SG Blocks Reports First Quarter 2021 Financial Results

SG Blocks, Inc. (Nasdaq: SGBX) (“SG Blocks” or the “Company”), a leading designer, innovator and fabricator of container-based structures, today reported its financial results for the first quarter ending March 31, 2021.

“During the first quarter 2021, we maintained the momentum we established in 2020, achieving another quarter of record revenue, with continued activity across all of our verticals,” stated Paul Galvin, SG Blocks’ Chairman and Chief Executive Officer. “These results directly reflect the incredible effort of our team over the past several quarters to build a pipeline of strategic opportunities, aligning with best-in-class partners, and positioning our balance sheet to support the accelerating pace of activity.”

“Most exciting is our recent launch of SGB Development Corp., to co-develop and deliver homes and apartments for sale and rent, beginning with our first project, Lago Vista, in booming Austin, Texas. Our development projects should have multiple benefits, including a steady stream of manufacturing revenue for the Company, as well as a share of potential profits on sale. We are reviewing a number of exciting opportunities, and we look forward to communicating additional activity shortly.”

“In our other verticals, we brought to market a viable and cost-effective solution for point-of-care testing services to critical travel partners, health care providers, event hosts, and disadvantaged communities. Importantly, our vision in the medical vertical does not stop with COVID-19 testing. We are designing and preparing multiple specialty modules to meet urgent demands for community health for a variety of testing and health care delivery needs.”

Mr. Galvin concluded, “We are firing on all cylinders now, with significant projects underway that we believe can produce steady and growing revenue for the Company for many years to come. Also, we have established relationships with great partners which we believe will lead to additional projects and work for SG Blocks, allowing us to be selective, and pursue only the best opportunities. At this point, we know that words don’t matter, and we are focused on execution to truly capture the potential for the projects underway, meet our deadlines, and produce the expected benefits to the bottom line. Based on the above we anticipate being cash flow positive during the fourth quarter of 2021 and into 2022.”