SinglePoint, Inc. Reports First Quarter 2022 Financial Results

Rhea-AI Summary

SinglePoint, Inc. (OTCQB:SING) reported Q1 2022 revenues of $1.5 million, a 6.5x increase from Q1 2021. The company completed the acquisition of Boston Solar, projected to generate $25 million in 2022. SinglePoint anticipates growth in indoor air quality solutions following federal funding initiatives—approximately $350 billion available for improving indoor air. The company aims for further acquisitions and is in the process of uplisting. Management expects continued revenue growth as it improves efficiencies and expands its service offerings.

Positive

• Total revenue increased to $1.5 million, a 6.5x rise from Q1 2021.
• Acquisition of Boston Solar expected to generate $25 million in FY2022.
• BOX Pure Air positioned to benefit from federal funding of $350 billion for indoor air quality initiatives.

Negative

• Dependence on indoor air quality market could pose risks if federal funding is reallocated.
• Sales cycle for indoor air quality solutions is lengthy, potentially delaying revenue.

• Total revenue for first quarter 2022 was approximately $1.5M, over six times higher than first quarter 2021
• Subsequent to the end of Q1 2022 SinglePoint completed acquisition of Boston Solar as part of its national solar installation roll-up strategy.
• Boston Solar expected to deliver minimum FY2022 Annual Revenue of $25M in residential and small commercial installations
• BOX Pure Air well positioned to benefit from the White House-led "Clean Air In Buildings Challenge" which provides guidelines and highlights approximately $350B to improve health in indoor air environments

Get the latest updates by joining our email list - JOIN HERE

PHOENIX, May 17, 2022 /PRNewswire/ -- SinglePoint, Inc. (OTCQB:SING) ("SinglePoint'' or "the Company''), a renewable energy and sustainable solutions provider, reported financial and operational results for the first quarter ending March 31, 2022. Total revenue for first quarter 2022 was $1.5 million, approximately 6.5x greater than first quarter 2021.

SinglePoint is empowering people to create better, safer and more sustainable living environments.

SinglePoint strives to be the premier choice for residential and small commercial customers who are looking for renewable energy, including solar energy, energy storage and wholesale energy solutions. SinglePoint is initially focused on building the largest vertically integrated network for the sale and installation of solar panels to the residential and commercial markets. Additionally the company provides a best in class indoor air quality ("IAQ") solution currently addressing schools and offices.

We believe that there is a massive market opportunity within the industry to build a national solar energy and storage installation network that places importance on the lifetime value of the customer. Our energy vision of the future is to provide our customers the option to be in control of rising electricity costs by providing the ability to create their own energy independence through implementation of a renewable energy strategy starting with solar. We will continue adding accretive products and services for our customers to meet this goal, such as being able to directly purchase electricity in deregulated markets and to store and eventually distribute excess energy back to the grid from the places we live and work. By continuing to identify complementary products and services such as portable indoor air purification products that improve the quality of life by providing healthy indoor air, we are empowering people to create better, safer and more sustainable living environments.

SinglePoint CEO, Wil Ralston commented on first quarter results, "The first quarter demonstrated that we are beginning to see results from our business units, these quarterly results were primarily driven by BOX Pure Air. We expect the other divisions to provide more meaningful revenue contributions throughout the remainder of the year, but we consciously shifted some planned internal solar expansion capital to increasing our sales efforts at BOX Pure Air. Given the amount of federal funding and recent heightened awareness about the once-in-a-lifetime opportunity to enhance Indoor Air Quality (IAQ). We are committed to providing the appropriate resources to take full advantage of the opportunity that exists. People currently spend on average 90% of their time indoors, breathing unhealthy air. An increasing number of employers are looking for ways to support their employees in returning-to-work safely, and we are able to provide a proven option for layered protection and peace of mind for employees. It's (Indoor Air Quality) a long sales cycle, and we expect continual meaningful revenue growth as a result of sales cycle completion. With increased and consistent sales, our educational efforts, and access to funds as the billions of dollars get deployed to make indoor air within our buildings and schools safer, we believe BOX Pure Air is in the right place at the right time to be a key provider in the IAQ space. As an emerging company we must focus our capital on business segments we see have the most opportunity to produce profitability. As such, we will continue to grow through acquisition and expanding IAQ solutions."

Ralston continued, "The completion of the Boston Solar Company acquisition was pivotal, and we now have the ability to leverage best practices to optimize, improve and increase efficiencies from initial customer touch point through installation and commissioning. We believe this acquisition, along with other targeted acquisitions we have slated for this year, will add notable revenue and profit as we expand and grow our residential and small commercial solar platform. The announcement of SinglePoint entering into a material purchase agreement with Frontline Power is strategically compelling and aligned as it adds nearly 4,500 commercial clients across multiple states that have purchased energy, creating contracted recurring revenue and providing us the ability to offer renewable energy services to those clients in addition to current customers."

