Announcement • Dec 07
Orbital Infrastructure Group, Inc. Files Form 15 Orbital Infrastructure Group, Inc. has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its common stock under the Securities Exchange Act of 1934, as amended. The par value of the company's common stock was $0.001 per share. Announcement • Nov 30
Second Amended Combined Liquidation Plan and Disclosure Statement Approved for Orbital Infrastructure Group, Inc. The US Bankruptcy Court approved the second amended plan of liquidation of Orbital Infrastructure Group, Inc. on November 28, 2023. The debtor has filed its second amended plan in the Court on November 22, 2023. As per the amended plan, administrative expense claims, priority tax claims, U.S. trustee fees, professional fee claims and other priority claims shall be paid in full in cash. Other secured claims shall either be paid in cash or delivered collateral securing such claim. General unsecured claims and subordinated claims shall receive pro rata share of shares in liquidating interest. Intercompany claims, intercompany interests and interests in orbital shall be cancelled without distribution. The plan shall be funded from available cash and sale of assets. Announcement • Nov 15
Orbital Infrastructure Group, Inc. announced delayed 10-Q filing On 11/14/2023, Orbital Infrastructure Group, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Oct 13
Nasdaq to Delist the Common Stock of Orbital Infrastructure Group Nasdaq announced that it will delist the common stock of Orbital Infrastructure Group, Inc. The company's securities were suspended on August 29, 2023, and have not traded on Nasdaq since that time. Announcement • Aug 31
Nasdaq to File Form 25-NSE with SEC to Remove the Orbital Infrastructure's Common Stock from Listing and Registration on Nasdaq On August 24, 2023, the Orbital Infrastructure Group, Inc. received written notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, in accordance with Nasdaq Listing Rules 5101, 5110(b) and IM-5101-1, the Chapter 11 Cases served as an additional basis for delisting of the Company’s securities. The Company does not intend to appeal this determination. Trading of the Company’s common stock will be suspended at the opening of business on September 5, 2023, and Nasdaq will file a Form 25-NSE with the Securities and Exchange Commission (the “SEC”), which will remove the Company’s common stock from listing and registration on Nasdaq. Announcement • Aug 30
Orbital Infrastructure Group, Inc.(OTCPK:OIGB.Q) dropped from NASDAQ Composite Index Orbital Infrastructure Group, Inc. has been dropped from Nasdaq Composite Index. Announcement • Aug 24
Orbital Infrastructure Announces Receipt of Nasdaq Delinquency Letter Regarding Late Filing of Quarterly Report on Form 10-Q On August 23, 2023, Orbital Infrastructure Group Inc. announced that it received a letter from The Nasdaq Stock Market LLC (‘Nasdaq’) on August 18, 2023 notifying the Company that (i) the Company’s failure to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, in violation of Nasdaq’s continued listing requirements under Nasdaq Listing Rule 5250(c)(1), serves as an additional basis for delisting the Company’s securities from Nasdaq, and (ii) the Nasdaq Hearings Panel will consider this matter in rendering a determination regarding the Company’s continued listing on Nasdaq. As previously disclosed, on December 28, 2022, the Company was notified by Nasdaq that the market value of its listed securities had been below the $35,000,000 minimum required for continued listing as set in Nasdaq Listing Rule 5550(b)(2) for the previous 30 consecutive trading days. In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company was provided 180 calendar days, or until June 26, 2023, to regain compliance with Nasdaq Listing Rule 5550(b)(2). To date, the Company has not regained compliance with Nasdaq Listing Rule 5550(b)(2). Under the Nasdaq Listing Rules, a company that receives a delist determination for delinquency can request an appeal to the Nasdaq Hearings Panel. A request for a hearing regarding a delinquent filing will stay the suspension of a company’s securities for a period of 15 days from the date of the request. However, Nasdaq has informed the Company that because the Company is already before the Nasdaq Hearings Panel for the Company’s failure to comply with Rule 5550(b)(2), the Company has seven days, or until August 25, 2023, to request a stay of the suspension of the Company’s securities, pending a decision from the Nasdaq Hearings Panel. This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification. Announcement • Aug 17
Orbital Infrastructure Group, Inc. announced delayed 10-Q filing On 08/15/2023, Orbital Infrastructure Group, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Jul 03
Orbital Infrastructure Announces Not in Compliance with Listing Rule 5810(c)(3)(C) On December 28, 2022, Staff notified Orbital Infrastructure Group, Inc. that the market value of its listed securities had been below the $35,000,000 minimum required for continued listing as set in Listing Rule 5550(b)(2) for the previous 30 consecutive trading days. Therefore, in accordance with Listing Rule 5810(c)(3)(C), the Company was provided 180 calendar days, or until June 26, 2023, to regain compliance with the Rule. The Company has not regained compliance with the Rule. Accordingly, its securities will be delisted from The Nasdaq Capital Market. The Company intends to appeal the staff’s determination to the Panel on a timely basis, which will stay the suspension of the Company’s common stock. The Company intends to evaluate available options to regain compliance with the $35,000,000 Minimum Bid Requirement. Reported Earnings • May 16
