Welcome to our dedicated page for ENGlobal news (Ticker: ENG), a resource for investors and traders seeking the latest updates and insights on ENGlobal stock.
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 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.
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