Good day, and welcome to SG Blocks' Second Quarter 2021 Earnings Conference Call and Webcast. Today's conference call is being recorded. At this time, I would like to turn the call over to Stephen Sweat of Investor Relations. Thank you. You may begin.
Good afternoon. Thank you all for joining us for our Q2 2021 earnings call. With me today are Paul Galvin, Chairman and Chief Executive Officer and Gerald Sheeran, Acting Chief Financial Officer of SG Blocks. A press release detailing our results was issued this afternoon just after the market closed and is available on the company's website at www.sgblocks.com. Before I turn the call over to Paul, Please remember that certain statements made during this presentation are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
All statements other than statements of historical facts contained in this presentation, including statements regarding the company's future operations and financial position, Business strategy and plans and objectives of management for future operations are forward looking statements. In some cases, forward looking statements can be identified by terminologies such as believes, may, estimates, continue, anticipates, intends, should, plan, expects, predict, Potential or the negative of these terms or other similar expressions. We have based these forward looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, result of operations, business strategy and financial needs. These forward looking statements are subject to a number of risks and uncertainties and assumptions described, including those set forth in our filings with the SEC, which are available on our website at www.sgblocks.com. You should not rely upon forward looking statements as predictions of future events.
We cannot assure you that events and circumstances reflected in the forward looking statements will be achieved or occur. Finally, this conference call is being webcast. The webcast is available in the Investor Relations section of our website. Now, I'll turn the call over to Paul.
Thank you, Steve. SG Blocks achieved yet another record quarter in revenue, building upon our record Q1 and setting us up for future growth. Our residential vertical, which we formed in February of this year, is already engaged in 5 products To produce a total of up to 1752 much needed housing units. We have continued to build out Our manufacturing capacity to meet the substantial demand these internally owned projects will generate. And in our medical testing and services vertical, we completed 3 deployments in the second quarter and continue to ways to leverage our rapidly deployable modular laboratories to serve health needs as COVID remains a lingering presence.
These activities contributed to a record $11,900,000 in revenue for the quarter $21,000,000 year to date. We expect the company to achieve cash flow positive in the Q4 of this year. This year has been a transformative one for our organization. We have the momentum, capital and the team in place to sustain and build upon these achievements and we believe our unique Multi vertical platform will create significant value for our shareholders. We thank our staff, consultants, attorneys, partners and Board For the focused effort, let me now discuss our recent activity in each vertical.
Medical testing and services. In our medical testing and services vertical, we completed 3 new COVID testing site deployments in the 2nd quarter. In May, we partnered with Stone Clinical Laboratories to bring COVID testing to Miami South Beach, first as a part of the Food Network's annual Wine and Food Festival and then as a part of the Air and Sea Show and Music Explosion event. Also in May, We again partnered with the National Pain Centers to provide a COVID testing unit to the Robins Park District of Robins, Illinois, Bringing testing access to the communities of the South Suburbs of Chicago. Now, With the rise of the COVID delta variant, we are exploring additional ways to provide our innovative structure, labs and testing capabilities Deployable at key locations for much needed point of care access to healthcare.
Our iconic DTAC lab has proven to be highly functional and deployable as a cost effective solution to solve local health needs. For the Q2, our medical testing and services revenue totaled $9,800,000 While our focus for the past year has been on Providing COVID testing, our goals in the medical vertical extend much further. Our intention is to deploy a fleet of medical and testing treatment modules Offering array of best in class diagnostic testing and healthcare delivery for cancer, diabetes, STDs, UTIs and drug testing to name a few. It is our total belief that the future of healthcare solutions is local, Nimble and point of care based and SG Blocks Modulus Solutions are ideally suited to those characteristics. We are currently exploring multiple sites for our future deployments.
Manufacturing. In our manufacturing vertical, we continue to build out our factory capacity to achieve our goal of no less than 15% margin On future manufacturing projects, we are currently analyzing multiple facilities and structures to expand our much needed manufacturing capacity so that we can meet the needs of both our internal development projects and the high end commercial contracts we execute. Our manufacturing revenue totaled $2,100,000 for the Q2. Going forward, we expect to grow our manufacturing revenues as we commence additional projects from our residential vertical, where we'll be responsible for fabricating and shipment of apartment units. As of quarter end, we were under contract for 14 manufacturing projects representing $21,000,000 in potential revenues over the course of 2 years.
