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Orbital Infrastructure Group, Inc. (OIG) announced that its shareholders approved a reverse stock split on April 18, 2023. The approved split will consolidate shares at a ratio of 1-for-40, effective April 21, 2023. This amendment to the Certificate of Formation aims to enhance the stock's market appeal and meet listing requirements. No shareholder's percentage ownership or voting power will be impacted significantly, apart from minor adjustments for fractional shares, which will be rounded up. The company’s transfer agent, Computershare, will facilitate the exchange of old certificates for new ones. OIG’s shares will begin trading on a split-adjusted basis post-effective date.
Orbital Infrastructure Group (OIG) announced its 2022 financial results, reporting a substantial revenue increase of $322.2 million compared to $82.9 million in 2021. However, the company faced a significant net loss from continuing operations of $277.9 million, up from $49.8 million in the previous year. This loss was primarily due to non-cash charges totaling $158.8 million, which included $109.6 million for impairment of goodwill and intangible assets. The Adjusted EBITDA loss also widened to $40.3 million from $27.0 million in 2021, primarily impacted by losses in its renewable segment tied to utility-scale solar projects. The company utilized $19.6 million in cash for operating activities, an improvement from $45.7 million in 2021. OIG is exploring strategic alternatives but warns that completion is uncertain.
Orbital Infrastructure Group (NASDAQ: OIG) announced that its subsidiary, IMMCO, has achieved record sales growth of 119% through Q3 2022 compared to 2021. The company is expanding its workforce by hiring 60 new employees in Kochi, India, bringing total staff to over 800. IMMCO will open a new 9,500 square foot office in January 2023 to support increased demand for broadband engineering services, particularly related to Fiber to the Home initiatives. This expansion aims to accommodate a projected growth in broadband investments, driven by government funding initiatives.
Orbital Infrastructure Group, Inc. (OIG) reported third-quarter revenues of $99.8 million, a significant increase from $24.8 million a year earlier. However, the adjusted EBITDA loss from continuing operations widened to $14.6 million from $6.3 million in Q3 2021. The company faced $104.7 million in non-cash impairment charges. Despite a healthy backlog of $472.3 million, OIG revised down its full-year revenue guidance to $350 million-$375 million from $405 million-$450 million, citing challenges in the renewables segment, particularly in solar projects.
Orbital Infrastructure Group, Inc. (OIG) will release its third-quarter 2022 financial results on November 14, 2022, before market open. An investor conference call will follow at 9:00 am ET with CEO Jim O'Neil and CFO Nick Grindstaff presenting. Participants can join via phone or webcast. The company focuses on infrastructure services in electric power, telecommunications, and renewables, having transformed its strategy through key acquisitions since April 2021, enhancing its service offerings.
Orbital Infrastructure Group, Inc. (OIG) has adjusted its full-year 2022 financial guidance, projecting revenues between $350 million and $375 million, down from an initial estimate of $405 million to $450 million. The revised adjusted EBITDA is now expected to be $4 million to $6 million, significantly lower than the previous forecast of $38 million to $43 million. Challenges with the Black Bear solar project, including weather and labor issues, primarily drove these reductions. However, the company remains optimistic about future utility-scale solar projects and its strategic shift to a Specialized Contractor.
Orbital Infrastructure Group, Inc. (OIG) announced on September 29, 2022, that its subsidiary, Orbital Power Inc., is deploying nine electric distribution crews to assist in restoring utility services in Florida following Hurricane Ian. The company has mobilized resources in anticipation of the storm's impact, ensuring immediate response to repair efforts. OIG aims to leverage its infrastructure services platform for future profitable growth, focusing on electric power, telecommunications, and renewables. CEO Jim O'Neil expressed gratitude for staff efforts amid challenging conditions.