SING - Another Record Quarter And Improving Solar Outlook Reaffirm SinglePoint’s Future Growth Prospects
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After falling out offavor with investors for some time now, solar stocks are surging afterU.S. inflation cooled in October and Treasury yields dropped. TheInvesco Solar ETF that tracks the industry has rebounded, gainingabout 9%, and considering the impressive projections for solarcapacity additions in the United States for 2023, this might be theperfect time for investors to consider keeping some solar stocks ontheir watchlist.
SinglePoint Inc. (OTCQB:SING) is a diversified holdingcompany that offers integrated solar energy services, mainly throughits majority-owned subsidiary, Boston Solar, and air purificationsolutions through its Box Pure Air unit.
Established back in 2011, Boston Solar has hadan impressive track record in the residential solar market and has sofar installed more than 5,000 residential and commercial solar systemsin New England, mostly in Massachusetts. SinglePoint took an 80.1%stake in the business in 2022.
On the other hand, Box Pure Air distributesindustrial-grade air purification products designed and manufacturedfor schools and commercial buildings. SinglePoint Inc. (OTCQB:SING) initially bought a 51% stake in the company back in 2021 beforefinally acquiring the remaining stake in October this year, making ita 100% wholly owned subsidiary. Essentially, that deal setsSinglePoint up to capitalize on the over $121 billion in federallyallocated funds to enhance indoor air quality in the nation'sschools.
Thecompany also has ownership interests in various non-core businessesdealing in the marketing industry, among others. SinglePoint Inc.(OTCQB:SING) recently reported third quarter earnings, and theimpressive financial performance reaffirms its future growthprospects.
Amongthe major highlights was that the company substantially grew revenuefor the nine months ended September 30, 2023, to about $20.78 millionfrom about $12.67 million in the same period of 2022. This 81% growthwas primarily attributed to the full incorporation of Boston Solarrevenues. On a quarter over quarter basis, revenue also increased withthe three months ended September 30, booking about $6.91 million inrevenue as compared to about $6.59 million for the same period lastyear.
Thanks tothe management’s focus on cost cutting strategies, sales, general,and administrative expenses (SG&A) for the quarter declined toabout $3.17 million compared to $3.7 million for the prior yearperiod, clearly demonstrating the company’s commitment tooperational efficiency and cost control.
More importantly, the company's net lossfor the quarter fell to about $1.27 million, a notable improvementfrom the net loss of about $1.6 million for the same period in 2022.Higher revenues and lower operating costs were the main drivers ofthis reduction in net loss. Going forward, SinglePoint Inc.(OTCQB:SING) expects to benefit from spreading certain fixed costsover a higher revenue base as it continues to scale operations.
CEO of Singlepoint, WilRalston noted, “We are seeing significant growth opportunities incommercial solar in the New England area, and the addition of MikeRicci to the commercial business gives us another dynamic, experiencedprofessional to leverage the success of Boston Solar Residentialbusiness. This combination, along with the rest of the leadershipteam, has Boston Solar positioned to continue increasing revenue andgrabbing market share as the solar provider of choice in the Bostonmetro area, the state of Massachusetts, and throughout New England aswe continue to expand our regional business footprint."
Boston Solar hasreaffirmed its commitment to creating free cash flow in addition todelivering annual revenue growth through 2024. The company is nowfinishing off the current year strong and heading into the new yearwith several installed commercial projects and a growingmulti-million-dollar backlog of contracted projects in 2024.
Additionally, SinglePoint Inc. (OTCQB:SING) subsidiary Frontline PowerSolutions (FPS) recently revealed that it had solidified a significantexclusive energy advisory agreement and a substantial 7.1 million kWhenergy services contract with a renowned national property managementfirm. This pivotal achievement represents the second-largest energycontract in FPS's impressive track record, highlighting theopportunity for exponential growth since SING’s investment in thecompany. This strategic move is set to generate approximately $110,000in cost savings for the client over the term of the contract. Thisdeal not only further reinforces SinglePoint’s position as a leaderin the energy management space but has also helped the company growits recurring KwH to over 18 million KwH sold on a year-to-datebasis.
SinglePoint Inc. (OTCQB:SING) aims to provide completeenergy solutions to its clients while also providing investors with aunique opportunity to profit from this vertical integration bycombining its offerings in solar, EV charging, energy storage, andenergy brokerage services with premium energy providers.
And as mentionedearlier, the outlook for the solar industry is quite bright. The SolarEnergy Industries Association (SEIA) has set an ambitious goal to havesolar power produce 30% of the nation's energy by 2030, which hasput the solar energy industry in the United States at a criticalturning point. This means that at least 48 GW of solar capacity needsto be added each year to meet this goal. Taking into account the factthat Massachusetts leads the nation in solar installations and BostonSolar’s leadership in that market, it seems highly likely that thecompany is well positioned to reap big benefits from this new capacityto be installed.
At the moment, solarstocks like SinglePoint Inc. (OTCQB:SING) have seen valuationsdrop to multi-year lows in spite of the fundamentals of the broaderindustry remaining strong, making this the perfect time to add it toyour watchlist.
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