Orbital Infrastructure Group Inc

Orbital Infrastructure Group, Inc. engages in the acquisition, development and commercialization of electro-mechanical products and technologies worldwide. It operates through the following segments: Electric Power, Telecommunications and Renewables. The Electric Power segment provides comprehensive infrastructure solutions to customers in the electric power industry. The Telecommunications segment provides enterprise solutions to the cable and telecommunication industries. The Renewables segment focuses on utility-scale solar construction. The company was founded on April 21, 1998 and is headquartered in Houston, TX.

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CUI Global is a publicly traded holding company dedicated to maximizing shareholder value through the acquisition and development of innovative companies and technologies. From its GasPT2 platform targeting the energy sector, to its subsidiary CUI Inc's industry leading digital power platform targeting the networking and telecom industries, CUI Global has built a diversified portfolio of industry leading technologies that touch many markets. As a publicly traded company, shareholders are able to participate in the opportunities, revenues, and profits generated by the products, technologies, market channels of CUI Global and its subsidiaries. We pride ourselves on operating with the same level of integrity, respect, and philanthropic dedication that was put in place by CUI Inc's founder more than 20 years ago. It is these values that allow us to make a difference in the lives of our customers, our community, our employees, and our investors. Recently, a move was made to merge and streamline resources with its subsidiary CUI Inc in order to create a unified, international brand that now positions CUI Global for further strategic expansion.

Orbital Infrastructure (NASDAQ: OIG ) stock is taking a beating on Thursday after getting hit with a delisting warning from the Nasdaq Exchange. The big news here is the company's late filing of its Form 10-Q for the quarter that ended on June 30, 2023.

Why Is Orbital Infrastructure (OIG) Stock Down 28% Today?

Receives Commitment from Existing Secured Lenders for $15.0 Million in Debtor-in-Possession Financing HOUSTON , Aug. 23, 2023 /PRNewswire/ -- Orbital Infrastructure Group Inc. (NASDAQ: OIG) (the "Company"), announced today that it and certain of its subsidiaries (Orbital Solar Services, L.L.C., Orbital Power, Inc., Orbital Gas Systems, North America, and Eclipse Foundation Group, Inc.) have filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the Southern District of Texas (the "Bankruptcy Court").

Orbital Infrastructure Group Inc. Intends to Enter into Purchase Agreements for the Sale of Front Line Power Construction and Gibson Technical Services and Files for Chapter 11 Protection

HOUSTON , Aug. 23, 2023 /PRNewswire/ -- Orbital Infrastructure Group Inc. (NASDAQ: OIG) (the "Company"), today announced that it received a letter from The Nasdaq Stock Market LLC ("Nasdaq") on August 18, 2023 notifying the Company that (i) the Company's failure to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, in violation of Nasdaq's continued listing requirements under Nasdaq Listing Rule 5250(c)(1), serves as an additional basis for delisting the Company's securities from Nasdaq, and (ii) the Nasdaq Hearings Panel will consider this matter in rendering a determination regarding the Company's continued listing on Nasdaq. As previously disclosed, on December 28, 2022, the Company was notified by Nasdaq that the market value of its listed securities had been below the $35,000,000 minimum required for continued listing as set forth in Nasdaq Listing Rule 5550(b)(2) for the previous 30 consecutive trading days.

Orbital Infrastructure Group Inc. Announces Receipt of Nasdaq Delinquency Letter Regarding Late Filing of Quarterly Report on Form 10-Q

HOUSTON , May 16, 2023 /PRNewswire/ -- Orbital Infrastructure Group, Inc. ("OIG")  (Nasdaq: OIG), today announced financial results for the first quarter of 2023. The Company also announced that its Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, was filed with the SEC on May 15, 2023.

Orbital Infrastructure Group Reports First Quarter 2023 Results

Shareholders Approved Reverse Split Proposal HOUSTON , April 18, 2023 /PRNewswire/ -- Orbital Infrastructure Group, Inc. ("OIG")  (Nasdaq: OIG), ("the Company"), today announced  that at the Special Meeting of Shareholders for Orbital Infrastructure Group, Inc. on April 18, 2023, the Company's shareholders approved all proposals presented including: Proposal 1, an amendment to our Certificate of Formation to effect a reverse stock split of our outstanding Common Stock at a reverse stock split ratio ranging from any whole number between 1-for-10 and 1-for-40, subject to and as determined by the Board of Directors.  The board of directors resolved that pursuant to the proposal approved by the shareholders of the Company on April 18, 2023, effective April 21, 2023, the Certificate of Formation shall be amended to effect a reverse stock split of our outstanding Common Stock at a reverse stock split ratio of one share for forty shares (1:40) by adding the following paragraph 3 (Common Stock) to Article IV (Capital) referring to the number of shares with par value the following text: "3.

