SinglePoint Inc (OTCQB:SING) has announced a surge in fourth-quarter and full-year 2022 revenue, boosted by last year’s acquisition of Boston Solar.
The company reported revenue of approximately $9.1 million for the three months to December 31, 2022, taking full-year revenue to $21.8 million, an increase of about $20.9 million from the $808,000 generated in 2021.
"Achieving $21.8 million is representative of the team's ability to execute fundamental strategic changes as outlined when I assumed the CEO role in May 2021,” SinglePoint chairman and CEO William Ralston said in a statement. “The revenue number is over 27 times the FY2021 annual revenues and is approximately 2.6 times the combined annual revenues ($8.4 million) of the past five fiscal years,”
READ: SinglePoint's Frontline Power Solutions closes 3.1 million kWh energy services contract
“This was all done during one of the toughest markets for the solar industry which included freezing imports, constricting supply chains, increased costs, and tariff threats,” Ralston added. “I am proud of what our teams accomplished during this time.
"We are expecting the annual revenue growth to continue in FY2023 driven by solid operations, net income, and positive cash flow milestones at each subsidiary. The company has undergone transformative changes over the last 18 months and results at the business entity level are showing."
Highlights for 4Q and FY 2022:
- Acquired Boston Solar;
- Completed MGM Music Hall Solar Installation at Boston Red Sox Fenway Park;
- Year-over-year Boston Solar achieved approximately 40% growth from about $17 million to about $26 million;
- Boston Solar contributed approximately $19.1 million in FY22 recorded revenue since the closing of the acquisition on April 21, 2022;
- Box Pure Air/BPA Solutions contributed revenue of approximately $2.3 million in FY2022;
- PA Solutions received $5 million GAN from California;
- BPA Solutions receives approval for BuyBoard in Texas; and
- BPA Solutions receives CAGE number in Florida.
The company noted that, over the next decade, there will be a significant demand growth for its solutions, all supported by multiple rounds of federal legislation that allocate billions of dollars to enhance the quality of the places where people spend most of their time. Its focus remains on providing innovative and timely solutions to address the large and unmet needs in the markets it serves, it added.
Following the acquisition of Boston Solar and investment into FrontLine Power Solutions, the company said it is actively pursuing additional acquisition targets to expand its footprint and gain additional market share, with a focus on enabling residential and small commercial customers to produce and store some or all of their power on-site from solar, thereby relying less on the grid and providing greater resilience, lower emissions, and reduced energy costs.
"Since assuming the CEO role in 2021 I have made it a priority to reposition the company into businesses having long-term multi-year opportunities,” Ralston continued. “The passage of multiple federal legislation representing billions in funding provides our customers the opportunity to improve the indoor environments where we spend the majority of our daily lives.”
The full earnings announcement can be read here.
SinglePoint is a sustainable lifestyle company in the solar energy and air purification markets. The company plans to build the largest renewable energy solutions network and modernize the traditional solar energy and energy storage business model.
SinglePoint continues to execute its acquisition strategy by exploring future growth opportunities in air purification, electric vehicle charging, solar as a subscription service, and additional energy efficiencies and appliances that enhance sustainability and healthier life.
Contact the author at stephen.gunnion@proactiveinvestors.com