SPI Energy Reports Record Revenue of $162 Million for 2021

Rhea-AI Summary

SPI Energy Co., Ltd. (NASDAQ:SPI) announced its 2021 financial results, reporting a 16.9% increase in net sales to $162 million. The company's total assets rose to $228.8 million. For 2022, SPI expects revenues between $200 million and $220 million, driven by growth in residential solar and electric vehicle sales. Notable achievements in 2021 included the acquisition of solar contracts, new project launches, and expansion in EV solutions. A conference call to discuss results is scheduled for April 4, 2022.

Positive

• Net sales increased by 16.9% in 2021, reaching $162 million.
• Total assets grew to $228.8 million, up 5.4% from 2020.
• Revenue guidance for 2022 projected at $200-220 million, indicating growth.
• Significant expansion in both solar and EV segments with multiple new projects.

Negative

• Logistics and supply chain challenges are affecting business operations.

Company announces 2022 revenue guidance of $200-220 million
SPI Energy to host conference call to discuss 2021 results on April 4, 2022 at 4:15 pm ET

SANTA CLARA, CA / ACCESSWIRE / April 1, 2022 / SPI Energy Co., Ltd., (NASDAQ:SPI) (the "Company"), 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 fiscal year ended December 31, 2021.

2021 Financial Highlights:

• Net sales were $162.0 million in 2021, up 16.9% from $138.6 million in 2020
• Total assets increased to $228.8 million, up 5.4% from $217.0 million in 2020
• Cash and cash equivalents totaled $9.8 million as of December 31, 2021

"I'm proud to report our team delivered strong double-digit top-line growth again in 2021," said Xiaofeng Peng, Chairman and CEO of SPI Energy. "Importantly, we fortified our foundations in multiple business segments, including expanding our residential solar operations and product offerings, launching new utility and commercial-scale solar projects, driving innovation and commercial success in our burgeoning EV segment, and strengthening our team at all levels and across all of our organizations."

2021 Business Highlights:

Solar & Battery Storage Business

• Completed asset acquisition of consumer contracts from Petersen-Dean, one of the largest full-service, privately held roofing and solar companies in the US
• Started construction of a 712kW Oahu 101-1 solar carport project in Oahu, Hawaii with loan financing secured through Orange Power
• SolarJuice subsidiary signed contract with Australia's Aboriginal Housing Office to supply up to 2600 properties with solar PV systems
• Launched new Solar4America website showcasing solar/battery/smart roofing products and services
• Signed agreement to acquire 6.5MW solar PV and 5.45Mwh energy storage project in Massachusetts
• Launched Solar4America high-efficiency solar module for US residential solar market
• Partnered with Common Energy to connect new community solar projects to the Oregon electrical grid
• Launched Solar4America residential battery storage solution and commercial/industrial outdoor energy storage cabinet
• Launched Solar4America cloud-based solar monitoring and maintenance program
• SolarJuice surpasses 2GW of string inverter sales in Australia
• Launched Solar4America store on Amazon

EV Business

• Partnered with Icona Design to collaborate on all-electric passenger and commercial vehicle designs
• Announced board approval and filed with SEC for carve out IPO of Phoenix Motorcars
• Deployed first two all-electric service trucks to City of Woodland, California in collaboration with Pacific Gas & Electric
• Launched full range of EV charging solutions for US market
• Surpassed three million all-electric miles milestone for Phoenix Motorcar EVs
• Entered electric scooter market through EdisonFuture's acquisition of Shared Technologies assets
• Launched Zoomer 2 scooter through RideZoomers subsidiary
• Launched Amazon store for RideZoomers electric scooters
• Continued development of EdisonFuture next-generation electric pickup truck
• Filed design patent for solar retractable roof for EdisonFuture electric pickup truck
• Continued development of EdisonFuture next-generation all-electric solar delivery van
• Launched long-life cycle lithium-ion electric forklift
• Secured long-term supply agreement with leading global battery manufacturer

Corporate

• Issued four $4.21 million 10% convertible promissory notes, each with $20 per share conversion price
• Completed $14.7 million at-the-market registered direct offering
• Fully repaid $13.4 million convertible promissory note issue to Union Sky Holding Group in 2014
• Key management appointments:
  • Janet Jie Chen, 20+ year finance veteran, as CFO of SPI
  • Randolph Conone, 30+ year finance and law veteran, as SVP Investor Relations and Finance of SPI
  • Former Tesla employee, Edmund Shen, as VP of Product Management and Supply Chain for Phoenix Motorcars
  • Former Daimler and Karma Automotive executive Lance Zhou, Ph.D. appointed as CEO of Phoenix Motorcars
  • Auto tech veteran Ron Iacobelli as CTO of Phoenix Motorcars
  • Former General Motors technical specialist Tony Zhou as SVP Autonomous Driving
  • Solar industry veteran Kemp Qiu as Chief Products Officer of Solar4America
  • Former Tesla/Solar City sales director Jason Lally as VP of Sales and Franchise Development of Solar4America
• Signed office/warehouse lease in Preston Tech Center in Livermore, California for Solar4America
• Expanded R&D and production capabilities of Phoenix Motorcars with move to larger facility in Anaheim, California
• Relocated SPI corporate headquarters to Santa Clara, California
• Acquired 140,000 sq. ft. Sunergy PV solar plant in Sacramento, California

"While logistics and supply chain challenges remain a factor globally, we expect revenue of $200 million to $220 million in 2022," continued Mr. Peng. "With multiple business lines addressing multi-billiondollar opportunities within the rapidly expanding global renewable energy and EV markets, SPI is well positioned to unlock substantial value as we accelerate growth in the quarters ahead. Our residential solar business is expected to remain a primary revenue driver in 2022, with EV sales accelerating as the year progresses, ultimately helping to drive overall revenue to $200 million to $220 million for the year."

Conference Call

The Company will host a conference call and audio webcast on Monday, April 4, 2022 at 4:15 p.m. ET to discuss and answer questions about the Company's operational and financial highlights for the fiscal year ended December 31, 2021.

Event: SPI Energy 2021 Financial Results Conference Call
Date: Monday, April 4, 2022
Time: 4:15 p.m. Eastern Time
Live Call: +1-877-425-9470 (U.S. Toll-Free) or +1-201-389-0878 (International)
Conf. ID: 3728652

For interested individuals unable to join the conference call, a dial-in replay of the call will be available until April 19, 2022 and can be accessed by dialing +1-844-512-2921 (U.S. Toll Free) or +1-412-317-6671 (International) and entering replay pin number: 13728652.

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 regions, 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, 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 (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 10-K 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
RedChip Companies, Inc.
Phone:(407) 491-4498
SPI@redchip.com

SOURCE: SPI Energy Co., Ltd.

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FAQ

What were SPI Energy's 2021 financial results?

SPI Energy reported net sales of $162 million in 2021, a 16.9% increase from 2020.

What is SPI Energy's revenue guidance for 2022?

SPI Energy expects revenues between $200 million and $220 million for 2022.

When will SPI Energy discuss its 2021 results?

SPI Energy will hold a conference call on April 4, 2022, at 4:15 p.m. ET.

What were the major highlights for SPI Energy in 2021?

Major highlights include the acquisition of consumer contracts and expansion into EV solutions.

How did SPI Energy's total assets change in 2021?

Total assets increased to $228.8 million in 2021, a rise of 5.4% from 2020.