Safe & Green Holdings Corp. - SGBX STOCK NEWS

SG Blocks, Inc. (NASDAQ: SGBX) has announced an increase in its share buyback program from 500,000 to 1,000,000 shares. This decision, approved by the Board of Directors, aims to enhance shareholder value amid the current trading price of its stock. The buyback initiative commenced following the Q2 2022 10-Q filing and is subject to trading window restrictions. Chairman and CEO Paul Galvin expressed confidence that the program will support the company's growth while ensuring adequate cash for market opportunities.

SG Blocks (NASDAQ: SGBX) announced an agreement with People First Industries, a non-profit in Oklahoma, to build a 4,550 square feet, 6-module office facility. This initiative aligns with SG Blocks' mission of providing modular structures that meet safety and green construction standards. The project aims to support individuals with intellectual and developmental disabilities by empowering them through gainful employment. SG Blocks will provide further updates as the project progresses.

SG Blocks has finalized the acquisition of approximately 29 acres in St. Marys, Georgia, for its third manufacturing facility, set to enhance its production capabilities. The new site, located in St. Marys Commerce Park, will initially employ around 40 individuals and is expected to break ground in Q2 2023. This facility will support the company's participation in the Cumberland Inlet mixed-use project, where it holds a 10% non-dilutable equity interest. Local officials express optimism regarding job growth and community revitalization.

SG Blocks, Inc. (NASDAQ: SGBX) announced that its subsidiary, SGB Development Corp., has contracted to sell its Lago Vista property at full asking price. This 58-acre waterfront property, acquired in May 2021, is located near Austin, Texas. The sale is expected to close in Q4 2022 and will generate a significant return on investment, aiding in the company's growth and preventing shareholder dilution. SG Blocks continues to manage a backlog of $750 million in projects, with efficient capital allocation and a share repurchase plan commencing soon.

SG Blocks (SGBX) reported strong Q2 2022 financial results, achieving $7.6 million in revenue, a decline from $11.9 million in Q2 2021. A highlight was the 104% year-over-year growth in the Construction segment, contributing 56% of total revenue. Medical revenue accounted for 44%, showcasing a shift from COVID reliance. Gross profit fell to $0.8 million from $2.0 million the previous year. The company holds a $4.2 million construction backlog. SG Blocks also secured major contracts, including an $18 million deal with Moliving, enhancing its growth outlook.

SG Blocks, Inc. (NASDAQ: SGBX) has hired Equity Animal, LLC for investor and public relations to enhance market awareness. Equity Animal's extensive distribution network reaches approximately 35 million investors monthly. This partnership aims to amplify SG Blocks' ESG-driven mission, focusing on sustainable modular construction. The CEO, Paul Galvin, emphasized the need to improve market visibility and capitalize on growth opportunities in real estate and manufacturing. An earnings call is scheduled for August 15, 2022, on Twitter Spaces.

SG Blocks, Inc. (NASDAQ: SGBX) announced it will report its fiscal 2022 second quarter financial results on August 15, after market close. The company will host a conference call at 4:30 p.m. ET, accessible via Twitter Spaces and traditional dial-in methods, allowing participants to engage in a Q&A session. SG Blocks is recognized for its innovative modular structures, aimed at addressing the demand for sustainable construction. Their approach offers expedited execution while meeting enhanced building code requirements.

SG Blocks (NASDAQ: SGBX) plans to close on its new St. Marys manufacturing campus by late August, financing it with debt and equity. The facility will cover 114,000 square feet and support the Cumberland Inlet Project, projected to generate $40 million in annual revenue and create 125 jobs within three years. The company is also scheduled to open its second manufacturing site, SG Echo at Waldron, on September 29, 2022. An event for the Cumberland Inlet Ground Breaking is set for August 26, 2022, aiming to develop thousands of housing units and amenities.

SG Blocks (NASDAQ: SGBX) is collaborating with Teamsters Local 848 in Long Beach, California, to develop a COVID-19 testing module and wellness center for union members. Currently in the research phase, this initiative aims to enhance medical services for approximately 1.3 million Teamsters members. CEO Paul Galvin emphasized the commitment to improving health outcomes sustainably and efficiently. Further updates will follow as plans are finalized.