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SPI Energy Reports Q2 2022 Financial Results

Monday, August 15, 2022 8:30 PM
SPI Energy Co., Ltd.
Topic:
Earnings

SPI Energy to host conference call to discuss Q2 results on August 16 at 4:30 pm 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 business, residential, government, logistics and utility customers, today announced its financial results for the second quarter ended June 30, 2022.

SPI Energy Co., Ltd., Tuesday, August 16, 2022, Press release picture

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 prior year period
  • 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 our divisions during the second quarter while accomplishing the key milestone objective of completing the IPO of our Phoenix Motor subsidiary. Meanwile, our Sacramento Solar Module facility has started pilot production and I am so glad 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 meaningful foundations in high-growth markets that position the Company for continued strong growth in the quarters and years ahead as we capitalize on the growing demand for renewable energy solutions."

Q2 2022 Business Highlights:

Solar & Battery Storage Business

  • SPI Solar division began development for a 7.2MWac/8.39MWdc community solar project on 34 acres in Southern California
  • The Company's SolarJuice Co., Ltd. ("SolarJuice") subsidiary signed a 2GW (gigawatt) supply agreement with Sungrow, the global leading inverter solutions supplier for renewables
  • SolarJuice Technology Inc., the Company's American solar panel manufacturing division, filed two provisional patents, one regarding machine learning technologies to improve solar module manufacturing processes, and a second patent application for an innovative apparatus to further automate the solar production line and reduce human errors
  • SolarJuice showcased its latest product offerings at the Smart Energy Conference & Exhibition (Smart Energy 2022), Australia's premier event for solar, storage, and energy management
  • SPI showcased its solar and renewable energy products, including solar panels, residential energy storage systems, and EV chargers at the RE+ Texas Solar & Energy Storage trade show in San Antonio, Texas
  • Sacramento module manufacturing facility expect to reach the capacity of 650MW by end of 2022, and 1.1GW in mid-2023

EV Business

  • Completed carve out IPO of Phoenix Motor Inc. (Nasdaq:PEV), raising gross proceeds of $15.75 million and retaining approximately 80% ownership
  • Commenced delivery of lithium-ion forklifts
  • Showcased electric bus, lithium-ion forklift, solar-powered pickup truck and EV charging solutions at the Advanced Clean Transportation Expo (ACT Expo)

Corporate

  • Appointed William Chen, an accomplished construction management executive with more than 20-years of experience, as COO of SolarJuice
  • Issued $2.11 million 10% convertible promissory note with $20 per share conversion price
  • Announced plans to relocate corporate headquarters to McClellan Park, California, to be in closer proximity to the Company's expanding solar module manufacturing operations

"We remain on track to deliver on our revenue goal of $200 million to $220 million in 2022," added Mr. Peng. "While our solar business is expected to remain a primary revenue driver in 2022, EV sales are accelerating and are expected to continue to contribute a greater share of revenue each quarter moving forward. We are building on a multi-decade track record of success and have assembled a world-class team with a history of execution. These factors provide a distinct competitive advantage as we capitalize on strong industry tailwinds and build 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 (U.S. Toll-Free) or +1-201-389-0878 (International)
Conf. ID:13732239

For interested individuals unable to join the conference call, a dial-in replay of the call will be available until August 30, 2022 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: 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.

The company has three core divisions: SolarJuice solar wholesale distribution, residential solar and roofing installation, and solar module manufacturing, the SPI Solar and Orange Power 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 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.

SPI maintains global operations in North America, Australia, Asia and Europe and is also targeting strategic investment opportunities in fast growing green industries such as battery storage, charging stations, and other EVs which leverage the Company's expertise and substantial solar cash flow.

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.

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 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 10-K 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.

CONTACT:
SPI Energy Co., Ltd.
IR Department
Email: [email protected]

Dave Gentry
RedChip Companies, Inc.
Phone:(407) 491-4498
[email protected]

SOURCE: SPI Energy Co., Ltd.

Topic:
Earnings
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