SG Blocks Inc (NASDAQ:SGBX) shares are trading higher by 20.2% at $2.34 after the company announced SG ECHO, a subsidiary of SG Blocks, has broadened its relationship with a private client which is producing the company’s largest contract to date with SG ECHO.
SG Blocks says the purchase order is for more than 100 units and the Company expects to generate approximately $6 million dollars in revenue from this contract. The units are scheduled to be completed by the end of second-quarter 2022.
"We value our clients and we've seen a lot of scalability with some of our pre-existing relationships," Paul Galvin, Chairman and CEO of SG Blocks explained. "This large order enables SG to maximize purchasing capabilities, and provides our ECHO team with consistent work, which in turn boosts efficiencies on the production floor." Furthermore, SG ECHO plans to continue to support this private client as needed with additional modular structures.
SG Blocks is a United States-based design and construction services company using code-engineered cargo shipping containers for safe and sustainable construction.
SG Blocks has a 52-week high of $5.74 and a 52-week low of $1.60, according to data from Benzinga Pro.
