Solar / Cannabis News: SinglePoint, Inc. (OTCQB: SING) Files Full Year and Fourth Quarter 2019 Financial Results
Reports Record Annual Revenue of $3,343,833 and Record Gross Profit of $990,777 for the Full Year ended December 31, 2019
- 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
- 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.
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 (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.
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For more information visit: www.SinglePoint.com
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.
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