Safe & Green Holdings sees strong growth in financial numbers as company planned spinout moves forward
Vancouver
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August 21, 2023 01:03 PM Eastern Daylight Time
Safe & Green Holdings Corp CEO Paul Galvin joined Steve Darling from Proactive to discuss the company's strong financial performance.
Galvin shared that the company achieved a notable 21% year-over-year increase in manufacturing revenue during the second quarter. This growth builds on the positive momentum the company has experienced over the past several quarters.
In terms of revenue, Safe & Green Holding Corp generated $5.1 million during the second quarter of 2023, compared to $7.6 million for the same period in 2022. The decrease in revenue was primarily due to the discontinuation of COVID-19 testing facilities. However, this decline was partially offset by increased core manufacturing revenue.
The manufacturing services segment played a significant role in this growth, with a 21% increase in revenue compared to the previous year.
Galvin emphasized that the second quarter of 2023 saw considerable expenses related to the expansion of SG DevCo and Safe and Green Medical Corp. Notably, SG DevCo is set to be spun off into an independently listed Nasdaq company, with a projected record date of August 21.
Galvin highlighted SG DevCo's robust project pipeline, exceeding $800 million in value and encompassing more than 4,200 units to be developed.
The company's ambitious goal of developing 10,000 units over the next seven years is expected to fully utilize the in-house manufacturing capacity, promising significant value creation for shareholders.
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