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HOUSTON, May 17, 2021 /PRNewswire/ Orbital Energy Group, Inc. (Nasdaq: OEG) ( Orbital Energy or the Company ) today reported unaudited financial results for the three months ended March 31, 2021.
Financial and Operating Highlights:
Reported total revenues of $9.5 million for the first quarter of 2021, a 67% increase compared to $5.7 million for the first quarter of 2020;
Gross loss was $1.3 million for the first quarter of 2021, compared to gross profit of $0.6 million for the first quarter of 2020, the decrease was attributable to ramp-up costs at Orbital Power Services, start-up costs at Eclipse Foundation Group as well as the addition of Orbital Solar Services;
The Company expects improvement in margins during 2021 as Orbital Power Services continues to gain efficiencies and increase revenues, Orbital Telecom Services starts to contribute, larger Orbital Solar Services solar projects begin, and companies continue to learn to cope with the COV