ENGlobal Announces 2022 Financial and Operating Results

HOUSTON, TX / ACCESSWIRE / March 31, 2023 / ENG (NASDAQ:ENG), a leading provider of innovative engineering project solutions for the energy industry, today announced that it has filed its annual report on Form 10-K with the U.S. Securities and Exchange Commission for the year ended December 31, 2022. The report details ENGlobal's annual financial and operational results.

"While ENGlobal faced a number of challenges in 2022, we are optimistic that 2023 will be a year of transition and positive positioning for our Company," said William A. Coskey, Executive Chairman of ENGlobal. "Since my return to a daily leadership role in mid-February we have begun to take a careful, critical look at our business and make decisions that we believe should return financial and operational stability to the Company and reposition ENGlobal as a meaningful participant in core energy engineering projects, the genesis of our Company. For over three decades, ENGlobal proudly served a broad spectrum of energy companies with superior engineering services and exceptional client service. While returning to our roots will require a significant amount of hard work and some difficult decisions, we are committed to refocusing on our competitive advantage: providing exceptional engineering and project services for our clients while, at the same time, creating value for our shareholders."

Revenues for the year ended December 31, 2022 were $40.2 million, an increase of $3.8 million, or 10.4%, from $36.4 million for the year ended December 25, 2021. Gross loss for the year ended December 31, 2022 was $4.2 million, an increase of $3.6 million, or 555.1%, from a gross loss of $0.6 million for the comparable period in 2021. Gross loss margin was 10.5% for the year ended December 31, 2022, an increase from the 1.8% gross loss margin for the year ended December 25, 2021. Net loss for the year ended December 31, 2022 was $18.5 million compared to a net loss of $5.7 million for the year ended December 25, 2021. For the year ended December 31, 2022, ENGlobal lost $0.52 per fully-diluted share, compared to a loss of $0.18 per fully diluted share for the year ended December 25, 2021.