SinglePoint Inc (OTCQB:SING) has released financial results for the quarter ended March 31, revealing significant year-over-year revenue growth.
The company posted revenue of $5.7 million in the first quarter, up from $1.5 million in the same period of 2022 and a first-quarter record. Gross profit was $1.65 million, up from roughly $180,000.
"SinglePoint's long-term energy focused acquisition strategy remains unchanged,” CEO Wil Ralston said.
“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."
He continued, “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.”
The company believes it can take advantage of the macroenvironment for years to come.
"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,” Ralston said. “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.”
"We anticipate this growth to continue, and our installation backlog to grow driven by new sales growing month-over-month,” he added.
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