Reports revenue $39M vs. $40.2M last year. “For ENGlobal, 2023 was both a challenging year as well as a year of transition and repositioning for the Company,” said William Coskey, CEO. “While we continue to address a number of challenges from legacy projects, we have worked tirelessly to realistically reposition our business to take advantage of future engineering and automation opportunities as well as continue to service our key public sector clients. We continue to work with external stakeholders to resolve obligations related to those projects and position ENGlobal for financial and operational improvements in the coming year. While these results did not meet expectations, our efforts in the second-half of the year reduced the magnitude of the losses and positioned ENGlobal to take advantage of potential opportunities in the coming year. We continue to consider a number of strategic opportunities to improve ENGlobal’s capital and operating positions. Our staff of professionals continues to provide exceptional engineering, automation and integration services to leading energy, industrial and public sector clients from coast to coast, a solid base of commerce from which to rebuild a profitable business. The long-term durability of the ENGlobal platform has resulted in a number of discussions with potential strategic partners to extend the reach and increase the scale of our business.”
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