Q1 revenue up 14.6% year-over-year to $38.5 million
SPI Energy to host conference call to discuss Q1 results on May 16 at 4:30 pm ET
SACRAMENTO, CA / ACCESSWIRE / May 16, 2022 / SPI Energy Co., Ltd., (NASDAQ:SPI) (the 'Company'), a global renewable energy company and provider of solar storage and electric vehicle (EV) solutions for business, residential, government, logistics and utility customers, today announced its financial results for the first quarter ended March 31, 2022.
Q1 Financial Highlights:
- Net sales were $38.5 million in the first quarter of 2022, up 14.6% from $33.6 million in the first quarter of 2021
- Gross margins increased to 7.02% in the first quarter of 2022, up from 6.36% in the first quarter of 2021
- Operating loss decreased to $7.0 million in the first quarter of 2022, down 17.8% from $8.5 million in the first quarter of 2021
- Total assets were $227.5 million as of March 31, 2022
- Cash and cash equivalents totaled $3.8 million as of March 31, 2022
'We continued our trend of double-digit top-line growth again in the first quarter,' said Xiaofeng Denton Peng, Chairman and CEO of SPI Energy. 'We have meaningful foundations in high-growth markets that position the Company for continued strong growth in the quarters and years ahead as we capitalize on the growing demand for renewable and clean energy solutions.'
Q1 2022 Business Highlights:
Solar & Battery Storage Business
- Started 'Made-in-USA' solar module production at Sacramento facility with delivery to local customers underway
- Completed sale of 5 megawatt (MW) solar plant in Hawaii
- Secured 473 acres for 78MW utility-scale solar project in Maryland
- Secured 465 acres for 54MW alternating current, 78.4MW direct current utility-scale project in Illinois
- Began expansion of solar module manufacturing capacity at Sacramento facility; expect to reach 1.1 gigawatts (GW) capacity by year-end 2022
- SolarJuice launched 450 watt (W) and 550W commercial solar modules
- Launched 380W and 410W solar panels for residential market under Solar4America brand
- Showcased 'Made-in-USA' solar modules at Intersolar trade show
- Opened RideZoomers electric scooter retail shop and service center in Fremont, California
- Showcased Edisonfuture solar EV pickup truck and delivery van at CES
- Showcased Phoenix Motorcars full range of new electric forklifts and pallet jacks at MODEX in Atlanta; delivery of lithium-ion forklifts commenced in April 2022
- Appointed former Daimler and Karma Automotive executive Lance Zhou, Ph.D. appointed as CEO of Phoenix Motorcars
'We continue to expect revenue of $200 million to $220 million in 2022,' added Mr. Peng. 'Our residential solar business is expected to remain a primary revenue driver in 2022, with EV sales accelerating as the year progresses. With a multi-decade track record of success, a world-class team with a history of execution, and strong industry tailwinds, SPI is ideally positioned to accelerate the creation of new value for our shareholders. I look forward to sharing further updates on our success in the weeks and months ahead.'
The Company will host a conference call and audio webcast on Monday, May 16, 2022 at 4:30 p.m. ET to discuss and answer questions about the Company's operational and financial highlights for the first quarter ended March 31, 2022.
For interested individuals unable to join the conference call, a dial-in replay of the call will be available until May 30, 2022 and can be accessed by dialing +1-844-512-2921 (U.S. Toll Free) or +1-412-317-6671 (International) and entering replay pin number: 22018799.
About SPI Energy
SPI Energy Co., Ltd. (NASDAQ: SPI) is a global renewable energy company and provider of solar storage and electric vehicle (EV) solutions that was founded in 2006 in Roseville, California and is headquartered in Sacramento, California.
The company has three core divisions: SolarJuice residential solar, the commercial & utility solar division comprised of SPI Solar and Orange Power, and the EdisonFuture/Phoenix Motor EV division. SolarJuice is the leader in renewable energy system solutions for residential and small commercial markets and has extensive operations in the Asia Pacific and North America markets. The commercial & utility solar division provides a full spectrum of EPC services to third party project developers, and develops, owns and operates solar projects that sell electricity to the grid in multiple regions, including the U.S., U.K., and Europe. Phoenix Motor is a leader in medium-duty commercial electric vehicles, and is developing EV charger solutions, electric pickup trucks, electric forklifts, and other EV products.
SPI maintains global operations in North America, Australia, Asia and Europe and is also targeting strategic investment opportunities in fast growing green industries such as battery storage, charging stations, and other EVs which leverage the Company's expertise and substantial solar cash flow.
For more information on SPI Energy and its subsidiaries, the Company recommends that stockholders, investors and any other interested parties read the Company's public filings and press releases available under the Investor Relations section at www.SPIgroups.com or available at www.sec.gov.
This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties. Forward-looking statements can be identified through the use of words such as 'may,' 'might,' 'will,' 'intend,' 'should,' 'could,' 'can,' 'would,' 'continue,' 'expect,' 'believe,' 'anticipate,' 'estimate,' 'predict,' 'outlook,' 'potential,' 'plan,' 'seek,' and similar expressions and variations or the negatives of these terms or other comparable terminology. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company's current expectations and speak only as of the date of this release. Actual results may differ materially from the Company's current expectations depending upon a number of factors. These factors include, among others, the coronavirus (COVID-19) and the effects of the outbreak and actions taken in connection therewith, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business, and those other risks and uncertainties that are described in the 'Risk Factors' section of the Company's annual report filed on Form 10-K filed with the Securities and Exchange Commission. Except as required by law, the Company does not undertake any responsibility to revise or update any forward-looking statements.
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