Orbital Infrastructure Group Announces Results of Special Meeting of Stockholders

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.

Orbital Infrastructure Group Reports Full Year 2022 Results

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IMMCO expands broadband engineering & design staff,  and reaches employment milestone HOUSTON , Nov. 29, 2022 /PRNewswire/ -- Orbital Infrastructure Group, Inc. (NASDAQ: OIG) ("OIG") announced today that IMMCO, Inc,  a subsidiary of OIG's Telecom Platform, GTS, has achieved record sales through 3rd Quarter 2022.  IMMCO, based in Canton, GA, with offices in India, Europe and Australia, also reported the acquisition of new office space and the hiring of 60 new employees in Kochi, India, increasing their technical engineering staff to more than 800.

Orbital Infrastructure Group/GTS Subsidiary, IMMCO, Inc. Announces Office Expansion in Kochi, India

Orbital Infrastructure Group, Inc. (NASDAQ:OIG ) Q3 2022 Earnings Conference Call November 14, 2022 9:00 AM ET Company Participants Kevin McGrath - Investor Relations James O'Neil - Vice Chairman and Chief Executive Officer Nicholas Grindstaff - Chief Financial Officer Conference Call Participants Eric Stine - Craig-Hallum Capital Group Jeffrey Campbell - Alliance Global Partners Operator Good morning, everyone, and welcome to the Orbital Infrastructure Group's Third Quarter 2022 Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

Orbital Infrastructure Group, Inc. (OIG) Q3 2022 Earnings Call Transcript

Third Quarter Summary Revenues of $99.8 million compared to $24.8 million for the third quarter of 2021; Adjusted EBITDA loss from continuing operations of $14.6 million compared to a loss of $6.3 million in the third quarter of 2021; excluding the results of the renewables segment, adjusted EBITDA for the third quarter of 2022 was a positive $6.0 million; Backlog of $472.3 million as of September 30, 2022, up 15% from the third quarter of 2021, with $265.9 million expected to be recognized in the next twelve months;  Non-cash impairment charges of $104.7 million related to goodwill, other intangible assets and financed leased assets due to the company's book value to market value evaluation and the impairment of leases for surplus equipment derived from synergistic cost savings initiatives. HOUSTON , Nov. 14, 2022 /PRNewswire/ -- Orbital Infrastructure Group, Inc. ("OIG") [NASDAQ: OIG] today reported its financial results for the third quarter ended September 30, 2022.

Orbital Infrastructure Group Reports Third Quarter 2022 Results

HOUSTON , Nov. 8, 2022 /PRNewswire/ -- Orbital Infrastructure Group, Inc. ("OIG") [NASDAQ: OIG] today announced that it will release its third-quarter 2022 financial results prior to market open on Monday, November 14, 2022, and will be hosting an investor conference call and live webcast on the same day beginning at 9:00 am ET.  Speakers on the call will include Jim O'Neil, Vice Chairman and Chief Executive Officer, and Nick Grindstaff, Chief Financial Officer.

Orbital Infrastructure Group Schedules Third Quarter 2022 Conference Call for November 14 at 9:00 A.M. ET

Challenges in Renewable Segment continue and lead to revised full year 2022 revenues of $350 million to $375 million, down from $405 million to $450 million Lowered full year 2022 adjusted EBITDA range to $4 million to $6 million, down from $38 million to $43 million Lower adjusted EBITDA outlook driven primarily by adverse impact of Black Bear solar project and attributable to operational and labor challenges and extreme weather Black Bear solar project expected to be substantially completed by year end Solar market remains robust and strategic shift to Specialized Contractor versus EPC Service Provider for our utility scale solar business well underway, with expectation of reducing risk and improving margin profile Electric Power segment experienced lower than expected adjusted EBITDA margins in the third quarter associated with deferral of maintenance work due to extreme temperatures, resulting in peak electricity demand and related grid strain in markets we serve; margins expected to return to historical levels in the fourth quarter of 2022 The Company is continuing to evaluate proposals to restructure the balance sheet from multiple sources and expects to reach agreement in the next few weeks HOUSTON , Nov. 2, 2022 /PRNewswire/ -- Orbital Infrastructure Group, Inc. ("OIG") [NASDAQ: OIG] today announced its updated financial guidance for full year 2022. The Company is lowering its full year 2022 consolidated revenue guidance to a range of $350 million to $375 million from its previous range of $405 million to $450 million and is lowering its full year 2022 adjusted EBITDA to a range of $4 million to $6 million from its previous range of $38 million to $43 million.

