Diversified energy services platform engaged in acquisition and development of innovative platforms, Orbital Energy Group (NASDAQ:OEG) on August 16, 2021, announced unaudited financial results for three and six months ending June 30, 2021.
Orbital reported revenues of $16.3 million for quarter two of 2021, a 110% increase vis-a-vis $7.8 million for quarter two of the previous year. The company saw a gross loss of $1.2 million for the quarter vis-à-vis gross profit of $1.0 million for 2020, due to ramp-up costs about onboarding additional equipment, supplies as well as personnel for meeting future requirements.
Orbital is hoping for improvement in margins as its Telecom Services contributes more revenues while its power services will gain on efficiencies and more revenues. The firm had an operating loss of $18.3 million for quarter two of 2021, vis-a-vis $7.2 million of the 2020 period, due to ongoing operating costs. Orbital had cash and cash equivalents of $9.6 million and restricted cash of $1.2 million by end of June 2021. The firm had also announced the acquisition of IMMCO, privately-owned full-service telecom and network design company.
Jim O’Neil, vice chairman and CEO of Orbital Energy Group, said that the company established a robust foothold in the telecommunications industry with the platform acquisition of Gibson Technical Services and has been experienced significant expansion at Orbital Power Services.
Neil also added that Orbital Solar was awarded its first large utility-scale solar project and the CEO hopes to pursue synergistic strategic acquisitions for growth.
