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SAFE & GREEN May 17 , 2021 SG Blocks Reports First Quarter 2021 Financial Results - Posts Record First Quarter Revenue between $ 8.9 Million and $ 9.2 Million - - Company Expects to be Cash Flow Positive during the fourth quarter of 2021 – - Management to Host Conference Call Today at 4:30 p.m. ET NEW YORK -- ( BUSINESS WIRE ) -- SG Blocks , Inc. ( Nasdaq : SGBX ) ( " SG Blocks " or the " Company " ) , a leading designer , innovator and fabricator of container - based structures , today reported its financial results for the first quarter ending March 31 , 2021 . " During the first quarter 2021 , we maintained the momentum we established in 2020 , achieving another quarter of record revenue , with continued activity across all of our verticals , " stated Paul Galvin , SG Blocks ' Chairman and Chief Executive Officer . " These results directly reflect the incredible effort of our team over the past several quarters to build a pipeline of strategic opportunities , aligning with best - in - class partners , and positioning our balance sheet to support the accelerating pace of activity . " " Most exciting is our recent launch of SGB Development Corp. , to co - develop and deliver homes and apartments for sale and rent , beginning with our first project , Lago Vista , in booming Austin , Texas . Our development projects should have multiple benefits , including a steady stream of manufacturing revenue for the Company , as well as a share of potential profits on sale . We are reviewing a number of exciting opportunities , and we look forward to communicating additional activity shortly . " " In our other verticals , we brought to market a viable and cost - effective solution for point - of care testing services to critical travel partners , health care providers , event hosts , and disadvantaged communities . Importantly , our vision in the medical vertical does not stop with COVID - 19 testing . We are designing and preparing multiple specialty modules to meet urgent demands for community health for a variety of testing and health care delivery needs . " Mr. Galvin concluded , " We are firing on all cylinders now , with significant projects underway that we believe can produce steady and growing revenue for the Company for many years to come . Also , we have established relationships with great partners which we believe will lead to additional projects and work for SG Blocks , allowing us to be selective , and pursue only the best opportunities . At this point , we know that words don't matter , and we are focused on execution to truly capture the potential for the projects underway , meet our deadlines , and produce the expected benefits to the bottom line . Based on the above we anticipate being cash flow positive during the fourth quarter of 2021 and into 2022. " First Quarter 2021 and Subsequent Operational Highlights : At March 31 , 2021 , the Company had 16 projects under contract , compared to 21 projects