Singlepoint, Inc. (OTC:SING)’s acquisition strategy has delivered dramatic revenue growth in third-quarter financial results released Tuesday.
The company reported revenue of nearly $6.6 million in the three months ended September 30, compared to $273,877 in the third quarter of 2021. During the quarter, the company installed 1,786 kilowatts of photovoltaic of solar, compared to 1,330 kilowatts a year earlier.
These results were driven by operational improvements and increased sales from the acquisition of The Boston Solar Company, the company said.
READ: SinglePoint subsidiary Boston Solar benefitting from solar tax credit provisions of Inflation Reduction Act
“Over the past two years, we have fundamentally changed who we are as a company and have been intensely focused on execution,” SinglePoint CEO Wil Ralston said. “The financial and operational results reflect our dedication to these goals and our ability to achieve them. While we have faced many market headwinds, we strongly believe that we are significantly undervalued compared to our industry comps.”
Boston Solar sales exceeded expectations, driving approximately $9 million in contracted projects ready for installation. The subsidiary projected 2022 proforma revenue of roughly $25 million in 2022, a figure it expects to grow in 2023.
"Boston Solar's record third-quarter results were significantly higher than our second quarter, driven by our continued focus on daily execution and our team members working tirelessly to deliver value to our customers," Boston Solar CEO Daniel Guimaraes said. "Our leadership and the SinglePoint senior leadership team are working well together, and we are successfully managing inflationary impacts, in addition to navigating labor and supply chain challenges."
Meanwhile, fellow subsidiary BPA Solutions is positioned as a leader in Indoor Air Quality (IAQ), securing multiple sales and contracts, including a $5 million grant to supply units to private schools throughout California.
"In addition to fulfilling the California schools funding grant, we are mining federal and state programs to identify funds to help our customers purchase the IAQ equipment,” BPA CEO Ryan Cowell said. “We are also working closely with FEMA advisors to assist our customers in obtaining the FEMA funding available to them. Our hard work to become experts in IAQ equipment for schools has helped establish us as a leading provider in the rapidly growing IAQ market."
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
Follow him on Twitter @andrew_kessel