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ENGlobal (NASDAQ:ENG) reported its Q3 2024 financial results. Revenue decreased to $5.7 million from $9.5 million in Q3 2023. The company reduced its net loss to $0.5 million from $0.7 million year-over-year. Excluding non-recurring adjustments, gross profit percentage increased by 87% to 8.4%, and SG&A decreased by $0.7 million to $1.8 million. For the nine months ended September 28, 2024, revenues were $18.4 million compared to $32.4 million in 2023, while net loss improved by $8.3 million to $3.1 million.
ENGlobal (NASDAQ:ENG) reported its Q2 2024 financial results, showing progress in its business refocus strategy. The company's net loss decreased to $1.2 million for Q2 2024, compared to $1.4 million in Q1 2024 and $4.3 million in Q2 2023. Revenues for Q2 2024 were $6.1 million, down 37% year-over-year. Gross profit improved to $0.8 million, up from a $0.4 million loss in Q2 2023. SG&A expenses were reduced by 52% to $1.9 million. The company's backlog stood at $7.7 million as of June 29, 2024. ENGlobal is focusing on electric power infrastructure for data centers and new technologies, having signed a Master Services Agreement with a regional power infrastructure provider. The company aims to achieve run-rate profitability by year-end 2024.
ENGlobal announced its first quarter 2024 financial and operating results, showcasing a focus on repositioning its business towards providing engineering and automation services. Despite a net loss and decreased revenues compared to the previous year, the company saw improvements in gross profit, reduced expenses, and higher billable resource utilization. ENGlobal remains optimistic about future opportunities and potential partnerships to drive revenue growth. The company's total backlog was approximately $10.8 million as of March 30, 2024.
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