SinglePoint Inc. Files Q3 2020 Financial Results, Highlighting Increased YTD Revenue and Significant Reduction in Debt
November 18 2020 - 8:30AM
InvestorsHub NewsWire
SinglePoint Inc. Files Q3 2020 Financial
Results, Highlighting Increased YTD Revenue and Significant
Reduction in Debt
YTD Financial
Highlights:
- YTD
Revenue increased to
$2,495,628
- YTD
Gross profit increased 15%
- Q3
Reported Revenue of $1,025,129
- Reduced Debt by approximately $1.2
Million
- Operational Expenses Reduced by
$2.8 Million
Operational
Highlights:
- Direct Solar of America Signs
Agreement with Soligent to Provide a first of its kind ‘Direct Pay’
model
- Completed first agreement to
create a National Solar Installation Network with principal owner
of Standard Eco to obtain multi-state installation
entity
- Current maturities of convertible notes payable
decreased by approx. $1.2M
Phoenix, AZ -- November 18, 2020
-- InvestorsHub NewsWire -- SinglePoint, Inc. (OTC:
SING) ("SinglePoint" or the "Company") reports financial
results for the three and nine months ended September 30, 2020.
Over the course of the past two quarters the company has expanded
coverage into 38 states and signed agreements with leading solar
industry partners deepening its residential installation, equipment
and financing offerings that position the company for continued
revenue growth in 2021. Direct Solar of America is better prepared
to withstand some of the impacts of a second shutdown due to the
swift pivot to a mostly virtual sales platform earlier this year
which allows us to reach residential customers who are looking for
ways to make home improvements as the Work from Home trend
continues. Previous state by state closures made growth more
difficult. The company quickly adapted and established new
processes that have proven to be more profitable and scalable
setting up for a robust 2021, anticipating a return to a new
normal
“The challenges presented by the
events of 2020 have been felt across SinglePoint and our
subsidiaries. Our senior leadership at the corporate
level and our subsidiaries have continued to adapt and we have
focused efforts on fundamentally making decisive decisions designed
to improve and enhance our current market positioning and to grow
our core assets. We have negotiated with our primary lending
partner which resulted in improvements to our balance sheet. In
addition, we launched a new strategic initiative that we believe
presents an opportunity to increase shareholder value. We expect
that as we execute against these strategies, our market cap and
share price will continue to improve as we look to become a
dominant residential solar provider by leveraging and building a
true national solar network focused on residential and small
commercial
projects”.
-Greg Lambrecht, Chairman and CEO
of SinglePoint
About
SinglePoint,
Inc.
SinglePoint
Inc. (OTC:
SING) is a fully reporting company with core holdings in Solar
Energy Services. Learn More at www.singlepoint.com
Connect on social media
at:
https://www.facebook.com/SinglePointInc
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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