$SING SinglePoint Inc. Reports First Quarter 2023 Financial Results Revenue Increased to $5.7M, a 268% Increase; Gross Profit Increased by $1.47M to $1.65M
https://www.prnewswire.com/news-releases/sing...25762.html
- FY2023 Q1 Revenue of ~$5.7 Million versus FY2022 Revenue of ~$1.5 Million, Revenue Increase of nearly $4.2 Million
- FY2023 Q1 Gross Profit of ~$1.65 Million versus FY2022 Gross Profit of ~$0.182 Million, Gross Profit Increase of nearly $1.47 Million
- Growth Driven Primarily by Solar Energy Centric Business Acquisitions
PHOENIX, May 16, 2023 /PRNewswire/ -- SinglePoint, Inc. (OTCQB: SING) ("SinglePoint" or the "Company"
, a company focused on providing renewable energy solutions, energy services, energy storage and innovative air purification and safety products, announced financial results for the quarter ended March 31, 2023 which included record revenue for the first quarter of $5.7M versus $1.5M in the year over year comparable period and is reaffirming business outlook for the remainder of FY2023.
Wil Ralston, CEO of SinglePoint, noted, "SinglePoint's long-term energy focused acquisition strategy remains unchanged. We will continue to roll up accretive, high quality residential and small commercial solar installation companies within the fragmented solar industry. With proven execution experience, our dedicated team has acquired and grown companies seen as trusted, long-standing partners that deliver lifetime value to customers by either delivering an all-in-one solution or offering the highest-quality product on the market."
Ralston added, "The increase in our revenue and gross profit are in line with our expectations and the senior leadership is focused on continuing to increase revenue driven by increasing demand and fulfilling the installation backlogs. Key internal initiatives for FY2023 is for our existing subsidiary business units to improve profit margins and to begin achieving free cash flow. SinglePoint has a very attractive M&A pipeline, and we are prepared to take advantage of a return to more normalized macro-economic conditions. We are seeing increasing discussions and M&A activity as we look to execute on many of the significant market opportunities in building out our national network through acquiring high quality regional solar installation business. We will leverage our network with accretive branded product offerings giving our customers more value and options in the marketplace. Homeowners and small business owners continue to look for energy service. Solar and battery storage solutions continue to be more affordable and top of mind as the Inflation Reduction Act (IRA) continues to roll out guidance. We will begin to see the benefits of the historical investment made in solar and renewables by the Federal Government. The cost of financing solely through equity is still high, along with the cost of debt, we are being selective as we look to take advantage of the consolidation and roll-up opportunities within solar EPC's (installation) in the US Market."
Ralston continued, "Over the next decade, we believe that there will be a continuous rising demand for SinglePoint's energy services, renewable energy and battery storage solutions. As homeowners and business owners prepare for the electrification of everything, they will search out and purchase solutions that provide certainty and redundancy related to energy availability, cost, on-site production, and storage. The established trend in increased purchases of EV's provides organic additional revenue and significant incremental opportunities with our historical, current and future customers as they seek out EV charging solutions which are complementary to our existing products and services. Our acquisition of Boston Solar and investment into Frontline Power Solutions has been fortuitous, and we are actively pursuing additional acquisition targets to expand our footprint and gain additional market share. Our Company's focus is on enabling our residential and small commercial customers to produce and store some or all their power on-site from solar, thereby relying less on the grid and providing greater resilience, lower emissions, and reduced energy costs.
"We anticipate this growth to continue, and our installation backlog to grow driven by new sales growing month-over-month. The average customer sales contract amount is rising and the demand for solar and, more importantly, energy storage is increasing due to government stimulus. Customer demand in the markets we serve is robust for our products and solutions. SinglePoint expects to be a high growth Company for FY2023 through the already acquired businesses and continue acquisitions to drive exponential growth."
https://www.prnewswire.com/news-releases/sing...25762.html
- FY2023 Q1 Revenue of ~$5.7 Million versus FY2022 Revenue of ~$1.5 Million, Revenue Increase of nearly $4.2 Million
- FY2023 Q1 Gross Profit of ~$1.65 Million versus FY2022 Gross Profit of ~$0.182 Million, Gross Profit Increase of nearly $1.47 Million
- Growth Driven Primarily by Solar Energy Centric Business Acquisitions
PHOENIX, May 16, 2023 /PRNewswire/ -- SinglePoint, Inc. (OTCQB: SING) ("SinglePoint" or the "Company"
, a company focused on providing renewable energy solutions, energy services, energy storage and innovative air purification and safety products, announced financial results for the quarter ended March 31, 2023 which included record revenue for the first quarter of $5.7M versus $1.5M in the year over year comparable period and is reaffirming business outlook for the remainder of FY2023. Wil Ralston, CEO of SinglePoint, noted, "SinglePoint's long-term energy focused acquisition strategy remains unchanged. We will continue to roll up accretive, high quality residential and small commercial solar installation companies within the fragmented solar industry. With proven execution experience, our dedicated team has acquired and grown companies seen as trusted, long-standing partners that deliver lifetime value to customers by either delivering an all-in-one solution or offering the highest-quality product on the market."
Ralston added, "The increase in our revenue and gross profit are in line with our expectations and the senior leadership is focused on continuing to increase revenue driven by increasing demand and fulfilling the installation backlogs. Key internal initiatives for FY2023 is for our existing subsidiary business units to improve profit margins and to begin achieving free cash flow. SinglePoint has a very attractive M&A pipeline, and we are prepared to take advantage of a return to more normalized macro-economic conditions. We are seeing increasing discussions and M&A activity as we look to execute on many of the significant market opportunities in building out our national network through acquiring high quality regional solar installation business. We will leverage our network with accretive branded product offerings giving our customers more value and options in the marketplace. Homeowners and small business owners continue to look for energy service. Solar and battery storage solutions continue to be more affordable and top of mind as the Inflation Reduction Act (IRA) continues to roll out guidance. We will begin to see the benefits of the historical investment made in solar and renewables by the Federal Government. The cost of financing solely through equity is still high, along with the cost of debt, we are being selective as we look to take advantage of the consolidation and roll-up opportunities within solar EPC's (installation) in the US Market."
Ralston continued, "Over the next decade, we believe that there will be a continuous rising demand for SinglePoint's energy services, renewable energy and battery storage solutions. As homeowners and business owners prepare for the electrification of everything, they will search out and purchase solutions that provide certainty and redundancy related to energy availability, cost, on-site production, and storage. The established trend in increased purchases of EV's provides organic additional revenue and significant incremental opportunities with our historical, current and future customers as they seek out EV charging solutions which are complementary to our existing products and services. Our acquisition of Boston Solar and investment into Frontline Power Solutions has been fortuitous, and we are actively pursuing additional acquisition targets to expand our footprint and gain additional market share. Our Company's focus is on enabling our residential and small commercial customers to produce and store some or all their power on-site from solar, thereby relying less on the grid and providing greater resilience, lower emissions, and reduced energy costs.
"We anticipate this growth to continue, and our installation backlog to grow driven by new sales growing month-over-month. The average customer sales contract amount is rising and the demand for solar and, more importantly, energy storage is increasing due to government stimulus. Customer demand in the markets we serve is robust for our products and solutions. SinglePoint expects to be a high growth Company for FY2023 through the already acquired businesses and continue acquisitions to drive exponential growth."
