SG Blocks, Inc. (NASDAQ:SGBX) Q3 2023 Earnings Call Transcript

SG Blocks, Inc. (NASDAQ:SGBX) Q3 2023 Earnings Call Transcript November 14, 2023

SG Blocks, Inc. beats earnings expectations. Reported EPS is $-0.22471, expectations were $-0.36.

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. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference over to your host, Mr. Ted Ayvas, Investor Relations. You may begin.

Ted Ayvas: Good afternoon, and thank you for joining Safe & Green's third quarter 2023 conference call and business update. On the call with us today is Paul Galvin, Chairperson and Chief Executive Officer of Safe & Green Holdings, Inc. and Tricia Kaelin, Chief Financial Officer of Safe & Green Holdings, Inc. Earlier today, the company announced its operating results for the quarter ended September 30, 2023. The press release is posted on the company's website www.safeandgreenholdings.com. In addition, the company has filed its quarterly report on Form 10-Q with the US Securities and Exchange Commission, which will be accessible on the company's website as well as the SEC's website at www.sec.gov. If you have any questions after the call, I would like to arrange a one-on-one discussion with Mr. Galvin following the call.

Please contact Crescendo Communications at 212-671-1020. Before I turn the call over to Paul, please remember that various remarks about future expectations, plans and prospects made on today's call constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Safe & Green cautions that these forward-looking statements are subject to risks and uncertainties that may cause our actual results to differ materially from those indicated, including risks described in the company's filings with the SEC. These forward-looking statements are subject to a number of risks and uncertainties, which are described in the company's filings with the SEC. Any forward-looking statements made on this conference call speak only as of today's date, Tuesday, November 14, 2023.

An aerial view of a major construction project, revealing the massive scale of the company's infrastructure construction.

Safe & Green does not intend to update any of these forward-looking statements to reflect events or circumstances that occur after today. With that being said, I am now pleased to introduce Paul Galvin, Chairperson and CEO of Safe & Green. Paul?

Paul Galvin: Thanks Ted. Good afternoon. Thank you to everyone for joining us today. I would like to begin by extending our sincere thanks to our investors for your continued commitment to and support of our vision. We are focused on creating long-term value for our shareholders and are clearly executing on our strategy. During the third quarter of 2023, we experienced a 70% year-over-year increase in manufacturing for construction revenue, building on our recent momentum. We also celebrated a significant milestone event for Safe & Green Holdings as we successfully spun-off the company's real estate development subsidiary, SG DevCo, into an independent publicly traded company on NASDAQ under the symbol SGD. This significant achievement marks the successful conclusion of a two-year journey.

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