SinglePoint, Inc. Issues Annual Letter to Shareholders Reviewing Fundamental Business Improvement and Acquisition Strategy Resulting in Record Revenue and ProForma Revenue Growth in FY 2022
- Focus on Renewable Solar Energy Generation Plus Energy Storage and Indoor Clean Air
- Passage of Multiple Federal Funding Bills Providing Decade Long Federal Incentives
- Historic Multi-year Tax Credits and Grants for Company’s Two Main Business Initiatives
PHOENIX, Jan. 4, 2023 /PRNewswire/ -- SinglePoint, Inc. (OTCQB: SING) (“SinglePoint” or “the Company”), a renewable solar energy and sustainable solutions provider, issued today a letter to shareholders recapping and outlining the Company’s ongoing strategic expansion initiatives in the renewable energy and healthy living markets, which are generously supported and funded by significant government backing at the federal, state, and local levels.
Dear SinglePoint shareholders,
This past year, 2022, has been filled with a challenging global economy, a rising interest rate environment, and persistent health-related issues and concerns due to the lingering pandemic. Despite these market conditions, SinglePoint facilitated transactions that delivered historic reported and recognized revenue, and we are poised to continue that growth going forward. SinglePoint and its stakeholders are positioned to benefit from increased shareholder values as we focus on increasing revenue, improving net income, and creating free cash flow at our operating subsidiary units.
Interests in healthier living and cleaner environments are increasingly aligning between the government and our communities. These interests are being supported by historic government funding, creating long-term market opportunities. We intend to capitalize on increased interest, demand, and available funding by focusing on renewable energy sources, such as solar, and sustainable solutions, such as improved indoor air quality (IAQ) (clean indoor air as an essential right). And as Americans continue to look for resources to meet the future demands of energy and energy storage, we are poised to increase our market presence in renewable energy solutions. The Biden Administration enacted groundbreaking legislation providing substantial funding enhancing opportunities for SinglePoint’s core business units. Businesses, schools, and homeowners will continue to install solar and energy storage solutions and seek out products that improve IAQ to ensure healthy indoor environments.
Key Driver: Residential and Commercial Rooftop Solar with Battery Storage helps lower carbon footprints. More importantly, it provides a reliable source of energy and is a redundant measure when electrical grids are inoperable. Moreover, solar provides homeowners and business owners with a hedge against continuously rising electricity costs.
SinglePoint Inc., through its recently acquired subsidiaries, has worked diligently throughout 2021 and 2022 to be able to take advantage of current and future market opportunities. The Company will continue to build upon our current revenue base selectively and strategically through acquisitions that meet our criteria and allow us to scale our operations efficiently and effectively. We are intensely focused on capitalizing on solar’s once-in-a-lifetime market opportunities and improving Indoor Air Quality. 2022 delivered record revenue growth, and we added key personnel to facilitate our planned operational expansion. These key hires identified and implemented operational and sales improvements to increase bottom-line results that started to emerge in the latter half of the year and will continue to drive financial and operational benefits.
Sustained Strategic Approach to Acquisitions
SinglePoint is leveraging a specific roll-up/acquisition strategy designed to acquire leading businesses with products and services that address the needs of the markets we serve. BPA Solutions, acquired in FY 2021, focuses on creating safer indoor environments with its initial focus on our nation’s schools. Boston Solar is a leading example of the type of Solar EPC that perfectly fits within the parameters of our growth strategy through acquisition. These subsidiaries have dramatically increased our annual revenue and will continue to do so.
BPA Solutions (BPA) closed on a significant purchase order from a North Carolina school district totaling nearly $2M and has a robust sales pipeline of schools across the nation looking to create healthier environments within classrooms utilizing funds from the American Recovery Act. The act provides $121B for schools that can be utilized to improve indoor air quality and ventilation. BPA also became an approved vendor for California EANS II funding. It received its first grant award of $5M, allowing non-public schools throughout California to purchase commercial-grade Certified HEPA air purification products made in the USA. BPA intends to add services and expects many ESSER II awards over the next few years, in addition to several FEMA-funded sales.
Boston Solar, a transformational acquisition for SinglePoint, continued to receive accolades for its commitment to its customers and was again named a Top Solar Contractor for 2022 in Massachusetts. Boston Solar was selected by the Boston Red Sox to install a commercial rooftop solar system for the new MGM Music Hall at Fenway and is a Proud Partner of the Boston RedSox. Boston Solar is on pace to deliver annualized pro forma revenue of approximately $24M* in FY2022, a significant increase from the $17.6M in FY2021 (pre-acquisition). Boston Solar is well-positioned to continue growing residential and small commercial annual revenues and looking for opportunities to expand its footprint in the NE Region. The fundamentals for residential solar are strong – customers crave energy independence and savings from a solar system, particularly as retail power prices increase. Residential Solar and Energy Storage is projected to grow at 37% year-over-year, according to the December 13, 2022, SEIA/Wood Mackenzie U.S. Solar Market Insight Report. We were fortunate to acquire a senior leader in solar, Mr. Daniel Mello Guimaraes, who shares our vision for upcoming solar and energy storage opportunities. Boston Solar employees, current and past, have built the premier solar installer that is trusted and recognized throughout Massachusetts. We are honored to have them as part of the growing SinglePoint portfolio of companies and are bullish about our future with Boston Solar.
