Safe & Green(US:SGBX)2023-05-12 02:11Financial Data and Key Metrics Changes - Revenue for Q1 2023 was $5.5 million, down from $8.6 million in Q1 2022, primarily due to the discontinuation of COVID-19 testing facilities, partially offset by increased Construction Services revenue [20] - Operating expenses for Q1 2023 were $2.8 million compared to $2.1 million in Q1 2022, mainly due to increased general and administrative expenses [21][39] - The net loss attributed to common shareholders was approximately $3.2 million or $0.22 per share in Q1 2023, compared to a net loss of $717,000 or $0.06 per share in Q1 2022 [23] - Total gross profit for Q1 2023 was a loss of $69,000 compared to a gross profit of $2.5 million in Q1 2022 [38] Business Line Data and Key Metrics Changes - The Construction Services segment generated $5.5 million in revenue, reflecting a 230% increase compared to the same period last year [20][28] - SG Echo is expected to reach positive cash flow in Q3 2023, marking a significant milestone for the company [11] - The company plans to generate $5 million in annual gross revenue per distinct medical site within Safe & Green Medical [15] Market Data and Key Metrics Changes - The point-of-care diagnostics market is anticipated to expand by more than 40%, amounting to over $51 billion by 2029 [31] - The gross potential value of projects in the planning and approval process stands at $800 million, with an estimated margin of about 15% [16] Company Strategy and Development Direction - The company is focused on four distinct verticals for revenue growth and business expansion [11] - Plans to spin-off SG DevCo into an independent publicly traded company on NASDAQ are anticipated within 90 days, which is expected to unlock considerable value for shareholders [33] - The company is advancing efforts in its Environmental segment, leveraging the Sanitec Microwave Healthcare Waste Disinfecting System for biomedical waste management [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to achieve long-term profitability and positive cash flow in the Construction Services segment by Q3 2023 [11][35] - The company is committed to maintaining a lean operating structure while managing expenses to drive substantial cash flow and long-term profitability [36] Other Important Information - The Lago Vista site is expected to be sold for a substantially higher value than its initial purchase price of $3.5 million, providing additional capital [16] - The company has sufficient cash and borrowing capacity to support near-term operations, with a cash balance of $1.5 million as of March 31, 2023 [41] Q&A Session Summary - No specific questions and answers were provided in the content.