Safe & Green Holdings Corp. reported significant financial changes in its latest 10-Q filing for the quarter ending June 30, 2025. The company generated total revenue of $1.29 million for the six months ended June 30, 2025, a decrease of approximately 43% from $2.18 million in the same period of 2024. This decline was primarily attributed to reduced construction services due to fewer jobs in progress. The cost of revenue also increased to $2.61 million, up from $1.74 million, leading to a gross loss of $1.32 million compared to a gross profit of $440,137 in the prior year.
The company's operating loss for the first half of 2025 was $5.52 million, significantly higher than the $3.42 million loss reported for the same period in 2024. This increase in losses was driven by higher operating expenses, which rose to $4.20 million from $3.86 million year-over-year. The net loss attributable to common stockholders was $7.32 million for the six months ended June 30, 2025, compared to a loss of $9.11 million in the previous year.
In terms of strategic developments, Safe & Green Holdings completed the acquisition of New Asia Holdings, Inc. (NAHD) in February 2025, which expanded its operations into the oil and gas sector. The company also acquired Olenox Corp., which focuses on revitalizing underdeveloped energy assets. Additionally, Safe & Green Holdings entered into asset purchase agreements for County Line Industrial LLC and Sherman Oil Company, further diversifying its portfolio.
Operationally, the company reported a backlog of $1.21 million as of June 30, 2025, indicating potential future revenue from signed contracts. The company’s cash and cash equivalents increased to $2.77 million from $375,873 at the end of 2024, reflecting a net cash increase of $2.39 million during the first half of 2025. However, the company continues to face challenges, including negative working capital of $20.76 million and ongoing losses, raising concerns about its ability to continue as a going concern.
Looking ahead, Safe & Green Holdings aims to address its financial challenges by focusing on revenue generation from operations, cost containment, and exploring additional financing options. The company has plans to implement a reverse stock split to comply with Nasdaq listing requirements and is actively working to secure funding to support its operations and growth initiatives.
About SAFE & GREEN HOLDINGS CORP.
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