In addition to adding Boston Solar to our portfolio–a flagship acquisition in the Solar EPC (Installer) space–the Company also entered into a definitive purchase agreement to add a complementary commercial energy services Company, Frontline Power Solutions (FPS). FPS is expected to close in early FY 2023, and we are already identifying multiple synergistic revenue opportunities with its historical commercial client base. Following the execution of the definitive purchase agreement, FPS has closed on its largest contract to date: a 4.5M kWh Energy Services Contract, which is projected to save the client approximately $800,000 in energy costs over the contract term. Our future is bright within the existing SinglePoint Renewable Energy Installation Business; our pipeline of additional EPCs is growing and will only further complement our commercial customers within our energy services business post-closing throughout the remainder of FY2023.
*Final annual results will be published with the Company’s annual report and reflect the date of acquisition through 12/31/2022
Continued Development of Corporate Team Focused on Execution and Scale
To support organic growth within our subsidiaries, SinglePoint has continued to strengthen its corporate team by adding revenue- and operationally centric talent focused on identifying and maximizing opportunities to improve and grow our core businesses. Adding Chad Miles as Executive Vice President of Operations and Jason Lally as Executive Vice President of Revenue has exceeded original expectations. Initiatives led by our executive team include identifying, conducting due diligence, and negotiating future acquisitions. Mr. Miles and Mr. Lally have worked closely with Daniel Guimaraes, CEO of Boston Solar, and the Boston Solar leadership team, resulting in operational efficiencies and increased revenue since the April 2022 acquisition. The Company will continue to focus on bringing in professionals who can make immediate impacts and prioritize drivers of our success. Additions to our leadership are examples of actions we are taking to prepare for the eventual uplisting to NASDAQ. We expanded and strengthened our Board of Directors as the Company appointed James Rulf, who has over 40 years of business experience and will add seasoned financial expertise with Tony Thomas, who is currently a director-nominee, concurrently with an uplist to NASDAQ.
Increased Total Revenue, Financial Stability, and New Partnerships
FY 2022 has already delivered record revenue compared to previous years before the inclusion of the 4th Quarter and Fiscal Year Results.
> Total Revenue
Cost of Revenue
* TTM measured as 1/1/2022 - 9/30/2022 - Table provided by Yahoo Finance; shareholders should rely on Audited Filed Financials statements available at www.sec.gov
The Company reported and delivered sequential improvement in each of the first three quarters of FY 2022.
- Total revenue for Q1 2022 approximated $1.5M– a 500% increase over the first quarter of 2021
- Total revenue for Q2 2022 reached $4.5M– eleven (11) times higher than the second quarter of 2021
- Total revenue for Q3 2022 reached nearly $6.6M–twenty-four (24) times higher than the third quarter of 2021
Unprecedented Multi-Year Tailwinds for Solar and Indoor Air Quality provided by Passage of Historic Federal Government Stimulus Packages
The American Rescue Plan, the Inflation Reduction Act of 2022, and the Clean Air in Buildings Challenge represent the largest of the federal government’s historical investments made in the United States’ energy, climate, and wellness sectors through regulations, grants, subsidies, and tax incentives, i.e., tax credits for solar energy projects. Thus, SinglePoint is well-positioned for continued expansion within these industries.
Grateful for the Continued Support of our Existing Shareholder Base and Bullish about SinglePoint’s Future
We appreciate every one of our long-term shareholders who have supported the Company’s planned transformation from its past businesses to a focused, disciplined, and deliberate approach to accretive acquisitions in high-growth long-term market opportunities. We believe our current market cap does not reflect the Company’s actual value, especially with the contributions from our recent acquisitions. Although the current undervalued market cap is a headwind, we will continue to restructure our cap table, improve our balance sheet, and add additional accretive assets when appropriate so that our shareholders can benefit from enhanced shareholder value. With your support, the Company will pursue the execution of our strategic plan as we strive to be a prominent and trusted provider of renewable energy and sustainable solutions in our markets. We have always been and will continue to be committed to providing regular and meaningful updates on our continued progress.
All the best,
Chief Executive Officer
About SinglePoint Inc. (OTCQB:SING)
SinglePoint is a sustainable lifestyle Company focused on the solar energy and storage and indoor 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 indoor air purification and ventilation, 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.
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.
(212) 389 – 9782 ext. 107
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SOURCE SinglePoint Inc.