Last10K.com

Orbital Energy Group, Inc. (OEG) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

Orbital Energy Group, Inc.

CIK: 1108967 Ticker: OEG

Exhibit 99.1

 

Orbital Energy Group Reports Record Revenues in First Quarter 2022 of $70.3 Million

 

Records Positive Adjusted EBITDA of $3.8 Million and Reiterates Full-Year 2022 Financial Guidance

 

HOUSTON, (May 16, 2022) — Orbital Energy Group, Inc. (Nasdaq: OEG) ("Orbital Energy" or the "Company") today reported its financial results for the first quarter ended March 31, 2022.

 

 

First Quarter Summary

 

 

Revenues of $70.3 million, compared to $41.0 million in the prior quarter and $5.6 million for the first quarter of 2021;

 

 

Gross profit of $11.6 million compared to a gross loss of $2.5 million in the first quarter of 2021;

 

 

Operating loss of $1.8 million, an improvement of $13.8 million from the first quarter of 2021;

 

 

Loss from continuing operations, net of income taxes of $36.7 million, including a non-cash charge of $26.0 million. Excluding this charge, loss from continuing operations would have been $10.4 million, a $5.3 million improvement from the prior quarter and a $5.9 million improvement from the first quarter of 2021;

 

 

Adjusted EBITDA from continuing operations was a positive $3.8 million compared to a loss of $1.2 million in the prior quarter and a loss of $9.6 million in the first quarter of 2021;

 

 

Backlog of $513.5 million as of March 31, 2022, with $294.6 million expected to be recognized in the next twelve months.

 

 

Items Subsequent to the End of First Quarter

 

 

Named Robert Burns as President of Orbital Solar Services

 

 

Extended maturity on portion of seller notes to December 31, 2022

 

 

Completed a registered direct offering of $21 million;

 

 

Completed the sale of Orbital Gas Systems Ltd.

 

 

"Our first quarter results reflect the continued progress of building out our infrastructure services platform, and we accomplished a significant milestone in achieving positive adjusted EBITDA for the first time since I joined the company," said Jim O'Neil, Vice Chairman and CEO of Orbital Energy Group.

 

 

The following information was filed by Orbital Energy Group, Inc. (OEG) on Monday, May 16, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Orbital Energy Group, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Orbital Energy Group, Inc..

Continue

Assess how Orbital Energy Group, Inc.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Orbital Energy Group, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
M & A
Revenue
Financial
Other
Filter Subcategory:
All
Geography
Cash Flow
Earnings
Product
Debt
Income
Expense
Shares
Other
Inside Orbital Energy Group, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Changes In Stockholders' Equity (Unaudited)
Condensed Consolidated Statements Of Changes In Stockholders' Equity (Unaudited) (Parentheticals)
Condensed Consolidated Statements Of Comprehensive Income And Loss (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Note 1 - Nature Of Operations, Basis Of Presentation And Company Conditions
Note 1 - Nature Of Operations, Basis Of Presentation And Company Conditions (Details Textual)
Note 1 - Nature Of Operations, Basis Of Presentation And Company Conditions (Tables)
Note 1 - Nature Of Operations, Basis Of Presentation And Company Conditions - Reconciliation Of Cash, Cash Equivalents, And Restricted Cash (Details)
Note 10 - Recent Accounting Pronouncements
Note 11 - Fair Value Measurements
Note 11 - Fair Value Measurements (Tables)
Note 11 - Fair Value Measurements - Fair Value Hierarchy For Cash Equivalents, Marketable Securities And Derivative Instruments (Details)
Note 11 - Fair Value Measurements - Reconciliation Of Changes In Fair Value (Details)
Note 12 - Loss Per Common Share
Note 12 - Loss Per Common Share (Details Textual)
Note 12 - Loss Per Common Share (Tables)
Note 12 - Loss Per Common Share - Calculation Of Basic And Diluted Earnings Per Share (Details)
Note 13 - Income Taxes
Note 13 - Income Taxes (Details Textual)
Note 14 - Accumulated Other Comprehensive Loss
Note 14 - Accumulated Other Comprehensive Loss (Tables)
Note 14 - Accumulated Other Comprehensive Loss - Components Of Accumulated Other Comprehensive Loss (Details)
Note 15 - Notes Payable And Line Of Credit
Note 15 - Notes Payable And Line Of Credit (Details Textual)
Note 15 - Notes Payable And Line Of Credit (Tables)
Note 15 - Notes Payable And Line Of Credit - Summary Of Debt (Details)
Note 16 - Concentrations
Note 16 - Concentrations (Details Textual)
Note 16 - Concentrations (Tables)
Note 16 - Concentrations - Concentration Risk (Details)
Note 17 - Acquisitions
Note 17 - Acquisitions (Details Textual)
Note 18 - Commitments And Contingencies
Note 18 - Commitments And Contingencies (Details Textual)
Note 19 - Subsequent Events
Note 19 - Subsequent Events (Details Textual)
Note 2 - Nature Of Operations, Basis Of Presentation And Company Conditions - Accrued Expenses (Details)
Note 2 - Summary Of Significant Accounting Policies
Note 3 - Discontinued Operations And Sale Of A Business
Note 3 - Discontinued Operations And Sale Of A Business (Details Textual)
Note 3 - Discontinued Operations And Sale Of A Business (Tables)
Note 3 - Discontinued Operations And Sale Of A Business - Schedule Of Discontinued Operations For Income Statement And Balance Sheet Disclosures (Details)
Note 4 - Revenue From Contracts With Customers
Note 4 - Revenue From Contracts With Customers (Details Textual)
Note 4 - Revenue From Contracts With Customers (Tables)
Note 4 - Revenue From Contracts With Customers - Contract Liabilities (Details)
Note 4 - Revenue From Contracts With Customers - Revenues Disaggregated (Details)
Note 5 - Inventories
Note 5 - Inventories (Tables)
Note 5 - Inventories - Inventory (Details)
Note 6 - Investments
Note 6 - Investments (Details Textual)
Note 7 - Leases
Note 7 - Leases (Details Textual)
Note 7 - Leases (Tables)
Note 7 - Leases - Future Minimum Finance Lease Obligations (Details)
Note 7 - Leases - Future Minimum Operating Lease Obligations (Details)
Note 7 - Leases - Lease Cost And Other Lease Information (Details)
Note 8 - Stock-Based Compensation And Expense
Note 8 - Stock-Based Compensation And Expense (Details Textual)
Note 8 - Stock-Based Compensation And Expense (Tables)
Note 8 - Stock-Based Compensation Expense - Restricted Stock Units (Details)
Note 9 - Segment Reporting
Note 9 - Segment Reporting (Details Textual)
Note 9 - Segment Reporting (Tables)
Note 9 - Segment Reporting - Segment Activity (Details)

Material Contracts, Statements, Certifications & more

Orbital Energy Group, Inc. provided additional information to their SEC Filing as exhibits

Ticker: OEG
CIK: 1108967
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-22-012613
Submitted to the SEC: Mon May 16 2022 4:06:50 PM EST
Accepted by the SEC: Mon May 16 2022
Period: Thursday, March 31, 2022
Industry: Wholesale Electronic Parts And Equipment

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/oeg/0001437749-22-012613.htm