oeg - OEG STOCK NEWS

Orbital Energy Group, Inc. has officially rebranded to Orbital Infrastructure Group, Inc. (NASDAQ: OIG) to align with its enhanced infrastructure services strategy. The company has shifted its corporate domicile from Colorado to Texas, with the rebranding effective from August 1, 2022. This change follows the discontinuation of its Orbital Gas Services operation and signifies a focus on electric power, telecommunications, and renewable industries. A redesigned website will launch by August 15, 2022.

Orbital Energy Group, Inc. reported a first-quarter revenue of $70.3 million, marking significant growth from $41.0 million in Q4 2021 and $5.6 million in Q1 2021. The company achieved a gross profit of $11.6 million and a positive adjusted EBITDA of $3.8 million, reflecting improved operational efficiency. However, it reported a loss from continuing operations of $36.7 million, influenced by a $26.0 million non-cash charge. The company maintains a backlog of $513.5 million and reiterates its 2022 financial guidance of projected revenues between $375M and $425M.

Orbital Energy Group (OEG) will announce its first-quarter financial results for 2022 on May 16, 2022. The announcement will precede a conference call at 8:30 am ET, hosted by CEO Jim O'Neil and CFO Nick Grindstaff, to discuss the findings. Investors can dial in at (678) 894-3054 and use conference ID 3716707. A replay will be available until June 1, 2022. Orbital Energy provides diverse infrastructure services, focusing on maximizing shareholder value and sustainability.

Orbital Energy Group, Inc. (NASDAQ: OEG) has entered into a share purchase agreement to sell its UK gas business, Orbital Gas Systems Ltd, to nZero Group. This move allows nZero to take over Orbital's UK operations, including the GasPT Technology. Orbital will retain licensing rights for certain GasPT projects and license its proprietary VE Technology for European and Asian markets. The deal aligns with Orbital's strategy to diversify and capitalize on the growing demand in electric power and renewable industries, according to CEO Jim O'Neil.

Orbital Energy Group closed a registered direct offering raising approximately $21.0 million by selling 16,153,847 shares at $1.30 per share alongside warrants for the same amount at $1.31 exercise price. The offering, led by A.G.P./Alliance Global Partners, follows an effective shelf registration statement with the SEC. The warrants have a five-year term and are exercisable post six months from issuance. This funding aims to strengthen the Company's position in the electric power, telecommunications, and renewable services.

Orbital Energy Group (NASDAQ: OEG) has announced a deal with Front Line Power Construction to defer $20 million in remaining payments until December 31, 2022. This agreement is expected to enhance the company's ability to execute its infrastructure strategy and alleviate capital constraints. CEO Jim O'Neil acknowledged the Front Line sellers' flexibility amid market challenges, emphasizing the importance of this collaboration in navigating the robust electric power infrastructure sector.

Orbital Energy Group (Nasdaq: OEG) announced a definitive agreement for a registered direct offering of 16,153,847 shares at $1.30 each, along with warrants to purchase the same number of shares at $1.31. The offering is expected to yield approximately $21.0 million in gross proceeds before fees and expenses, closing around May 3, 2022. A.G.P./Alliance Global Partners is the sole placement agent. This offering is made under an effective shelf registration statement with the SEC. Further details will be available via a prospectus supplement.

Orbital Energy Group (OEG) announced a strategic reorganization within its Solar Division, appointing Robert Burns as president of Orbital Solar Services (OSS) effective April 25, 2022. As OSS becomes part of the telecom division, Mike McCracken will lead both OSS and Gibson Technical Services (GTS). Burns brings over 30 years of solar construction experience, having managed projects worth up to $130 million. The leadership change aims to enhance the efficiency and profitability of the Solar Division, with expectations of increased shareholder value.

Orbital Energy Group (NASDAQ: OEG) announced the launch of its Unbound Horizons program, aimed at providing career opportunities in the solar industry for disadvantaged individuals, at two Lightsource bp project sites in Alabama and Arkansas. The initiative seeks to bridge equity gaps and includes mentorship, technical training, and certifications for participants. Key partners like Array Technologies and Nextracker support this program, emphasizing its commitment to diversity and inclusion in renewable energy careers.