Solar Growth Drives SinglePoint to Achieve a 300% Increase in Q1 Revenue

PHOENIX, AZ, May 26, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – SinglePoint Inc. (OTC:SING)

Financial Highlights

• First quarter revenue up 309% - $1,075,222
• First quarter gross profit up 309% - $309,614 
• Announced Agreement to raise up to $7M in growth capital

Operational Highlights

• Direct Solar America leverages transformation of sales platform to expand from 7 states to over 30 states
• Launched innovative moisturizing Klen Hands sanitizer 
• Expansion of Retail Footprint of 1606 Hemp to over 400 retail storefront locations

SinglePoint Inc. (OTC:SING) files quarterly financials for the period ending March 31, 2020. The company had total sales of $1,075,222 a 300% growth compared to the same period in 2019. The majority of the revenue was attributable to the acquisition of Direct Solar America and the backlog of projects developed throughout Q4. 

Direct Solar America had amassed a record pipeline of (solar bookings) throughout Q4 of 2019 and the early period of Q1 2020 many of which installed during Q1 2020. During the first quarter, Direct Solar America added multiple new markets, now totaling 30 states. The company saw record bookings during February closing over 40 residential sales. Due to the challenges presented by the operational disruptions businesses and consumers faced in response to the COVID-19 virus March was slower than anticipated. The Company accelerated the transition to a completely digital sales platform facilitating contactless solar sales, which enabled Direct Solar America to quickly expand into new markets. The digital sales platform has reduced costs as highlighted and featured in GreenTech Media, an industry leader focused on the clean energy industry, discussing the changes made and how they will impact the company in the near and long term. 

Looking ahead, the Company has growing performance of the consumer products and a healthy solar pipeline comprising residential bookings and new incremental and accretive commercial sales. The Company began to experience the effects of disruptions caused by the pandemic late in the first quarter and expects continuing effects to be felt primarily in the 2nd Quarter.

“Direct Solar America and our consumer product 1606 Original Hemp are both gaining traction and revenue growth," states Greg Lambrecht, CEO and Chairman, SinglePoint, Inc. “We continue to analyze and to take actions to transform and realign our business opportunities and we remain bullish on the long-term ability for the company to grow revenues, improve the balance sheet and increase shareholder value.”