$8 million in new business at SG Echo subsidiary; Anticipates cash flow positivity at the factory in 2024 Cost-Saving Initiatives Expected to Save $2.5 Million in Annualized Expenses to be Recognized in 2024 MIAMI, May 17, 2024 (GLOBE NEWSWIRE) -- Safe & Green Holdings Corp. (NASDAQ: SGBX) ("Safe & Green Holdings" or the "Company"), a leading developer, designer, and fabricator of modular structures, reported results for the three months ended March 31, 2024. Recent Highlights: Received an expanded scope of ...

PART I. FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=ITEM%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Safe & Green Holdings Corp. and its subsidiaries for Q1 2024 and 2023 [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$19.96 million** while total liabilities rose to **$26.59 million**, resulting in a **$6.64 million** stockholders' deficit as of March 31, 2024 Condensed Consolidated Balance Sheet Highlights (Unaudited) | Metric | March 31, 2024 ($) | December 31, 2023 ($) | | :--- | :--- | :--- | | **Total Current Assets** | 6,116,891 | 5,340,598 | | **Total Assets** | 19,955,096 | 17,211,275 | | **Total Current Liabilities** | 22,717,095 | 20,549,429 | | **Total Liabilities** | 26,592,574 | 23,546,134 | | **Total Stockholders' Equity** | (6,637,478) | (6,334,859) | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Total revenue significantly decreased to **$1.02 million** in Q1 2024 from **$5.50 million** in Q1 2023, widening the net loss to **$4.67 million** Condensed Consolidated Statements of Operations (Unaudited) | Metric | Three Months Ended March 31, 2024 ($) | Three Months Ended March 31, 2023 ($) | | :--- | :--- | :--- | | **Total Revenue** | 1,017,931 | 5,503,935 | | **Gross Profit (Loss)** | 372,948 | (69,472) | | **Operating Loss** | (4,032,459) | (3,260,069) | | **Net Loss** | (5,257,028) | (3,519,440) | | **Net Loss Attributable to Common Stockholders** | (4,670,164) | (3,519,440) | | **Net Loss Per Share (Basic and Diluted)** | (4.93) | (5.00) | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) Stockholders' equity deficit widened to **$6.64 million** by March 31, 2024, primarily due to a **$5.26 million** net loss, partially offset by equity transactions - Total stockholders' equity decreased from a deficit of **$6,334,859** at the end of 2023 to a deficit of **$6,637,478** at the end of Q1 2024[12](index=12&type=chunk) - Key activities impacting equity in Q1 2024 include a net loss of **$5.26 million**, SG DevCorp equity transactions of **$3.73 million**, and stock-based compensation of **$179,029**[12](index=12&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities was **$0.92 million** in Q1 2024, with a net increase in cash and cash equivalents of **$0.72 million** for the period Cash Flow Summary (Unaudited) | Activity | Three Months Ended March 31, 2024 ($) | Three Months Ended March 31, 2023 ($) | | :--- | :--- | :--- | | **Net Cash Used in Operating Activities** | (923,847) | (1,378,685) | | **Net Cash Used in Investing Activities** | (257,186) | (638,348) | | **Net Cash Provided by Financing Activities** | 1,903,372 | 2,886,758 | | **Net Increase in Cash** | 722,339 | 869,725 | | **Cash and Cash Equivalents - End of Period** | 739,787 | 1,452,501 | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail business segments, accounting policies, liquidity, financing, legal proceedings, and subsequent events, including a going concern warning and a reverse stock split - The company operates in four segments: manufacturing & construction services, medical, real estate development, and environmental[17](index=17&type=chunk) - On May 2, 2024, the company effected a **1-for-20 reverse stock split** of its common stock, with all share and per-share amounts retroactively restated[26](index=26&type=chunk) - The company has incurred losses since inception, has negative working capital of **$15.5 million**, and negative operating cash flows, raising substantial doubt about its ability to continue as a going concern[29](index=29&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=51&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Result%20of%20Operations) Management discusses the significant decrease in Q1 2024 revenue, widening net loss, ongoing liquidity challenges, and a going concern warning, alongside recent financing activities and non-GAAP reconciliation Q1 2024 vs Q1 2023 Results of Operations | Metric | Three Months Ended March 31, 2024 ($) | Three Months Ended March 31, 2023 ($) | | :--- | :--- | :--- | | **Total Revenue** | 1,017,931 | 5,503,935 | | **Gross Profit (Loss)** | 372,948 | (69,472) | | **Operating Loss** | (4,032,459) | (3,260,069) | | **Net Loss Attributable to Common Stockholders** | (4,670,164) | (3,519,440) | - Total revenue for Q1 2024 decreased by **$4.5 million (82%)** compared to Q1 2023, mainly due to a decrease in construction services[291](index=291&type=chunk) - The company has negative operating cash flows and incurred losses since inception, raising substantial doubt about its ability to continue as a going concern, with plans to meet capital needs through revenue, cost containment, and additional financing[301](index=301&type=chunk)[302](index=302&type=chunk) Non-GAAP Reconciliation: