- Orbital Energy Group Inc OEG reported second-quarter revenue growth of 110% year-over-year to $16.3 million, missing the consensus of $22.03 million.
- The company reported a gross loss of $(1.16) million, compared to a profit of $1.04 million a year ago, due to ramp-up costs associated with additional onboarding equipment, supplies, and personnel.
- EPS of $(0.16), missed the consensus of $(0.12).
- Adjusted net loss reduced to $(1.47) million, compared to $(3.66) million a year ago.
- Loss from operation expanded to $(18.26) million from $(7.2) million in 2Q20.
- Orbital Energy cash used in operating activities year-to-date was $22.77 million, compared to $8.97 million a year ago.
- Adjusted EBITDA loss widened to $(8.28) million, compared to $(4.81) million in 2Q20.
- The company held cash and cash equivalents of $9.6 million and restricted cash of $1.2 million at the end of the quarter.
- Orbital Energy's total backlog increased to $294.9 million on June 30, 2021, up from $40.4 million on December 31, 2020, reflecting backlog growth across all operating segments.
- "Going forward, we will continue to pursue synergistic strategic acquisitions that will generate strong organic growth. Through this strategy, we expect to build greater value for our shareholders and are on a trajectory to achieve profitable, long-term growth," said Jim O'Neil, vice chairman, and CEO.
- The company expects margins to improve substantially during the course of 2021.
- Price Action: OEG shares are trading lower by 1.90% at $3.09 on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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