SPI Energy Updates 2023 Outlook: Expects $29M-$36M Net Profit for Full Year

Rhea-AI Summary

SPI Energy Co., Ltd. (NASDAQ: SPI) has announced a robust financial outlook for 2023, forecasting revenues of $250 million to $300 million. The company anticipates a net income ranging from $29 million to $36 million, supported by expectations of an EBITDA positive and net profitable Q1 2023. SPI Energy, which focuses on renewable energy solutions and electric vehicles, believes its significant investments in solar and EV divisions will enhance growth as demand increases. The company operates globally, providing solar storage and EV solutions across key markets.

Positive

• Projected revenues of $250 million to $300 million for 2023.
• Expected net income of $29 million to $36 million for 2023.
• Confidence in an EBITDA positive and net profitable Q1 2023.
• Strong investments in EV and solar wafer manufacturing expected to accelerate growth.

Negative

• None.

Revenues expected in the range of $250 million to $300 million in 2023

MCCLELLAN PARK, CA / ACCESSWIRE / February 6, 2023 / 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 announces net profit outlook for 2023.

Key Highlights

• $29 million to $36 million net income projected for 2023
• $250 million to $300 million revenue projected for 2023

"With near-term expectations for an EBITDA positive and net profitable Q1 2023, we are confident we will deliver between $29 million and $36 million net income for fiscal year 2023," said Xiaofeng Peng, Chairman and CEO of SPI Energy. "This is a monumental milestone for SPI made possible by years of hard work from our teams who have been instrumental in helping to build our renewable energy company platform. This achievement is even more significant when considering our continued investments in our EV and solar wafer manufacturing businesses, which are expected to further accelerate our overall growth in the quarters ahead as we strive to meet rapidly growing demand."

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 McClellan Park, California.

The company has three core divisions: SolarJuice which has solar wholesale distribution, as well as residential solar and roofing installation and solar module manufacturing, SPI Solar and Orange Power which operates a commercial & utility solar division, 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 SPI Solar 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 energy 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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https://www.accesswire.com/738150/SPI-Energy-Updates-2023-Outlook-Expects-29M-36M-Net-Profit-for-Full-Year

FAQ

What are SPI Energy's revenue projections for 2023?

SPI Energy expects revenues between $250 million and $300 million for 2023.

What is the net income forecast for SPI Energy in 2023?

The company forecasts a net income between $29 million and $36 million for 2023.

When does SPI Energy expect to be EBITDA positive?

SPI Energy anticipates an EBITDA positive and net profitable Q1 2023.

What is SPI Energy's focus in the renewable energy sector?

SPI Energy focuses on solar storage and electric vehicle solutions for various customer segments.