Safe & Green(US:SGBX)2023-08-14 13:50Financial Data and Key Metrics Changes - In Q2 2023, the company reported revenue of $5.1 million, down from $7.6 million in Q2 2022, primarily due to the discontinuation of COVID-19 testing facilities [30] - The gross profit for Q2 2023 was $34,000, a significant decrease from $771,000 in Q2 2022, reflecting a decline in medical revenue [11] - The adjusted EBITDA loss for Q2 2023 was approximately $2.3 million, compared to an adjusted EBITDA of approximately $512,000 in Q2 2022 [12] - The net loss attributable to common shareholders was approximately $5.6 million, or $0.37 per share, in Q2 2023, compared to a net loss of $1.4 million, or $0.11 per share, in Q2 2022 [36] Business Line Data and Key Metrics Changes - Manufacturing revenue increased by 21% year-over-year, driven by the manufacturing for construction services segment, which generated $5.1 million in revenue [5][30] - Operating expenses for Q2 2023 were $5.6 million, up from $2.1 million in Q2 2022, mainly due to increased headcount and salary expenses [31] Market Data and Key Metrics Changes - The company is focusing on four key verticals for growth, which are expected to enhance shareholder value [7] - The SG DevCo spinoff is anticipated to create significant value, with an independent appraisal valuing SG DevCo at $74 million [8][9] Company Strategy and Development Direction - The company aims to develop 10,000 units over the next seven years, projecting potential returns exceeding $200 million [18] - The McLean Manufacturing facility is in the design stage, with plans to support the development of 800 units at the Magnolia Residential project [22][23] - The company is integrating advanced technologies to improve manufacturing efficiency and reduce waste [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a milestone of $30 million in revenue for 2023, more than double the previous year's revenue [27] - The company is optimistic about expanding partnerships, particularly with Domino's, to enhance operational efficiency and sustainability [20] - Management highlighted the importance of balancing asset growth with sensible expense management to achieve long-term profitability [29] Other Important Information - The company has reduced its cash burn by over $2 million in the first half of 2023 [10] - As of June 30, 2023, the company had a cash balance and short-term investments of $1.6 million, up from $600,000 at the end of 2022 [32] Q&A Session Summary - The Q&A session concluded with management expressing gratitude for investor support and confidence in the company's progress and future updates [33]