Singlepoint Inc (SING)

[Charlie V]

Quarter Highlights

Record revenue of $4.5 million, up over 890% for the comparable period in 2021

Gross profit of $3.2 Million in the second quarter compared to $0.3 million for the comparable period in 2021

Boston Solar is Recognized as Top Contractor for 2022

BOX Pure Air is recognized as the preeminent provider of California EANS funding to improve IAQ in schools

Expecting multiple school orders to improve Indoor Air Quality (IAQ) for Q3 2022

Management Commentary

Wil Ralston, CEO of SinglePoint, Inc., said, "We are ecstatic with the execution of our entire team and the ensuing financial results. In our opinion, these stellar results validate everything our management, staff, and all our partners at each subsidiary have been working towards over the past year. The revenue growth is exceptional, and we expect to continue to see strong growth and further record revenues."

Ralston continued, "Significantly, we want to point out these quarterly results are not representative of the full second quarter for Boston Solar as we closed this acquisition on April 21, 2022. On a full quarter basis, we would have recognized more than $5 Million in revenue for the quarter. We expect throughput at Boston Solar to increase throughout Q3, which means more installations completed and more revenue recorded. Boston Solar has already set records for new sales throughout the quarter. Combining with the expected orders for BOX Pure Air in Q3, we expect Q3 to be yet another major growth milestone for the Company. Our Companies are well positioned in their rapidly growing markets to accelerate the adoption of our services and meet the increased demand."

Corporate Outlook

The Company's focused growth strategy through acquisitions and internal organic measures has driven significant results. Management has continued confidence to meet its guidance for the year on a total annual revenue basis and expects Q3 to demonstrate continued growth. Diversifying products, services, and revenue streams have provided relief and protection against times when either political or macro-economic concerns have arisen. Staying focused on the Company's core business units and creating a fully vertical integrated strategy increases investment returns for the Company and its shareholders. The quarter's results are proof of our continued commitment to being focused and driving growth. The Company has not been immune to political or macro-economic factors, which have resulted in supply chain constraints and the complexities of dealing with government contracts. However, with the newly passed Inflation Reduction Act Bill and its generous tax credits for solar energy, we expect tailwinds to be in SinglePoint's favor for years to come.

https://finance.yahoo.com/news/singlepoint-inc-reports-second-quarter-123000500.html