Safe & Green(US:SGBX)2023-11-14 23:28Financial Data and Key Metrics Changes - The revenue for the third quarter of 2023 was $4.0 million, a slight decrease from $4.1 million in the same quarter of 2022, primarily due to a lack of engineering services and medical revenue [32] - The net loss attributable to common shareholders was approximately $3.6 million, or a $0.23 per share loss, compared to a net loss of $2.5 million, or a $0.18 per share loss in the third quarter of 2022 [17] - The adjusted EBITDA loss for the third quarter of 2023 was approximately $1.4 million, slightly improved from an adjusted EBITDA loss of approximately $1.5 million in the same quarter of 2022 [17] Business Line Data and Key Metrics Changes - Manufacturing for construction revenue saw a 48% increase in the third quarter of 2023 compared to the same quarter of last year, contributing to a 70% year-over-year increase for the nine months ended September 30 [16] - The company retained a 70% interest in SG DevCo, which is projected to drive further manufacturing growth for SG Echo [7][24] Market Data and Key Metrics Changes - SG Holdings aims to develop 10,000 units within the next seven years, with projected returns exceeding $200 million over the lifetime of the projects [8] - The company is expanding its manufacturing capacity, with the Waldron facility in Oklahoma expected to generate up to $25 million in additional annualized revenue over the next 12 months [26] Company Strategy and Development Direction - The company plans to shift from lower-priced high-volume projects to higher price point and lower volume projects, expecting improved cash flow starting in the first quarter of 2024 [9] - The planning for a new manufacturing facility in St. Marys, Georgia is progressing, which will enhance the company's ability to service a broader range of projects [10] - The company is actively expanding production capabilities to support growth, anticipating the need for multiple factory campuses [25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's direction and the outlook for Safe & Green, highlighting significant growth in manufacturing for construction revenue [14] - The company is focused on maximizing value for shareholders while managing expenses prudently [14] Other Important Information - The company entered into a non-binding letter of intent to sell the Lago Vista site for $11.5 million, which will be invested in a new joint venture [15] - The company has reduced operating expenses by more than $2 million since the first quarter of 2023, which is expected to reflect in additional cost savings in 2024 [15] Q&A Session Summary - The conference call concluded without a Q&A session, as indicated in the closing remarks [20][36]