SG Blocks Inc
NASDAQ:SGBX
SG Blocks Inc
SG Blocks, Inc. is a design and construction services company, which engages in the business of providing code engineered cargo shipping containers for safe and sustainable construction. The company is headquartered in Brooklyn, New York. The company went IPO on 2017-06-22. The building products developed with its technology and design. The firm offers three core products, which utilizes its technology. The first product offering involves GreenSteel modules, which are the structural core and shell of an SGBlocks building. The second product offering involves replicating the process to create the GreenSteel product and in addition installing selected materials, finishes and systems, including, but not limited to floors, windows, doors, interior painting, electrical wiring and fixtures, plumbing outlets and bathrooms, roofing system. The third product offering is the completely fabricated and finished SGBlocks building, including but not limited to floors, windows, doors, interior painting, electrical wiring and fixtures, plumbing outlets and bathrooms, roofing systems, including erecting the final unit on site and completing any other final steps.
SG Blocks, Inc. is a design and construction services company, which engages in the business of providing code engineered cargo shipping containers for safe and sustainable construction. The company is headquartered in Brooklyn, New York. The company went IPO on 2017-06-22. The building products developed with its technology and design. The firm offers three core products, which utilizes its technology. The first product offering involves GreenSteel modules, which are the structural core and shell of an SGBlocks building. The second product offering involves replicating the process to create the GreenSteel product and in addition installing selected materials, finishes and systems, including, but not limited to floors, windows, doors, interior painting, electrical wiring and fixtures, plumbing outlets and bathrooms, roofing system. The third product offering is the completely fabricated and finished SGBlocks building, including but not limited to floors, windows, doors, interior painting, electrical wiring and fixtures, plumbing outlets and bathrooms, roofing systems, including erecting the final unit on site and completing any other final steps.
Manufacturing Growth: Manufacturing for construction revenue grew 70% year-over-year for the first nine months of 2023, with a 48% increase in the third quarter.
SG DevCo Spin-Off: The company completed the spin-off of its real estate development subsidiary, SG DevCo, which now trades independently on NASDAQ, with Safe & Green retaining a 70% interest.
Revenue: Third-quarter revenue was $4.0 million, slightly down from $4.1 million last year, due to less engineering and medical revenue.
Losses Widen: Net loss attributable to shareholders increased to $3.6 million (or $0.23 per share), compared to $2.5 million ($0.18 per share) last year.
Asset Monetization: Entered a non-binding LOI to sell the Lago Vista site for $11.5 million, with plans to reinvest proceeds into a new joint venture.
Cost Reductions: Operating expenses have been reduced by more than $2 million since Q1 2023, with further savings expected in 2024.
Expansion Plans: Actively expanding manufacturing capacity with new and upgraded facilities targeting significant future revenue and project growth.
