Safe & Green Holdings Reports Year-End 2024 Results
Safe & Green Holdings (NASDAQ: SGBX) reported its financial results for 2024, showing significant challenges with revenue declining to $4.9 million from $15.5 million in 2023. The company posted a net loss of $22.6 million ($10.53 per share) compared to $26.2 million loss in 2023.
Key developments include new leadership appointments with Michael McLaren as CEO and Jim Pendergrast as COO, a definitive merger agreement with Olenox and Machfu.com, and a legal victory securing $1.3 million in damages. The company's Adjusted EBITDA improved to -$9.4 million from -$20.8 million in 2023.
Financial position shows cash and equivalents of $375,873 as of December 31, 2024, with stockholders' equity at -$12.4 million.
Safe & Green Holdings (NASDAQ: SGBX) ha riportato i risultati finanziari per il 2024, evidenziando sfide significative con un fatturato in calo a $4,9 milioni rispetto ai $15,5 milioni del 2023. L'azienda ha registrato una perdita netta di $22,6 milioni ($10,53 per azione) rispetto a una perdita di $26,2 milioni nel 2023.
Sviluppi chiave includono nuove nomine dirigenziali con Michael McLaren come CEO e Jim Pendergrast come COO, un accordo di fusione definitivo con Olenox e Machfu.com, e una vittoria legale che ha garantito $1,3 milioni in danni. L'EBITDA rettificato dell'azienda è migliorato a -$9,4 milioni rispetto a -$20,8 milioni nel 2023.
La posizione finanziaria mostra disponibilità liquide e equivalenti di $375.873 al 31 dicembre 2024, con un patrimonio netto degli azionisti di -$12,4 milioni.
Safe & Green Holdings (NASDAQ: SGBX) informó sus resultados financieros para 2024, mostrando desafíos significativos con los ingresos cayendo a $4.9 millones desde $15.5 millones en 2023. La compañía reportó una pérdida neta de $22.6 millones ($10.53 por acción) en comparación con una pérdida de $26.2 millones en 2023.
Los desarrollos clave incluyen nuevos nombramientos en el liderazgo con Michael McLaren como CEO y Jim Pendergrast como COO, un acuerdo de fusión definitivo con Olenox y Machfu.com, y una victoria legal que asegura $1.3 millones en daños. El EBITDA ajustado de la compañía mejoró a -$9.4 millones desde -$20.8 millones en 2023.
La posición financiera muestra efectivo y equivalentes de $375,873 al 31 de diciembre de 2024, con un patrimonio neto de los accionistas de -$12.4 millones.
Safe & Green Holdings (NASDAQ: SGBX)는 2024년 재무 결과를 보고하며 수익이 2023년 1,550만 달러에서 490만 달러로 감소하는 등 상당한 도전에 직면했다고 전했습니다. 회사는 2023년 2,620만 달러의 손실에 비해 2260만 달러의 순손실 ($10.53 per share)을 기록했습니다.
주요 개발 사항으로는 마이클 맥라렌을 CEO로, 짐 펜더그래스트를 COO로 임명한 새로운 리더십, 올레녹스 및 Machfu.com과의 확정적인 합병 계약, 그리고 130만 달러의 손해 배상을 확보한 법적 승리가 포함됩니다. 회사의 조정 EBITDA는 2023년 -2080만 달러에서 -940만 달러로 개선되었습니다.
재무 상태는 2024년 12월 31일 기준으로 현금 및 현금성 자산이 $375,873이며, 주주 자본은 -1240만 달러입니다.
Safe & Green Holdings (NASDAQ: SGBX) a annoncé ses résultats financiers pour 2024, montrant des défis significatifs avec une baisse des revenus à 4,9 millions de dollars par rapport à 15,5 millions de dollars en 2023. L'entreprise a enregistré une perte nette de 22,6 millions de dollars (10,53 dollars par action) par rapport à une perte de 26,2 millions de dollars en 2023.
Les développements clés incluent de nouvelles nominations à la direction avec Michael McLaren en tant que PDG et Jim Pendergrast en tant que COO, un accord de fusion définitif avec Olenox et Machfu.com, et une victoire judiciaire garantissant 1,3 million de dollars de dommages-intérêts. L'EBITDA ajusté de l'entreprise s'est amélioré à -9,4 millions de dollars contre -20,8 millions de dollars en 2023.
