- SinglePoint Inc. recently posted $3.3 million revenue in preliminary annual results, showing a 190% increase from the previous year
- Sales projected to reach triple-digit growth as SING establishes financial partnerships for commercial clients
- Solar installations for Q3 2019 up 45% from previous year, according to the Solar Energy Industries Association
SinglePoint Inc. (OTCQB: SING) continues to ride the rising waves of the solar industry, posting more than $3.3 million in revenue in the company’s preliminary unaudited annual results—showing a 190% increase from 2018 to 2019. With $2 million of that revenue directly derived from its subsidiary Direct Solar of America, the diversified holdings company anticipates significant and sustained growth for 2020 and beyond, during what many industry analysts, investors and fans are now calling ‘the decade of solar’ (http://cnw.fm/uz3CX).
Growth for SinglePoint’s residential-solar segment is expected to continue from the addition of incremental revenue through market expansion, in addition to cultivating and closing revenue opportunities in established markets. “The sky is the limit,” SING CEO and founder Greg Lambrecht stated during a recent MoneyTV interview.
At the time of its acquisition by SinglePoint, Direct Solar was almost solely focused on growing its scalable residential-solar brokerage model on a national level. Much has changed under SING’s direction. With an eye on expansion, the company currently engages in awareness campaigns with schools and commercial businesses promoting the benefits of using solar energy. While many of these projects are currently in the review stage, once executed they could bring the company significant incremental revenue and profitability that is purely accretive to existing projections for the residential solar division.
“There is a huge need for commercial solar in buildings and schools,” explained Lambrecht. “We’ve been working on this, and the problem was not that these types of entities didn’t want solar. It was hard to find bank financing.”
Lambrecht believes that entry into the commercial solar space will open Singlepoint up to unprecedented growth, and in an effort to assist potential commercial clients, the company has sourced several institutions willing to fund commercial solar projects.
“This is going to take SinglePoint to a whole new level, and what I mean by that is that the average solar residential project is about $30,000,” said Lambrecht. “The average commercial solar project that we’re looking at – and we have probably about $30 million in the sales pipeline – can range anywhere from $1 million to $5 million dollars… Even if we get five or ten of these commercial solar projects this year, you’re talking huge revenues.”
According to the Solar Energy Industries Association, solar installations had their best-ever quarter in Q3 2019, with a 25% increase from Q2 of the same year and a 45% increase from the same quarter in 2018 (http://cnw.fm/fSyv0). The investing world seems to echo these sentiments, with Invesco Solar ETF up 51% as the best-performing ETF of 2019 (http://cnw.fm/S25wj), along with major players like Goldman Sachs and Warren Buffet making huge bets on the future of the industry.
“It’s never been a better time to be a shareholder of SinglePoint,” Lambrecht concluded. “We have growing business units in thriving sectors. We have recently become a fully reporting public company and are committed to continuing to enhance shareholder liquidity by uplisting to the appropriate exchange that allows investors to confidently invest in the company due to its trading volume.”
In addition to solar energy, SinglePoint’s portfolio includes marketing applications and hemp products. SING researches opportunities and acquires brands and companies it can expand through capital injections, sales and marketing expertise, and expert corporate leadership.
For more information, visit the company’s website at www.SinglePoint.com
NOTE TO INVESTORS: The latest news and updates relating to SING are available in the company’s newsroom at http://cnw.fm/SING
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