First quarter 2023 earnings released: US$4.60 loss per share (vs US$17.64 loss in 1Q 2022) First quarter 2023 results: US$4.60 loss per share (improved from US$17.64 loss in 1Q 2022). Revenue: US$80.2m (up 14% from 1Q 2022). Net loss: US$19.9m (loss narrowed 46% from 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has fallen by 59% per year, which means it is performing significantly worse than earnings. Reported Earnings • Apr 09
Full year 2022 earnings released: US$2.53 loss per share (vs US$0.85 loss in FY 2021) Full year 2022 results: US$2.53 loss per share (further deteriorated from US$0.85 loss in FY 2021). Revenue: US$322.2m (up 289% from FY 2021). Net loss: US$273.9m (loss widened 449% from FY 2021). Over the last 3 years on average, earnings per share has fallen by 47% per year whereas the company’s share price has fallen by 45% per year. Announcement • Jan 24
Nasdaq Staff Notifies Orbital Infrastructure Group Regarding Non-Compliance with the Rule and Is Not Eligible for A Second 180 Day Extension On July 19, 2022, Nasdaq notified Orbital Infrastructure Group, Inc. (we", us" or the Company") that the bid price of the company's common stock had closed at less than $1 per share over the previous 30 consecutive business days, and, as a result, did not comply with Listing Rule 5550(a)(2) (the Rule"). In accordance with Listing Rule 5810(c)(3)(A), the Company was provided 180 calendar days, or until January 16, 2023, to regain compliance with the Rule. On January 18, 2023, Nasdaq staff notified the Company it has not regained compliance with the Rule and is not eligible for a second 180 day extension and therefore subject to delisting unless the Company requests an appeal of this determination. The Company intends to appeal the staff's determination to the Panel on a timely basis, which will stay the suspension of the Company's common stock. The Company intends to actively monitor the closing bid price of its common stock and will evaluate available options to regain compliance with the Minimum Bid Requirement. As part of the Company's plan to regain compliance with the Rule, the Company has filed preliminary proxy materials on January 19, 2023 which, among other matters, request that the company's stockholders vote to approve a reverse stock split of the company's outstanding common stock, at a reverse stock split ratio ranging from any whole number between 10 for 1 and 40 for 1, subject to and determined by the board of directors (the Reverse Stock Split") with the goal being that the Reverse Stock Split will result in the Company's common stock regaining compliance with the Nasdaq minimum closing bid price requirement. However, there can be no assurance that the Company's stockholders will approve the Reverse Stock Split or that the Reverse Stock Split will increase the share price of the company's common stock at or above the required $1.00 per share, initially or in the future, or for any certain number of days. Further, there can be no assurance that, even if the Company regains compliance with the minimum closing bid price requirement by this action, it will occur in sufficient time to satisfy the Panel or that the Panel will ultimately grant the Company's request for continued listing. Announcement • Jan 05
Orbital Infrastructure Group Receives A Notification Letter from Nasdaq Regarding Minimum Market Value of Listed Securities On December 28 2022, Orbital Infrastructure Group, Inc. (Orbital Energy Group, Inc.) ("the Company") received a notification letter ("the Notice") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") indicating that the Company is not in compliance with the minimum market value of listed securities (MVLS") requirement for continued listing set in Nasdaq Listing Rule 5550(b)(2). Nasdaq Listing Rule 5550(b)(2) requires listed securities to maintain a minimum MVLS of $35 million, and Listing Rule 5810(c)(3)(C) provides that a failure to meet the minimum MVLS requirement exists if the deficiency continues for a period of 30 consecutive business days. The Notice has no immediate effect on the listing of the Company's common stock, par value $0.001 per share (the Common Stock"), and its common stock will continue to trade on the Nasdaq Capital Market under the symbol "OIG" at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company has 180 calendar days, or until June 26, 2023, to regain compliance. If at any time before June 26, 2023, the Company's MVLS closes at or above $35 million for a minimum of 10 consecutive business days, Nasdaq will provide written notification that the Company has achieved compliance with the minimum MVLS requirement, and the matter will be resolved. If the Company does not regain compliance or meet the alternative standards during the compliance period ending June 26, 2023, Nasdaq will provide written notification that the Common