#Solar / #Cannabis News:
SinglePoint, Inc. (OTCQB: $SING) Files Full Year and Fourth Quarter 2019
Financial Results; @_Singlepoint_
Reports Record Annual Revenue of $3,343,833 and
Record Gross Profit of $990,777 for the Full Year ended December 31, 2019
SinglePoint Revenue Growth 2017 – 2019
Financial Highlights:
·
Full Year Revenue increased 189% to a record
$3,343,833 million
·
Full Year Gross profit increased 269% to a record
$990,777 thousand
·
Repaid Convertible note payable to investor (the
"CVP Note") dated October 10, 2017
Operational Highlights:
·
Completed acquisition of Direct Solar America
("Direct Solar") in May 2019
·
Direct Solar strategically expanded coverage to
multiple states.
·
Direct Solar Residential Business Unit achieved
profitability in 2019
·
Added Commercial division to address emerging
opportunities identified through strategic partnerships
·
Transitioned to a fully reporting public entity
·
Unveiled smokable hemp products at 2019 NACS show
followed by the subsequent launch of our proprietary brand, 1606 Original Hemp
Phoenix, Arizona - March 31, 2020
(Investorideas.com Newswire) SinglePoint Inc. (OTCQB: SING) today reported audited financial results for the three and twelve
months ended December 31, 2019. For the years ended December 31, 2019 and 2018,
the Company had total sales of $3,343,833 and $1,154,671, respectively,
representing an 189% increase in year over year gross revenue.
Read this news featuring SING in full at https://www.investorideas.com/CO/SING/news/2020/03311FinancialResults.asp
The primary driver of the revenue increase of$2,189,162
in revenues was due to the acquisition of Direct Solar in May 2019 representing
six months of revenue through December 31, 2019. On a full-year unaudited pro
forma basis Direct Solar America would have surpassed $4,000,000 in revenue as
reported in the 2019 Annual Report. The Gross Profit was $990,777 for the year
ended December 31, 2019, compared with a Gross Profit of $267,799 for the year
ended December 31, 2018, representing a 269% increase for the year over year.
The overall net loss decreased in 2019 as compared to 2018.
"The
positive operational results in 2019 represent the commitment we have to our
stakeholders to enhance revenues by executing on growth initiatives and
acquisitions that we believe will continue to add value. We are ecstatic about
the continued growth of SinglePoint and look forward to achieving significant
growth through 2020. Through the acquisition of Direct Solar America, we have
firmly established ourselves as a leading provider of residential solar
concierge services, designed to assist customers with making the best choice
based on their specific needs. Throughout 2019 and into 2020 Direct Solar has
continued to grow revenue and expand its service footprint which now includes
coverage in 25 states. Business development and expansion is continuing as
contractors continue looking for solutions that increase their revenue and
bottom such as those provided to them when they partner with the Direct Solar
Residential Platform," according to Greg Lambrecht, Chairman and CEO of SinglePoint.
The
success and rapid achievement of business unit profitability by the Direct
Solar Residential Business Unit gave us confidence to support the creation of a
separate business unit for commercial solar sales. The Direct Solar Commercial Business
unit, established in the second half of 2019, quickly built a robust pipeline
of small to mid-sized commercial deals that have the ability to generate
immediate and long term revenue representing millions of dollars of combined
annual and recurring revenue potential.
"I
am extremely proud of the results driven by our senior management team in 2019.
As a standalone entity, the Direct Solar America Residential Business Unit
ultimately ended the year profitably, which is an incredible achievement for a
start up in its first few months of operation. These profits were allocated to
enable initial funding and startup costs for the Commercial and Capital Solar
Business Units. As SinglePoint grows we will continue to seek out additional
business opportunities internally and externally in the renewable energy
sector," states Greg Lambrecht CEO SinglePoint.
In addition to the annual revenue growth results and
operational improvements, the Company successfully re-paid a convertible
investor note, (the "CVP Note") dated October 10, 2017, during the
first quarter (Q1) of 2020. The Company and management will continue to find
accretive ways to work with our investing partners to strategically eliminate
outstanding notes in order to improve the balance sheet as we believe it is in
the best interest of our shareholders. The Company’s fully reporting status
will improve our ability to access the necessary growth capital through more
traditional financing sources and it should be further enhanced by its entrance
into multiple emerging business markets in conjunction with delivering
consistent annual revenue growth as represented in the 2019 audited financial
results.
About SinglePoint, Inc.
Founded
in 2011 SinglePoint, Inc (OTCQB: SING) invests in and acquires brands and
companies that will benefit from injection of growth capital and the sales and
marketing expertise of SinglePoint. The company portfolio currently includes
solar, hemp and technology applications. SinglePoint is working to grow the
company to a multinational brand.
Connect on social media at:
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 future
plans and objectives of the Company, 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.
Corporate Communication
More info on SING at Investorideas.com Visit: https://www.investorideas.com/CO/SING/
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