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
- 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."
Recently Announced Energy-Centric Developments
- FY 2022 Annual Recorded Revenue increased to $21.8 million compared to $0.808 million—a revenue increase of approximately $20.9 million
- Acquired Boston Solar— a leading Solar EPC (Installer) in April 2022
- Boston Solar contributed approximately $19.1 million in FY2022 Recorded Revenue since the closing of the acquisition (acquired April 21, 2022)
- Boston Solar, a proud partner of the Boston Red Sox, installed commercial solar system for MGM Music Hall at Fenway
- Frontline Power Solutions (FPS) of SinglePoint Inc. closed on a 3.1 million kWh Energy Services Contract with National Property Management Firm
Recently Announced Indoor Air and Safety Solutions for Commercial, Office and the K-12 Segment:
- BOX Pure Air/BPA Solutions contributed revenue of approximately $2.3 million in FY2022
- BPA Solutions Received $5 Million GAN ("Grant Award Notification") from State of California
- BPA Solutions' exclusive K-12 for Ballistic Barrier Solutions LifeShield Products listed in the BuyBoard® product catalog from The National Purchasing Cooperative (National Cooperative
- BPA Solutions Received CAGE number in State of Florida providing access to State and Federal contracts available
- St. Anthonys (California) purchases LifeShield+ products using EANS funding. Order included ballistic barrier shields, window coverings and portable Certified HEPA indoor air purification solutions to address indoor air quality (IAQ) as well as student, staff and teacher safety
Ralston concluded, "I have made it a priority to explore all options to strategically reposition, spin off or sell Company assets in an effort to unlock enterprise value at each subsidiary and most importantly increase opportunities to enhance future shareholder returns. Both our energy centric business and our indoor air purification and safety solutions are in long term multi-year emerging markets but, in our opinion, could benefit from the dedicated focus that strategic spin offs can provide to both business plans and shareholders. We are continuing to evaluate the existing landscape and market to be able to grow our energy centric businesses and find the appropriate go-forward structure for our non-energy related business units."
Continuing Strategic Core Energy Assets - Solar EPC's, Energy Services, Energy Storage
- Boston Solar (EPC)
- Frontline (Energy Services)
- Planned Acquisitions - Additional EPC's, Energy Storage Solutions
Strategic Spin Off - K-12 and Commercial Indoor Air Quality, Safety and Security
- BOX Pure Air (Certified HEPA Indoor Air Purification (IAQ)) & BPA Solutions (Building Security, IAQ Improvement, Consulting)
- LifeShield+ - Bullet Resistant window coverings, and door panels exclusive for the K-12 education industry
Clean Indoor Air and safe, secure environments are essential rights of students, teachers, staff and corporate employees. These rights can no longer be ignored and there is a significant long-term opportunity for BPA solutions in this market sector. BPA markets and sells USA-manufactured portable Certified HEPA air purification units for commercial and industrial use have been purposefully designed as a utility-like appliance to enhance indoor air quality (IAQ) in any locations including schools, offices, and churches. These portable air certified HEPA purification and filtration units are primarily being used in K-12 schools across multiple states.
We have supplied orders to schools throughout the country, including North Carolina, South Carolina, Texas, California, and others. Additionally, Box Pure Air has been granted an initial $5.0 million ESSER II GAN ("Grant Award Notification") from the State of California DOE to distribute portable air purification units in non-public schools. The majority of the initial $121 billion designated for schools to improve ventilation and Indoor Air Quality (IAQ) is yet to be spent and BPA is well positioned to take advantage of the available federal government funding to improve indoor air quality which is now estimated at nearly $500 Billion. In addition, there are numerous federal, state and local initiatives and legislative actions being proposed to increase and bolster school and workplace safety with enhanced physical security solutions such as the LifeShield+ ballistic barrier products.
Non-Core Spin Offs, Sale or other (announced April 2023)
- EnergyWyze (lead generation)
- ShieldSaver (Automotive Service Platform, Data, Blockchain)
- DIGS - Discount Indoor Garden Supply (agriculture supply, product manufacturing)
About SinglePoint Inc. (OTCQB:SING)
SinglePoint is a sustainable lifestyle Company focused on the solar energy and storage and indoor air purification markets. The Company plans to build the largest renewable energy solutions network by modernizing the traditional solar energy and energy storage business model. SinglePoint continues to execute its acquisition strategy by identifying and exploring future growth opportunities in indoor air purification and ventilation, electric vehicle charging, solar as a subscription service, and other additional energy efficiencies and appliances that enhance sustainability and healthier life. For more information, visit the Company's websites: www.singlepoint.com, www.bostonsolar.us, and www.boxpureair.com.
About Boston Solar–Proud Partner of the Boston Red Sox
Since its founding in 2011, Boston Solar has installed more than 5,000 residential and commercial solar arrays, powering thousands of homes and businesses in New England, primarily in Massachusetts. Boston Solar's mission is to provide superior clean energy products, exceptional customer service, and the highest-quality artistry in residential and commercial installations.
Boston Solar has accumulated several distinctions of recognition of the Company's outstanding triumphs: Honored with the 2020 Guildmaster Award from GuildQuality, the award acknowledged how Boston Solar demonstrated exceptional customer service within the residential construction industry. For five consecutive years, the Company was named a Top Solar Contractor by Solar Power World magazine. Further, the Company is applauded by the Boston Business Journal's "Largest Clean Energy Companies in Massachusetts" list. Boston Solar is a Solar Energy Business Association of New England (SEBANE) member. The Company is headquartered at 55 Sixth Road, Woburn, MA 01801. Learn More at: www.bostonsolar.us.
About BPA Solutions
At BPA Solutions, we believe in providing products and services designed to create a healthier, safer indoor environment. Our flagship entity, BOX Pure Air, introduced us to the school industry and schools' daily problems. As we expand, we constantly seek ways to provide quality resources at a reasonable cost:
- BOX Pure Air - Air Purification and indoor air quality solutions
- LifeShield+ - Bullet-resistant window shades & door shields
- BPA Consulting - guidance for schools on receiving and spending federal grant money
For more information, please visit BPAsolutions.com.
Forward-Looking Statements
Certain statements in this news release may contain forward-looking information within Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934 and are subject to the safe harbor created by those rules. All statements, besides statements of fact included in this release, including, without limitation, statements regarding revenue projections, financing opportunities, potential plans and objectives of the Company, anticipated growth, and future expansion, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Technical and other complications, which may arise, could prevent the prompt implementation of any strategically significant plan(s) outlined above. The Company undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
SinglePoint Inc Investor Contact:
Tra-Digital IR
212.389.9782 ext. 107
[email protected]
SOURCE SinglePoint Inc.
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