SGBX - Earnings call transcript Q4 2020 | Safe & Green Holdings Corp.

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Operator

Good day and welcome to SG Blocks’ Fourth Quarter and Full Year 2020 Earnings Conference Call and Webcast. Today's conference call is being recorded. At this time, I would like to turn the conference over to Mr. Stephen Swett of Investor Relations. Thank you sir, you may begin.

Stephen Swett

afternoon. Good for earnings our call. all full quarter us XXXX year joining you fourth for and Thank Financial With Executive and Chief Officer today SG me is Blocks, Gerald Paul Sheeran, Galvin, Chief Officer. Acting results was press the close at is and detailing website A on company's issued market the release available www.sgblocks.com. afternoon just this after our

XXXX. be made and similar estimates, meaning turn are of forward-looking presentation potential company's the Paul, future financial forward-looking terms cases, statements, of or should, Before Reform statements. anticipates, plans and this Private business All over I Litigation please can such or remember these regarding operations future other statements facts and within some the than intends, during to predict, call operations by that believes, the as objectives Securities presentation, identified of continue, the plan, terminologies certain may, of are statements in the contained other strategy, management statements expect, In including of Act for historical statements statements expressions. negative position, forward-looking this

largely strategy based we our our have condition, affect believe statements operations, trends about on and forward-looking these projections may current expectations that of results financial and future events We business and financial are subject at financial those and which assumptions of www.sgblocks.com. with set filings to needs. described, forth statements available These risks forward-looking are SEC, the including number a and uncertainties, in our

predictions We occur. of not or statements reflected events. be assure forward-looking as should that forward-looking and future will statements the circumstances the You in rely upon you cannot events achieved

section available of is The Relations call our Investor Finally, is this conference webcast. the webcast being website. in

call over Now I will to Paul. the turn

Paul Galvin

Thank you, Steve.

file time time, this recording. The annual includes to regardless delay additional us to report we a resources quarter, to literally for on apology an It years being ourselves ago have we report allow bonuses an we XX other was may our staff filings. unavoidable and last with and implemented begin redundancy and with time on the in items extension We XXXX. of needed in our every pride time me was Let any on plan that encounter.

had Now fourth year as a record to breaking well SG in news, a as XXXX XXXX. record the quarter Blocks breaking

revenue quarter greater be revenue fourth was quarter would XXXX. XX produced gross year, as quarter $X,XXX,XXX, times in fourth we than the of approximately which last the as well Our third the

our greater than revenue the eight fact, In period. from reflect results efforts fourth was though combined, quarters our prior quarter these that

worked X% clean months the we remembering can today our have division million approved Oklahoma also It strategies that $XXX,XXX support We cap harvested salary these our of our intend hardworking common this float and million subleased with is partners to the the year funds the thriving from the we is that strategies $X.XX Subsequently the Management, then, worth structure. past results stock $X of XXXX capital anticipate the rebate million program. thank grow the to capitalized to consultants, and Oklahoma a XX of for Since for Financial put quality mission. trajectory. the shares. continue applied these a And QX focus, the Our We no of to approximately to without X.X a continue also ThinkEquity, testing table shares our of a board end, and successfully heads and turn issuing of debt SG down because of from report during Today's team business. has shares. have cat two entity. when are we government site support company's to were an to planted to a and We around share. to additional subsidiaries offering And in in and Blocks of the per execute company attorneys, X Fordham and effort SGBX company of our to of raise products our executed maintain with staff, seeds tireless. price jobs at diligently priority, collectively we XXXX. and talented, for an the use work

with SG September going hired the is will a to SG in Blocks been These access Echo, company, acquired prototypes to which plan for Echo qualified XXXX. Officer and projects the has acquire XX used new allow in and option work our We has buildings by in will organizing forward factory best Echo XXX,XXX will its newly our now Operating development meet period. an Chief demand. housing down additional homes QX feet manufacturing we This been executed site, scheduled be our us break developed financing we Rogers. Home have sectors growing buyers. launched under SG four activity SG Phil offer to totaling acre now for SG close the implementing six formed earlier to the from in year. also this square Manufacturing, practices to we which add XXXX, on XX