We continue to do the challenging work of delivering the legacy projects inherited from our acquisition late last year. These projects have been impacted by multiple COVID outbreaks in our facility as well as throughout the supply chain. These legacy projects were wood modular and as such were negatively impacted by the spiking lumber prices. We are happy to report that our recent announcement regarding our Atgo project will be the first of many projects generated by SG Blocks to go through the factory. We anticipate SG Echo to be cash flow breakeven in Q1 2022.
Residential. Now turning to our residential and development activities. In the second quarter, We rapidly scaled our subsidiary, SGB Dev Corp, adding 3 new projects in the quarter, as well as groundbreaking 187 unit townhouse community known as Monticello Muse. SG Dev Corp is the driving force for our company to control its destiny. 1, keeping our manufacturing facility near 100% capacity, providing steady and visible flow of manufacturing income.
2, driving project fees 3, providing the opportunity to earn end to end project revenue and 4, providing potential profit sharing from asset sales and lease income. In May, we completed of a 50 plus acre land site on Lake Travis in Austin for $3,500,000 for the development of our previously announced Lago Vista project. Lago Vista will contain up to 225 condominium units as well as amenities, including a community center, Marina and Health Club. We expect to begin development in the Q2 of 2022 With an anticipated completion date in the Q4 of 2023, units will be constructed at SG Block Factories. Our goal is to capture approximately $25,000,000 in manufacturing revenue over the life of this project And at least $5,000,000 from our ownership interest.
After quarter end in July, we issued a real estate lien note On the Lago Vista property in order to return capital after our opportunistic investment, we will continue to explore similar financing arrangements that allow us to most accretively deploy our capital into projects while still maintaining low leverage. In June, We acquired a 50% membership interest in Norman Barry Village to develop and build 138 Unit, 125,000 Square Foot Affordable Housing Community in East Point, Georgia near Atlanta. Our committed capital contribution for this project is $600,000 SG Blocks has the contractual right for all of the modular construction in this project, which we anticipate to be in the $15,000,000 to $20,000,000 range. We will also participate in project development fees and asset ownership. In June, The groundbreaking occurred on Monticello Mews, the townhouse development located in the Catskills.
The project will consist of 187 townhomes Along with amenities, including a clubhouse, gym and outdoor green spaces. The anticipated completion date Phase 1 is Q4 2021. We anticipate the project to be fully completed during Q2 2023. SG Blocks has $700,000 of invested capital in this project. Note, this project was previously subject to our licensing agreement.
Our largest project to date was announced in June. We acquired a non dilutable 10% interest In JDI Cumberland Inlet LLC, a development venture in St. Mary's, Georgia for a total investment $3,000,000 The Cumberland site is enormous, sitting on 1286 acres. Its yields will include 12 80 residential units and ecotourism program, education facilities, As well as a host of other amenities to create a vital community. We will be producing the housing units At SG Blocks Factories with gross potential manufacturing revenues totaling $180,000,000 over the life of the project.
The development is expected to commence site work Q4 2021 with initial deliveries expected In the Q3 2022, one of the key attractions of the Cumberland project is the array of public and private monies Available to revitalize communities. It was an incredibly active quarter and we are pulling all levers to drive value creation while remaining good stewards of capital. I'll now turn the call over to Gerald.
Thank you. Turning to the financials, beginning with the income statement. Revenue for the Q2 2021 was approximately 11 $900,000 compared to approximately $630,000 for the Q2 of 2020. Gross profit for the Q2 of 2021 was approximately $2,800,000 compared to a gross profit of approximately $370,000 in the Q2 of 2020. Operating expenses for the Q2 2021 were approximately $2,800,000 compared to approximately $1,200,000 in the Q2 2020.
Included in the Q2 2021 are one time startup costs associated with the multiple closings as well as increased G and A costs related to the hiring of the talent needed to execute our robust pipe backlog and pipeline. For the Q2 2021, net loss attributed to common shareholders was approximately 1,500,000 or negative $0.17 per share compared to a net loss of approximately 840,000 or negative $0.16 per share in the Q2 of 2020. The net loss attributed to common share Holders for the Q2 of 2021 included the following items approximately $465,000 non cash Depreciation and amortization expense, non cash stock compensation expense and litigation Expenses as explained in the adjusted EBITDA loss. Adjusted EBITDA loss for the second Quarter 2021 was approximately $1,100,000 compared to a loss of $530,000 in the Q2 of 2020. Turning to the balance sheet.
