Safe and Green Development Corporation Reports First Quarter 2024 Financial Results and Provides a Business Update

MIAMI, May 15, 2024 (GLOBE NEWSWIRE) -- Safe and Green Development Corporation (NASDAQ: SGD) (“SG Devco” or the “Company”) today reported financial results for the three months ended March 31, 2024 and provides a business update.

Operational highlights from the first quarter of 2024:

• Initiated a Strategic Property Monetization
• Executed Contract to Sell St Mary’s Site for $1.35M
• Acquired XENE Real Estate AI Software
• Secured Financing for Norman Berry Expansion in Atlanta, Georgia

David Villarreal, CEO of Safe and Green Development Corporation, remarked, "The first quarter has proven to be an exhilarating period marked by numerous achievements that we believe has positioned us as an integral player in the real estate industry across multiple domains. Our upcoming sale of the St. Mary property, which will result in substantial profits, exemplifies our team's profound understanding of real estate value and our ability to identify and seize unique opportunities. Additionally, the execution of a contract to sell our Lago Vista parcel is a significant milestone that will significantly strengthen our balance sheet upon closing. Our strategic alliances have been pivotal in propelling our progress and unlocking future growth, as demonstrated by securing financing for the Norman Berry acquisition of the right-of-way and an adjacent parcel."

"I am particularly enthused by the development of our XENE Platform, which aims to enhance the value proposition for real estate professionals such as brokers, lawyers, accountants, investors, and, most importantly, home buyers. Our robust foundation enables us to forge a strong presence in both the commercial and residential sectors, empowering us to seize aggressive growth opportunities. Lastly, we eagerly anticipate completing the acquisition of MyVONIA, an advanced artificial intelligence (AI) assistant, which is scheduled to close during the second quarter."

In conclusion, Mr. Villarreal added, "We are confident that our strategic endeavors and technological advancements will position us favorably for continued success in the real estate industry."

Financial Highlights from the first quarter of 2024:

• Revenues were $49,816
• GAAP net loss totaled ($3,067,671)
• Adjusted EBITDA* totaled ($432,004)
  

"In our strategic outlook for the immediate future, our aim is to attain a revenue milestone of around $1 million in the second quarter derived from the sale of the St. Mary's property. Simultaneously, our focus is to reach a minimum of two hundred XENE subscribers, showcasing our commitment to expanding our subscriber base. By consistently updating on subscriber growth, our objective is to establish a robust and predictable revenue stream. Reflecting on our first-quarter performance, despite significant non-cash expenses, our adjusted EBITDA demonstrates our dedication to operating in an efficient manner while ensuring responsible growth," articulated Nicolai Brune, Chief Financial Officer of Safe and Green Development Corporation.