PHOENIX, Nov. 17, 2020 /PRNewswire/ --
YTD Financial Highlights:
- YTD Revenue increased to $2,495,628
- YTD Gross profit increased 15%
- Q3 Reported Revenue of $1,025,129
- Reduced Debt by approximately $1.2 Million
- Operational Expenses Reduced by $2.8 Million
- Direct Solar of America Signs Agreement with Soligent to Provide a first of its kind 'Direct Pay' model
- Completed first agreement to create a National Solar Installation Network with principal owner of Standard Eco to obtain multi-state installation entity
- Current maturities of convertible notes payable decreased by approx. $1.2M
SinglePoint, Inc. (OTC: SING) ("SinglePoint" or the "Company") reports financial results for the three and nine months ended September 30, 2020. Over the course of the past two quarters the company has expanded coverage into 38 states and signed agreements with leading solar industry partners deepening its residential installation, equipment and financing offerings that position the company for continued revenue growth in 2021. Direct Solar of America is better prepared to withstand some of the impacts of a second shutdown due to the swift pivot to a mostly virtual sales platform earlier this year which allows us to reach residential customers who are looking for ways to make home improvements as the Work from Home trend continues. Previous state by state closures made growth more difficult. The company quickly adapted and established new processes that have proven to be more profitable and scalable setting up for a robust 2021, anticipating a return to a new normal
"The challenges presented by the events of 2020 have been felt across SinglePoint and our subsidiaries. Our senior leadership at the corporate level and our subsidiaries have continued to adapt and we have focused efforts on fundamentally making decisive decisions designed to improve and enhance our current market positioning and to grow our core assets. We have negotiated with our primary lending partner which resulted in improvements to our balance sheet. In addition, we launched a new strategic initiative that we believe presents an opportunity to increase shareholder value. We expect that as we execute against these strategies, our market cap and share price will continue to improve as we look to become a dominant residential solar provider by leveraging and building a true national solar network focused on residential and small commercial projects".
-Greg Lambrecht, Chairman and CEO of SinglePoint
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For more information visit: www.SinglePoint.com
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 future plans and objectives of the Company, 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.
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SOURCE SinglePoint Inc.