Page 1

August 16 , 2021 sgblocks SG Blocks Reports Second Quarter 2021 Financial Results - Record Quarterly Revenue of approximately $ 11.9 Million , and First Half Revenue of approximately $ 21.0 Million - - Significant Progress on Residential Development Projects - - Company Expects to be Cash Flow Positive in the Fourth Quarter of 2021 – - Management to Host Conference Call Today at 4:30 p.m. ET – NEW YORK , N.Y./(BUSINESS WIRE ) -- SG Blocks , Inc. ( Nasdaq : SGBX ) ( " SG Blocks " or the " Company ” ) , a leading designer , innovator and fabricator of modular structures , today reported its financial results for the first quarter ending June 30 , 2021 . " The second quarter was a momentous one for SG Blocks , as we achieved record quarterly revenues and made great strides in growing our activity across all verticals , " said Paul Galvin , SG Blocks ' Chairman and Chief Executive Officer . “ In particular , we made substantial progress in our housing vertical , launching several new development opportunities where we anticipate earning revenue from both our interest in the projects and by fabricating the units at SG Blocks ' own manufacturing facilities . These announcements provide greater visibility into our earnings over the next several quarters and put us on track to achieve positive cash flow in the fourth quarter of 2021 . " Our goals over the coming quarters will be to execute at a high level on our existing projects , seek new investment opportunities and partners , and continuously expand our manufacturing capacity to support our accelerating pace of activity . We are capturing the benefits of significant tailwinds in the residential development business by helping to deliver much - needed residential units to alleviate a housing shortage across the country . In our health care vertical , we also continue to provide critical health infrastructure with our modular and rapidly deployable COVID testing modules . " In short , we are making our own destiny and rethinking the way space and buildings are used . We're continuing to close on developments and launching new projects and ventures each quarter . As our business has grown and our plan is unfolding , we have