Company reaffirms 2023 guidance of $250 million to $300 million revenues and $29 million to $36 million net profit
MCCLELLAN PARK, CA / ACCESSWIRE / May 22, 2023 / 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, 2023.
First Quarter 2023 Financial Highlights:
- Net sales were $47.9 million in Q1 2023, up 24.4% from $38.5 million in Q1 2022
- Gross profit improved to $4.5 million in Q1 2023, up 66.0% from $2.7 million in Q1 2022
- Gross margin as a percentage of net sales improved to 9.4% in Q1 2023, up from 7.0% in Q1 2022
- Operating loss was $7.3 million in Q1 2023, compared to $7.0 million in Q1 2022
- Net loss attributable to shareholders of SPI was $9.4 million, or $0.31 per basic and diluted share, in Q1 2023, up from $6.8 million, or $0.27 per basic and diluted share, in Q1 2022
- Total assets were $230.3 million as of March 31, 2023
- Cash and cash equivalents totaled $2.7 million as of March 31, 2023
'We are pleased to report strong results for the first quarter of 2023, with total revenues up 24.4% compared to the same period last year,' said Xiaofeng Peng, Chairman and Chief Executive Officer of SPI Energy. 'This continuing growth reflects our strategy of expanding our position as a global renewable energy provider, and we are confident in our outlook for the remainder of 2023.'
The Company reaffirmed its full-year guidance for 2023 with expected revenue ranging from $250 million to $300 million and net profit ranging from $29 million to $36 million.
'The Inflation Reduction Act's incentive of $0.07 per watt of solar modules is not reflected in our Q1 results as we continue to await clarity related to accounting for this benefit,' added Peng. 'Additionally, one-time charges from our Sinsin litigation and foreign exchange loss, as well as the delay of the sale of our Oregon solar project, now expected in the second quarter, and a reduction of lower margin roof installation business also impacted our Q1 performance. Despite these factors, we continued to move forward and build upon the strong foundation we have established in key areas of the renewables sector, including American solar manufacturing, battery storage, and electric vehicles, which positions us extremely well to capitalize on a wealth of opportunities to expand our project pipelines, grow consistent cash flows from our operating assets, and increase our gross margin and profitability in the quarters ahead as we continue to drive SPI Energy's long-term success.'
First Quarter 2023 Business Highlights:
- Began manufacturing and delivering first Made-in-USA M10 solar modules from Solar4America's state-of-the-art fully automated production line in Sacramento
- Showcased Made-in-USA solar modules, including 550W (M10) modules, at multiple trade shows, including:
- Community Solar Power Summit
- Intersolar North America 2023
- RE+ Northeast
- Solar + Wind Finance & Investment Summit 2023
- NABCEP's 2023 CE Conference
- RE+ Northern California 2023
- Solar4America's 550W (M10) solar modules showcased in a 948 kilowatt ground mount commercial and industrial (C&I) project in Euclid, Ohio; the project is expected to be completed in June 2024
- Leading silicon wafer industry expert appointed as CTO of the Company's recently formed SEM Wafertech subsidiary
- SEM Wafertech and Solar4America, subsequent to the end of the first quarter, announced the addition of newly leased facility in South Carolina to expand the solar wafer and solar module manufacturing capacities.
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 McClellan Park, California.
The company has three core divisions: SolarJuice which has solar wholesale distribution, as well as residential solar and roofing installation and solar module manufacturing, SPI Solar and Orange Power which operates a commercial & utility solar division, 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 SPI Solar 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 energy 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 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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