From GlobeNewswire: 2024-05-08 08:30:00

Safe & Green Holdings Corp. reported a 30% increase in construction services revenue in 2023 compared to 2022. The company successfully spun out Safe and Green Development Corporation as a publicly traded company on Nasdaq. Cost-saving initiatives are expected to save $2.5 million in annual expenses recognized in 2024. They are also partnering with Tunnel to Towers Foundation to construct a modular home.

The Master Purchase Agreement (MPA) with Safe and Green Development Corporation is valued at over $140 million, delivering modular units for real estate development projects. The company also received a new contract to refurbish 19 container modules for a major U.S. government agency. They entered into a Letter of Intent (LOI) to design an 800-unit supportive housing community for veterans and first responders.

Safe & Green Holdings plans to achieve over 90% factory utilization rate in the next two years. The company is expanding manufacturing capacity with two operational factories and two more in the pipeline. They expect to be cash flow positive by the end of 2024. Safe & Green was also selected by the Tunnel to Towers Foundation to build a traveling modular home.

The company engaged in a sale-leaseback transaction for its Waldron manufacturing facility, expecting to generate $2 million in proceeds. They anticipate $2.5 million in annualized expense reductions for 2024. Safe & Green Holdings is focused on expanding customer demand and aggressive growth strategies while maintaining financial stability. The company is optimistic about future projects in 2024.



Read more at GlobeNewswire:: Safe & Green Holdings Reports Year-End 2023 Results