Revenue up 20% YoY as subsidiary Boston Solar continues to grow
Phoenix, Arizona--(Newsfile Corp. - July 24, 2024) - 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 Massachusetss 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
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 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.
