Sg Blocks, Inc. (SGBX) Reports Q1 Loss of $0.18

Sg Blocks, Inc. (NASDAQ: SGBX) reported Q1 EPS of ($0.18).

Key First Quarter 2018 Highlights:

• Revenue increased 150% to approximately $1.5 million, as compared to $0.6 million in Q1 2017.
• Construction backlog increased to $102.8 million, as compared to $76.7 million at December 31, 2017, driven primarily by the signing of a 190,000-square-foot workforce housing development project representing the second-largest single project in the Company’s history.
• Commenced construction related activity with 10 out of 16 total projects in backlog and completed two projects in Q1 2018.
• Gross profit totaled approximately $0.2 million, as compared to $0.2 million in Q1 2017.
• Net loss totaled $0.8 million, or $(0.18) per basic and diluted share in Q1 2018.
• Adjusted EBITDA loss increased to $0.5 million, as compared to $0.3 million in Q1 2017 (see below for further discussion about the presentation of Adjusted EBITDA, a non-GAAP financial measurement).
• Q1 2018 cash used in operating and financing activities totaled $0.4 million, as compared to $0.1 million in Q1 2017.
• Commenced delivery of a 24,760-square-foot community arts and recreation center in Los Angeles, to be completed in the second quarter of 2018.
• Designed and delivered a two-story, 11,500-square-foot container-based office facility for Electronic Theatre Controls, Inc., a global leader in the manufacture of lighting and rigging technology in Middleton, Wisconsin.
• Completed fabrication and commenced delivery of 19,440-square-foot athletic facility in West Africa.
• Contracted with Iron-Tek to design and manufacture container-based cubicles for its expanding flexible workspace.
• Selected by Elle Woodworking, an architectural design and fabrication group of commercial and residential projects, to design and construct a container-based seasonal cocktail bar in Battery Park.
• Named CFO Mahesh Shetty as President and Company Founder Stevan Armstrong as Chief Technology Officer.

For earnings history and earnings-related data on Sg Blocks, Inc. (SGBX) click here.

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