SinglePoint Inc. Reports 1st Quarter 2023 Financial Results Revenue Increased to $5.7M, a 268% Increase; Gross Profit Increased by $1.47M to $1.65M.

PHOENIX: 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."


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