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Orbital Energy Group, Inc. (OEG) announced that its subsidiary, Gibson Technical Services (GTS), secured a project for 700 miles of engineering and construction services in Central Mississippi for TEC. The project, starting in June 2021, is funded through private capital and the Federal Government's Rural Digital Opportunity Fund, which allocates $20.4 billion to rural broadband initiatives. This partnership signifies one of the first RDOF rural builds in the U.S., highlighting GTS's capabilities and strategic importance to OEG's growth in telecommunications.
Orbital Energy Group reported a 67% increase in total revenues, reaching $9.5 million for Q1 2021 compared to $5.7 million in Q1 2020. However, the company faced a gross loss of $1.3 million, contrasting with a gross profit of $0.6 million the previous year, largely due to ramp-up costs from new services. Operating loss widened to $17.3 million from $7.1 million, influenced by higher expenses and stock-based compensation. The backlog grew to $62.1 million, while the company raised $45 million in equity capital to fuel growth and acquisitions.
Orbital Energy Group, Inc. (Nasdaq: OEG) will host a conference call to discuss its Q1 financial results on May 17, 2021, at 8:30 AM ET. The call will feature CEO Jim O'Neil and CFO Daniel Ford. Interested parties can dial in using the provided numbers or access the live webcast on the company's website. A replay will be available until June 2, 2021. Orbital Energy aims to create a diversified energy services platform through innovative companies and is committed to maximizing shareholder value while maintaining high integrity and philanthropy.
Orbital Energy Group (OEG) has successfully acquired Gibson Technical Services (GTS) for $48 million, effective April 13, 2021. GTS, a telecommunications firm based in Atlanta, reported $40 million in gross revenues for 2020 and anticipates $50 million for 2021. The acquisition is set to enhance OEG's revenue and earnings immediately, with GTS expected to contribute approximately $8 million in EBITDA in 2021. This strategic move aligns with OEG's goal to expand its services and market presence in telecommunications.
Orbital Energy Group, Inc. (Nasdaq: OEG) reported robust financial results for 2020, with total revenues increasing to $38.4 million from $23.5 million in 2019. The fourth quarter revenues surged to $11.3 million, a significant rise from $5.7 million in Q4 2019. Gross profit amounted to $3.1 million for Q4 and $7.1 million for the full year, reflecting strong growth in various segments. Although operating losses increased to $28.8 million for the year, the company holds a backlog of $40.4 million and raised $45 million in equity to support growth. A new subsidiary, Eclipse Foundation Group, was also launched.
Orbital Energy Group (NASDAQ: OEG) announced it has reached an agreement to acquire 100% of Gibson Technical Services (GTS), a telecommunications firm, for $48 million. This deal is expected to close by April 30, 2021, and will significantly increase OEG's revenues and earnings, with GTS projected to generate approximately $50 million in revenues and $8 million in EBITDA in 2021. The acquisition diversifies OEG's service offerings and positions it for growth in the telecommunications market, enhanced by the ongoing rollout of 5G and the FCC's $9.2 billion Rural Broadband Initiative.
Akon Lighting has appointed Growmore Group as a fund manager for its Black Sunrise Fund (BSF), targeting $5 billion over 50 years. This initiative aims to link the black community with clean energy opportunities, focusing on decommissioning coal plants and transitioning to renewable energy sources like solar and wind. The fund will also create community workforce development programs for minorities, and provide a solar installation curriculum in partnership with local colleges. Investor interest has been substantial, indicating strong potential for socio-economic impact.
Orbital Energy Group (Nasdaq: OEG) announced a conference call scheduled for March 30, 2021, to discuss its financial results for the fourth quarter and full year ended December 31, 2020. The call will be hosted by Vice Chairman and CEO Jim O'Neil, along with CFO Daniel Ford, at 8:30 AM ET. Investors can join via phone or webcast, with a replay available until April 15, 2021. Orbital Energy aims to create a diversified energy services platform through strategic acquisitions and innovative solutions in the energy sector.
Orbital Energy Group (NASDAQ: OEG) announced its subsidiary, Orbital Solar Services (OSS), has been selected as the exclusive EPC company for the Black Sunrise Half Century Fund. This partnership aims to convert redundant coal-fired power plants into utility-scale solar farms across the U.S., with an initial investment of $725 million. The Fund plans to build over 1 gigawatt of solar power in three years. OSS brings experience from over 40 solar projects totaling over 600 megawatts. The collaboration emphasizes diversity in the energy sector, promoting opportunities for minority-run businesses.
Orbital Energy Group, Inc. (Nasdaq: OEG) announced the completion of a registered direct offering, selling 10 million shares at $3.50 each, raising $35 million. The funds will support the growth of Orbital Power Services and the new Eclipse foundation division, and mobilization for large solar projects. CEO Jim O'Neil emphasized that this capital enables strategic acquisitions and a more aggressive growth strategy. The offering was facilitated by A.G.P./Alliance Global Partners and is registered under the SEC's effective shelf registration statement.
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