At June 30, 2021, the company had total assets of approximately $25,500,000 compared to approximately $22,200,000 at June 30, 2020. The company had cash and cash equivalents of approximately 2 point $3,000,000 as of June 30, 2021 compared to approximately $10,500,000 at March 31, 2021. The reduction in cash is due to investment and development projects totaling $3,350,000 and the acquisition of development land of $3,500,000 in the Q2 of 2021. Strong liquidity with cash and accounts receivables due in less than 30 days At $6,300,000 in cash as of eightthirteentwenty 21. At this time, we have a strong and flexible capital structure and we believe we are capitalized to support our near term working capital requirements.
Now I'll turn the call back
to Paul. Thank you, Gerald. In summary, the first half of the year was epic With year over year Q2 revenue exploding from $630,000 in 2020 to $11,900,000 The same can be said for the first half of twenty twenty one, which produced $21,000,000 in revenue compared to approximately $830,000 in the first half of last year. This increase in revenue has been achieved despite significant and pervasive obstacles that included, but are not limited to, significant supply chain interruptions, Multiple factory outbreaks of COVID, significant inflation on costs and most importantly, Delays on our customer side. We spent a good part of the last year helping our commercial clients to advance their projects Despite a challenging macro environment, we are happy to report that these projects remain largely intact and preparing for design and delivery.
Many of our commercial clients require us to adhere to NDAs pertaining to their individual product Our current pipeline contains material opportunities in the hospitality space, Food and beverage, specialty residential units and various infrastructure applications. At this time, our pipeline, including SG Dev Corp, sits at approximately $250,000,000 As of June 30, 2021, year over year revenue increased 34x. To continue this momentum, we plan to implement the following strategies: Continued expansion in medical testing through the deployment of additional DTEK units, Populating factories with projects that produce no less than a 15% margin, strategically participate In real property development to secure manufacturing work and the upside of asset sales, Execute and expand our boutique commercial clients and their aspirations for national rollout programs. Participate in the infrastructure movement as a supplier developer or co developer Provide product lease financing for our blue chip clients who are looking to maximize In addition to the significant increase in revenue and our pipeline, We are happy to report an influx of new and talented people and groups interested in collaborating with our platform. These folks bring a wealth of experience and contacts that will help lead SG Blocks to new heights.
This completes our prepared remarks. We will now open the call to your questions. Operator?
Thank you. From the queue. Our first question comes from the line of Edward Skim with Collective Subconscious Productions. Please proceed with your question.
Hey, how is it going team? Thank you for a great quarter and building. I was wondering at what point we would learn any So
Just by the nature of our product and because of the broad applications, we have A very strong interest in infrastructure in general and are spending a lot of time researching opportunities. One of the interesting things about How it's been defined broadly out of Washington, infrastructure can be a quite creatively used tool and we think we have opportunities to Apply our product to people that are in that space, whether it's EV charging or other kinds of infrastructure uses. But we also See ourselves as potentially developing real estate related to infrastructure or a variety of
Thank you. This concludes our Q and A session. I would like to turn it back to management for closing comments.
Sure. I'd like to close with some thoughts On how we got here, these new projects, products and companies started approximately 9 months ago when we deployed a DTEK CLIA Lab at LAX Airport. We then acquired our first factory. We then formed a development company and proceeded to close in the past 90 days, 55 acres in Austin, 1300 plus acres in Cumberland, 7 acres in Atlanta and had a groundbreaking In the Catskills at Monticello Muse, we are truly at the beginning. Our own projects have not entered the factories.
When they do, we will be able to scale very quickly. We have sufficient capital for execution. Our only debt is by our Austin property. We have under 9,000,000 shares on a fully diluted basis. It is our plan to attract long term investors who can see how we are poised for growth and that our management team has proven adept Despite the many obstacles in the macro environment, we want to thank everybody for listening today and we look forward to speaking with you again next quarter.
Thank you. Ladies and gentlemen, this concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.