Safe & Green Development Corporation reported significant financial changes in its latest 10-Q filing for the quarter ending September 30, 2025. The company generated revenues of $3.5 million for the three months ended September 30, 2025, a substantial increase from $81,210 in the same period last year. For the nine months ending September 30, 2025, total revenues reached $4.9 million, compared to $173,188 for the same period in 2024. This growth is attributed primarily to the acquisition of Resource Group US Holdings LLC, which has shifted the company’s focus towards engineered soils and organic recycling.
Despite the increase in revenue, Safe & Green Development reported a net loss of $4.4 million for the third quarter of 2025, compared to a loss of $2.3 million in the same quarter of 2024. For the nine-month period, the net loss was $12.3 million, up from $7.4 million in the prior year. The increase in losses is largely due to higher operating expenses, which rose to $9.99 million for the nine months ended September 30, 2025, compared to $4.97 million in the same period last year. This rise in expenses includes significant payroll and general administrative costs, as well as a new bad debt expense of $3 million related to the uncertainty of collectability on a note receivable.
Operationally, the company has made strategic moves to enhance its market position. The acquisition of Resource Group in June 2025 marked a pivotal shift in its business model, focusing on sustainable practices in the engineered soils sector. The company is also evaluating its legacy real estate assets while supporting the growth of Resource Group. As of September 30, 2025, Safe & Green Development reported total assets of $38.4 million, a significant increase from $12.8 million at the end of 2024, driven by the acquisition and the addition of inventory and property.
The company’s workforce has expanded, with payroll expenses reflecting increased staffing levels necessary to support its new operational focus. As of the latest filing, Safe & Green Development had a total of 3,895,836 shares outstanding, with a notable increase in common stock issued due to various financing activities, including the conversion of debt into equity. The company continues to face challenges related to its liquidity, with cash on hand reported at $233,037, down from $296,202 at the end of 2024.
Looking ahead, Safe & Green Development acknowledges the need for additional financing to support its operations and growth initiatives. The company has indicated that it may pursue further capital raises and is actively managing its property portfolio to optimize returns. However, there are substantial doubts about its ability to continue as a going concern, given its history of net losses and reliance on external financing. The management's outlook emphasizes the importance of successfully integrating Resource Group's operations and expanding its market presence in the engineered soils and organic recycling sectors.
About Safe & Green Development Corp
Safe and Green Development Corporation is a real estate and environmental company focused on developing sustainable residential and mixed-use properties, primarily in Texas and Georgia. It invests in land, joint ventures, and AI-driven technologies for property development, green waste recycling, and engineered soils. The company emphasizes eco-friendly construction, circular economy principles, and innovative waste-to-resource solutions to create value and promote sustainability.
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