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Safe & Green Holdings Corp.(SGBX) and its subsidiaries have releas ed their condensed consolidated financial statements for the first half of 2023, indicating a net loss of $9.1 million. Despite generating revenue of $10.6 million during this period, the company faced a challenging financial performance, which is discussed in detail in the following sections.
Financial Highlights
Net Loss of $9.1 Million
Safe & Green Holdings Corp. experienced a net loss of $9.1 million for the first six months of 2023. This marked a significant downturn compared to the same period last year when the net loss was $515,868.
Revenue Amounts to $10.6 Million
Amidst the financial difficulties, the company managed to generate $10.6 million in revenue for the first half of the year. This revenue was derived from various sources, including construction services, engineering services, and medical revenue.
Balance Sheet Overview
Current Assets
The company's current assets amounted to $9.3 million as of June 30, 2023. This was a notable increase from the previous year's figure of $7.5 million. Key components of current assets included cash and cash equivalents, accounts receivable, and contract assets.
Safe & Green Holdings Corp. reported non-current assets of $18.5 million, demonstrating growth from the prior year. These assets included property, plant, and equipment, project development costs, goodwill, intangible assets, and investments in equity affiliates.
Current Liabilities
The company's current liabilities stood at $15.1 million, indicating a substantial rise compared to the previous year's figure of $8.3 million. Key components of current liabilities included accounts payable and accrued expenses, contract liabilities, and short-term notes payable.
Safe & Green Holdings Corp. had long-term liabilities of $2.5 million, showing an increase from the previous year. These long-term liabilities comprised a long-term note payable and lease liability, net of current maturities.
The stockholders' equity for Safe & Green Holdings Corp. was $9.3 million as of June 30, 2023, a decrease from the previous year's figure of $14.4 million. The company's common stock, additional paid-in capital, and accumulated deficit contributed to this equity.
Safe & Green Holdings Corp. faces challenges in overcoming its financial losses and maintaining positive growth in the coming months. With a revenue of $10.6 million, the company is working towards a more stable financial performance.
Despite the ongoing difficulties, the company's commitment to its services remains unwavering. The leadership team is actively exploring strategies to improve financial results and ensure the sustainable growth of Safe & Green Holdings Corp. and its subsidiaries.