SinglePoint Inc has unveiled record revenue in its second quarter financial results showing the solar energy company reporting revenue of $4.5 million, nearly ten times higher than its revenue in the same quarter of 2021.
For the three-month period ending June 30, 2022, gross profit was $3.2 million, compared to $300,000 a year ago.
“We are ecstatic with the execution of our entire team and the ensuing financial results,” CEO Wil Ralston said in a statement. “In our opinion, these stellar results validate everything our management, staff, and all our partners at each subsidiary have been working towards over the past year. The revenue growth is exceptional, and we expect to continue to see strong growth and further record revenues.”
READ: SinglePoint acquires Frontline Power Solutions, a multi-state, licensed energy services company
SinglePoint acquired Boston Solar, a leading residential, small commercial Solar EPC focused on customers in the greater Boston area, earlier this year.
During the quarter, Boston Solar was recognized as a top contractor for 2022, and BOX Pure Air was recognized as the preeminent provider of California EANS (emergency assistance to non-public schools) funding to improve indoor air quality in schools.
“Significantly, we want to point out these quarterly results are not representative of the full second quarter for Boston Solar as we closed this acquisition on April 21, 2022,” Ralston said. “On a full quarter basis, we would have recognized more than $5 million in revenue for the quarter.”
Looking ahead, the company expects throughput at Boston Solar to increase in the third quarter, as well as multiple school orders to improve indoor air quality.
“Combining with the expected orders for BOX Pure Air in (3Q), we expect 3Q to be yet another major growth milestone for the company,” he added. “Our companies are well positioned in their rapidly growing markets to accelerate the adoption of our services and meet the increased demand.”
The company also noted the newly passed Inflation Reduction Act, noting that with “its generous tax credits for solar energy, we expect tailwinds to be in SinglePoint’s favor for years to come.”
Meanwhile, SinglePoint will be presenting at the Sidoti Micro-Cap Virtual Conference held this week. The company’s presentation is scheduled for 1 pm ET on Thursday.
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