SinglePoint Inc. Reports Fourth Quarter and Annual 2022 Financial Results Achieving ~$21.8 Million in FY2022

Rhea-AI Summary

SinglePoint, Inc. (OTCQB: SING) announced significant financial achievements for FY2022, with revenues reaching $21.8 million, a remarkable increase from $0.8 million in FY2021. This revenue growth is attributed to the acquisition of Boston Solar and BPA Solutions, showing a 27-fold year-over-year increase. Boston Solar alone contributed approximately $19.1 million since being acquired in April 2022. The company expects to exceed $50 million in revenue for FY2023, driven by growing demand for renewable energy solutions and a backlog of orders. Strategic partnerships and government funding further position SinglePoint for continued expansion.

Positive

• Revenue of approximately $21.8 million for FY2022, up from $0.8 million in FY2021.
• Acquisition of Boston Solar contributed approximately $19.1 million in revenue.
• Anticipated revenue growth exceeding $50 million in FY2023 supported by government stimulus.
• BPA Solutions received a $5 million grant from the State of California.

Negative

• None.

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• Revenue of ~$21.8 million versus FY2021 Annual Revenue of ~$0.8 million
• Increase of Over 27 Times Year-over-Year Primarily Driven by Acquisition of Boston Solar and BPA Solutions

PHOENIX, April 3, 2023 /PRNewswire/ -- SinglePoint, Inc. (OTCQB: SING) ("SinglePoint" or the "Company"), is focused on providing renewable energy solutions, energy services, energy storage and innovative air purification and safety products, that improve the places we live, work and learn, and spend on average 90% of our time. SinglePoint is pleased to announce financial results for the full-year ended December 31, 2022, achieving ~$21.8 Million recorded revenue in FY2022.

Highlights for the FY2022 Q4 and Full-Year of 2022:

• Acquired Boston Solar
• Completed MGM Music Hall Solar Installation at Boston Red Sox Fenway Park
• Year over year Boston Solar achieved ~40% growth from ~$17 million to ~$26 million
• FY 2022 Q4 revenue was approximately $9.1 million
• FY 2022 Annual Recorded Revenue increased to $21.8 million compared to $0.808 million. A revenue increase of approximately $20.9 million
• Boston Solar contributed approximately $19.1 million in FY2022 Recorded Revenue since the closing of the acquisition (acquired April 21, 2022) to fiscal year ended '22.
• Box Pure Air/BPA Solutions contributed Revenue of approximately $2.3 million in FY2022
• BPA Solutions Received $5 million GAN from State of California
• BPA Solutions Receives Approval for BuyBoard® in State of Texas
• BPA Solutions Receives CAGE number in State of Florida 

William Ralston, SinglePoint's Chairman and Chief Executive Officer, commented, "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. The revenue number is over 27 times the FY2021 Annual Revenues and is approximately 2.6X the combined Annual Revenues ($8.4 million) of the past 5 fiscal years (FY 2017, FY2018, FY2019, FY2020, FY2021). 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. 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. I look for to our efforts reflecting in our overall market value." 

Over the next decade, there will be a significant rising demand for SinglePoint's solutions. All supported by multiple rounds of federal legislation that allocate billions of dollars to enhance the quality of the places where we spend the majority (90%) of our time. SinglePoint's focus remains on providing innovative and timely solutions to address the large and unmet needs in the markets we serve. We are situated at the forefront of a significant trend, the electrification of everything, where our customers require certainty and redundancy related to energy availability, cost, on-site production, and storage. Our acquisition of Boston Solar and investment into FrontLine Power Solutions has been advantageous, and we are actively pursuing additional acquisition targets to expand our footprint and gain additional market share. Our Company's focus is on enabling our 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. We anticipate this growth to continue as our backlog is growing, our average sales price rising and the demand for solar and, more importantly, energy storage is increasing due to government stimulus. As we continue to benefit from robust market demand for our products and solutions, we expect to achieve total top-line revenue of over $50 million in 2023, this does not include additional acquired businesses.

