SinglePoint, Inc. 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
Financial Highlights:
- 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
Operational Highlights:
- 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, AZ -- March 31, 2020 -- InvestorsHub NewsWire --
SinglePoint, Inc. (OTCQB:
SING) ("SinglePoint" or the "Company") 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.
Connect on social media at:
https://www.facebook.com/SinglePointMobile
https://twitter.com/_SinglePoint
https://www.linkedin.com/company/singlepoint
https://www.youtube.com/user/SinglePointMobile
For more information visit: www.SinglePoint.com
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 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.
Corporate Communication
SinglePoint Inc.
888-OTC-SING
investors@singlepoint.com
www.singlepoint.com
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