 HOUSTON, May 17, 2021 PRNewswire -- Orbital Energy Group, Inc. Nasdaq: OEG Orbital Energy or the Company today reported unaudited financial results for the three months ended March 31, 2021. Financial and Operating Highlights: Reported total revenues of 9.5 million for the first quarter of 2021, a 67 increase compared to 5.7 million for the first quarter of 2020; Gross loss was 1.3 million for the first quarter of 2021, compared to gross profit of 0.6 million for the first quarter of 2020, the decrease was attributable to ramp-up costs at Orbital Power Services, start-up costs at Eclipse Foundation Group as well as the addition of Orbital Solar Services; The Company expects improvement in margins during 2021 as Orbital Power Services continues to gain efficiencies and increase revenues, Orbital Telecom Services starts to contribute, larger Orbital Solar Services solar projects begin, and companies continue to learn to cope with the COVID-19 pandemic; Operating loss was 17.3 million for the first quarter of 2021, compared to 7.1 million for the first quarter of 2020, mainly due to higher SGA expenses associated with Orbital Solar and Orbital Power Service, start-up costs for Eclipse Foundation Group and 2.6 million of employee and director stock-based compensation expense; Held Cash and cash equivalents of 34.7 million and Restricted cash of 1.2 million as of March 31, 2021; Total backlog was 62.1 million at March 31, 2021, up from 40.4 million at December 31, 2020, reflecting backlog growth across both operating segments; Launched, Eclipse Foundation Group, a drilled shaft foundation construction company that specializes in providing services to the electric transmission and substation, industrial, communication towers and disaster restoration market sectors, with expertise in water, marsh and rock terrains; Raised 45 million in equity capital, before costs and fees, to accelerate growth both organically and through strategic acquisitions; Orbital Solar Services was named the engineering, procurement, and construction EPC company of choice for the newly-formed Black Sunrise Half Century Fund, which over the next three years expects to build over 1 gigawatt of solar power with a beginning investment of 725 million; and Subsequent to quarter end, completed the acquisition of 100 of the capital stock of Gibson Technical Service, Inc. GTS, an Atlanta-based telecommunications company providing diversified telecommunications services nationally since 1990. 