ENGlobal Announces Full Year 2023 Financial and Operating Results

HOUSTON, TX / ACCESSWIRE / March 28, 2024 / ENGlobal Corporation (NASDAQ:ENG), a provider of innovative engineering project solutions focused on the energy industry, announced that it will file its 2023 annual report on Form 10-K with the U.S. Securities and Exchange Commission for the year ended December 30, 2023 no later than Friday. The report details ENGlobal's financial and operational results.

"For ENGlobal, 2023 was both a challenging year as well as a year of transition and repositioning for the Company," said William A. Coskey, P.E., Chairman and Chief Executive Officer of ENGlobal Corporation. "While we continue to address a number of challenges from legacy projects, we have worked tirelessly to realistically reposition our business to take advantage of future engineering and automation opportunities as well as continue to service our key public sector clients. We continue to work with external stakeholders to resolve obligations related to those projects and position ENGlobal for financial and operational improvements in the coming year."

Revenues for the year ended December 30, 2023 were $39.0 million, a decrease of $1.2 million from $40.2 million for the year ended December 31, 2022. Net loss for 2023 was $15.2 million compared to net loss of $18.5 million in 2022. ENGlobal lost $3.03 per fully diluted share in 2023 compared to a loss of $4.16 per fully diluted share in 2022.

The 2023 net loss included an impairment loss of $1.8 million. Excluding the impairment loss in the last half of the year, 80% of the net loss for 2023 occurred in the first six months of the year.

"While these results did not meet expectations, our efforts in the second-half of the year reduced the magnitude of the losses and positioned ENGlobal to take advantage of potential opportunities in the coming year," added Coskey. "We continue to consider a number of strategic opportunities to improve ENGlobal's capital and operating positions. Our staff of professionals continues to provide exceptional engineering, automation and integration services to leading energy, industrial and public sector clients from coast to coast, a solid base of commerce from which to rebuild a profitable business. The long-term durability of the ENGlobal platform has resulted in a number of discussions with potential strategic partners to extend the reach and increase the scale of our business."