SPI Energy Reports Net Sales Up 41% Year-Over-Year to $79.4 million in First Half of 2021
SPI Energy reported a revenue increase of 41% to $79.4 million for the first half of 2021, compared to $56.4 million in 2020. Gross profit surged 134% to $7.4 million. As of June 30, 2021, cash and equivalents stood at $22.8 million, while shareholders' equity rose to $47.6 million. The company's Chairman expressed optimism about growth opportunities in solar operations and electric vehicle production. SPI operates across various segments, including residential solar and commercial EV solutions.
- Revenue increased to $79.4 million, up 41% year-over-year.
- Gross profit increased to $7.4 million, up 134% year-over-year.
- Shareholders' equity rose to $47.6 million from $45.3 million.
- None.
Shareholders' equity increased to
SANTA CLARA, CA / ACCESSWIRE / November 8, 2021 / SPI Energy Co., Ltd. ("SPI Energy" or the "Company") (NASDAQ:SPI), a global renewable energy company and provider of solar storage and electric vehicle (EV) solutions for business, residential, government, logistics and utility customers, today announced its financial results for the six months ended June 30, 2021.
Key Highlights:
- Revenue increased to
$79.4 million , up41% over the$56.4 million generated in first half of 2020 - Gross profit increased to
$7.4 million , up134% over gross profit of$3.1 million in the first half of 2020 - Cash and cash equivalents on June 30, 2021, totaled
$22.8 million - Shareholders' equity increased to
$47.6 million as of June 30, 2021, up from$45.3 million on December 31, 2020
"Our team continues to perform extremely well across all of our business lines," stated Mr. Xiaofeng Denton Peng, Chairman & Chief Executive Officer of SPI Energy. "We are still in the early days of multiple significant market opportunities and believe we are in a great position to accelerate growth as we continue to expand our solar operations and scale our EV production across a growing line of innovative solutions."
About SPI Energy
SPI Energy Co., Ltd. (NASDAQ:SPI) is a global renewable energy company and provider of solar storage and electric vehicle (EV) solutions that was founded in 2006 in Roseville, California and is headquartered in Santa Clara, California.
The company has three core divisions: SolarJuice residential solar, the commercial & utility solar division comprised of SPI Solar and Orange Power, and the EdisonFuture/Phoenix Motor EV division. SolarJuice is the leader in renewable energy system solutions for residential and small commercial markets and has extensive operations in the Asia Pacific and North America markets. The commercial & utility solar division provides a full spectrum of EPC services to third party project developers, and develops, owns and operates solar projects that sell electricity to the grid in multiple countries, including the U.S., U.K., and Europe. Phoenix Motor is a leader in medium-duty commercial electric vehicles, and is developing EV charger solutions, electric pickup trucks, electric forklifts, electric scooters, and other EV products.
SPI maintains global operations in North America, Australia, Asia and Europe and is also targeting strategic investment opportunities in fast growing green industries such as battery storage, charging stations, and other EVs which leverage the Company's expertise and substantial solar cash flow.
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 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.
SPI Energy Co., Ltd. Contact:
IR Department
ir@spigroups.com
Randy Conone, SVP of Investor Relations & Finance
randy.conone@spigroups.com
Dave Gentry
RedChip Companies, Inc.
Phone:(407) 491-4498
dave@redchip.com
SOURCE: SPI Energy Co., Ltd.
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