Moreover, our USA-manufactured portable Certified HEPA air purification units for commercial and industrial use have been purposefully designed as a utility-like appliance to enhance indoor air quality (IAQ) in any locations including schools, offices, and churches. These IAQ units that employ Certified HEPA filtration are primarily being used in K-12 schools across multiple states. We have supplied orders to schools throughout the country, including North Carolina, Texas, California and others. Additionally, Box Pure Air has been granted an initial $5.0 million ESSER II GAN ("Grant Award Notification") from the State of California DOE to distribute portable air purification units in non-public schools. According to Ralston, "the majority of the $121 billion designated for schools to improve ventilation and IAQ is yet to be spent. We are investing in sales, marketing, product development, and strategic partnerships to further enhance our already robust competitive position."

"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. 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. Clean Air and Reliable Energy are essential. We are committed to taking advantage of the opportunities and to provide the ability for our customers to have reliable, cost-effective renewable energy and redundant power. We have continued to cultivate strategic investments from institutional investors who believe in our ability to execute. I am grateful for their ongoing commitment and investment in SinglePoint, we are and have made fundamental changes and we are well positioned to continue revenue growth and, most importantly, to increase shareholder value for a number of coming years. We are in the beginning phase of what I expect to be long term, multi-year growth," concludes Wil Ralston CEO SinglePoint.

About SinglePoint Inc (OTCQB:SING)
SinglePoint Inc. is a renewable energy, a sustainable lifestyle company that provides environmentally friendly energy efficiencies and healthy living solutions. SinglePoint is initially focused on building the largest network of renewable energy solutions and modernizing the traditional solar and energy storage model. The Company is also actively 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. For more information, visit the Company's website (www.singlepoint.com) and connect on social media for the latest updates.

About Boston Solar–Proud Partner of the Boston Red Sox

Since its founding in 2011, Boston Solar has installed more than 5,000 residential and commercial solar arrays, powering thousands of homes and businesses in New England, primarily in Massachusetts. Boston Solar's mission is to provide superior clean energy products, exceptional customer service, and the highest-quality artistry in residential and commercial installations.

Boston Solar has accumulated several distinctions of recognition of the Company's outstanding triumphs: 

Honored with the 2020 Guildmaster Award from GuildQuality, the award acknowledged how Boston Solar demonstrated exceptional customer service within the residential construction industry. For five consecutive years, the Company was named a Top Solar Contractor by Solar Power World magazine. Further, the Company is applauded by the Boston Business Journal's "Largest Clean Energy Companies in Massachusetts" list. Boston Solar is a Solar Energy Business Association of New England (SEBANE) member. The Company is headquartered at 55 Sixth Road, Woburn, MA 01801. Learn More at: www.bostonsolar.us.

Forward-Looking Statements
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934 and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential plans and objectives of the Company, the use of proceeds, anticipated growth, and future expansion, are forward-looking statements that involve risks and uncertainties.

There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

Technical complications, which may arise, could prevent the prompt implementation of any strategically significant plan(s) outlined above. The Company undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.

Investor Contact:
Tra-Digital IR
Investors@SinglePoint.com
(212) 389 - 9782 ext. 107

 

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SOURCE SinglePoint Inc.

FAQ

What were SinglePoint's revenues for FY2022?

SinglePoint reported revenues of approximately $21.8 million for FY2022.

How much revenue did Boston Solar contribute to SinglePoint in FY2022?

Boston Solar contributed approximately $19.1 million to SinglePoint's revenue in FY2022.

What is the revenue forecast for SinglePoint in FY2023?

SinglePoint expects to exceed $50 million in revenue for FY2023.

What major acquisitions did SinglePoint make in 2022?

SinglePoint acquired Boston Solar and BPA Solutions in 2022.

What grant did BPA Solutions receive in 2022?

BPA Solutions received a $5 million grant from the State of California.