oeg - OEG STOCK NEWS

Orbital Energy Group (NASDAQ: OEG) announced the successful completion of a 5G deployment for multiple US Wireless Carriers at Truist Park in Atlanta, Georgia, by its subsidiary, Gibson Technical Services (GTS), and recently acquired Full Moon Telecom. The project, executed ahead of schedule, enhances fan connectivity during the World Series. GTS's CEO, Mike McCracken, emphasized the strategic value of the Full Moon acquisition, which strengthens technical expertise and market penetration, supporting their growth in telecommunications.

Orbital Energy Group, Inc. (NASDAQ: OEG) announced the acquisition of Full Moon Telecom LLC by its subsidiary Gibson Technical Services, Inc. The transaction, effective in the current fiscal quarter, is expected to enhance revenues and earnings. Full Moon, based in Florida, specializes in telecommunications services including Layer 2/3 Transport and RAN Integration. This acquisition expands GTS's service offerings and customer base, enabling further market penetration and growth opportunities. GTS aims to continue its strategic acquisitions to evolve into a comprehensive telecommunications and infrastructure service platform.

Orbital Energy Group, Inc. (NASDAQ: OEG) announced that Keith Hayes, CEO of IMMCO, a subsidiary of Gibson Technical Services, was inducted into the SCTE Hall of Fame on October 13, 2021. This recognition honors Hayes for his significant contributions to telecommunications engineering and leadership within the industry. Hayes has nearly four decades of experience, previously holding executive roles at Charter and Adelphia. Orbital Energy Group is focused on building a diversified energy services platform through strategic acquisitions and development.

Orbital Energy Group, Inc. (NASDAQ: OEG) announced its subsidiary Gibson Technical Services (GTS) has secured a project from Charter Communications (NASDAQ:CHTR) to build 1,910 miles of rural broadband in Virginia. This new initiative follows a prior contract for 8,600 miles in Louisiana, Alabama, and North Carolina. The project, part of the Virginia Telecommunication Initiative, is set to commence immediately and is expected to enhance rural broadband accessibility, fostering community development and economic growth through improved digital infrastructure.

Orbital Energy Group, Inc. (OEG) announced a response to Hurricane Ida, leveraging its subsidiaries to assist in restoring electric power and telecommunications infrastructure. CEO Jim O'Neil stated that the disaster presents opportunities for growth and establishing new customer relationships. The company anticipates a positive financial impact in Q3 2021 due to the increased demand for their services following the hurricane. OEG aims to maximize shareholder value while maintaining a commitment to integrity and community service.

Orbital Energy Group (OEG) reported a 110% revenue increase to $16.3 million in Q2 2021 compared to Q2 2020. However, the company faced a gross loss of $1.2 million and an operating loss of $18.3 million, impacted by ramp-up costs and operational expenses. Backlog significantly rose to $294.9 million, up from $40.4 million at year-end 2020, driven by new telecommunications projects. The company anticipates improved margins as its telecommunications services grow. Notably, OEG completed the acquisition of Gibson Technical Services and announced another acquisition of IMMCO.

On August 11, 2021, Orbital Energy Group (NASDAQ: OEG) announced the appointment of Scott Stokes as the new Chief Technology Officer of its telecommunications subsidiary, Gibson Technical Services (GTS). With over 30 years of experience in telecommunications, Stokes will enhance GTS's capabilities in network design, construction, and project management. His previous role at Jacobs involved leading engineering projects for major clients such as AT&T and Verizon. This leadership change aims to capitalize on market growth driven by the 5G rollout.

Orbital Energy Group (NASDAQ: OEG) announced on Aug. 9, 2021, that its subsidiary, Orbital Solar Services (OSS), secured a significant Engineering, Procurement, and Construction (EPC) contract to develop a 132.2MWdc/100MWac solar farm in the Southeastern United States. The project, consisting of 350,000 solar panels over 800 acres, will power 20,000 homes annually and is set for completion in early 2022. OSS's selection was based on its engineering capabilities and track record of completing over 40 solar projects exceeding 600MW.

Orbital Energy Group (Nasdaq: OEG) has announced a conference call to discuss its Q2 2021 financial results, scheduled for August 16, 2021, before market open. The call will be hosted by CEO Jim O'Neil and CFO Daniel Ford at 8:30 am ET. Investors can participate by dialing (888) 734-0328 or (678) 894-3054. A live webcast and presentation will be available on the company's Investor Relations page, with a replay accessible until September 1, 2021.