PHOENIX, AZ -- May 26, 2020 -- InvestorsHub NewsWire --
SinglePoint Inc. (OTC:SING)
Financial Highlights
- 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
Operational Highlights
- 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. (OTC: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.
Our Companies
https://directsolaramerica.com
https://1606hemp.com
https://www.singleseed.com
https://www.singlepoint.com
http://plhempco.com
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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