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SANTA CLARA, CA / ACCESSWIRE / November 27, 2020 / SPI Energy Co., Ltd., (NASDAQ:SPI) (the "Company"), a global renewable energy company and provider of photovoltaic (PV) and electric vehicle (EV) solutions for business, residential, government, logistics and utility customers and investors, today announced its financial results for the six months ended June 30, 2020.
First Half 2020 Highlights:
Net sales were $56.4 million in the first six months of 2020, up 13.3% from $49.7 million in the prior year period
Operating income improved by approximately $10 million to $3.4 million in the first six months of 2020, up from an operating loss of $6.5 million in the prior year period
Net income was $2.7 million, or $0.18 per fully diluted share, in the first six months of 2020, an improvement of $10.5 million from a net loss of $7.8 million in the prior year period
Cash and cash equivalents totaled $3.2 million as of June 30, 2020; does not include gross proceeds from $16 million registered direct offering completed in September 2020
"During a challenging period, due to COVID, we are proud to report double-digit revenue growth and positive net income, a significant improvement from the prior year period," said Xiaofeng Peng, Chairman and CEO of SPI Energy. "I want to thank the entire SPI team for their efforts in delivering this impressive performance and setting the stage for continued growth and even greater improvements in the quarters ahead. In addition to our strong first half results, I believe our achievements in subsequent months has greatly strengthened our long-term potential, providing the necessary foundation for considerable gains in shareholder value as we move into 2021 and beyond."
Year-to-Date Business Highlights:
EV Solutions Business
Launched new electric vehicle (EV) subsidiary, EdisonFuture
Wholly owned EdisonFuture subsidiary acquired Phoenix Motorcars, a leader in medium-duty electric fleet vehicles, adding turnkey US-based EV drivetrain design and production capabilities and meaningful order backlog - Phoenix subsequently announced delivery of its second all-electric ZEUS Z-400 shuttle to the City of Santa Cruz
Strengthened EV supply chain and sales infrastructure through joint agreement with Liuzhou Liancheng Industrial Co., Ltd. and Guangxi Dazhou Automobile Sales Co., Ltd.
Signed strategic cooperation framework agreement with Shaanxi Tongjia Automobile Co., Ltd., a leading manufacturer of all-electric logistic vehicles in China
Photovoltaic Solutions Business
Completed sale of five solar projects in Oahu, Hawaii totaling 3.3 megawatts (MW)
Completed sale of Sun Roof I solar project in Italy for €1.1 million
Completed sale of the 3.5MW Tissington solar project to Marina Energy
Completed sale of 1.015MW solar project in Maui, Hawaii
Acquired the 1.89MW Cork solar project in Oregon
Regained compliance with Nasdaq bid price rule and minimum market value requirement
Completed full repayment of $7.9 million convertible promissory note
Completed $16 million registered direct offering in September 2020
Appointed new SVP Finance to support Phoenix Motorcars subsidiary and Solar Juice IPO
Announced board approval for spinoff of Solar Juice in IPO
Announced board approval for spinoff of Orange Power in IPO
Mr. Peng continued, "We are executing on a comprehensive strategy to accelerate growth within the rapidly expanding global renewable energy markets. Our latest expansion into EVs and EV charging further diversifies our operations while positioning SPI Energy for the future of renewable energy."
About SPI Energy
SPI Energy Co., Ltd. (SPI) is a global renewable energy company and provider of photovoltaic (PV) and electric vehicle (EV) solutions for business, residential, government, logistics and utility customers and investors. The Company provides a full spectrum of EPC services to third party project developers, as well as develops, owns and operates solar projects that sell electricity to the grid in multiple countries, including the U.S., the U.K., Greece, Japan and Italy. The Company has its US headquarters in Santa Clara, California and maintains global operations in Asia, Europe, North America and Australia. SPI is also targeting strategic investment opportunities in green industries such as battery storage and charging stations, leveraging the Company's expertise and growing base of cash flow from solar projects and funding development of projects in agriculture and other markets with significant growth potential.
For more information on SPI Energy and its subsidiaries, the Company recommends that stockholders, investors and any other interested parties read the Company's public filings and press releases available under the Investor Relations section at www.SPIgroups.com or available at www.sec.gov.
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 through the use of words such as may," "might," "will," "intend," "should," "could," "can," "would," "continue," "expect," "believe," "anticipate," "estimate," "predict," "outlook," "potential," "plan," "seek," and similar expressions and variations or the negatives of these terms or other comparable 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 upon a number of factors. These factors include, among others, the coronavirus (COVID-19) and the effects of the outbreak and actions taken in connection therewith, 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 the growth of the business, and those other risks and uncertainties that are described in the "Risk Factors" section of the Company's annual report filed on Form 20-F filed with the Securities and Exchange Commission. Except as required by law, the Company does not undertake any responsibility to revise or update any forward-looking statements.
SPI Energy Co., Ltd.
SOURCE: SPI Energy Co., Ltd.
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