year's loss. The net loss for 2022 surged to $18.5 million, up from $5.7 million in 2021. Executive Chairman William A. Coskey stated the company aims to regain financial stability by focusing on cost reduction and improving margins. Despite the revenue increase, achieving profitability remains a critical goal.

HOUSTON, TX / ACCESSWIRE / February 13, 2023 / ENG (NASDAQ:ENG) announced William A. Coskey has been appointed Executive Chairman, succeeding Mark Hess, who resigned as CEO. Hess, who led the company since March 2021, will remain as a Board Director in an advisory role. Mr. Coskey, a co-founder of ENG, stated his pride in leading the team once again, noting the company's growth in technical capabilities and project solutions in the energy sector. ENG operates in renewable and traditional energy, serving commercial and government sectors. The company continues to enhance its offerings during a pivotal time in the energy industry.

ENG (NASDAQ:ENG), a key player in innovative project delivery solutions for the energy sector, is collaborating with RETI on the FEED (Front End Engineering and Design) for a Sustainable Aviation Fuel (SAF) and Renewable Diesel (RD) project in Calgary. The company acknowledged that some details from their previous press release on February 1, 2023, were prematurely disclosed and will be clarified in a forthcoming announcement. ENG operates in two segments: Commercial and Government Services, focusing on engineering, design, and automation solutions both domestically and globally.

ENGlobal Corporation (NASDAQ:ENG) has entered a definitive agreement with an institutional investor for a registered direct offering of 3,971,000 shares of common stock and warrants to purchase 3,971,000 shares. The offering price is set at $0.85 per share and warrant, with an aggregate gross proceeds of approximately $3.4 million. The proceeds will be utilized for working capital and general corporate purposes. The closing is expected around February 6, 2023. A.G.P./Alliance Global Partners acts as the placement agent. The shares are offered under the Company's shelf registration statement.

ENG (NASDAQ:ENG) announced contract awards expected to generate over $12 million in revenue, primarily recognized in Q4 2022. The projects include solar farm installations in Texas, a master services agreement with an integrated oil services company, and multiple compressor station upgrades. The company's new modular fabrication facility and expanded field services office are anticipated to boost future profitability. Additionally, ENG is pursuing multiple gas-to-liquids opportunities exceeding $100 million, expecting successful bids within six months.