Breaking Solar News - SinglePoint (CBOE: $SING) CEO Issues Update to Shareholders Highlighting Key
Operational Milestones; @_Singlepoint_
Revenue up 20% YoY as subsidiary Boston Solar
continues to grow
Phoenix, Arizona July 24, 2024 - (Investorideas.com
Newswire) SinglePoint Inc. (CBOE:SING), a leading
provider in the renewable energy sector, issues an update to shareholders from
CEO Wil Ralston highlighting key operational milestones:
Dear Follow Shareholders,
The Company continues to refine and strengthen
operations as reflected in our recently filed annual financial statement (10K)
for the year ended December 31, 2023. In particular, management is encouraged
by the overall increase in topline revenue of 20% YOY and the ongoing
sustainable growth of its subsidiary Boston Solar. We believe this trend will
continue into 2025.
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of/issued on behalf of SinglePoint Inc.
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Boston Solar's new leadership team is demonstrating
its commitment to profitability, reducing $3.1M in annual overhead while
continuing YoY revenue growth. The reduction in expenses resulted in an
increase in revenue per employee of approximately 50%. Further implementations
of software and development partnerships will allow the company to increase
volume into 2025 with limited fixed overhead costs. Additionally, diversifying
the business from over 90% residential at time of acquisition to 70/30
residential to commercial in 2022, to a 50/50 split between both business lines
in 2024 comfortably positions the company for growth with an active solar
market driven by strong state mandates for carbon reduction on commercial
buildings by 2030.
As Massachusetts residential and small commercial
solar markets consistently rank in the top 10 for solar and solar adjacent
products, we believe Boston Solar is uniquely positioned with approximately
$20M in signed commercial contracts to build upon as it seeks to be the leading
provider of small commercial solar in the state. Recently Massachusetss was
ranked the number one most solar friendly state in the US by this This Old House and the 11th
in total solar power installations as reported SEIA.
Throughout the second half of 2023 the solar market
experienced turbulence primarily driven by high interest rates, which
significantly impacted both the residential and commercial real estate sectors.
High interest rates increase the cost of financing solar projects, making it
more expensive for consumers and businesses to take out loans for solar
installations. This was particularly felt in the residential market, where
homeowners often rely on loans to cover the upfront costs of solar panel
systems. As a result, we have implemented dramatic changes to our marketing and
sales efforts, which has resulted in additional leads and sales opportunities
that we expect to show measurable results over the second half of 2024. Due to
the foresight and strategic initiatives to drive commercial growth at Boston
Solar, we were fortunate to not be nearly as impacted as some our peers and
have actually seen measurable improvements during this time within Boston Solar
commercial and residential business units. We expect these improvements will
result in additional compound growth as market conditions continue to improve.
Despite the challenging market conditions our team's
dedication and persistence has led to significant advancements in our
operational efficiency. It is this resilience that continues to create new
opportunities for our business units. We are committed to navigating all market
conditions effectively ensuring sustainable growth and creating long-term
shareholder value.
Yours truly,
Wil Ralston
About SinglePoint Inc.
SinglePoint Inc. is a renewable energy and sustainable
lifestyle company focused on providing environmentally friendly energy
efficiencies and healthy living solutions. SinglePoint is initially focused on
building the largest network of renewable energy solutions and modernizing the
traditional solar and energy storage model. The Company is also actively
exploring future growth opportunities in air purification, electric vehicle
charging, solar as a subscription service, and additional energy efficiencies
that enhance sustainability and a healthier life. For more information, visit
the Company's website (www.singlepoint.com).
About Boston Solar
Boston Solar is a subsidiary of SinglePoint Inc.
(CBOE: SING) Since its founding in 2011, Boston Solar has installed more than
6,000 residential and commercial solar arrays, powering thousands of homes and
businesses in New England, primarily in Massachusetts. The mission of Boston
Solar is to provide superior clean energy products, exceptional customer
service, and the highest-quality artistry in residential and commercial
installations.
Boston Solar has accumulated several distinctions of
recognition of the company's outstanding:
·
Honored with the
2020 Guildmaster Award from GuildQuality, the award acknowledged how Boston
Solar demonstrated exceptional customer service within the residential
construction industry.
·
Named a Top Solar
Contractor by Solar Power World magazine for five consecutive years.
·
Applauded by the
Boston Business Journal's "Largest Clean Energy Companies in
Massachusetts" list.
Boston Solar is a Solar Energy Business Association of
New England (SEBANE) member. Learn more at: www.bostonsolar.us
SinglePoint Inc.
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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 plans and objectives of the Company, anticipated
changes to our financial reporting process and resources, 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.
Investor Relations Contact:
SinglePoint Inc
investor@singlepoint.com
888-682-7464
SinglePoint
(CBOE:SING) is a featured cleantech stock on Investorideas.com
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