Orbital infrastructure group provides update on full year 2022 outlook

Challenges in renewable segment continue and lead to revised full year 2022 revenues of $350 million to $375 million, down from $405 million to $450 million lowered full year 2022 adjusted ebitda range to $4 million to $6 million, down from $38 million to $43 million lower adjusted ebitda outlook driven primarily by adverse impact of black bear solar project and attributable to operational and labor challenges and extreme weather black bear solar project expected to be substantially completed by year end solar market remains robust and strategic shift to specialized contractor versus epc service provider for our utility scale solar business well underway, with expectation of reducing risk and improving margin profile electric power segment experienced lower than expected adjusted ebitda margins in the third quarter associated with deferral of maintenance work due to extreme temperatures, resulting in peak electricity demand and related grid strain in markets we serve; margins expected to return to historical levels in the fourth quarter of 2022 the company is continuing to evaluate proposals to restructure the balance sheet from multiple sources and expects to reach agreement in the next few weeks houston , nov. 2, 2022 /prnewswire/ -- orbital infrastructure group, inc. ("oig") [nasdaq: oig] today announced its updated financial guidance for full year 2022. the company is lowering its full year 2022 consolidated revenue guidance to a range of $350 million to $375 million from its previous range of $405 million to $450 million and is lowering its full year 2022 adjusted ebitda to a range of $4 million to $6 million from its previous range of $38 million to $43 million.
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