Exhibit 99.1


SG BLOCKS reports 2Q22 FINANCIAL RESULTS

 

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AUGUST 15, 2022 – JACKSONVILLE, Fla. -- SG Blocks, Inc. (NASDAQ: SGBX) (“SG Blocks” or the “Company”), a leading developer, designer, and fabricator of modular structures, reported financial results for the second quarter ended June 30, 2022.

 

Q2 Was One of the Strongest revenue generating Quarters Ever with $7.6 Million of revenue –

 

–        Construction Segment Revenues Grew 104% YoY –

 

Paul Galvin, Chairman and Chief Executive Officer of SG Blocks, commented, “SG Blocks had one of our strongest quarters to-date with revenue of $7.6 million and notably within our construction segment, a 104% YoY increase in revenues.

 

What excites us the most is that we have transitioned to become much more diverse from a revenue perspective with 56% of this quarter’s revenue coming from our Construction segment and 44% coming from Medical.

 

As COVID has abated, we have become less reliant on COVID testing for revenue, while continuing to grow the construction segment, leading to one of the strongest quarters yet.

 

SG Blocks’ now emerges as a company that has grown our Construction segment from two years ago and created an extremely healthy point of care solutions opportunity for our Medical segment that we continue to grow without reliance on COVID testing

 

We view this quarter’s strong earnings as a return to normalcy and a sign of things to come.

 

Given our strong earnings and pipeline, we see a clear path for our continued growth.

 

We’ve grown tremendously as a company from $3.0 million in revenue in 2019, to $8.8 million in 2020, to $38.5 million in 2021, with $16.2 million in 1H22.”

 

Second Quarter 2022 Financial Highlights

 

 

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Second Quarter 2022 Operational Highlights

 

SG Blocks will hold its conference call at 4:30 p.m. ET via both Twitter Spaces and traditional dial-in mediums.

 

Twitter Spaces

 

Dial-in Information:

 

A webcast of the conference call will be broadcast live and available for replay at the Investors section of the Company’s website at www.sgblocks.com.

A replay of the earnings call will be available immediately after on the Company’s Twitter account for 30 days.


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About SG Blocks, Inc.
SG Blocks, Inc. is a leading developer, designer, and fabricator of modular structures, meeting the growing demand for safe and green construction. The firm offers a product that exceeds many standard building code requirements, and also supports developers, architects, builders and owners in achieving faster execution, greener construction, and buildings of higher value. The Company creates purpose built, pre-fabricated modules from wood, steel, and shipping containers into supreme structures. For more information, visit www.sgblocks.com.

 

Safe Harbor Statement

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by terminology such as "may," "should," "potential," "continue," "expects," "anticipates," "intends," "plans," "believes," "estimates," and similar expressions. These forward-looking statements are based on management's expectations and assumptions as of the date of this press release and include statements regarding the Company’s path for continued growth, selling the Lago Vista development site for $15 million and completing the United States Military SCIF in October 2022. While SG Blocks believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company’s ability to continue its growth, the Company’s ability to close on the sale of the Lago Vista development site as planned, the Company’s ability to complete the United States Military SCIF in October 2022, the Company’s ability to expand within various verticals as planned, the Company’s ability to position itself for future profitability, the Company’s ability to maintain compliance with the NASDAQ listing requirements, and the other factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and the Company’s subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

 

 

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SG BLOCKS, INC AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

 

 

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SG BLOCKS, INC AND SUBSIDIARIES

Condensed Consolidated Statement of Operations

 

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SG BLOCKS, INC AND SUBSIDIARIES

Condensed Consolidated Statement of Operations

 

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Investor Relations:
Equity Animal

Mark Moran
(703) 888-8693

mm@equityanimal.com

 

Source: SG Blocks, Inc.

Released August 15, 2022