A Growing Residential and Small Commercial Renewable Energy and Storage Market

There is a continuous growing demand for renewable energy and according to analysts at Fortune Business, the market is expected to continue its growth and is forecasted to be a $293 billion global market by 2028.  Although industry growth has been impacted by the pandemic and global supply chain challenges, 2021 saw record deployment of solar solutions. Approximately 96% of the addressable commercial and residential market remains untapped, and it most likely will continue to experience tailwinds from domestic and global governmental policies and incentives in addition to capitalizing on the growing demand for dependable self-generated power and energy creation at our homes and businesses. This will make them less reliant on the existing electrical infrastructure and allow for control over rising energy costs.

The Domestic Residential solar and storage opportunity is still in an early stage and looks to resume its continuous and inevitable expansion as we recover from tariff and pandemic-related supply chain hurdles. Including energy storage components in residential and commercial projects is becoming essential, as SEIA projects by 2025 that 29% of new behind-the-meter (onsite) solar installations will be paired with an energy storage solution.

Renewable energy subsidiaries, Energy Wyze and Direct Solar America, have strategically aligned their operations to create a seamless solar business process from lead generation to solar installation. With the addition of Boston Solar and the pending acquisition of Frontline Power, SinglePoint will have a foothold in the market offering top tier customer experience and an expansive book of service offerings.

Indoor Air Purification (IAQ) Market Opportunity Expanding Beyond Schools As White House Brings Increased Awareness for Clean Air in Buildings and Highlights $350B in Available Federal Funds 

Federal funding of approximately $121 billion has been allocated to schools to support efforts of improving ventilation and air filtration. In addition to available federal funding, many states have earmarked additional funds for their districts. With the recent White House announcement of the airborne risk COVID-19 presents, there is a reaffirmed need to address indoor air quality (IAQ) on a national scale. Whether it's employees returning to the office, kids in the classroom or social gatherings at home, breathing unhealthy air has both short and long term effects on general health and wellbeing. Indoor air purification is quickly becoming a health standard in buildings. Purification units provide protection far beyond bacterial and viral infections as they are effective in combating particles from wildfire smoke in the summer and seasonal allergies in the spring. Clean air is a year-round necessity. 

BOX Pure Air is prominently positioned on the approved supplier list for the state of California as a "Portable Air Purification" vendor listed for EANS funds utilization. Their robust product offering allots them several slots on this published list. After outfitting Lenoir County School District in North Carolina, the team at BOX Pure Air has gained traction with several school districts across the nation. While there are ongoing active discussions, these sales are often lengthy and very involved. For most schools, this is a first time purchase of a newly realized necessary product. Orders often are chunked up and rolled out in phases as districts experience the benefit of these units in a handful of rooms before finalizing a purchase for all of their classrooms. Providing students with clean air gets a renewed focus from administrators and school boards as smoke from wildfires threaten schools in several states. SinglePoint anticipates exponential revenue growth within the clean indoor air sector.   

Future Outlook
SinglePoint continues to drive forward and execute on their growth by acquisition strategy. Since the end of the first quarter, the Company has completed the acquisition of Boston Solar, announced definitive documents for Frontline Power and has submitted letters of intent to several targeted acquisitions. Management feels confident that revenue will continue to increase as asset purchases continue and vertical integration within their renewable energy portfolio expands its footprint nationwide.

The completion of The Boston Solar acquisition includes a full audit and the ability to consolidate financials for the Company's second quarter revenue. Recent accomplishments well positioned SinglePoint for the next stage of growth. In addition to completing pending acquisitions within the pipeline, the Company has started the uplist process, with plans to complete uplist in 2022.

About SinglePoint Inc (SING)
SinglePoint Inc. is a renewable energy and sustainable lifestyle company focused on providing environmentally friendly energy efficiencies and healthy living solutions. SinglePoint is initially focused on building the largest network of renewable energy solutions and modernizing the traditional solar and energy storage model. The Company is also actively 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 a healthier life. For more information, visit the Company's website (www.singlepoint.com) and connect on social media for the latest updates.

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

View original content to download multimedia:https://www.prnewswire.com/news-releases/singlepoint-inc-reports-first-quarter-2022-financial-results-301548933.html

SOURCE SinglePoint Inc.

FAQ

What were SinglePoint's revenue figures for Q1 2022?

SinglePoint reported total revenue of $1.5 million for Q1 2022.

How much is Boston Solar expected to contribute to SinglePoint's revenue?

Boston Solar is projected to generate a minimum of $25 million in revenue for FY2022.

What federal funding initiatives is SinglePoint involved with?

SinglePoint is positioned to benefit from approximately $350 billion in federal funding aimed at improving indoor air quality.

What is the outlook for SinglePoint following their Q1 2022 results?

Management expects continued revenue growth driven by acquisitions and increased efficiencies in service offerings.