SPI Energy Reports $2.66M Net Income for Six Months Ended June 30, 2020
SPI Energy Co., Ltd. (NASDAQ: SPI) reported its financial results for the first half of 2020, showing a 13.3% increase in net sales to $56.4 million. The company achieved operating income of $3.4 million, a turnaround from a $6.5 million loss last year. Net income reached $2.7 million, improving by $10.5 million from the previous year's loss. Cash and cash equivalents stood at $3.2 million. SPI launched a new EV subsidiary, EdisonFuture, and made significant solar project sales, exhibiting resilience during COVID-19 while building a stronger future.
- Net sales increased by 13.3% to $56.4 million.
- Operating income improved to $3.4 million from a $6.5 million loss.
- Net income reached $2.7 million, a $10.5 million improvement from last year.
- Launch of new electric vehicle subsidiary, EdisonFuture.
- Strengthened EV supply chain through strategic partnerships.
- Regained compliance with Nasdaq bid price rule.
- None.
SANTA CLARA, CA / ACCESSWIRE / November 27, 2020 / SPI Energy Co., Ltd., (NASDAQ:SPI) (the "Company"), a global renewable energy company and provider of photovoltaic (PV) and electric vehicle (EV) solutions for business, residential, government, logistics and utility customers and investors, today announced its financial results for the six months ended June 30, 2020.
First Half 2020 Highlights:
- Net sales were
$56.4 million in the first six months of 2020, up13.3% from$49.7 million in the prior year period - Operating income improved by approximately
$10 million to$3.4 million in the first six months of 2020, up from an operating loss of$6.5 million in the prior year period - Net income was
$2.7 million , or$0.18 per fully diluted share, in the first six months of 2020, an improvement of$10.5 million from a net loss of$7.8 million in the prior year period - Cash and cash equivalents totaled
$3.2 million as of June 30, 2020; does not include gross proceeds from$16 million registered direct offering completed in September 2020
"During a challenging period, due to COVID, we are proud to report double-digit revenue growth and positive net income, a significant improvement from the prior year period," said Xiaofeng Peng, Chairman and CEO of SPI Energy. "I want to thank the entire SPI team for their efforts in delivering this impressive performance and setting the stage for continued growth and even greater improvements in the quarters ahead. In addition to our strong first half results, I believe our achievements in subsequent months has greatly strengthened our long-term potential, providing the necessary foundation for considerable gains in shareholder value as we move into 2021 and beyond."
Year-to-Date Business Highlights:
EV Solutions Business
- Launched new electric vehicle (EV) subsidiary, EdisonFuture
- Wholly owned EdisonFuture subsidiary acquired Phoenix Motorcars, a leader in medium-duty electric fleet vehicles, adding turnkey US-based EV drivetrain design and production capabilities and meaningful order backlog - Phoenix subsequently announced delivery of its second all-electric ZEUS Z-400 shuttle to the City of Santa Cruz
- Strengthened EV supply chain and sales infrastructure through joint agreement with Liuzhou Liancheng Industrial Co., Ltd. and Guangxi Dazhou Automobile Sales Co., Ltd.
- Signed strategic cooperation framework agreement with Shaanxi Tongjia Automobile Co., Ltd., a leading manufacturer of all-electric logistic vehicles in China
Photovoltaic Solutions Business
- Completed sale of five solar projects in Oahu, Hawaii totaling 3.3 megawatts (MW)
- Completed sale of Sun Roof I solar project in Italy for €1.1 million
- Completed sale of the 3.5MW Tissington solar project to Marina Energy
- Completed sale of 1.015MW solar project in Maui, Hawaii
- Acquired the 1.89MW Cork solar project in Oregon
Corporate
- Regained compliance with Nasdaq bid price rule and minimum market value requirement
- Completed full repayment of
$7.9 million convertible promissory note - Completed
$16 million registered direct offering in September 2020 - Appointed new SVP Finance to support Phoenix Motorcars subsidiary and Solar Juice IPO
- Announced board approval for spinoff of Solar Juice in IPO
- Announced board approval for spinoff of Orange Power in IPO
Mr. Peng continued, "We are executing on a comprehensive strategy to accelerate growth within the rapidly expanding global renewable energy markets. Our latest expansion into EVs and EV charging further diversifies our operations while positioning SPI Energy for the future of renewable energy."
About SPI Energy
SPI Energy Co., Ltd. (SPI) is a global renewable energy company and provider of photovoltaic (PV) and electric vehicle (EV) solutions for business, residential, government, logistics and utility customers and investors. The Company provides a full spectrum of EPC services to third party project developers, as well as develops, owns and operates solar projects that sell electricity to the grid in multiple countries, including the U.S., the U.K., Greece, Japan and Italy. The Company has its US headquarters in Santa Clara, California and maintains global operations in Asia, Europe, North America and Australia. SPI is also targeting strategic investment opportunities in green industries such as battery storage and charging stations, leveraging the Company's expertise and growing base of cash flow from solar projects and funding development of projects in agriculture and other markets with significant growth potential.
For more information on SPI Energy and its subsidiaries, the Company recommends that stockholders, investors and any other interested parties read the Company's public filings and press releases available under the Investor Relations section at www.SPIgroups.com or available at www.sec.gov.
Forward-Looking Statements
This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties. Forward-looking statements can be identified through the use of words such as may," "might," "will," "intend," "should," "could," "can," "would," "continue," "expect," "believe," "anticipate," "estimate," "predict," "outlook," "potential," "plan," "seek," and similar expressions and variations or the negatives of these terms or other comparable terminology. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company's current expectations and speak only as of the date of this release. Actual results may differ materially from the Company's current expectations depending upon a number of factors. These factors include, among others, the coronavirus (COVID-19) and the effects of the outbreak and actions taken in connection therewith, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business, and those other risks and uncertainties that are described in the "Risk Factors" section of the Company's annual report filed on Form 20-F filed with the Securities and Exchange Commission. Except as required by law, the Company does not undertake any responsibility to revise or update any forward-looking statements.
Contact:
SPI Energy Co., Ltd.
IR Department
Email: ir@spigroups.com
Dave Gentry
RedChipCompanies, Inc.
Phone:(407) 491-4498
dave@redchip.com
SOURCE: SPI Energy Co., Ltd.
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