Safe & Green Holdings Corp. - SGBX STOCK NEWS

Safe & Green Holdings (NASDAQ: SGBX) has announced an expanded contract to construct 11 additional technology modules for a U.S. government contractor, valued at over $1 million. This expansion increases the total number of container modules ordered for this military-related agency to 26 units.

Paul Galvin, CEO, emphasized the company's ability to meet high standards and its commitment to supporting the U.S. military. David Cross, Vice President of Business Development, highlighted the versatility and quality of the modules, which are designed with advanced 3D technology and constructed using either wood or steel frames. The units will be manufactured in Durant, Oklahoma, and delivered to a site in Virginia.

Safe & Green Holdings (NASDAQ: SGBX) has promoted David Cross to Senior Vice President of Sales and Business Development. Cross, a Maine Maritime Academy graduate, has a background with Maersk Line and COSCO Lines. He pioneered the PACE concept, using shipping containers for construction projects, and has testified before the 111th Congress on container applications for FEMA. CEO Paul Galvin praised Cross's contributions and leadership, highlighting his role in the company's success and innovation in modular construction.

Safe & Green Holdings (NASDAQ: SGBX) has received recertification from the International Code Council (ICC) for its use of shipping containers in modular construction.

This recertification ensures compliance with stringent safety and performance standards, making it easier for building departments to approve projects using these containers.

Paul Galvin, CEO, highlighted that securing the ESR certification streamlines project approvals and reinforces the company's commitment to using recycled materials in construction. The company first received this certification in 2017.

Safe & Green Holdings reported Q1 2024 results with $1M in revenue, a significant drop from $5.5M in Q1 2023, and a net loss of $4M compared to $3.5M last year. However, gross profit improved to $372K from a loss of $62K. They secured various contracts and partnerships, including $8M in new business for their SG Echo subsidiary. Cost-saving measures are expected to save $2.5M annually in 2024. The company anticipates cash flow positivity by the end of 2024. Financial improvements include $450K from a warrant inducement agreement and $4M from a securities purchase agreement, bolstering cash to $740K by March 31, 2024.

Safe & Green Holdings Corp. (NASDAQ: SGBX) announced an increase of approximately $1 million in a military contract for the construction of 11 additional modular office containers. This expansion highlights the company's expertise in modular construction and reflects the exceptional quality of their products.

Safe & Green Holdings Corp. (NASDAQ: SGBX) has received an expanded scope of work from a government contractor to refurbish 15 container modules for a major U.S. agency. The upgrade will be carried out at their facility in Durant, Oklahoma, and the refurbished units will be transported to a site in Virginia. This collaboration highlights the company's expertise in modular construction and commitment to supporting the military.

Safe & Green Holdings Corp. reported a 30% increase in construction services revenue in 2023 compared to 2022. The company successfully spun-out Safe and Green Development as a Nasdaq listed entity. Cost-saving initiatives are expected to save $2.5 million in annual expenses in 2024. Safe & Green Holdings is partnering with the Tunnel to Towers Foundation to construct a modular home showcasing the foundation's initiatives. The Company achieved various milestones, including entering into a Master Purchase Agreement with SG DevCo and receiving new contracts for modular units.

Safe & Green Holdings Corp. announced a private placement of $4 million with an institutional investor, offering shares and warrants at $2.90 per share. The company plans to use the proceeds for general corporate purposes and debt repayment. The closing is expected on May 7, 2024. AGP/Alliance Global Partners is the sole placement agent. The securities are not registered under the Securities Act and will be subject to resale restrictions.

Safe & Green Holdings Corp's subsidiary, SG Echo, is set to deliver its first eco-friendly modular unit to a prominent quick-service restaurant customer in the Pacific Northwest. The unit has passed its final plant inspection and will be shipped in the second quarter of 2024. Safe & Green Holdings is excited about the partnership and sees it as the beginning of a significant relationship. The company's Durant, OK facility is strategically positioned to serve commercial markets nationwide, showcasing its ability to provide sustainable solutions.