Stock will be subject to delisting. The Company would then be entitled to appeal that determination to a Nasdaq hearings panel. There can be no assurance that the Company will regain compliance with the minimum MVLS requirement during the 180-day compliance period. The Company intends to monitor the closing bid price of the Company's common stock and consider its available options to resolve the noncompliance with the MVLS. There can be no assurance that the Company will be able to regain compliance with the MVLS or will otherwise be in compliance with other Nasdaq listing criteria, including but not limited to the $1.00 minimum bid price requirement for continued listing set in Nasdaq Listing Rule 5550(a)(2) as more fully described in a Form 8-K filed on July 25, 2022. Major Estimate Revision • Nov 21
Consensus revenue estimates fall by 16% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from US$426.3m to US$356.9m. Forecast losses increased from -US$0.84 to -US$2.05 per share. Construction industry in the US expected to see average net income growth of 27% next year. Consensus price target down from US$2.75 to US$1.50. Share price fell 7.4% to US$0.24 over the past week. Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: US$1.22 loss per share (further deteriorated from US$0.21 loss in 3Q 2021). Revenue: US$99.8m (up 143% from 3Q 2021). Net loss: US$141.4m (loss widened US$125.6m from 3Q 2021). Revenue missed analyst estimates by 24%. Earnings per share (EPS) also missed analyst estimates significantly. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 6.9% growth forecast for the Construction industry in the US. Over the last 3 years on average, earnings per share has fallen by 37% per year and the company’s share price has also fallen by 37% per year. Reported Earnings • Aug 12
Second quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2022 results: US$0.31 loss per share (down from US$0.16 loss in 2Q 2021). Revenue: US$93.9m (up 476% from 2Q 2021). Net loss: US$30.0m (loss widened 265% from 2Q 2021). Revenue missed analyst estimates by 3.1%. Earnings per share (EPS) exceeded analyst estimates by 30%. Over the next year, revenue is forecast to grow 81%, compared to a 11% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Board Change • Jul 26
High number of new directors Independent Director Jerry Thornton was the last director to join the board, commencing their role in 2021. Price Target Changed • Jul 26
Price target decreased to US$4.00 Down from US$10.70, the current price target is provided by 1 analyst. New target price is 675% above last closing price of US$0.52. Stock is down 86% over the past year. The company is forecast to post a net loss per share of US$1.47 next year compared to a net loss per share of US$0.85 last year. Reported Earnings • Apr 01
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: US$0.85 loss per share. Revenue: US$82.9m (up 116% from FY 2020). Net loss: US$49.9m (loss widened 64% from FY 2020). Revenue missed analyst estimates by 18%. Earnings per share (EPS) exceeded analyst estimates by 30%. Over the next year, revenue is forecast to grow 299%, compared to a 18% growth forecast for the industry in the US. Breakeven Date Change • Dec 05
Forecast breakeven date pushed back to 2023 The 2 analysts covering Orbital Energy Group previously expected the company to break even in 2022. New consensus forecast suggests losses will reduce by 37% per year to 2022. The company is expected to make a profit of US$8.26m in 2023. Average annual earnings growth of 96% is required to achieve expected profit on schedule. Recent Insider Transactions • Nov 20
Vice Chairman & CEO recently bought US$64k worth of stock On the 18th of November, James O'Neil bought around 25k shares on-market at roughly US$2.58 per share. This was the largest purchase by an insider in the last 3 months. This was James' only on-market trade for the last 12 months. Reported Earnings • Nov 17
Third quarter 2021 earnings released: US$0.16 loss per share (vs US$0.19 loss in 3Q 2020) The company reported a solid third quarter result with improved revenues and control over costs, although losses increased. Third quarter 2021 results: Revenue: US$30.9m (up 127% from 3Q 2020). Net loss: US$10.1m (loss widened 77% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Price Target Changed • Sep 18
Price target increased to US$10.70 Up from US$9.33, the current price target is an average from 2 analysts. New target price is 245% above last closing price of US$3.10. Stock is up 495% over the past year. Board Change • Sep 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Jerry Thornton was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 22
Second quarter 2021 earnings released: US$0.16 loss per share (vs US$0.33 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: US$16.3m (up 110% from 2Q 2020). Net loss: US$8.21m (loss narrowed 17% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Major Estimate Revision • Aug 17
Consensus revenue estimates fall to US$83.3m The consensus outlook for revenues in 2021 has deteriorated. 2021 revenue forecast decreased from US$100.3m to US$83.3m. Forecast losses increased from -US$0.47 to -US$0.72 per share. Construction industry in the US expected to see average net income growth of 22% next year. Consensus price target of US$9.67 unchanged from last update. Share price fell 14% to US$2.97 over the past week. Price Target Changed • Jul 27
