SinglePoint CEO Issues Update to Shareholders Highlighting Key Operational Milestones
24 Julho 2024 - 10:11AM
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.
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 Massachusetts 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
Forward-Looking StatementsCertain 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
Incinvestor@singlepoint.com888-682-7464
SinglePoint (AMEX:SING)
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