Safe & Green Holdings Reports Year-End 2024 Results
MIAMI, April 01, 2025 (GLOBE NEWSWIRE) -- Safe & Green Holdings Corp. (NASDAQ:SGBX) ("Safe & Green Holdings" or the "Company"), a leading developer, designer, and fabricator of modular structures, reports financial results for the year ended December 31, 2024 and provides a corporate update.
Recent Highlights:
Appointed Michael McLaren as Chief Executive Officer and Jim Pendergrast as Chief Operating Officer
Entered into Definitive Agreement to merge with Olenox and Machfu.com
Announced LOI to acquire County Line Industrial
Successfully completed two major projects for U.S. Government contractor
Secured two new contracts for Modular Construction Projects
Announced decisive legal victory in litigation against EDI International and PVE, securing a judgment for nearly $1.3 million in damages with additional potential awards for interest, legal costs, and attorney's fees
While 2024 was a challenging year for Safe & Green Holdings, we had several key events that we believe will be the foundation for the Company's future," stated CEO Mike McLaren. "First, we have a strong management team now in place, with Jim Pendergrast joining Tricia Kaelin and me as Chief Operating Officer. I believe with our combined experience we are now poised to propel the Company forward. Further, with our merger with Olenox and Machfu coming to our shareholder vote, I strongly believe we are stronger as a diversified company that integrates energy expertise, Industrial Internet of Things (IoT), and our already strong footprint in sustainable infrastructure. We believe this is the Company's future and look forward to continuing into 2025 with positive outcomes and future sustainable growth."
Financial Results for the Twelve Months Ended December 31, 2024
Revenue for the twelve months ended December 31, 2024, was $4.9 million, compared to$15.5 million for the twelve months ended December 31, 2023, primarily reflecting a decrease in construction services revenue.
Gross profit (loss) for 2024 was ($244,077) compared to $(2.55) million for 2023.
Operating expenses for 2024 were $9.4 million, compared to approximately $19.2 million for 2023.
The net loss attributable to common shareholders was approximately ($22.6) million, or ($10.53) per share in 2024, compared to a net loss of ($26.2) million, or $(34.03) per share for 2023.
The Company's Adjusted EBITDA (non-GAAP) for the year ended December 31, 2024, was approximately ($9.4) million as compared to Adjusted EBITDA of approximately ($20.8) million for the year ended December 31, 2023. Both EBITDA and Adjusted EBITDA are non- GAAP financial measures. The Company defines EBITDA as GAAP net income (loss) attributable to common stockholders before interest expense, income tax benefit (expense), depreciation and amortization. Adjusted EBITDA is defined as EBITDA before certain non- recurring, unusual or non-operational items, such as litigation expense, stock issuance expense and stock compensation expense. The Company believes that adjusting EBITDA to exclude the effects of these items that are not closely associated with ongoing corporate operations provides management and investors with a meaningful measure that increases period-to-period comparability of the Company's operating performance.
The Company believes the presentation of EBITDA and Adjusted EBITDA is relevant and useful by enhancing the readers' ability to understand the Company's operating performance. The Company's management utilizes EBITDA and Adjusted EBITDA as a means to measure performance.
The Company's measurements of EBITDA and Adjusted EBITDA may not be comparable to similar titled measurements reported by other companies. EBITDA and Adjusted EBITDA are not measurements of financial performance under GAAP and should not be considered as an alternative to net income (loss) attributable to common stockholders or as an indication of operating performance or any other measures of financial performance derived in accordance with GAAP. The Company does not consider these non-GAAP measures to be substitutes for or superior to the information provided by its GAAP financial results. The non- GAAP information should be read in conjunction with our consolidated financial statements and related notes. These measures also should not be construed as an ...
https://www.benzinga.com/pressreleases/25/04/g44595613/safe-green-holdings-reports-year-end-2024-results