Price target decreased to US$9.67 Down from US$10.67, the current price target is an average from 3 analysts. New target price is 169% above last closing price of US$3.59. Stock is up 496% over the past year. Price Target Changed • Jun 10
Price target decreased to US$11.00 Down from US$14.50, the current price target is an average from 3 analysts. New target price is 111% above last closing price of US$5.22. Stock is up 646% over the past year. Major Estimate Revision • May 23
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 losses of -US$0.74 per share expected, vs -US$0.10 per share profit forecast previously. Revenue forecast reaffirmed at US$194.9m. Construction industry in the US expected to see average net income growth of 24% next year. Consensus price target down from US$14.50 to US$14.00. Share price was steady at US$3.36 over the past week. Price Target Changed • May 21
Price target decreased to US$11.00 Down from US$14.50, the current price target is an average from 3 analysts. New target price is 234% above last closing price of US$3.29. Stock is up 391% over the past year. Major Estimate Revision • May 19
Consensus revenue estimates fall to US$115.7m The consensus outlook for revenues in 2021 has deteriorated. 2021 revenue forecast decreased from US$194.9m to US$115.7m. Forecast losses increased from -US$0.10 to -US$0.74 per share. Construction industry in the US expected to see average net income growth of 24% next year. Consensus price target down from US$15.02 to US$14.50. Share price rose 2.6% to US$3.55 over the past week. Major Estimate Revision • Apr 06
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from US$152.7m to US$201.7m. EPS estimate fell from -US$0.17 to -US$0.23 per share. Construction industry in the US expected to see average net income growth of 16% next year. Consensus price target of US$14.50 unchanged from last update. Share price rose 8.7% to US$5.76 over the past week. Reported Earnings • Apr 01
Full year 2020 earnings released: US$1.01 loss per share (vs US$0.48 loss in FY 2019) The company reported a mediocre full year result with increased losses and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: US$38.4m (up 64% from FY 2019). Net loss: US$30.4m (loss widened 123% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 31% per year, which means it is well ahead of earnings. Recent Insider Transactions Derivative • Feb 23
Executive Chairman exercised options to buy US$1.5m worth of stock. On the 16th of February, William Clough exercised options to buy 215k shares at a strike price of around US$6.00, costing a total of US$1.3m. This transaction amounted to 119% of their direct individual holding at the time of the trade. Since September 2020, William's direct individual holding has increased from 160.17k shares to 179.88k. Company insiders have collectively bought US$1.4m more than they sold, via options and on-market transactions, in the last 12 months. Is New 90 Day High Low • Feb 17
New 90-day high: US$9.86 The company is up 1,176% from its price of US$0.77 on 18 November 2020. The American market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 23% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$6.28 per share. Is New 90 Day High Low • Jan 23
New 90-day high: US$5.00 The company is up 539% from its price of US$0.78 on 23 October 2020. The American market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 31% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$1.48 per share. Is New 90 Day High Low • Dec 29
New 90-day high: US$2.17 The company is up 219% from its price of US$0.68 on 29 September 2020. The American market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 31% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$2.06 per share. Is New 90 Day High Low • Nov 24
New 90-day high: US$1.83 The company is up 198% from its price of US$0.61 on 25 August 2020. The American market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$1.38 per share. Analyst Estimate Surprise Post Earnings • Nov 22
Revenue and earnings miss expectations Revenue missed analyst estimates by 42%. Earnings per share (EPS) also missed analyst estimates by 20%. Over the next year, revenue is forecast to grow 218%, compared to a 10% growth forecast for the Electronic industry in the US. Reported Earnings • Nov 22
Third quarter 2020 earnings released: US$0.19 loss per share The company reported a solid third quarter result with improved revenues and control over expenses, though losses increased. Third quarter 2020 results: Revenue: US$13.6m (up 124% from 3Q 2019). Net loss: US$5.74m (loss widened 77% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 27% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Nov 18
Analysts update estimates The 2020 consensus revenue estimate was lowered from US$71.4m to US$43.5m. Earning per share (EPS) estimate was unchanged from the last update at -US$0.77. The Electronic industry in the US is expected to see an average net income growth of 33% next year. The consensus price target of US$2.17 was unchanged from the last update. Share price is down by 7.8% to US$0.74 over the past week.