Company nears audit completion as its solar business unit continues resilient growth
Phoenix, Arizona--(Newsfile Corp. - June 26, 2024) - SinglePoint Inc. (CBOE: SING) a leading provider in the renewable energy sector, today issued an update to shareholders from CEO Wil Ralston on key corporate and industry developments as the Company is at or is near completion of the annual audit and is preparing to file its annual report.
Dear Fellow Shareholders,
As the Company prepares to file the annual financial statement (10K) for the year ended December 31, 2023 followed by the quarterly financial statement (10Q) for the period ending March 31, 2024, I want to acknowledge the support and patience of our valued shareholders. Management has worked diligently with its auditors to process a large volume of information and transactions as efficiently as possible. SinglePoint's previous 13 quarters were filed without delay, and we are committed to returning to on-time filings. We have added additional professional resources and have had preliminary conversations with 3rd party financial services providers in an effort to ensure that we have professional financial services providers that have the bandwidth to deliver timely financial reporting.
Regarding our Cboe compliance status, the Company believes that maintaining it's listing on Cboe is paramount. Listing on a national or global exchange like Cboe provides the necessary trading and liquidity that today's investors demand. In an effort to maintain the listing on Cboe I am pleased to report that the Company has provided the exchange all required information as part of our continued listing plan submission. SinglePoint has received confirmation of receipt from the exchange and we are taking decisive action designed to preserve the SinglePoint listing on Cboe. I want to reiterate we will continue to be listed on Cboe during this time per Cboe confirmation. "The Staff Delisting Determination states that a timely request for review would stay the delisting of the Common Stock. As such, the Common Stock would not be suspended or delisted prior to any decision by the Hearings Panel".
Certain local or regional businesses, like Boston Solar, continue to prove they are resilient through continued revenue growth and diversification of revenue between residential rooftop solar and energy storage and small commercial solar and energy storage business segments. There are some very positive long-term trends in the solar industry primarily decreasing product costs and the continuing rising utility prices for homeowners and business owners. The rise of interest rates has impacted the residential solar industry as the cost of financing has increased at our supplier level and for homeowners. This has caused short term retraction throughout the latter part of 2023 but we feel that although it is not normal it is normalizing and we have seen residential sales increasing in the past few months. The federal tax credits associated with the Inflation Reduction Act will continue to make solar energy an attractive investment over the next decade for residential and small commercial businesses. An emerging sector in small commercial is technology companies seeking carbon-free energy to power electricity-intensive data centers.
It was strategically important to diversify our solar revenue at Boston Solar, who at the time of acquisition derived over 90% of its revenue from residential customers, by focusing on the expansion of our commercial business we were able to withstand the sudden downturn in the residential solar market in 2023. Our revenue diversity between the business units enabled us to survive and grow while many of our peers in the solar industry are experiencing hardship due to their over reliance on residential sales.
For a company like SinglePoint, that has shown it can acquire a company and successfully execute its revenue diversification strategy there may never be a better time to selectively acquire local solar installation companies. Our plan continues to be centered on entering a solar market through acquisition and then grow and expand residential and small commercial revenue in addition to expanding to adjacent territories. As little as one year ago, acquisition opportunities within our space were challenging, multiple bidders for each company at elevated multiples. Valuations have been reduced and so have the number of bidders for each company, but the cost of financing has increased. We are steadfast in our acquisition strategy, identifying the right company, in the right region with experienced operators that are committed to being the best service provider in their respective territory. Acquisitions in solar are quickly becoming an opportunistic buyer's market.
Solar is local and we believe that there is timeless value in local operations, the industry winners will be the local businesses that manage all aspects of solar service - from customer acquisition through installation to ongoing maintenance. This move towards localized service providers is shaping a more sustainable and customer-focused market landscape which is perfectly aligned with our strategy. Local businesses are increasingly handling comprehensive solar solutions. This trend is driving closer customer relationships and more tailored services, enhancing consumer trust and satisfaction. To this end, Boston Solar, a subsidiary of SinglePoint, has recently been recognized as best local option (in Boston, Massachusetts) by Forbes magazine.
Solar energy and energy storage will continue to get hotter for the foreseeable future.
In a quote from a recent Economist article, "To call solar power's rise exponential is not hyperbole, but a statement of fact. Installed solar capacity doubles roughly every three years, and so grows ten-fold each decade. Such sustained growth is seldom seen in anything that matters. That makes it hard for people to get their heads round what is going on. When it was a tenth of its current size ten years ago, solar power was still seen as marginal even by experts who knew how fast it had grown. The next ten-fold increase will be equivalent to multiplying the world's entire fleet of nuclear reactors by eight in less than the time it typically takes to build just a single one of them."
The residential solar market continues to expand, although the pace of growth has moderated compared to previous years. In the first quarter of 2024, the U.S. solar industry installed 11.8 gigawatts-direct current (GWdc) of capacity, with residential solar contributing 1.3 GWdc. This marked a 25% year-over-year decline for the residential sector, primarily due to high interest rates and changes in net metering policies in key states like California (Energy.gov) (SEIA.org).
Despite the slowdown, the long-term outlook remains positive. The Solar Energy Industries Association (SEIA) anticipates a rebound, projecting steady annual growth of around 10% from 2025 onwards (Energy Circle, LLC).
SinglePoint is well positioned to take advantage of the long term grown in solar and the current buyer's market. We believe it's essential for our Company, our employees, future acquisition candidates and our shareholders to be listed on a global exchange like Cboe. I am committed to growing revenues, delivering profitability and creating long-term value for our shareholders.
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.
