Singlepoint Inc (SING)

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

https://www.prnewswire.com/news-releases/singlepoint-inc-reports-fourth-quarter-and-annual-2022-financial-results-achieving-21-8-million-in-fy2022--301787984.html

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.