SinglePoint Inc. Reports Record Revenue in Third Quarter 2022 Achieves 24 Fold Increase Over Q3 2021
- Reports Q3 Revenue of $6,589,227 vs. Q3 2021 of 273,877
- 1786 kilowatts of PV installed in Q3 2022 compared to 1330 in Q2 2022
- Nine Month 2022 Revenue Increased to $12,675,450 compared to $967,712 Q3 2021
November 15, 2022, Phoenix, AZ – SinglePoint Inc. (OTC:SING), a solar energy and sustainable solutions provider, announced its Third Quarter 2022 financial results today. SinglePoint Inc. credits its acquisition strategy for delivering significant revenue growth. The Company recorded its highest quarterly sales in SinglePoint's history. The results were driven by operational improvements and increased sales from the acquisition of The Boston Solar Company. This transaction was a critical initial acquisition of SinglePoint's strategy to significantly increase its footprint in North America by rolling up targeted solar engineering, procurements, and construction (EPCs) that meet SinglePoint’s acquisition criteria.
Wil Ralston, SinglePoint CEO, said, “We are very pleased with these stellar financial results of our companies and the professional execution of our people. Over the past two years, we have fundamentally changed who we are as a Company and have been intensely focused on execution. The financial and operational results reflect our dedication to these goals and our ability to achieve them. While we have faced many market headwinds, we strongly believe that we are significantly undervalued compared to our industry comps. As we continue to deliver results, shareholder value should increase and be reflected in an increased market cap. Our companies operate in two heavily funded industries, solar energy and IAQ, which are at the forefront of shaping the next decade of renewable energy and air quality through the Federal commitment in the funding of hundreds of billions of dollars in Federal funding available for deployment.”
SinglePoint subsidiary Companies continue to execute and grow in both revenue and footprint. Boston Solarcontinues to improve operational efficiencies. As a result, these economies of scale and streamlined processes increase installation throughput. Sales exceeded expectations, driving approximately $9 million in contracted projects ready for installation. BPA Solutions is positioned as a leader in Indoor Air Quality (IAQ), securing multiple sales and contracts, including a $5 million grant to supply units to private schools throughout California. With $121 billion available to schools across the U.S. and $350 billion available to commercial building spaces, indoor air quality has a long runway of continued growth.
Our Future
Boston Solar projected Proforma revenue of approximately $25M in the fiscal year 2022. We expect growth to escalate further in 2023 due to increasing residential and small commercial customer demand for energy reliability and resilience as the escalating energy rates result in higher utility bills. SinglePoint management continues to focus on expanding solar, storage, and energy services nationwide through a disciplined acquisition strategy focusing on high-quality local and regional business operations. The Company’s portfolio in the energy services space currently includes Boston Solar, Direct Solar, EnergyWyze, and Frontline Power Solutions.
The Inflation Reduction Act, recently passed by Congress, “includes a $369 billion investment in climate and energy policies, the biggest investment in U.S. history to fight climate change.”1 When considering the expansion of related tax credits, solar power, energy storage, and complementary solutions are big winners. Solar tax credits have been increased to 30% of the total project cost with a ten-year extension. If specific criteria are met, those same credits could rise to 50%–providing the solar industry with ten more years of exponential growth.
“Boston Solar’s record third-quarter results were significantly higher than our second quarter, driven by our continued focus on daily execution and our team members working tirelessly to deliver value to our customers,” said Daniel Mello Guimaraes, CEO & Co-Founder of Boston Solar. “Our leadership and the SinglePoint senior leadership team are working well together, and we are successfully managing inflationary impacts, in addition to navigating labor and supply chain challenges.”
Sales of BPA Solutions Indoor Air Quality (IAQ) units will benefit from the Federal Government's EANS, ESSERS, ARP funding, and FEMA assistance programs. IAQ equipment is essential to improve health, mitigate seasonal sickness, and reduce the spread of viruses, such as the coronavirus that caused the COVID-19 pandemic. Ryan Cowell, CEO of BPA Solutions, noted, "In addition to fulfilling the California schools funding grant, we are mining Federal and State programs to identify funds to help our customers purchase the IAQ equipment. We are also working closely with FEMA advisors to assist our customers in obtaining the FEMA funding available to them. Our hard work to become experts in IAQ equipment for schools has helped establish us as a leading provider in the rapidly growing IAQ market."
“SinglePoint has made, and will continue to make, strategic investments in our most valued assets, our employees, as we prepare for continued revenue growth over the next few years,” said Wil Ralston, SinglePoint's CEO. “We will continue to strive to add other strategic acquisitions similar to Boston Solar that will continue to deliver solid, consistent revenue growth capitalizing on the bullish outlook over the next ten years. I am pleased with our achievements this year; we are beginning to see results in the third quarter. We are confident that we are prepared to take advantage of opportunities as our residential and small commercial customers continue to look for reliable and sustainable energy solutions.”
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.bpasolutions.com.
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 member of the Solar Energy Business Association of New England (SEBANE). The Company is headquartered at 55 Sixth Road, Woburn, MA 01801. Learn More at: www.bostonsolar.us.
About BPA Solutions
At BPA Solutions, we believe in providing schools with products and services designed to create a healthier, safer school environment. Our flagship entity, BOX Pure Air, introduced us to the school industry and the daily problems schools face. As we continue to expand, we are constantly looking for ways to provide quality resources at a reasonable cost to schools. We currently offer BOX Pure Air – Air Purification and indoor air quality solutions, LifeShield+ Bullet-resistant window shades & door shields, and BPA Consulting – guidance for schools on receiving and spending federal grant money.
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
