Safe & Green Holdings Corp - SGBX STOCK NEWS

SG Blocks (NASDAQ: SGBX) has been selected as the exclusive manufacturer for Street Food USA to support its modular food hall rollout across the United States. The collaboration will utilize 35 SG Blocks modules, with the first site planned for the Southern United States. Street Food USA focuses on promoting local entrepreneurship and sustainable growth through independent kitchens. SG Blocks provides architectural design and engineering services, emphasizing their commitment to supporting small, innovative businesses.

SG Blocks (Nasdaq: SGBX) reported record quarterly revenues of $11.9 million for Q2 2021, a significant increase from $630,000 in Q2 2020. Gross profit rose to $2.8 million, while operating expenses grew to $2.8 million. Net loss for the quarter was $1.5 million or negative $0.17 per share. The company is focused on expanding its housing vertical and anticipates positive cash flow by Q4 2021. SG Blocks had 14 projects under contract, with a construction backlog of $21 million as of June 30, 2021. The company aims to maintain high manufacturing capacity and pursue new investment opportunities.

SG Blocks, Inc. (NASDAQ: SGBX) announced a collaboration with ATCO Structures & Logistics to produce modular fleet units. ATCO has committed to 20 units as part of a national rollout throughout the U.S., with initial deliveries expected in Q3 2021. This partnership highlights SG Blocks' commitment to modular construction, providing ongoing support and scalability for future orders. Paul Galvin, CEO, expressed satisfaction in collaborating with ATCO, indicating mutual respect for modular capabilities.

SG Blocks, Inc. (Nasdaq: SGBX) will host a conference call on August 16, 2021, at 4:30 p.m. ET to discuss its second quarter results for the period ending June 30, 2021. CEO Paul Galvin will lead the call, which will include a live Q&A session. Prior to the call, financial results will be released. Investors can access the call via toll-free and international numbers and can find a replay available until August 30, 2021. SG Blocks specializes in using code-engineered cargo shipping containers for sustainable construction.

SG Blocks (NASDAQ: SGBX) announced that its subsidiary, SGB Development Corp., has executed a real estate lien note valued at $2,000,000 for its Lago Vista project near Austin, Texas. The net proceeds of $1,958,233 will be allocated for growth capital purposes. The note features a one-year term with a 12% annual interest rate and permits prepayment without penalty after nine months. Chairman Paul Galvin expressed enthusiasm for leveraging debt markets to enhance growth opportunities.

SG Blocks (NASDAQ: SGBX) announced that its subsidiary, SG DevCorp, has acquired a 10% non-dilutable equity interest in JDI-Cumberland Inlet, LLC, contributing $3 million to develop a 1,286-acre waterfront site in St. Marys, Georgia. The project aims to create a mixed-use community featuring approximately 1,280 modular units, generating an estimated $180 million in potential manufacturing revenue. Site work is scheduled to begin in Q4 2021, with initial unit deliveries expected in Q3 2022.

SG Blocks (NASDAQ: SGBX) announced its subsidiary, SGB Development Corp., in partnership with CMC Development Group, acquired a six-acre site in Atlanta, Georgia for a rental apartment community. The project, named Norman Berry Village, will feature 134 units and is projected to cost approximately $21 million. Groundwork is expected to begin in Q3 2021, with completion by Q3 2023. This initiative aims to address affordable housing needs in Atlanta, where 20.8% of residents live below the poverty line.

SG Blocks, Inc. (NASDAQ: SGBX) has announced the groundbreaking of its Monticello Mews project in New York's Catskills region, which will feature 180 townhomes. The first phase will include 110 one- and two-bedroom units, alongside amenities like a clubhouse and gym. CEO Paul Galvin emphasized the importance of this workforce housing, stating it addresses a significant housing supply issue in a growing job market. SG Blocks holds both a loan and a carried interest in the project, expecting completion by Q3 2023 and committing to provide updates throughout the development process.

SG Blocks announced the appointment of Joseph Safina and David Villarreal to its Board of Directors, effective May 28, 2021, increasing the board size from four to six. Safina, with over 30 years in investment banking, will serve on the audit and compensation committees. Villarreal, with 40 years of management experience, has been appointed as the lead independent director. This strategic move aims to leverage their operational leadership and financial expertise to drive the company's growth and execution of its plans.