#Solar Growth Drives SinglePoint (OTCQB: $SING) to
Achieve a 300% Increase in Q1 Revenue @_singlepoint_
PHOENIX,
AZ - May 26, 2020 (Investorideas.com Newswire) SinglePoint, Inc. (OTCQB: SING)
SinglePoint: Q1 Revenue
Financial
Highlights
- First quarter
revenue up 309% - $1,075,222
- First quarter
gross profit up 309% - $309,614
- Announced
Agreement to raise up to $7M in growth capital
Operational
Highlights
- Direct Solar
America leverages transformation of sales platform to expand from 7 states
to over 30 states
- Launched
innovative moisturizing Klen Hands sanitizer
- Expansion of
Retail Footprint of 1606 Hemp to over 400 retail storefront locations
SinglePoint
Inc. (SING) files quarterly financials for the period ending March 31, 2020. The
company had total sales of $1,075,222 a 300% growth compared to the same period
in 2019. The majority of the revenue was attributable to the acquisition of
Direct Solar America and the backlog of projects developed throughout Q4.
Direct
Solar America had amassed a record pipeline of (solar bookings) throughout Q4
of 2019 and the early period of Q1 2020 many of which installed during Q1 2020.
During the first quarter, Direct Solar America added multiple new markets, now
totaling 30 states. The company saw record bookings during February closing
over 40 residential sales. Due to the challenges presented by the operational
disruptions businesses and consumers faced in response to the COVID-19 virus
March was slower than anticipated. The Company accelerated the transition to a
completely digital sales platform facilitating contactless solar sales, which
enabled Direct Solar America to quickly expand into new markets. The digital
sales platform has reduced costs as highlighted and featured in GreenTech Media,
an industry leader focused on the clean energy industry, discussing the changes
made and how they will impact the company in the near and long term.
Looking
ahead, the Company has growing performance of the consumer products and a
healthy solar pipeline comprising residential bookings and new incremental and
accretive commercial sales. The Company began to experience the effects of
disruptions caused by the pandemic late in the first quarter and expects
continuing effects to be felt primarily in the 2nd Quarter.
"Direct Solar America and our consumer product
1606 Original Hemp are both gaining traction and revenue growth," states
Greg Lambrecht, CEO and Chairman, SinglePoint, Inc. "We continue to
analyze and to take actions to transform and realign our business opportunities
and we remain bullish on the long-term ability for the company to grow
revenues, improve the balance sheet and increase shareholder value."
The Company outperformed on gross revenue in Q1, which
ended in March, and pivoted operational plans to address headwinds that will
mostly be felt in the 2nd Quarter of 2020 due to the ongoing global pandemic related
to the COVID-19 Coronavirus. The ability for the Company to deliver strong
operational results meeting internal expectations is a testament to our senior
leadership and flexibility but the true effects of the shutdown will be felt
during the 2nd quarter. We have reason to believe that our introduction of new
products and our shift in sales strategies coupled with increasing reopening of
the country indicates that we will see an increase in the 3rd and 4th quarters
back to our targeted forecasted range.
We are committed to providing the opportunities for
our shareholders to have access to liquidity with respects to their ownership
in our stock. We have explored and will continue to explore various different
listing options including cross listing and up listing to a higher exchange.
The recent history of the company, audited financials, becoming fully
reporting, uplisting to the OTCQB were significant achievements and milestones.
We will continue to and plan on taking decisive actions that we feel are in the
best interest of the company and its shareholders to maintain and eventually
improve our equity structure, market capitalization, and to assess options
related to the total number of shares outstanding that encourages investment.
Management believes that maintaining the OTCQB listing is a priority as it
positions the Company to achieve current business objectives and provides a
foundation for a broader shareholder and customer base as the Company focuses
on executing toward its key strategic objectives.
As previously reported, we took decisive and
aggressive actions to reimagine the traditional sales model associated with
solar to a virtual sales platform. This shift enables rapid scale as evidenced
by our addition of new states and accelerates our efforts to enhance our
competitive advantage within our solar business model that allows for scale. We
expect to continue to add additional states in an effort to cover the entire
domestic and addressable US market.
Our core business delivers products and services that
consumers will continue to utilize whether its saving money, going green, and
reducing sole dependence on a single-sourced energy/electrical supply or
looking for a premium product such a Klen hand sanitizer that is designed to
moisturize as well as sanitize. Our brand of smokable hemp product provides the
benefits of immediate delivery of the benefits of hemp. The product is
nontobacco with no additives and can be sold online and can be found through
our increasing number of retailers carrying the product.
"We are pleased with the revenue the Company was
able to recognize during the 1st quarter. To surpass the $1M revenue achieved
in a quarter is a significant threshold and is a testament that we were
executing the strategic vision highlighted in January 2020. During the onset of
the Covid-19 crisis and the ensuing global disruption caused, our employees
continued to push forward while everybody stayed safe as we adapted to the new
business normal. Our teams' dedication and hard work enabled us to launch the
contactless / virtual solar sales process in weeks versus a much longer
anticipated implementation. This has turned out to be a great innovation and
competitive advantage for Direct Solar America. We have incorporated parts of
this contactless sales process across our sales efforts for our consumer
products in smokable hemp and hand sanitizer. We anticipate that the reopening
of the economy coupled with a return of consumer confidence will allow us to
stay on track for our annual revenue target. We remain focused on closing
commercial solar projects that have been delayed but are currently in process
in addition to increasing and expanding our 1606 Hemp market share to bolster
and achieve our revenue goals," Greg Lambrecht CEO SinglePoint.
In addition to the quarterly 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 long-term 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 2020 financial results.
About SinglePoint, Inc.
Founded in 2011 SinglePoint, Inc (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.
Our Companies
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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
SinglePoint Inc.
888-OTC-SING
investors@SinglePoint.com
SinglePoint.com
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