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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
ENGlobal
ENGlobal (ENG) investor relations material
ENGlobal has been delisted
ENGlobal Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2024 earnings summary12 Nov, 2024
Executive summary
Q3 2024 revenue was $5.7M, down 39.9% year-over-year, mainly due to ceasing self-performed fabrication and completion of large government projects in 2023.
Net loss for Q3 2024 was $0.5M, an improvement from $0.7M loss in Q3 2023, driven by lower SG&A expenses.
Nine-month 2024 revenue was $18.4M, down 43.3% year-over-year; net loss narrowed to $3.1M from $11.4M.
Significant cost reductions and business reorganization continued, including headcount and facility expense cuts.
Management is focused on strengthening financial and operating position and pursuing strategic opportunities for shareholder value.
Financial highlights
Gross margin for Q3 2024 was 8.4%, down from 19.4% in Q3 2023; nine-month margin improved to 9.2% from -1.1% year-over-year.
SG&A expenses decreased by $1.6M in Q3 and $6.1M for the nine months, reflecting cost control efforts.
Cash at September 28, 2024 was $1.2M, up from $0.6M at year-end 2023; working capital deficit widened to $6.1M.
Q3 2024 included a $0.9M lease impairment adjustment; Q3 2023 included a $1.5M non-recurring revenue adjustment.
Excluding adjustments, gross profit margin rose 87% to 8.4% from 4.5% year-over-year.
Outlook and guidance
Substantial doubt exists about the company's ability to continue as a going concern due to recurring losses, negative cash flows, and limited liquidity.
Management is seeking additional capital through equity or debt but cannot assure availability or terms.
Board continues to review strategic alternatives, including mergers, acquisitions, or asset sales.
Backlog at September 28, 2024 was $6.9M, with most expected to be completed within 12 months.
Leadership expects recent election results to support strategic objectives.
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Frequently asked questions
ENGlobal Corporation provides engineering and automation services to the energy and industrial sectors. The company specializes in delivering project solutions, including engineering, procurement, and construction management (EPCM) services, as well as automation and control system design. ENGlobal supports industries such as oil and gas, power generation, and alternative energy with tailored solutions for facilities, infrastructure, and process automation. The company is headquartered in Houston, Texas, and its shares are listed on the NASDAQ.