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Wednesday, May 25, 2022

Orbital Energy Group Inc (OEG) stock is gaining in the Pre-Market. Here’s why

Orbital Energy Group Inc (OEG) released the results for Q4 and FY2021. Consequently, OEG stock soared in the pre-market and gained 12.36% to $2.09 per share. OEG stock was trading at $1.86 before the end of the last trading session. The stock remained bullish during the recently traded session and gained 1.64% in value from the previously traded session. The stock price kept moving between $1.82 and $1.92 in the last trading session. OEG filed form 10-K with the SEC on 30 March 2022.

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Orbital Energy Group Inc participates in the obtaining, improvement, and commercialization of electro-mechanical items and advancements around the world. Currently, the firm has a market capitalization of $123.97 million. OEG has its headquarters in Houston, Texas, United States of America.

OEG Financials

On 30 March 2022, OEG released the results for Q4 and FY2021, which ended on 31 December 2021. The total sales of OEG in Q4 of FY21 grew massively by 441.4% to $41.04 million from $7.5 million in Q4 of FY20. The total sales for FY2021 also grew by 287.3% to $82.9 million versus $21.4 million in the previous year.

The firm’s profit for Q4 of FY21 was $7.3 million against $2.1 million in Q4 of FY20. Also, the profit for FY2021 grew by 126.3% to $4.3 million against $1.9 million in FY2020. While the gross margin for Q4 and FY2021 was 18% and 5.2%, respectively.

Further, OEG had a total loss of $24.9 million in Q4 of FY2021 as compared to $7.5 million in a similar period of FY2020. Also, the total loss for FY2021 was reported to be $61.2 million versus $27.4 million in FY2020.

Besides, the loss of $0.34 and $1.05 per stock was reported in Q4 and FY2021, respectively.

OEG News

In February 2022, OEG reported that its auxiliary, Orbital Solar Services and Jingoli Power LLC have marked a conventional Engineering, Procurement, and Construction contract and started development on a 130MWdc/100MWac sunlight-based farm for Lightsource bp. Under the conditions of the agreement, OSS will give full utility-scale EPC administrations, including substation development. The venture will comprise 350,000 sunlight-based chargers introduced across 800 sections of land and will give sufficient capacity to 20,000 homes each year.

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