SPI Energy Updates 2023 Outlook: Expects $29M-$36M Net Profit for Full Year

Revenues expected in the range of $250 million to $300 million in 2023

MCCLELLAN PARK, CA / ACCESSWIRE / February 6, 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 announces net profit outlook for 2023.

Foto: Accesswire

Key Highlights

• $29 million to $36 million net income projected for 2023
• $250 million to $300 million revenue projected for 2023

"With near-term expectations for an EBITDA positive and net profitable Q1 2023, we are confident we will deliver between $29 million and $36 million net income for fiscal year 2023," said Xiaofeng Peng, Chairman and CEO of SPI Energy. "This is a monumental milestone for SPI made possible by years of hard work from our teams who have been instrumental in helping to build our renewable energy company platform. This achievement is even more significant when considering our continued investments in our EV and solar wafer manufacturing businesses, which are expected to further accelerate our overall growth in the quarters ahead as we strive to meet rapidly growing demand."

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.