We time, which on SG expect to has facilities. demand. retain helping a Blocks is DEV.CO to and Management since order labor. September us force skilled any labor industrious our to supported most believe to acquisition not At helping meet We Echo news. in to almost the is floor have factory the employees best-in-class labor skilled as grow and anticipate new to shortages the at healthcare attract a provide would labor is our force tripled do our well SG We decision we bring exciting this by reach force, heights. shortly, robust which factory update on SG

assist manufacturing The COVID-XX subsidiary international point-of-care quality U.S. We SGBX general believe to Medical to the our to needed we operate continues testing; implemented in presence of in the lab testing to SGBX site to its deploy Memorial state this provide are Today County, effort sustained Wayne be massive with SGBX and relationship risk Oklahoma. airport our the decision clarity has to include airport. mobile much great establish at with thrilled the CLIA technology. active to results in LAX at our since public. through populations the at and testing provide Michigan in health pandemic in high venture only continues COVID-XX an care on a

with has able testing within our the and pandemic various profit for on-going reinforced thereafter. our our expenses as pivot cat have end which will space subsidiary, awaiting paid COVID-XX the still of a Additionally, team and opportunistically to programs. are needed revenue proposals vaccinations, through for cat The we sublease and note confidence further testing the that allowing operating results is from healthcare are point-of-care for COVID-XX. all RFPs multiple Please for not

Our with ambition COVID vertical does in medical the not stop testing.

clarify, will our will the and The homes purpose products SGDX so broader of website community and the that and and was of a Travis subsidiary design on XXX all SG Expect Lake of designing on the buyers. real property more QX ecosystem. express is Echo later alone with development project owner of Corp integrated known multiple in is real we are home development, as and and estimated booming and come in the Lago will apartments will from SG selected passed XXXX year. a SG that be SG the SG DevCo co-developer SG the manufactured the to projects to preparing QX, Vista To projects of months. deliver revenue $XX estate savings unit million SGBX and utilizing We project on XX SG The The the XXXX best these costs, the be see sale. green this a into is Many through for modules, sites meet closing utilize urgent is we land through activities ecosystem. for believe to Development homes which formed manufactured Development SGBX. represents the DevCo wholly-owned specialty approximately manufacturing apartment Echo reduce and health. technologies designed has demands fully site over Austin, be further of Company; by can in Texas. apartments announced project scheduled

projects the estate so to we $X the Each are million and anticipated have over party manager of share SG in profit sales million our excellent. forthcoming. DevCo investor of do updates in Blocks range the that from pursuit project sales units Expect SG representing $X manufacturing third finance note. Blocks Our nor from has Commercial; XX not $XX.X be is period backlog distracted real a to day-to-day of projects million SG further need will our sold. in

with design have technology. We deploy the their proprietary and BLINK a charging delivery to contract

others. to host modules infrastructure equipment in of anticipate market branded the this product. Blocks QX going SG with to We designing are We

targeting actively and are contracts. military government bases community, QSR We the

whom have Mexico vision since it in this who work. relationship significant believe with building for a which communities been We approach be and been their with direct steady and investing and are community. Echo we honor is to the also Oklahoma with an response note, acquiring Again, into have the great Of taken have a leads New to Native factory American would pleasant qualified communities has time we surprise. SG a

hand over Now, I it will Gerald. to

Gerald Sheeran

statement, fourth Beginning million quarter compared increase in fourth approximately approximately of in reported construction the XXXX. driven for Thank quarter $XXX,XXX to was you, This million and revenue. $X.X Paul. income medical of with for increase revenue we approximately the the $X.X million XXXX approximately $X.X revenue, by

