Safe and Green Development Corporation Reports 2024 Year-End Highlights

MIAMI, April 1, 2025 /PRNewswire/ -- Safe and Green Development Corporation (NASDAQ:SGD) ("SGD" or the "Company"), a real estate development and innovation company, is pleased to share its 2024 year-end highlights, anchored by the Company's strategic acquisition of Resource Group US Holdings LLC ("RSG"). The planned acquisition is expected to position the Company for long-term, recurring revenue growth in the engineered soils and composting sector. In addition to this strategic evolution, SGD achieved its first quarter of positive Adjusted EBITDA in Q4 2024 and made meaningful progress on several initiatives, including the monetization of non-core assets, advancement of its residential development projects, and taking steps to secure institutional investment to support future growth.

Operational Highlights for 2024

Transformational Acquisition of Resource Group (RSG):  RSG operates two key subsidiaries: RGUS, which holds the exclusive license to a patented composting and engineered soils machinery, and ZEI, a vertically integrated logistics and trucking business that supports internal operations and positions the platform for future expansion. Based on preliminary, unaudited results previously disclosed in the Company's press release dated March 21, 2025, RSG as a consolidated entity generated $17.5 million in revenue in 2023, with gross profit of $7.8 million and a net loss of $6.2 million and generated $18.75 million in revenue in 2024, with gross profit of $9.4 million and a significantly reduced net loss of $936,000. This acquisition reflects a calculated shift in SGD's long-term operating strategy—realigning the Company's business model around scalable, cash-generating assets that offer diversified revenue streams and long-term value creation for shareholders. The transaction is expected to close by Q2 2025, subject to customary closing conditions and the completion of RSG's audit. The preliminary and unaudited financial results presented in this press release do not present all necessary information for an understanding of RSG's financial condition as of December 31, 2024 and December 31, 2023. RSG's independent registered public accounting firm has not conducted an audit or review of and does not express an opinion or any other form of assurance with respect to, the preliminary unaudited revenue, gross profit and net income (loss) presented in this press release. It is possible that RSG or its independent registered public accounting firm may identify items that require adjustments to the preliminary estimates of revenue, gross profit and net income (loss) disclosed in this press release. RSG expects to complete its audited financial statements for the years ended December 31, 2024 and December 31, 2023 in the next few weeks.

Strategic Asset Monetization: As part of its capital reallocation strategy, SGD sold its St. Mary's property in Georgia to Pigmental Studios for $1.4 million. The sale enabled the Company to pay down high-interest debt and reinvest in initiatives aligned with its evolving business focus.

https://www.benzinga.com/pressreleases/25/04/n44584694/safe-and-green-development-corporation-reports-2024-year-end-highlights