La position financière montre des liquidités et équivalents de 375 873 dollars au 31 décembre 2024, avec des capitaux propres des actionnaires de -12,4 millions de dollars.
Safe & Green Holdings (NASDAQ: SGBX) berichtete über seine finanziellen Ergebnisse für 2024 und zeigte erhebliche Herausforderungen mit einem Rückgang des Umsatzes auf 4,9 Millionen Dollar von 15,5 Millionen Dollar im Jahr 2023. Das Unternehmen verzeichnete einen Nettoverlust von 22,6 Millionen Dollar (10,53 Dollar pro Aktie) im Vergleich zu einem Verlust von 26,2 Millionen Dollar im Jahr 2023.
Wichtige Entwicklungen umfassen neue Führungspositionen mit Michael McLaren als CEO und Jim Pendergrast als COO, eine endgültige Fusionsvereinbarung mit Olenox und Machfu.com sowie einen rechtlichen Sieg, der 1,3 Millionen Dollar an Schadensersatz sicherte. Das bereinigte EBITDA des Unternehmens verbesserte sich auf -9,4 Millionen Dollar von -20,8 Millionen Dollar im Jahr 2023.
Die finanzielle Lage zeigt liquide Mittel und Äquivalente von 375.873 Dollar zum 31. Dezember 2024, mit einem Eigenkapital der Aktionäre von -12,4 Millionen Dollar.
- Improved Adjusted EBITDA to -$9.4M from -$20.8M in 2023
- Secured legal victory worth $1.3M in damages
- Operating expenses reduced to $9.4M from $19.2M in 2023
- Net loss decreased to $22.6M from $26.2M in 2023
- Revenue declined 68% to $4.9M from $15.5M in 2023
- Gross loss of $244,077 in 2024
- Negative stockholders' equity of $12.4M
- cash position of $375,873
- Net loss per share of $10.53
Insights
Safe & Green Holdings' 2024 financial results reveal severe operational challenges. Revenue collapsed by
The balance sheet presents significant concerns. Stockholders' equity deteriorated further to negative
The
SGBX's strategic pivot through the planned merger with Olenox and Machfu represents a dramatic shift rather than an evolution of its core business. This diversification into energy expertise and Industrial IoT appears to be a response to the failing performance in modular construction, evidenced by the
The new leadership team, including CEO McLaren and COO Pendergrast, faces the challenging task of integrating these disparate businesses while addressing fundamental operational issues. The letter of intent to acquire County Line Industrial further suggests a scatter-shot approach to finding new growth avenues rather than fixing the core business.
While securing government contracts provides some revenue stability, the scale appears insufficient to offset broader business deterioration. The CEO's characterization of 2024 as a "foundation for the future" conflicts with the financial reality of deepening losses and equity deterioration.
The strategic direction indicates a radical transformation attempt rather than incremental improvement. Such dramatic pivots carry substantial execution risks, particularly given the company's financial resources and negative equity position. The merger strategy represents a high-risk attempt to salvage shareholder value rather than building from a position of strength. Success will depend entirely on how effectively the new businesses can be integrated and whether they can generate profitability that has eluded the current operation.
MIAMI, April 01, 2025 (GLOBE NEWSWIRE) -- Safe & Green Holdings Corp. (NASDAQ: SGBX) ("Safe & Green Holdings" or the "Company"), a leading developer, designer, and fabricator of modular structures, reports financial results for the year ended December 31, 2024 and provides a corporate update.
Recent Highlights:
- Appointed Michael McLaren as Chief Executive Officer and Jim Pendergrast as Chief Operating Officer
- Entered into Definitive Agreement to merge with Olenox and Machfu.com
- Announced LOI to acquire County Line Industrial
- Successfully completed two major projects for U.S. Government contractor
- Secured two new contracts for Modular Construction Projects
- Announced decisive legal victory in litigation against EDI International and PVE, securing a judgment for nearly
$1.3 million in damages with additional potential awards for interest, legal costs, and attorney’s fees
While 2024 was a challenging year for Safe & Green Holdings, we had several key events that we believe will be the foundation for the Company’s future,” stated CEO Mike McLaren. “First, we have a strong management team now in place, with Jim Pendergrast joining Tricia Kaelin and me as Chief Operating Officer. I believe with our combined experience we are now poised to propel the Company forward. Further, with our merger with Olenox and Machfu coming to our shareholder vote, I strongly believe we are stronger as a diversified company that integrates energy expertise, Industrial Internet of Things (IoT), and our already strong footprint in sustainable infrastructure. We believe this is the Company’s future and look forward to continuing into 2025 with positive outcomes and future sustainable growth.”
