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Safe & Green Holdings Corp. (SGBX+0.69%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a decrease in revenue to $3,932,592 from $14,566,351 in the same period of the previous year, primarily due to fewer construction projects in progress.
Cost of revenue decreased to $3,618,031 from $15,138,225, reflecting the reduced activity in construction services.
The company recorded a gross profit of $314,561 for the quarter, compared to a gross loss of $571,874 in the previous year.
Operating expenses decreased to $5,336,488 from $9,472,809, attributed to lower payroll and other operating expenses.
The company reported an operating loss of $5,021,927, compared to $10,044,683 in the previous year.
Interest expense increased to $2,404,277 from $735,070, due to higher notes payable balances.
The company recognized a gain of $4,728,348 from the deconsolidation of SG DevCorp, which is now accounted for under the equity method.
Net loss attributable to common stockholders was $11,511,655, down from $12,683,098 in the previous year.
Cash and cash equivalents were reported at $256,957 as of September 30, 2024, compared to $14,212 at the end of 2023.
The company continues to face challenges including negative operating cash flows and substantial doubt about its ability to continue as a going concern.
Safe & Green Holdings Corp. is exploring options to meet its capital needs, including strategic alliances and potential additional debt or equity financing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Safe & Green Holdings Corp. quarterly 10-Q report dated November 27, 2024. To report an error, please email earnings@qz.com.