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

McCLELLAN PARK, CA /ACCESSWIRE/August 15, 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 second quarter ended June 30, 2022.

SPI Energy Co., Ltd., Tuesday, August 16, 2022, press release photo

Q2 Financial Highlights:

  • Net sales were $48.6 million in the second quarter of 2022, up 6.1% from $45.8 million in the second quarter of 2021

  • Gross margins were 8.0% in the second quarter of 2022, compared to 11.4% in the same period a year earlier

  • Operating loss was $5.6 million in the second quarter of 2022, compared to $4.0 million in the second quarter of 2021

  • Net loss was $2.2 million in the second quarter of 2022, compared to $6.5 million in the second quarter of 2021

  • Total assets were $228.5 million as of June 30, 2022

  • Cash and cash equivalents totaled $13.6 million as of June 30, 2022

“We generated continued growth across all of our divisions during the second quarter while achieving the key goal of the IPO of our subsidiary Phoenix Motor. Meanwile, our Sacramento solar module facility began pilot production and I am so happy to see our first Made-in-California Solar Module delivered to the customer.” 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 energy solutions.”

Q2 2022 Activity Highlights:

Solar and Battery Storage Company

  • SPI Solar Division has begun development of a 7.2 MWac/8.39 MWdc community solar project on 34 acres in Southern California

  • The subsidiary SolarJuice Co., Ltd. Company (“SolarJuice”) has signed a 2 GW (gigawatt) supply agreement with Sungrow, the world’s leading provider of inverter solutions for renewable energy

  • SolarJuice Technology Inc., the company’s U.S. solar panel manufacturing division, has filed two provisional patents, one relating to machine learning technologies to improve solar module manufacturing processes, and a second patent application for an innovative device to further automate the solar production line and reduce human error.

  • SolarJuice showcased its latest product offerings at the Smart Energy Conference & Exhibition (Smart Energy 2022), Australia’s premier event for solar energy, energy storage and management

  • SPI showcased its solar and renewable energy products including solar panels, home energy storage systems and EV chargers at the RE+ Texas Solar & Energy Storage show in San Antonio, Texas

  • The Sacramento module fab is expected to reach 650 MW capacity by the end of 2022 and 1.1 GW by mid-2023

EV company

  • Completion of Phoenix Motor Inc. (Nasdaq:PEV) IPO, grossing $15.75 million and retaining approximately 80% ownership

  • Start of delivery of lithium-ion forklifts

  • Featured electric bus, lithium-ion forklift, solar-powered van and electric vehicle charging solutions at Advanced Clean Transportation Expo (ACT Expo)

Company

  • Appointed William Chen, an accomplished construction management executive with over 20 years of experience, as COO of SolarJuice

  • Issuance of a convertible promissory note of $2.11 million at 10% with a conversion price of $20 per share

  • Announced plans to move headquarters to McClellan Park, Calif., to be closer to the company’s expanding solar module manufacturing operations

“We remain on track to achieve our revenue target of $200 million to $220 million in 2022,” Peng added. “While our solar business is expected to remain a key revenue driver in 2022, electric vehicle sales are accelerating and should continue to contribute a greater share of revenue each quarter going forward. We are building on a track record of decades of success and have assembled a world-class team with a track record of execution.These factors provide a distinct competitive advantage as we capitalize on industry tailwinds and create 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 Tuesday, August 16, 2022 at 4:30 p.m. ET to discuss and answer questions about the Company’s operational and financial highlights for the second quarter ended June 30, 2022.

Event:

SPI Energy Second Quarter 2022 Financial Results Conference Call

Date:

Tuesday, August 16, 2022

Time:

4:30 p.m. Eastern Time

Live call:

+1-877-425-9470 (US toll-free) or +1-201-389-0878 (international)

Conf. IDENTIFIER:

13732239

For those interested who are unable to participate in the conference call, a replay of the call will be available through August 30, 2022 and can be accessed by dialing +1-844-512-2921 (toll-free in the United States) or +1-412-317-6671 (International) and entering the replay PIN: 13732239.

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. California.

The company has three main divisions: solar energy wholesale distribution SolarJuice, residential solar and roof installation and solar module manufacturing, commercial and utility solar division SPI Solar and Orange Power, and EdisonFuture/Phoenix Motor division. EV. SolarJuice is the leader in renewable energy system solutions for residential and commercial markets and has extensive operations in Asia-Pacific and North America 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 www. SPIgroups.com or available at 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 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 assumes no responsibility to revise or update forward-looking statements.

CONTACT:
SPI Energy Co., Ltd.
RI Department
Email: [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/712261/SPI-Energy-Reports-Q2-2022-Financial-Results

About The Author

Related Posts