Gross margins improved to 12.2% as Company continues to move to operational profitability
Company reaffirms 2021 revenue guidance of $200M-$240M
SPI Energy to host conference call to discuss FY20 results on May 3 at 4:15 pm ET
SANTA CLARA, CA / ACCESSWIRE / April 29, 2021 / 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, and investors, today announced its financial results for the fiscal year ended December 31, 2020.
2020 Financial Highlights:
Net sales were $138.6 million in 2020, up 42% from $97.9 million in 2019
Gross margins improved to 12.2% in 2020, up from 7.3% in 2019
Operating income improved by nearly $20 million to $0.1 million in 2020, up from an operating loss of $19.2 million in 2019
Net loss attributable to shareholders of SPI Energy was $6.5 million, or ($0.4) per fully diluted share in 2020, an improvement of $8.8 million from a net loss of $15.3 million in 2019; net loss includes a $5.4 million foreign exchange loss and one-time legal and litigation expense due to Sinsin litigation of $1.6 million
Stockholders' equity increased $53.9 million to $48.4 million at year-end 2020, up from a deficit of $5.5 million in 2019
Cash and cash equivalents totaled $38.9 million as of December 31, 2020
"2020 was a pivotal year for SPI Energy as our team executed exceptionally in the challenging environment created by COVID," said Xiaofeng Peng, Chairman and CEO of SPI Energy. "In addition to generating 42% revenue growth, a 67% improvement in gross margins, and substantial improvements in operating income, as well as significant strengthening of our balance sheet, we successfully laid the foundation to accelerate growth across key areas of the renewable energy landscape in 2020. Most notably, our entrance into the massive EV space in September, through the launch of EdisonFuture and the subsequent acquisition of Phoenix Motorcars and collaboration with Icona Design, positions us to become a leader in sustainable transportation."
"With $53 million in new gross capital raised in the second half of 2020, we are in a great position to execute on our comprehensive growth strategy across multiple high-growth segments of the global renewable energy markets," continued Mr. Peng. "We continue to focus on reaching operational profitability. Subtracting out our foreign exchange loss and a one-time legal expense, our net income would have been positive, a greater than $15 million improvement over 2019."
2020 Business Highlights:
Solar & Battery Storage Solutions Business
Increased battery storage sales 326% to 33.4 megawatt hours
Increased solar panel sales 50% to 150 megawatts (MW)
Increased inverter sales to 251MW
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
Acquired the 1.5MW Cork solar project in Oregon
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
Subsequently announced delivery of its second all-electric ZEUS Z-400 shuttle to the City of Santa Cruz
Delivered two all-electric Z500 utility trucks to the Port of Oakland, one of California's largest ports
Partnered with EasyMile, an industry leader in autonomous technology, to jointly develop and deploy zero emission trucks as well as autonomous shuttle buses
Appointed auto industry veteran Joseph R. Mitchell as its new chief executive officer
Regained compliance with Nasdaq bid price rule and minimum market value requirement
Completed $35 million registered direct offering in December 2020
Completed $2.1 million convertible bond deal in November 2020
Completed $16 million registered direct offering in September 2020
Announced board approval for spinoff of Solarjuice in IPO
Announced board approval for spinoff of Phoenix in IPO
"We achieved key transformational milestones in 2020 that provide a strong foundation for unlocking value and accelerating growth in the quarters ahead," continued Mr. Peng. "We are executing on a comprehensive strategy to accelerate growth within the rapidly expanding global renewable energy markets. Moving forward, we expect our solar and battery storage business will continue to be a primary revenue driver in 2021, while growing EV sales accelerate, helping to drive overall revenue to $200 million to $240 million for the year."
The Company will host a conference call and audio webcast on Monday, May 3, 2021 at 4:15 p.m. ET to discuss and answer questions about the Company's operational and financial highlights for the fiscal year ended December 31, 2020.
SPI Energy FY20 Financial Results Conference Call
Monday, May 3, 2021
4:15 p.m. Eastern Time
+1-877-425-9470 (U.S. Toll-Free) or +1-201-389-0878 (International)
For interested individuals unable to join the conference call, a dial-in replay of the call will be available until May 17, 2021 and can be accessed by dialing +1-844-512-2921 (U.S. Toll Free) or +1-412-317-6671 (International) and entering replay pin number: 13719407.
About SPI Energy
SPI Energy Co., Ltd. (SPI) is a global renewable energy company and provider of solar storage 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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