HOUSTON, April 10, 2023 /PRNewswire/ — Orbital Infrastructure Group, Inc. (“OIG”) (Nasdaq: OIG), today announced financial results for the fiscal year 2022. The Company also announced that its Annual Report on Form 10-K for the year ended December 31, 2022, was filed with the SEC on April 6, 2023. The Annual Report on Form 10-K is available in the “SEC Filings” section of OIG’s website at www.orbitalinfrastructure.com, as well as on the SEC’s website at www.sec.gov.
Full Year 2022 Summary Financial Results
- Revenue of $322.2 million versus $82.9 million in fiscal year 2021.
- Net loss from continuing operations, net of income tax of $277.9 million for the twelve months ended December 31, 2022, compared to a net loss of $49.8 million for the twelve months ended December 31, 2021. Net loss from continuing operations, net of income tax for 2022 includes non-cash charges of $158.8 million consisting of $109.6 million impairment for goodwill and intangible assets, $31.3 million for loss on extinguishment of debt, $13.4 million for loss on financial instruments and warrant liabilities, and $4.5 million impairment of financing leases.
- Adjusted EBITDA loss from continuing operations (a non-GAAP measure) was $40.3 million for the twelve months ended December 31, 2022, compared to a loss of $27.0 million for the twelve months ended December 31, 2021. The Adjusted EBITDA loss from continuing operations for the twelve months ended December 31, 2022 was primarily attributed to losses incurred in the renewables segment related to two utility scale solar projects. See Table in the section entitled “Reconciliation of non-GAAP Financial Measures.”
- Net cash used in operating activities totaled $19.6 million for the twelve months ended December 31, 2022, compared to net cash used in operating activities of $45.7 million for the twelve months ended December 31, 2021.
Non-GAAP Financial Measures
The financial measures not prepared in conformity with generally accepted accounting principles in the United States (GAAP) that are utilized in this press release are provided to enable investors, analysts and management to evaluate Orbital Infrastructure’s performance excluding the effects of certain items that management believes impact the comparability of operating results between reporting periods. In addition, management believes these measures are useful in comparing Orbital Infrastructure’s operating results with those of its competitors. These measures should be used in addition to, and not in lieu of, financial measures prepared in conformity with GAAP. Please see the accompanying tables for reconciliations of the following non-GAAP financial measures for Orbital Infrastructure’s current and historical results (as applicable): EBITDA and Adjusted EBITDA from continuing operations (non-GAAP financial measures) to loss from continuing operations, net of income taxes.
Additional Corporate Update
The Company is actively exploring a range of strategic alternatives. There can be no assurance any strategic alternative will be completed, and would be dependent on a number of factors that may be beyond the Company’s control. The Company will provide updates when it determines that further disclosure is appropriate or necessary.
About Orbital Infrastructure Group
Orbital Infrastructure Group, Inc. is a diversified infrastructure services platform, providing engineering, design, construction, and maintenance services to customers in three operating segments; electric power, telecommunications, and renewables.
Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of the Securities Exchange Act of 1934, as amended, and other federal securities laws. The “forward-looking statements” include our current expectations, assumptions, estimates and projections about our Company. They include statements relating to our future actions or potential outcomes which the Company believes to be reasonable at this time. You can identify forward-looking statements by the use of words such as “outlook,” “may,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “anticipates,” “believes,” “plans,” “expects,” “future” and “intends” and similar expressions which are intended to identify forward-looking statements.
These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict, including, among others:
- the Company’s EBITDA and adjusted EBITDA from continuing operations;
- the timing of our review of any strategic alternatives;
- whether we will be able to identify or develop any strategic alternatives;
- our ability to execute on material aspects of any strategic alternatives;
- whether we can achieve the potential benefits of any strategic alternatives;
- changes in macroeconomic conditions;
All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements and risk factors. Forward-looking statements contained in this press release reflect our view only as of the date of this press release. We undertake no obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Such risks and uncertainties could cause actual results to differ materially from those expressed or forecasted by us. In evaluating our financial results and forward-looking statements, you should carefully consider the risks and uncertainties more fully described in the “Risk Factors” section or other sections in our reports filed with the SEC including the most recent annual report on Form 10-K and any subsequent periodic reports on Form 10-Q and current reports on Form 8-K.
Investor Relations:
TraDigital Investor Relations
Kevin McGrath
+1 (646) 418-7002
kevin@tradigitalir.com