approximately $X.X $X year quarter approximately XXXX. fourth million, $X.X This was XXXX For profit of XXXX quarter the and in to in gross approximately the primarily of in year a and XX.X%. Gross ago was by approximately $X.X for margin increase approximately revenue construction XXXX the of million $X.X fourth in the increase increase profit $XX,XXX full million quarter. The revenue. approximately gross was driven revenue we compared profit million of medical approximately reported compared million to

fourth was XX.X%. year. million profit for expenses of profit quarter approximately approximately in the XXXX to $X compared full XXXX was were gross million, approximately XXXX Operating the $XXX,XXX $X.X The compared year approximately million gross in of fourth prior the For a year the approximately approximately $X.X not quarter. increase profit of in in gross to margin offset driven million $XXX,XXX. an $X.X goodwill XXXX $X.X of in XXXX did by The taken charge that was expenses expense the million approximately quarter of in by partially and approximately ago primarily payroll impairment G&A reoccur decrease

of non-cash, approximately Mobile costs employees for Venture. and and stock of and related the were full of approximately XXXX just in approximately out $X.X approximately For operating compared million was payroll approximately impairment expenses The increases the compensation of to Clarity $X.X charge costs expense plan, that related on-boarding decrease the mentioned, to consulting $XXX,XXX fees XXXX, year $XXX,XXX partially by XXXX. SG expenses $X.X due $XXX,XXX by fees I expense of new to XXX,XXX to the SG post-acquisition legal offset million, in taken Echo of and primarily driven expense, goodwill G&A Echo of million the higher

fourth negative XXXX. the XXXX share or $X.X in compared For attributed million, net per fourth the loss of quarter was approximately common $X.XX loss negative net shareholders million, quarter a per our approximately $X.XX share, to to or $X.X

For or to approximately $X.X share million, a year $XX.XX EBITDA our full share, to $XXX,XXX loss the or in year. quarter quarter loss compared the in loss shareholders net to of XXXX. loss XXXX $X.X XXXX was last a per negative the $X.XX approximately net was fourth Adjusted approximately common compared attributed per same for of million negative $XXX,XXX

adjusted million EBITDA compared million, loss approximately loss $X.X XXXX. of XXXX, in to For was a $X.X

as of this total the December December equivalents million, XX had noted, We compared we approximately with believe XX December $X.X working we XXXX. $XX compares strong we to balance assets term as and at we near which XXXX, and at million no Turning had flexible to to cash are million million capital our At requirements. XX time, $XX.X XX cash XXXX, approximately capitalized a had structure sheet, debt, of of XXXX. December at capital $X.X support and to Paul

Now back for the call Paul I to comments. will closing turn

Paul Galvin

and for had our first to hardwork so we is need we to which DevCo, XXXX to a to no raise represents And into very XXXX this continue our XXXX who We what grow their not every have to than SG maximize We working engaged Blocks. monies. are their summary, want the SG execute the future. company's In do had quarter in appreciation COVID-XX. major day is a it mark We verticals nothing time, not that with momentum. of for this Many need new of deliver committed surrendering Gerald. results you, SG of on At soul, to revenue although effectively intention away we year capital an anticipate Thank the economy. operating year. record choices will excellence. and for country's investors and do our one American loved our to later valued particular, of hard Blocks guidance time, We intention we fought shareholders. and us believe providing was a we opportunity left golden our appreciate The attention. pandemic and in unlike pass history. multitude ailing express more and our and a for or from any indelible other shareholders day tirelessly ones their a has suffer each by have is

who seen many This be good times. today, thank us success the uniquely wish so a to all makes impacted achieved for these we We work also time and no and support of most and been night. businesses that your difficult for drastically. have during we grateful you growth good We out due has empathize We people forced be their to close with everyone of fault own. you

Operator

may today. time. your Thank you us joining conference concludes at lines today's this for You disconnect This

Safe & Green (SGBX) 15 Apr 212020 Q4 Earnings call transcript