Orbital Infrastructure Group Reports 1st Quarter 2023 Results.

HOUSTON: 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.

First Quarter 2023 Summary Financial Results

Revenue of $80.2 million compared to $70.3 million in the first quarter of 2022.

Adjusted EBITDA from continuing operations (a non-GAAP measure) was $5.6 million for the three months ended March 31, 2023, compared to $3.8 million for the comparable period in 2022. The Adjusted EBITDA from continuing operations for the three months ended March 31, 2023 was primarily attributed to income in the electric power and telecommunications segments offset by losses in the renewables segment and corporate costs. See Table in the section entitled "Reconciliation of non-GAAP Financial Measures."

Net cash provided by operating activities totaled $0.8 million for the three months ended March 31, 2023, compared to net cash used in operating activities of $1.6 million for the comparable period in 2022.

Non-GAAP Financial Measures

The financial measures not prepared in conformity with generally accepted accounting principles in the United States (GAAP) that are utilized in this press release are provided to enable investors, analysts and management to evaluate Orbital Infrastructure's performance excluding the effects of certain items that management believes impact the comparability of operating results between reporting periods. In addition...