SinglePoint Inc. (SING)·Q2 2023 Earnings Summary

Executive Summary

• Revenue grew 79% year over year to $8.15M with gross profit up 103%; net loss narrowed to $(1.34)M as SG&A declined, and trailing-12-month revenue reached $29.57M .
• Reported EPS turned positive to $0.01 in Q2, driven by a $10.57M deemed dividend credit from conversion of Class A preferred stock, not by operating profitability .
• Management highlighted IRA tailwinds, strong execution at Boston Solar, and targeted margin initiatives; noted residential solar headwinds from high rates and ongoing efforts to uplist following a July reverse split and data-related trading anomalies .
• No formal quantitative guidance was issued; potential catalysts include resolution of uplisting, execution on air quality GAN award, and progress on liquidity/financing plans .

What Went Well and What Went Wrong

• What Went Well

  • Record second-quarter revenue ($8.15M, +79% YoY) and gross profit ($2.70M, +103% YoY); management cited margin improvement initiatives and strong commercial traction .
  • SG&A fell materially YoY ($3.23M vs. $4.52M), contributing to a narrower net loss; operating loss improved to $(0.53)M .
  • “Boston Solar has done a fantastic job continuing to accelerate in what has been a challenging year… The Company has now delivered multiple quarters of strong, consistent growth” — CEO Wil Ralston .

• What Went Wrong

  • The company remains loss-making at the operating and net levels (Q2 net loss attributable $(1.34)M), with higher other expense including loss on settlement of debt and interest expense .
  • Liquidity and going concern: cash of $0.45M at 6/30, ~$(17.7)M working capital deficit; management projects ~$4.0M cash need over next 12 months and plans to pursue financing .
  • Capital structure pressure: significant current convertible notes and notes payable (including past maturity issues under discussion with investors) remain a risk to dilution and cash flows .

Financial Results

Margins (calculated from reported figures):

Segment/Subsidiary Revenue (disclosed; Q2 implied = H1 minus Q1):

KPIs and Balance Sheet Indicators:

Guidance Changes

Earnings Call Themes & Trends

Note: We searched for a Q2 2023 earnings call transcript and found none in our document set; analysis below reflects press release and 10-Q commentary [List search returned none; see 0 results for transcripts].

Management Commentary

• “The Company has now delivered multiple quarters of strong, consistent growth and will continue to press forward building a solid foundation for continued growth in both revenue and income.” — CEO Wil Ralston .
• “Our Net Loss has significantly improved, which would have been further improved, if not for various one time expenses amounting to approximately $500,000.” — CEO Wil Ralston .
• “We expect to deliver to five separate schools this coming week… successfully adding LifeShield+ and other security devices to our list of approved products… under the GAN agreement.” — EVP of Revenue, Jason Lally .
• “Overall our underlying operations continue to perform and it is my firm belief that once we get uplisted, we will escape some of the market dynamics… We remain steadfast in our long term energy focused acquisition strategy…” — CEO Wil Ralston .

Q&A Highlights

We searched for a Q2 2023 earnings call transcript and found none; therefore, no analyst Q&A details are available in our sources. Our conclusions rely on the 8‑K press release and the Q2 10‑Q [ListDocuments showed 0 results for earnings-call-transcript in Q2 window].

Estimates Context

• We attempted to retrieve S&P Global consensus estimates (EPS, Revenue, EBITDA) for Q2 2023; S&P Global mapping was unavailable for SING, so consensus could not be retrieved. As a result, we cannot provide vs-consensus comparisons for this quarter (S&P Global consensus unavailable).
• Given the absence of estimates, we anchor performance to YoY and sequential trends from company filings .

Key Takeaways for Investors

• Quality of growth improved: revenue +79% YoY to $8.15M with gross margin expansion to ~33% and operating loss narrowing to $(0.53)M, suggesting early benefits from margin initiatives and scale at Boston Solar .
• EPS positivity is non-operational: $0.01 EPS stems from a $10.57M deemed dividend credit from preferred conversion; underlying net income remained negative, so do not extrapolate EPS to core earnings power .
• Liquidity remains the swing factor: ~$0.45M cash, $17.7M working capital deficit, and near-term financing needs ($4M over 12 months) keep dilution and refinancing risks elevated; monitor progress on equity/debt facilities and note past-maturity notes under discussion .
• Uplisting as potential catalyst: the 1-for-400 reverse split and clean-up of market data anomalies are steps toward uplisting; successful execution could broaden the investor base and improve trading dynamics .
• Mix/cycle watch: macro headwinds from rates are pressuring residential demand, but high utility bills and IRA incentives remain offsets; Boston Solar’s commercial traction and brand strength provide resilience .
• Optionality in IAQ: renewed push to fulfill the $5M California GAN and cross-sell safety devices offers incremental revenue streams outside core solar .
• Near-term focus: funding runway, cash conversion on backlog (unearned revenue $6.82M), and execution on margin initiatives are the key variables likely to drive the next leg of sentiment .

Source Documents Read In Full

• Form 8‑K with Exhibit 99.1 earnings press release (Aug 15, 2023) .
• Q2 2023 Form 10‑Q (filed Aug 14, 2023) –.
• Q1 2023 Form 10‑Q (filed May 15, 2023) –.

Notes:

• No Q2 2023 earnings call transcript or additional Q2 press releases were found in our document catalog during the April–September 2023 window (0 results for earnings-call-transcript, press-release besides the 8‑K exhibit).