SinglePoint Reports Second Quarter 2021 Financial Results and Provides Business Update

Rhea-AI Summary

SinglePoint Inc. (OTC: SING) reported Q2 2021 financial results, achieving revenues of $454,822, a 15% increase from Q2 2020. Total cash rose dramatically to $854,589 compared to $76,476 the previous year. Current assets increased by 304% year-over-year to $1,596,679, and total current liabilities were reduced by $2,759,095. The company is focused on expanding its solar businesses and has launched a strategic review for growth opportunities. Further updates are expected in Q3 2021.

Positive

• Revenue increased by 15% year-over-year, reaching $454,822.
• Total cash significantly increased to $854,589, up from $76,476 last year.
• Total current assets rose by 304% to $1,596,679.
• Reduced current liabilities by $2,759,095, eliminating external convertible debt.

Negative

• None.

PHOENIX, Aug. 17, 2021 /PRNewswire/ -- SinglePoint Inc. (OTC: SING) ("SinglePoint" or the "Company"), a company focused on providing renewable energy solutions and energy-efficient applications to drive better health and living, today reported financial and operational results for the second quarter ended June 30, 2021 and provided a business update.

SinglePoint Q2 2021 Financial Highlights:

• SinglePoint had total cash of $854,589 compared to $76,476 of the previous year quarter.
  
  
• For the three months ended June 30, 2021, the Company generated revenues of $454,822 as compared to $395,277 generated in the second quarter of 2020.
  
  
• The Company reported a total of $1,596,679 in total current assets for the quarter ended June 30, 2021, an increase of 304% from the quarter ended June 30, 2020.
  
  
• As compared to the year end reported 12/31/2020, the company has further reduced its total Current Liabilities, including eliminating external convertible debt by $2,759,095.

SinglePoint is improving and expanding its existing solar businesses that add to our North American footprint as the solar market is expected to quadruple over the next decade. We are exploring additional accretive opportunities and partnerships in healthy living and renewable energy applications. As previously announced, the management team has launched a strategic review of the Company's business to ensure optimization and growth opportunities. The Company expects to provide additional updates during the third quarter on its core business segments as a result of its on-going strategic review.

"We have made considerable progress throughout the first half of 2021, including listing on the OTCQB. Our team is focused on increasing value for shareholders and growing our subsidiaries, and we are dedicated to implementing the strategic initiatives and continuous improvements necessary to deliver consistent results. We believe we have the right people in place to help us unlock the full potential of SinglePoint Inc. for our shareholders. Additionally, the strategic review that is currently underway will highlight key initiatives and illuminate our path forward to maximize value and opportunities for growth," stated Wil Ralston, Chief Executive Officer of SinglePoint. "We are really only just getting started and believe we have significant opportunities ahead of us. My continued focus as CEO is to drive value for our shareholders by growing revenues, market share focused on delivering profits within our core business segments."

Recent Highlights

• Executed on ongoing efforts to strengthen balance sheet including significantly decreasing its current liabilities, and elimination of warrants;
• Direct Solar of America, a subsidiary of SinglePoint, strengthened senior leadership team with the addition of experienced solar industry management;
• Launched strategic review of SinglePoint business strategy designed to identify and then leverage current platform in order to maximize near and long-term growth opportunities;
• Appointed Wil Ralston, who previously served as President and Director, as Chief Executive Officer and Director of SinglePoint;
• Completed spin off of its non-core asset, 1606 Corp., through a 1 for 1 dividend to SinglePoint shareholders and anticipates to file a preliminary S1 within the next 30 days;
• Completed acquisitions of EnergyWyze, LLC, a company focused on enhancing renewable energy leads and has recently onboarding household name clients; and
• Completed acquisition of Box PureAir, LLC, which provides air purification units designed to improve indoor air quality and ventilation providing a healthy clean air environment free of airborne pathogens and currently supplies multiple public and private schools, restaurants, homes and more.

SinglePoint is driving its vision of creating a national network of renewable energy services and products that promote a cleaner sustainable lifestyle while minimizing the impact on the environment and expects to generate continued growth. SinglePoint will continue to search for companies that align with its growth strategy to firmly position the Company as a leader in these emerging market opportunities.

About SinglePoint Inc.

SinglePoint Inc. is a renewable energy and sustainable lifestyle company focused on providing environmentally friendly energy efficiencies and healthy living solutions. SinglePoint is focused on building a national network of renewable energy solutions and modernizing the traditional solar and energy storage model. The Company is also actively expanding growth opportunities in air purification, and exploring electric vehicle charging, solar as a subscription services, 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 LinkedIn and Twitter.

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:

JTC Team, LLC
Jenene Thomas 833-475-8247
SING@jtcir.com

 

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SOURCE SinglePoint Inc.

FAQ

What were SinglePoint's Q2 2021 revenues?

SinglePoint's Q2 2021 revenues were $454,822, a 15% increase from Q2 2020.

How much cash did SinglePoint have at the end of Q2 2021?

SinglePoint had total cash of $854,589 at the end of Q2 2021.

What is the current asset growth for SinglePoint?

SinglePoint's total current assets increased by 304% to $1,596,679 in Q2 2021.

What strategic actions is SinglePoint taking for growth?

SinglePoint has launched a strategic review to identify optimization and growth opportunities in their business.

What reductions did SinglePoint achieve in current liabilities?

SinglePoint reduced its current liabilities by $2,759,095, including the elimination of external convertible debt.