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Orbital Energy Group (Nasdaq: OEG) announced a securities purchase agreement with institutional investors for 10 million shares at $3.50 per share, totaling $35 million. This registered direct offering is priced at-the-market under Nasdaq rules, with closing expected around January 15, 2021, pending customary conditions. A.G.P./Alliance Global Partners is the sole placement agent. The offering is conducted under an effective shelf registration statement with the SEC, and a prospectus supplement will be filed to detail terms.
Orbital Energy Group (NASDAQ: OEG) announced the launch of its new subsidiary, Eclipse Foundation Group, on January 12, 2021. This company specializes in drilled shaft foundation construction, focusing on electric transmission, substations, communication towers, and disaster restoration services in challenging terrains like marshes and rocks. Led by industry veteran Michael Cutrone, Eclipse aims to address the increasing demand for foundation drilling in the Southern U.S., enhancing Orbital's service offerings in the energy sector.
Orbital Energy Group (NASDAQ: OEG) announced a registered direct offering of 5,555,556 shares at $1.80 each, totaling $10 million. The closing is expected around January 5, 2021, pending customary conditions. A.G.P./Alliance Global Partners acts as the sole placement agent. This offering is part of an effective shelf registration statement with the SEC. Interested investors should refer to the prospectus supplement for detailed information. Proceeds are intended to support the company's diversified energy services platform, including gas, power, and solar services.
Orbital Energy Group, Inc. (NASDAQ: OEG) announced on December 9, 2020, that it has regained compliance with NASDAQ's minimum bid price requirement. Following 11 consecutive business days where the closing bid price remained above $1.00, NASDAQ confirmed compliance as of December 8, 2020. This is a significant milestone for the company, which operates various energy services, including gas systems, power services, and solar services. Orbital Energy is committed to maximizing shareholder value through innovative solutions in the energy sector.
Orbital Energy Group (NASDAQ: OEG) has signed a Master Services Agreement (MSA) with a midwestern utility expected to boost its transmission and distribution (T&D) division's revenues by approximately 30% annually, starting Q4 2020. This agreement aligns with the company's strategy to expand its energy infrastructure services. The deal signifies Orbital's strong technical capabilities and safety record, enhancing its presence in the T&D market. The MSA is part of Orbital's broader growth initiatives, emphasizing its commitment to providing superior energy solutions.
Orbital Energy Group (OEG) reported significant financial growth for Q3 2020, with total revenues reaching $13.6 million, a 124% increase from $6.1 million in Q3 2019. Gross profit rose to $2.4 million, up from $1.4 million, though gross margin decreased to 17.3% from 23.4%. The operating loss widened to $6.3 million from $3.7 million due to higher expenses. Total backlog increased to $52.0 million. The company expects continued growth through its new divisions and projects in renewable energy.
Orbital Energy Group, Inc. (Nasdaq: OEG) has announced a conference call scheduled for November 16, 2020, at 8:30 am ET, to discuss its third-quarter financial results for the period ending September 30, 2020. CEO Jim O'Neil and CFO Daniel Ford will lead the call. Interested parties can join by dialing the provided numbers or accessing the live webcast through the company’s website. A replay will be available until December 2, 2020. This call follows the company’s commitment to maximizing shareholder value through diverse energy services.
Orbital Energy Group (OEG) reported Q2 2020 revenues of $7.8 million, a 24% increase from Q2 2019. However, gross profit declined to $1.0 million from $1.7 million, largely due to start-up costs and COVID-19 impacts, resulting in a gross margin of 13.4%. The operating loss widened to $7.2 million, attributed to higher SG&A costs and acquisition expenses related to Reach Construction Group. The total backlog surged to $46.4 million, bolstered by the Reach acquisition, indicating growth potential in the renewable energy sector.
Orbital Energy Group (Nasdaq: OEG) announced plans to release its Q2 2020 financial results on August 18, 2020, after market close. The company will host a conference call and webcast at 5:00 PM ET to discuss the results. Interested parties can access the call by dialing the provided numbers. A replay will be available until September 3, 2020. The company focuses on building a diversified energy services platform, which includes businesses in gas solutions, power services, and solar services.