Our model solves the time, distance and space barriers to care that are increasingly acute across the United States, while also providing innovative and engaging care experiences. Safe & Green Holdings still owns the CLIA modular units previously used for the remote COVID-19 testing of passengers and employees at LAX Airport, and is actively seeking out the ideal opportunity to redeploy these modules. Once the right opportunity is identified, the company will be capable of redeploying these modules within a two-week time frame. This swift turnaround further demonstrates the versatility and adaptability offered by modular construction. We are excited about the numerous outstanding projects we are currently involved in. Our manufacturing for construction revenue has seen significant growth recently rising from $4.1 million in 2020 to over $12.7 million in 2022 and is on track to reach record levels in 2023.
The direction we are heading is highly promising and the outlook for Safe & Green is brighter than ever. Our business continues to expand, and we remain committed to prudently manage our expenses to maximize value for shareholders. I would now like to turn the call over to Tricia Kaelin, Chief Financial Officer of Safe & Green, who will review the financial results for the three months ended September 30, 2023. Tricia?
Tricia Kaelin : Thanks, Paul. During the third quarter, we continued to focus on leveraging our robust asset base to secure non-dilutive financing, which we believe highlights the strength of our balance sheet. Furthermore, the company entered into a new non-binding letter of intent to sell our Lago Vista site for $11.5 million, the proceeds of which will be invested as equity in a new joint venture with a premier real estate development firm. The joint venture plans to develop the site using SG Echo’s modular units. The Lago Vista property was initially acquired by the company in 2021 for $3.5 million demonstrating our ability to maximize the value of our assets. Moreover, we have reduced operating expenses by more than $2 million since the first quarter of 2023, which will be reflected in additional cost savings in 2024.
Now, turning to our results for the quarter. Revenue for the third quarter of 2023 was $4.0 million compared to $4.1 million for the third quarter of 2022. The slight decrease was attributable to the lack of engineering services and medical revenue for the third quarter of 2023, which was partially offset by an increase in manufacturing for construction revenue. The manufacturing for Construction segment generated $4.0 million in revenue, a 48% increase for the third quarter of 2023 compared to the same quarter of last year, which is a 70% increase year-over-year for the nine months ended September 30. Total gross profit for the third quarter of 2023 was negative $536,000 compared to negative $165,000 in the third quarter of 2022. Operating expenses for the third quarter of 2023 were $2.4 million compared to $2.3 million for the third quarter of 2022.
The third quarter of 2023 included significant expenses allocated to the build-out of SG DevCo and Safe & Green Medical Corp., now known as — well Global Health that were not incurred for the same period last year. The net loss attributable to common shareholders was approximately $3.6 million or a $0.23 per share loss in the third quarter of 2023 compared to a net loss of $2.5 million or $0.18 per share loss in the third quarter of 2022. The company’s adjusted EBITDA loss for the third quarter ended September 30, 2023, was approximately $1.4 million as compared to adjusted EBITDA loss of approximately $1.5 million for the third quarter ended September 30, 2022. As of September 30, 2023, the company had a cash balance of short-term investments of $713,000 compared to $600,000 at December 31, 2022.
As of September 30, 2023, stockholders’ equity was $6.4 million compared to $14.4 million as of September 30, 2022. The company believes it has sufficient cash and borrowing capacity to support near-term operations. I would now like to turn the call back over to Paul for closing remarks.
Paul Galvin: Thanks, Tricia. We would like to offer our sincere thanks to all of you for joining us today. We are extremely proud of Safe & Greens accomplishments and are optimistic that we will continue our commitment to excellence and success. We look forward to providing you with updates on our progress in the coming weeks and wish everyone a good day. Thank you.
End of Q&A: Thank you very much. This does conclude today’s conference call. You may disconnect your phone lines at this time, and have a wonderful rest of the day. Thank you for your participation.
