SinglePoint CEO says continuing to ‘refine and strengthen’ operations

CEO Wil Raston said, “The Company continues to refine and strengthen operations as reflected in our recently filed annual financial statement 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 Massachusetts 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.”