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SinglePoint Inc. (Cboe: SING) is a leader in the renewable energy and sustainable lifestyle sectors. Headquartered in Phoenix, Arizona, the company focuses on solar power solutions and indoor air purification through its subsidiaries, aiming to create the largest vertically integrated network for solar panel marketing and installation in both residential and commercial markets.
One of the primary subsidiaries, Boston Solar, has been instrumental in driving the company's solar business forward. Since its acquisition in 2022, Boston Solar has seen significant growth, installing over 5,000 residential and commercial solar arrays in New England, primarily in Massachusetts. The company has a robust pipeline of commercial projects with notable clients like Fenway Park, federal agencies, and luxury hotel chains. The commercial side is expected to drive substantial revenue growth in 2024.
In addition to solar energy, SinglePoint's subsidiary BOX Pure Air focuses on indoor air quality solutions, addressing the need for air purification in schools and offices. The company is also exploring future growth opportunities in energy storage, electric vehicle charging, and solar as a subscription service.
Recently, SinglePoint completed an underwritten public offering, raising $4 million by offering 800,000 shares at $5.00 per share. The proceeds are planned to be used for corporate purposes and to repay debt. The company has also shifted its trading to the Cboe BZX Exchange under the ticker symbol 'SING'.
CEO Wil Ralston is optimistic about the company's future, emphasizing strategic acquisitions and partnerships aimed at enhancing shareholder value. SinglePoint's listing on the Cboe BZX Exchange and its successful projects position it well for future growth and profitability.
SinglePoint Inc. (OTC Pink: SING) released its Q3 financial report, highlighting significant operational improvements despite market challenges. While total income decreased by 19.2% to $5.54 million compared to Q3 FY23, the company achieved notable improvements in profitability metrics. Gross profit increased to $2.5 million (45.1% of total income), up from 29.8% the previous year. The company reported a positive EBIT of $418,196 (7.5% of total income), marking a turnaround from last year's 5.3% loss.
The company reduced its net loss by 72.5% to $103,363 and cut overhead expenses by $3.5 million since Q1 2024. SinglePoint's subsidiary, Boston Solar, is reportedly approaching positive cash flow, with potential net income expected by Q4 at the operating subsidiary level.
SinglePoint Inc. (OTC Pink: SING) subsidiary Boston Solar, in partnership with Resonant Energy, has completed over 20 solar installations totaling 350 kW DC in the Greater Boston area's affordable housing sector, with additional projects of 700 kW DC in development. The collaboration aims to increase renewable energy access for affordable housing tenants by combining Resonant Energy's community solar development expertise with Boston Solar's installation capabilities. The initiative focuses on reducing energy bills for low-income residents while supporting regional environmental and carbon reduction goals.
Boston Solar, a subsidiary of SinglePoint Inc (OTC Pink: SING), has completed a major solar installation project for a global project development and construction company's Northeast headquarters in Waltham, MA. The project consists of two solar energy systems: a primary 113.98kW DC solar array with 235 Hanwha 485 solar panels and a secondary 22.31kW DC system. The combined systems are expected to produce 169,958kWh in their first year, significantly reducing the client's carbon footprint and reliance on traditional energy sources.
SinglePoint Inc. (OTC Pink: SING), formerly listed on the Chicago Board Options Exchange (CBOE: SING), has announced its transition to OTC Markets. This move comes after being the first company listed on CBOE, highlighting broader challenges faced by the new exchange rather than issues with SinglePoint's performance. The company experienced unexpected delays in filing annual financials, impacting subsequent quarterly filings. Despite this setback, SinglePoint remains focused on growth and improving financials.
CEO Wil Ralston emphasized that the transition doesn't reflect the company's business strength. SinglePoint is evaluating options to appeal the decision or pursue other strategic actions beneficial to shareholders. The company maintains its optimism about opportunities on the OTC Markets platform and continues to focus on renewable energy initiatives, acquisitions, and sustainability projects.
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