Financial Results for the Twelve Months Ended December 31, 2024
Revenue for the twelve months ended December 31, 2024, was
Gross profit (loss) for 2024 was (
Operating expenses for 2024 were
The net loss attributable to common shareholders was approximately (
The Company’s Adjusted EBITDA (non-GAAP) for the year ended December 31, 2024, was approximately (
The Company believes the presentation of EBITDA and Adjusted EBITDA is relevant and useful by enhancing the readers’ ability to understand the Company’s operating performance. The Company’s management utilizes EBITDA and Adjusted EBITDA as a means to measure performance.
The Company’s measurements of EBITDA and Adjusted EBITDA may not be comparable to similar titled measurements reported by other companies. EBITDA and Adjusted EBITDA are not measurements of financial performance under GAAP and should not be considered as an alternative to net income (loss) attributable to common stockholders or as an indication of operating performance or any other measures of financial performance derived in accordance with GAAP. The Company does not consider these non-GAAP measures to be substitutes for or superior to the information provided by its GAAP financial results. The non- GAAP information should be read in conjunction with our consolidated financial statements and related notes. These measures also should not be construed as an inference that our future results will be unaffected by the non-recurring, unusual or non-operational items for which these non-GAAP measures make adjustments.
The table below reconciles EBITDA and Adjusted EBITDA, both non-GAAP measures, to GAAP net gain (loss) attributable to common stockholders of Safe & Green Holdings Corp.
For the Year Ended December 31, 2024 | For the Year Ended December 31, 2023 | ||||||
Net loss attributable to common stockholders | $ | (22,601,278 | ) | $ | (26,282,533 | ) | |
Addback interest expense | 3,127,179 | 1,430,372 | |||||
Addback interest income | — | (119 | ) | ||||
Addback depreciation and amortization | 557,382 | 598,714 | |||||
EBITDA (non-GAAP) | (18,916,717 | ) | (24,253,566 | ) | |||
Common stock deemed dividend | 5,621,596 | — | |||||
Gain on deconsolidation – SG DevCorp | (4,637,013 | ) | — | ||||
Loss on disposition of equity-based investments | 320,408 | — | |||||
Change in fair value of equity-based investments | 6,616,201 | — | |||||
Addback litigation expense | 356,046 | 154,217 | |||||
Addback stock-based compensation expense | 1,194,597 | 3,210,631 | |||||
Adjusted EBITDA (non-GAAP) | $ | (9,444,882 | ) | $ | (20,888,718 | ) | |
At December 31, 2024, and December 31, 2023, the Company had cash and cash equivalents of
Additional details can be found in the Company’s filing 10-K, which can be accessed on the United States Securities & Exchange Commission website at www.sec.gov.
About Olenox Corp.
Olenox is an advanced energy company focused on oil and gas production, energy services, and energy technologies. Olenox specializes in acquiring and revitalizing distressed energy assets, leveraging proprietary technologies to enhance production while minimizing environmental impact.
About Machfu, Inc.
Machfu delivers Industrial Internet of Things (IIoT) solutions, providing secure, scalable, and intelligent connectivity for industrial automation, energy, and smart infrastructure applications.
About Safe & Green Holdings Corp.
Safe & Green Holdings Corp., a leading modular solutions company, operates under core capabilities which include the development, design, and fabrication of modular structures, meeting the demand for safe and green solutions across various industries. The firm supports third-party and in-house developers, architects, builders, and owners in achieving faster execution, greener construction, and buildings of higher value. For more information, visit https://www.safeandgreenholdings.com/ and follow us at @SGHcorp on Twitter.
Safe Harbor Statement
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates and assumptions. These forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company’s ability to successfully integrate Olenox and Machfu.com, the Company’s ability to collect on judgments against EDI International and PVE, the effect of government regulation, the Company’s ability to maintain compliance with the NASDAQ listing requirements, and the other factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and its subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
Investor Relations:
CORE IR
516 222 2560
julesa@coreir.com
Source: Safe & Green Holdings Corp.