Orbital Infrastructure Group Provides Update on Full Year 2022 Outlook

HOUSTON , Sept. 29, 2022 /PRNewswire/ -- Orbital Infrastructure Group, Inc. ("OIG") [NASDAQ: OIG] today announced that its wholly-owned subsidiary, Orbital Power Inc., is providing nine electric distribution crews and associated resources to assist customers in repairing damaged electric utility and telecommunication infrastructure in the aftermath of Hurricane Ian, one of the most powerful hurricanes ever to hit Florida.

ORBITAL INFRASTRUCTURE GROUP PROVIDES RESOURCES AND SUPPORT TO ASSIST THOSE IMPACTED BY HURRICANE IAN

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OIG: Crooks Likely Jacked $45B From Pandemic Unemployment

HOUSTON , Sept. 6, 2022 /PRNewswire/ -- Orbital Infrastructure Group, Inc. (NASDAQ: OIG) ("OIG") today announced that its subsidiary, Orbital Power Inc. ("OPI"), has been awarded a multi-year electric distribution project for an Investor-Owned Utility customer in Texas.

Orbital Infrastructure Group Awarded a Multi-Year Electric Distribution Reconductor and Pole Replacement Project

HOUSTON , Aug. 31, 2022 /PRNewswire/ -- Orbital Infrastructure Group, Inc. (NASDAQ: OIG), a diversified infrastructure services company, providing engineering, design, construction, and maintenance services to customers in the electric power, telecommunication, and renewable industries, today announced the launch of its newly branded website – www.orbitalinfrastructuregroup.com. The new OIG site encompasses a value-driven, purposeful approach to the content shared, providing the viewer with an optimal presentation of our company.

ORBITAL INFRASTRUCTURE GROUP, INC. LAUNCHES NEW WEBSITE

HOUSTON , Aug. 19, 2022 /PRNewswire/ -- Orbital Infrastructure Group, Inc. (NASDAQ: OIG) ("Orbital") today announced a standby equity purchase agreement (SEPA) with Yorkville Advisors Global LP ("Yorkville") that will allow the company to sell up to $50 million of shares of common stock over the next 18 months. "This equity facility will allow us the flexibility and ability to supplement our cash flow from operations, if necessary, and represents a significant relationship with a new financial partner in Yorkville Advisors," said Jim O'Neil, Vice Chairman and CEO of Orbital.

Orbital Infrastructure Group, Inc. Announces $50 Million Equity Purchase Agreement

HOUSTON , Aug. 16, 2022 /PRNewswire/ -- Orbital Infrastructure Group, Inc. (NASDAQ: OIG) ("Orbital") and Mangan, Inc. ("Mangan") today announced that they have entered into an asset purchase agreement (the "Agreement") under which Orbital will sell its Houston, Texas gas business, Orbital Gas Systems North America Inc. ("Orbital NA") to Mangan. Effective immediately, Mangan will assume operations of Orbital's North American gas business.

Orbital Infrastructure Group, Inc. Announces Sale of Orbital Gas Systems N.A. to Mangan, Inc.

Record Quarterly Revenue of $93.9 Million Raises Full-Year 2022 Revenue Guidance to a Range of $405 Million to $450 Million HOUSTON , Aug. 11, 2022 /PRNewswire/ -- Orbital Infrastructure Group, Inc. (Nasdaq: OIG) ("Orbital Infrastructure" or the "Company") today reported its financial results for the second quarter ended June 30, 2022. Second Quarter Summary Revenues of $93.9 million, compared to $70.3 million in the prior quarter and $11.5 million for the second quarter of 2021; Gross profit of $9.8 million compared to a gross loss of $2.9 million in the second quarter of 2021; Operating loss of $7.7 million, an improvement of $9.9 million from the second quarter of 2021; Adjusted EBITDA from continuing operations was a positive $2.1 million compared to a positive $3.8 million in the prior quarter and a loss of $10.0 million in the second quarter of 2021; Backlog of $495.3 million as of June 30, 2022, with $291.0 million expected to be recognized in the next twelve months.

Orbital Infrastructure Group Reports Second Quarter 2022 Results

HOUSTON , Aug. 8, 2022 /PRNewswire/ -- Orbital Infrastructure Group, Inc. (Nasdaq: OIG) ("Orbital Infrastructure" or the "Company") today announced that it will issue its financial results for the second quarter ended June 30, 2022 before the market opens on Thursday, August 11, 2022. Orbital Infrastructure Vice Chairman and CEO Jim O'Neil and CFO Nick Grindstaff will host a conference call to discuss the results on Thursday, August 11, 2022, at 8:30 am ET.

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