Net Loss to Adjusted EBITDA | Metric | Three Months Ended March 31, 2024 ($) | Three Months Ended March 31, 2023 ($) | | :--- | :--- | :--- | | **Net loss attributable to common stockholders** | (4,670,164) | (3,519,440) | | **EBITDA (non-GAAP)** | (3,320,591) | (3,103,118) | | **Adjusted EBITDA (non-GAAP)** | (2,075,575) | (1,992,063) | [Quantitative and Qualitative Disclosures About Market Risk](index=64&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company has indicated that quantitative and qualitative disclosures about market risk are not applicable - The company has indicated that quantitative and qualitative disclosures about market risk are not applicable[362](index=362&type=chunk) [Controls and Procedures](index=64&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were not effective as of March 31, 2024, due to deficiencies in timely information processing for SEC reports - Management concluded that as of the Evaluation Date (end of Q1 2024), the company's disclosure controls and procedures were not effective[363](index=363&type=chunk) - Despite the ineffectiveness of controls, management believes the financial statements in this report present fairly, in all material respects, the company's financial condition and results of operations[364](index=364&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=65&type=section&id=ITEM%201.%20Legal%20Proceedings) The company is subject to various legal proceedings in the normal course of business, with detailed information referenced in Note 18 of the financial statements - Information regarding legal proceedings is incorporated by reference from Note 18 - Commitments and Contingencies in the financial statements[367](index=367&type=chunk) [Risk Factors](index=65&type=section&id=ITEM%201A.%20Risk%20Factors) Key risks include substantial doubt about going concern, potential financing needs, high customer concentration, backlog uncertainty, and Nasdaq listing non-compliance - The company's recurring losses, negative working capital of **$16.6 million** as of March 31, 2024, and negative operating cash flows have raised substantial doubt about its ability to continue as a going concern[369](index=369&type=chunk)[371](index=371&type=chunk)[372](index=372&type=chunk) - A significant portion of revenue is concentrated with a few customers, with approximately **86%** of Q1 2024 revenue generated from a single customer[373](index=373&type=chunk) - The company's construction backlog decreased from **$1.9 million** to **$0.9 million** between December 31, 2023, and March 31, 2024, and is not a guaranteed indicator of future revenues or profits[374](index=374&type=chunk) - The company received a deficiency notice from Nasdaq for failing to meet the minimum stockholders' equity requirement of **$2.5 million**, posing a delisting risk[382](index=382&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=68&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during Q1 2024, beyond previously disclosed SEC filings - No unregistered sales of equity securities occurred during Q1 2024, other than those previously reported[383](index=383&type=chunk) [Defaults Upon Senior Securities](index=68&type=section&id=ITEM%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities during the period - None[384](index=384&type=chunk) [Mine Safety Disclosures](index=68&type=section&id=ITEM%204.%20Mine%20Safety%20Disclosures) This item is noted as not applicable for the company - Not applicable[385](index=385&type=chunk) [Other Information](index=68&type=section&id=ITEM%205.%20Other%20Information) This section details recent Nasdaq notifications, including regaining minimum bid price compliance but receiving a deficiency notice for failing to meet the **$2.5 million** stockholders' equity requirement - On May 16, 2024, Nasdaq confirmed the company regained compliance with the minimum bid price requirement (Rule 5550(a)(2))[387](index=387&type=chunk) - On May 16, 2024, Nasdaq notified the company of non-compliance with the minimum stockholders' equity requirement of **$2.5 million** (Rule 5550(b)(1))[389](index=389&type=chunk) - The company intends to submit a plan to regain compliance with the stockholders' equity rule to Nasdaq by June 30, 2024[391](index=391&type=chunk)[393](index=393&type=chunk) [Exhibits](index=69&type=section&id=ITEM%206.%20Exhibits) This section provides an index of all exhibits filed with the Form 10-Q, including corporate governance documents, securities agreements, and CEO/CFO certifications - The exhibit index lists various agreements and certifications, including the Separation and Distribution Agreement, amendments to the Certificate of Incorporation, forms of warrants, and Sarbanes-Oxley Act certifications[395](index=395&type=chunk)[396](index=396&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K For the transition period from ____________ to ____________ Commission file number: 001-38037 SAFE & GREEN HOLDINGS CORP. (Exact name of registrant as specified in its charter) | Delaware | 95-4463937 | | --- | --- | | (State or other jurisdiction of | (I.R.S. Employer | | incorporation or organization) | Identification No.) | | 990 Biscayne Blvd., #501, Office 12, Miami, Florida | 33132 | | (Address of principal executive off ...

