SPI Energy Reports Third Quarter 2022 Financial Results

MCCLELLAN PARK, CA / ACCESSWIRE / November 14, 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 third quarter ended September 30, 2022.

Q3 Financial Highlights:

• Net sales were $43.2 million in the third quarter of 2022, up 10.9% from $39.0 million in the third quarter of 2021
• Operating loss was $13.8 million in the third quarter of 2022, down from to $16.0 million in the third quarter of 2021
• Net loss attributable to shareholders of SPI was $13.5 million, or $0.48 per basic and diluted share, in the third quarter of 2022, down from $16.6 million, or $0.69 per basic and diluted share, in the third quarter of 2021
• Total assets were $224.2 million as of September 30, 2022
• Cash and cash equivalents totaled $6.1 million as of September 30, 2022

"We generated double-digit year-over-year growth during the third quarter driven by continued performance of our strategic investments and solar project development initiatives. Notably, our manufacturing facility in California is now delivering Made-in-USA solar panels to our customers in the US. And with the passing of the Inflation Reduction Act of 2022, which creates attractive incentives for companies to produce solar modules in the US, our manufacturing division in California will now receive $0.07 per watt of solar modules produced from year 2023," said Xiaofeng Peng, Chairman and CEO of SPI Energy. "With a strong foundation in key areas of the renewables sector, including American solar manufacturing, and American electric vehicles manufacturing, SPI is well positioned to capitalize on a wealth of opportunities to expand our project pipelines, grow consistent cash flows from our operating assets, and increase our gross margin and profitability in the years ahead."

Q3 2022 Business Highlights:

Solar Project Development

• Began development on the second phase of its 32.4 MWac/34.83 MWdc Shorewood Solar Project across 167 acres in Kendall County, Illinois

Business Development

• Formed SEM Wafertech, a solar wafer manufacturing business, and signed LOI to acquire 1.5GW solar wafer manufacturing equipment; the Company is targeting delivery and production of the solar wafers in the U.S. by 2023. The Company also plans to further increase its solar wafer manufacturing capacity to 3GW by 2024
• Showcased Solar4America Made-in-USA solar modules at the RE+ Energy Expo 2022 in Anaheim, CA and Miami, FL
• Signed new property and facilities lease adjacent to the Company's current facility in McClellan Park, California; new facilities expected to drive solar module manufacturing capacity to 2.4GW in 2023 and 5GW in 2024
• Solar4America partnered with Krannich Solar, a US-solar industry leader for projects of all sizes
• SolarJuice partnered with Wallbox to drive development of smart technology to focus on residential and commercial EV charging solutions, including bi-directional charging

Corporate

• Appointed Franz Feuerherdt as VP of Sales & