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Tuesday, June 6, 2023

ENGlobal Corporation (ENG) Stock jumped 5.35% In premarket Trading. Here’s Why?

ENGlobal Corporation (ENG) experienced an incline of 5.35% in the premarket. However, the last trading session closed at $3.18 with an incline of 19.1%.

Annual Meeting Results

ENG announced the annual meeting results on 27th August 2021. According to the report, the meeting was attended by about 58 percent of ENGlobal’s total outstanding common shares. The election of William A. Coskey, P.E., Mark A. Hess, Lloyd G. Kirchner, Christopher D. Sorrells, and Kevin M. Palma received approximately 99 percent of the votes cast in favor of the ENGlobal Corporation 2021.

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Second Quarter 2021 Financial Results

ENG reported second-quarter 2021 financial results on 5th August 2021. ENG also reported a net loss of $4,256,000 on sales of $11,079,000. The firm lost $4,210,000 on sales of $23,528,000 for the six months. The firm’s second-quarter revenue was down compared to the same period last year. This owes to ongoing COVID-related delays in procuring government services and other projects planned to replace those completed by the company since Q2 2020.

Moreover, the drop in bottom-line performance in Q2 2021 compared to the same period last year was primarily due to a decrease in revenue. It was also due to an investment in essential personnel that, among other things, reduced gross margin to 1% from 14%, an investment.

ENG Selected to Join Russell Microcap(R) Index

On 17th June 2021, ENG announced that the company has been selected to join the Russell Microcap Index. The Russell Microcap Index enables automatic participation in the relevant growth and value style indexes after one year of membership. Secondly, they feel this acquisition confirms our business’s stability and future growth possibilities, and it will provide them with another chance to raise investor awareness as we seek to increase shareholder value.

ENG Delivers Final Process Module for Hydrogen Plant

On 15th June 2021, ENG announced that it has completed the delivery of the final of 24 process modules for a full hydrogen production facility. Firstly, ENGlobal’s customers will use the hydrogen generated by this unit to start running a renewable diesel factory with a capacity of 6,500 barrels per day.

Secondly, ENGlobal’s hydrogen unit is the first in the United States to use a high-efficiency HTCRTM technology. Thirdly, ENGlobal also used Haldor Topsoe H2bridgeTM technology to maximize the utilization of renewable feed in the process while lowering both the carbon intensity and overall operating costs of the resultant renewable diesel product.

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