Phoenix, AZ, November 15, 2023 - PRISM MediaWire - SinglePoint Inc., (OTCQB: SING), a leader in solar energy and air purification solutions, reported Gross Revenue of $6,914,934 for the quarterly period ending September 30, 2023.
"We are proud of the third quarter and YTD revenue results of almost $21 Million, which is a record-breaking year to date. Our strategic collaboration with the team at Boston Solar continues to deliver revenue growth in a challenging higher interest rate environment. We are excited about the recent addition of Michael Ricci as the Director of Commercial Solar Division at Boston Solar. We are seeing significant growth opportunities in commercial solar in the New England area and the addition of Mike Ricci on the Commercial business gives us another dynamic experienced professional to leverage the success of Boston Solar Residential business, which is led by our Director of Residential Operations, Stephan MacPhee. This combination, along with the rest of the leadership team, has Boston Solar positioned to continue increasing revenue and grabbing market share as the solar provider of choice in the Boston metro area, the state of Massachusetts and throughout New England as we continue to expand our regional business footprint.”
Wil Ralston, CEO of Singlepoint
Ralston continued, “We are finishing off the current year strong and heading into the new year with several installed commercial projects and a growing multi-million-dollar backlog of contracted projects in 2024. Boston Solar is focused on creating free cash flow in addition to delivering annual revenue growth in 2024. The dedication to delivering superior customer service has fortified our reputation, positioning Boston Solar for continued success. Moreover, our team's remarkable achievements in driving multiple commercial projects forward have resulted in major milestone achievements.”
Ralston concluded, “We extend our heartfelt gratitude to all our stakeholders for their invaluable support and patience as we build the business foundation for continued growth, both organically and through strategic acquisitions. As we witness the fruition of our projects, we eagerly anticipate sharing the exciting progress achieved throughout the year and the upcoming projects we have been developing. There has been a significant shift in the M&A market, which we believe will be to our favor, and that our growth through acquisition strategy will not only continue but accelerate as we accomplish our goal of becoming a listed on a major exchange.”
Key Financial Highlights:
1. Increased Revenue: We achieved a substantial revenue increase for the nine months ended September 30, 2023, reaching $20,783,784, compared to $12,675,450 for the same period in 2022. This 81% growth is primarily attributed to the full incorporation of Boston Solar revenues. Our Quarter over Quarter revenue also increased with the three months ended September 30, 2023, revenue of $6,914,934 as compared to $6,589,227 for the three months ended September 30, 2022.
2. Decreased Expenses: Our focused cost management strategies have led to a significant decrease in Selling, General, and Administrative Expenses (SG&A) for the three months ended September 30, 2023. SG&A expenses reduced to $3,175,559 from $3,689,463 for the same period in 2022, demonstrating our commitment to operational efficiency and cost control. We will continually look for effective ways to decrease expenses and become profitable at all subsidiary levels.
3. Improved Net Income/Loss Position: The Company's net loss for the three months ended September 30, 2023, was $1,270,860, an improvement from the net loss of $1,604,848 for the same period in 2022. This reduction in net loss is primarily due to higher revenues and lower operating expenses. As we continue to scale operations, we benefit from spreading certain fixed costs over a higher revenue base. We expect to see substantial gains leading up to 2024 and through the upcoming year.
Growth Potential in Solar Energy Market:
Singlepoint is strategically positioned to capitalize on the burgeoning growth potential of the solar energy market. The global shift towards renewable energy sources has significantly amplified the demand for both commercial and residential solar solutions. With favorable government policies and increasing public awareness about the environmental impacts of traditional energy sources, the solar energy market is projected to witness substantial expansion. Singlepoint is primed to leverage these market dynamics, offering cutting-edge, sustainable solar solutions that cater to the growing needs of both commercial and residential sectors. Boston Solar was our initial acquisition, and we continue to identify other businesses to contribute to Singlepoint becoming a leading operator and consolidator of residential and commercial solar, battery storage, and service solutions within the solar industry. Our roll up strategy is focused on acquiring and growing leading local and regional solar, storage, and energy services companies nationwide giving us the opportunity to vertically introduce and integrate innovative products and services to our customers.
About SinglePoint Inc. (OTCQB: SING)
Singlepoint is a sustainable lifestyle Company in the solar energy and air purification markets. The Company plans to build the largest renewable energy solutions network and modernize the traditional solar energy and energy storage business model. Singlepoint continues to execute its acquisition strategy by 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 websites: www.singlepoint.com, www.bostonsolar.us, and www.boxpureair.com.
Forward-Looking Statements:
Certain statements in this news release may contain forward-looking information within 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, besides statements of fact included in this release, including, without limitation, statements regarding revenue projections, financing opportunities, potential plans and objectives of the Company, 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 and other 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:
SOURCE: SinglePoint Inc.
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