SPI Energy Reports First Quarter 2022 Financial Results

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

EV Business