EXCLUSIVE: Safe & Green's Subsidiary Awarded $11.3M Purchase Order For Modular Units To Private Infrastructure Solutions Client

Safe & Green Holdings Corp SGBX, a developer, designer, and fabricator of modular structures, announced today that SG Echo LLC, a wholly-owned subsidiary, has been awarded a purchase order to provide over 150 additional modular units to an existing infrastructure solutions customer.

The purchase order is expected to generate revenue of approximately $11.3 million, commencing immediately and continuing over the next six months. 

This order is in addition to another recent follow-on order for 40 units with the same customer expected to generate revenue over $2 million, as announced in October 2023.

The company anticipates that the order will utilize a significant portion of its remaining capacity across its two operational manufacturing facilities.

Paul Galvin, Chairperson and CEO of Safe & Green Holdings, commented, "This contract will not only generate meaningful revenue but also provide attractive margins. Importantly, the project is slated to commence immediately, and we aim to complete the project during the first half of 2024 – an ambitious but achievable goal...We look forward to expanding our relationship with this customer and anticipate additional sizable orders in the near future."

Tricia Kaelin, Chief Financial Officer of Safe & Green Holdings, further noted, "We are off to a strong start in 2024. Upon completion of the project in the second quarter of 2024, this one contract alone will generate more revenue than we recorded in the entire first half of 2023. Moreover, as we increase throughput at our facilities, we anticipate attractive margins and meaningful cash flow from the project." 

Price Action: SGBX shares are up 2.27% at $0.45 premarket on the last check Thursday.