Solar Growth Drives SinglePoint (OTCQB: SING) to Achieve a 300% Increase in Q1 Revenue
PHOENIX, AZ - May 26, 2020 (Investorideas.com Newswire) SinglePoint, Inc. (OTCQB: SING)
- 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
- 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.
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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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