Take Five: SinglePoint CEO Responds To "5" Timely Investor Questions

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SinglePoint Inc. (OTC Pink: SING) released its Q3 financial report, highlighting significant operational improvements despite market challenges. While total income decreased by 19.2% to $5.54 million compared to Q3 FY23, the company achieved notable improvements in profitability metrics. Gross profit increased to $2.5 million (45.1% of total income), up from 29.8% the previous year. The company reported a positive EBIT of $418,196 (7.5% of total income), marking a turnaround from last year's 5.3% loss.

The company reduced its net loss by 72.5% to $103,363 and cut overhead expenses by $3.5 million since Q1 2024. SinglePoint's subsidiary, Boston Solar, is reportedly approaching positive cash flow, with potential net income expected by Q4 at the operating subsidiary level.

Positive

• Gross profit margin increased significantly to 45.1% from 29.8% year-over-year
• Achieved positive EBIT of $418,196 (7.5% of total income)
• Reduced overhead expenses by $3.5 million since Q1 2024
• Net loss improved by 72.5% to $103,363

Negative

• Total income decreased 19.2% to $5.54 million compared to Q3 FY23
• Still operating at a net loss of $103,363

Miami, Florida--(Newsfile Corp. - December 19, 2024) - SinglePoint Inc. (OTC Pink: SING) is a renewable energy and sustainable lifestyle company that offers clients environmentally friendly energy efficiencies and healthy living solutions. The company is exploring growth opportunities in air purification, electric vehicle charging, solar as a subscription service, and additional energy efficiencies and appliances that enhance sustainability and healthier lives.

Wil Ralson, CEO of SinglePoint Inc., participated in Hawk Point Media Group's "Take Five" series to explain how his company intends to accomplish its ambitious agenda, responding to timely questions about where his company and its wholly-owned subsidiary, Boston Solar, stands and where it's heading in 2025. Here's what he said:

Q. SinglePoint recently posted its Q3 financial report, which included solid results from its wholly-owned subsidiary, Boston Solar. What are the standouts that may be getting overlooked?

A. SinglePoint's latest Q3 financial report, which included results from our wholly-owned subsidiary, Boston Solar, showed some remarkable progress, especially given the current challenges in the solar market. Particularly, it shows the company is edging closer to achieving positive cash flow, driven by substantial cuts in operating overhead, which ensures that a larger portion of revenue directly contributes to the bottom line. Despite a 19.2% drop in total income to $5.54 million compared to $6.85 million in Q3 FY23, gross profit increased significantly, reaching $2.5 million, or 45.1% of total income, up from 29.8% the previous year. This demonstrates the company's strong focus on cost reduction and operational efficiency.

Additionally, SinglePoint achieved a net operating income (EBIT) of $418,196, which is 7.5% of total income-a notable turnaround from the 5.3% loss reported last year. The net loss also saw a substantial reduction, improving by 72.5% to just $103,363, or 1.9% of total income. Together, these financial metrics reflect the resilience and strategic success of SinglePoint's operations in navigating a tough industry environment.

Q. Investors will point to that number still being negative. How do you respond?

A. Regarding the remaining net loss, it's important to note that the company has reduced overhead expenses by $3.5 million since Q1 2024. This reduction, combined with increased installation throughput, positions SinglePoint and Boston Solar on an accelerating trajectory toward posting net income, potentially by the end of Q4 this year at the operating subsidiary level. As expense reductions start to be fully reflected in the balance sheet, along with addressing one-time losses during the business turnaround, the data shows the company is on a positive path toward profitability, which has been the mandate all year. It is reassuring to see the positive changes occurring.

Q. If so, how would you describe your company's current stock price in terms of forward-looking expectations?

A. In my opinion, at current levels, considering we're on pace to report over $20 million in 2024 sales, the share price appears appreciably disconnected from our intrinsic value and inherent potential. Markets have never been perfect appraisers of value, and for the solar energy sector-which has experienced a challenging downturn in residential installations-valuations have been severely pressured.

However, looking ahead, a new administration set to take office in 2025 is providing key roles to individuals with a very friendly bias toward green energy. I believe we can capitalize on our larger market share to energize revenue streams in a U.S. solar industry projected to grow significantly in the next fiscal year. If we navigate as planned, valuation gaps typically close, reflecting that success.

Q. Do industry trends support that optimism?

A. President Trump's election has undoubtedly introduced uncertainties around the future of solar tax credits and renewable energy policies. However, I'm confident that the solar industry is poised for continued growth, and here's why. The industry's resilience is market-driven, with technological advancements and decreasing costs fueling significant demand. The U.S. Energy Information Administration projects solar power generation to grow by 75% between 2023 and 2025, reflecting its increasing role in the energy mix.

Solar energy is also a major driver of economic growth, creating jobs and stimulating local economies. The Solar Energy Industries Association highlights that the industry employs hundreds of thousands of Americans, a figure that continues to rise. Furthermore, state-level initiatives and renewable energy standards provide a stable foundation for progress, even amid federal policy shifts.

Beyond these factors, the pursuit of energy independence and diversification remains a national priority, and solar energy is central to this strategy. With costs having decreased by over 60% in the last decade due to technological advancements, solar is now more competitive than ever with traditional energy sources. Consumer and corporate demand for reliable and renewable energy solutions, such as solar and battery storage, is also accelerating investment and development in the sector.

While federal policies may evolve, the fundamental drivers of solar growth-economic benefits, technological progress, state initiatives, and market demand-remain strong. Our company is well-positioned to capitalize on these trends and deliver exceptional value to our investors. Thus, to answer your question more directly from a macro observation- absolutely.

Q. Final question- how do you see FY/2025 playing out?

A. We've worked hard to lay a solid foundation, and we're in an excellent position for 2025. While this journey has been more of a turnaround acquisition than initially expected, we're incredibly close to turning the corner. The market environment has been challenging, and there's still some operational cleanup to do, but our team's resilience and the company's competitive strengths set us up for success in 2025.

With that in mind, I'm confident that Boston Solar has the potential to reach $50 million in top-line revenue in the next few years-our local market supports that level of growth. As we head into 2025, we're taking a fresh approach to operations, efficiency, and leadership, focused on driving profit and growing revenue. That focus, combined with the business momentum behind us, positions us for what can be a transformative year.

End interview

Printed with permission from Hawk Point Media Group, Llc. This interview is non-sponsored. Additional disclosures pertaining to prior digital marketing services can be found HERE.

Media Contact:
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234430

FAQ

What were SinglePoint's (SING) Q3 2024 financial results?

In Q3 2024, SinglePoint reported total income of $5.54 million, gross profit of $2.5 million (45.1% margin), EBIT of $418,196, and a net loss of $103,363.

How much did SinglePoint (SING) reduce its overhead expenses in 2024?

SinglePoint reduced its overhead expenses by $3.5 million since Q1 2024.

What was SinglePoint's (SING) gross profit margin improvement in Q3 2024?

SinglePoint's gross profit margin increased to 45.1% in Q3 2024, up from 29.8% in the previous year.

How much did SinglePoint's (SING) net loss improve in Q3 2024?

SinglePoint's net loss improved by 72.5%, reducing to $103,363 from the previous year's figure.