Safe & Green Holdings Corp. (NASDAQ:SGBX) Q3 2023 Earnings Conference Call November 14, 2023 4:30 PM ET Company Participants Ted Ayvas - Investor Relations Paul Galvin - Chairperson & Chief Executive Officer Tricia Kaelin - Chief Financial Officer Conference Call Participants Operator Greetings, and welcome to the Safe & Green Holdings Third Quarter 2023 Business Update Conference Call. At this time, all participants are in listen-only mode and the floor will be open for questions after the presentation. [O ...

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR For the transition period from ____________ to ____________ Commission File Number: 001-38037 SAFE & GREEN HOLDINGS CORP. (Exact name of registrant as specified in its charter) | Delaware | 95-446 ...

Safe & Green Holdings Corp. (NASDAQ:SGBX) Q2 2023 Earnings Conference Call August 14, 2023 8:00 AM ET Company Participants Ted Ayvas - Vice President of Investor Relations Paul Galvin - Chairman, Chief Executive Officer Tricia Kaelin - Chief Financial Officer Conference Call Participants Operator Greetings. Welcome to the Safe & Green Holdings Second Quarter 2023 Business Update Conference Call. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference over to yo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission file number: 001-38037 SAFE & GREEN HOLDINGS CORP. (Exact name of registrant as specified in its charter) If an emerging growth co ...

Safe & Green Holdings Corp. (NASDAQ:SGBX) Q1 2023 Results Conference Call May 11, 2023 4:30 PM ET Company Participants Paul Galvin - Chairman, Chief Executive Officer Tricia Kaelin - Chief Financial Officer Operator Greetings, and welcome to Safe & Green Holdings First Quarter 2023 Business Update Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to your host, [Ted Avis], Vice ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission file number: 001-38037 SAFE & GREEN HOLDINGS CORP. (Exact name of registrant as specified in its charter) | Delaware | 95-4463937 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission file number: 001-38037 SAFE & GREEN HOLDINGS CORP. (Exact name of registrant as specified in its charter) | Delaware | 95-4463937 | | ...