Safe and Green Development Corporation (SG Devco), a Delaware-based real estate development company, reported its financial results for the third quarter ended September 30, 2024, on November 14, 2024. The company announced a GAAP net loss of $2,342,002 and an Adjusted EBITDA loss of $900,881 for the quarter. Despite the losses, SG Devco highlighted several operational achievements, including a $10M investment from Arena Investors, the expansion of its pipeline with three joint ventures in South Texas, compliance with NASDAQ's minimum bid price requirement, and the commencement of construction on six homes in South Texas. The company's CEO, David Villarreal, expressed confidence in the strategic outlook, emphasizing the integration of development and technology assets to create sustainable revenues. The CFO, Nicolai Brune, noted the company...Show More

Safe and Green Development Corporation (SG Devco), a Delaware-based real estate development company, reported its financial results for the third quarter ended September 30, 2024, on November 14, 2024. The company announced a GAAP net loss of $2,342,002 and an Adjusted EBITDA loss of $900,881 for the quarter. Despite the losses, SG Devco highlighted several operational achievements, including a $10M investment from Arena Investors, the expansion of its pipeline with three joint ventures in South Texas, compliance with NASDAQ's minimum bid price requirement, and the commencement of construction on six homes in South Texas. The company's CEO, David Villarreal, expressed confidence in the strategic outlook, emphasizing the integration of development and technology assets to create sustainable revenues. The CFO, Nicolai Brune, noted the company's efficient operations and responsible growth, with a reduction in operating expenses and careful monitoring of future expenses. SG Devco also outlined its future revenue plans, including the sale of the St. Mary's property in the fourth quarter of 2024 and the expected revenue from the first phase of the Sugar Phase 1 Development in Q1 2025. The company's subsidiaries, Majestic World Holdings LLC and MyVONIA Innovations LLC, are also contributing to its growth with a real estate AI platform and an AI-powered personal assistant, respectively.