SPI Energy publishes its financial results for the first quarter of 2022


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First-quarter revenue up 14.6% year-over-year to $38.5 million

SPI Energy will host a conference call to discuss first quarter results on May 16 at 4:30 p.m. ET

SACRAMENTO, Calif./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 businesses, individuals, governments , logistics and utilities, today announced its financial results for the first quarter ended March 31, 2022.

1st Quarter 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 Q1 2022 from 6.36% in Q1 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 again continued our double-digit revenue growth trend in the first quarter,” said Xiaofeng Denton Peng, Chairman and CEO of SPI Energy. “We have strong fundamentals in high-growth markets that position the company for continued strong growth in the quarters and years to come as we capitalize on growing demand for renewable and clean energy solutions.”

Q1 2022 business highlights:

Solar and Battery Storage Company

  • Production of “Made-in-USA” solar modules begins at Sacramento plant with delivery to local customers underway
  • Completion of the sale of a 5 megawatt (MW) solar power plant in Hawaii
  • Securing 473 Acres for Large-Scale 78 MW Solar Project in Maryland
  • Securing 465 Acres for Large-Scale 54 MW AC and 78.4 MW DC Project in Illinois
  • Started expansion of solar module manufacturing capacity at Sacramento plant; expect to reach 1.1 gigawatts (GW) of capacity by the end of 2022
  • SolarJuice has launched commercial 450 watt (W) and 550 W solar modules
  • Launch of 380 W and 410 W solar panels for the residential market under the Solar4America brand
  • “Made-in-USA” solar modules presented at Intersolar

EV company

  • Opening of RideZoomers electric scooter retail store and service center in Fremont, CA
  • Edisonfuture solar electric van and delivery van showcased at CES
  • Introducing the full line of new electric forklifts and pallet trucks from Phoenix Motorcars at MODEX in Atlanta; delivery of lithium-ion forklifts began in April 2022

Business

  • Named Former Daimler and Karma Automotive Executive Lance Zhou, Ph.D. Named CEO of Phoenix Motorcars

“We continue to expect revenue of $200 million to $220 million in 2022,” Peng added. “Our residential solar business is expected to remain a key revenue driver in 2022, with electric vehicle sales accelerating as the year progresses. With decades of success, a world-class team with a track record of execution and strong tailwinds in the industry, SPI is uniquely 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.”

Conference call

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.

Event: SPI Energy First Quarter 2022 Financial Results Conference Call
Date: Monday, May 16, 2022
Weather: 4:30 p.m. Eastern Time
Live call: +1-800-952-1797 (US toll-free) or +1-212-231-2904 (international)
Conf. IDENTIFIER: 22018799

For those interested who are unable to participate in the conference call, a replay of the call will be available through May 30, 2022 and can be accessed by dialing +1-844-512-2921 (US Toll Free) or +1 -412-317-6671 (International) and entering the replay PIN: 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 founded in 2006 in Roseville, California, and headquartered in Sacramento, California. .

The company has three main divisions: SolarJuice residential solar, the commercial and 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 the residential and commercial markets and has extensive operations in the Asia-Pacific and North American markets. The Commercial and Utility Solar Division provides a full range of EPC services to third-party project developers, and develops, owns and operates solar projects that sell electricity to the grid in several regions, including the United States, the United Kingdom United and Europe. Phoenix Motor is a leader in medium-duty commercial electric vehicles and develops electric vehicle charger solutions, electric pickup trucks, electric forklifts and other electric vehicle products.

SPI maintains global operations in North America, Australia, Asia and Europe and also targets strategic investment opportunities in fast-growing green industries such as battery storage, charging stations and other vehicles that leverage the company’s expertise and substantial solar cash flow.

For more information about SPI Energy and its subsidiaries, the Company recommends that shareholders, investors and any other interested party read the Company’s public documents and press releases available in the Investor Relations section at address www.SPIgroups.com or available on www.sec.gov.

Forward-looking statements

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 by the use of words such as “may”, “could”, “will”, “intend”, “should”, “could”, “may”, “should”, “continue”, “expect”, “believe”, “anticipate”, “estimate”, “predict”, “prospects”, “potential”, “plan”, “seek” and similar expressions and variations or the negatives of these terms or other comparable terms 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 on a number of factors. These factors include, but are not limited to, the coronavirus (COVID-19) and the effects of the outbreak and actions taken with respect thereto, 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 growth of the business and the other risks and uncertainties 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 assumes no responsibility to revise or update forward-looking statements.

Contact:

SPI Energy Co., Ltd.
RI Department
E-mail: [email protected]

David Gentry
RedChip Companies, Inc.
Phone: (407) 491-4498
[email protected]

THE SOURCE: SPI Energy Co., Ltd.

See the source version on accesswire.com:
https://www.accesswire.com/701494/SPI-Energy-Reports-First-Quarter-2022-Financial-Results

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