SinglePoint Inc (OTCQB:SING) saw its revenue increase 79% year-over-year in the second quarter as its subsidiary Boston Solar’s commercial solar offering gained traction, with a major tailwind being the passage of the Inflation Reduction Act which offers enhanced tax credits for solar energy projects.
For the three months ended June 30, 2023, SinglePoint reported revenue of $8.1 million, up from $4.5 million in the year-ago quarter.
Its gross profit increased by about 103% from $1.3 million in the same period last year to $2.7 million.
The company also narrowed its net loss by about 59% from $3.3 million in 2Q 2022 to $1.3 million, which it attributed to its higher revenues and lower operating expenses.
"Boston Solar has done a fantastic job continuing to accelerate in what has been a challenging year for SinglePoint in the public markets," SinglePoint CEO Wil Ralston said in a statement.
"Our six-month revenue exceeded $13 million, trailing 12 months has exceeded $29 million and our businesses continue to grow backlog and pipeline."
EVP of Revenue Jason Lally noted that the company has focused additional efforts on its air quality-focused subsidiary BPA Solutions to fulfil its $5 million Grant Award Notification (GAN) from California.
"Air quality improvement in schools is paramount and we are using the opportunity to discover other ways to provide needed safety solutions in schools, which has led to successfully adding LifeShield+ and other security devices to our list of approved products we are able to provide to schools under the GAN agreement," Lally said.
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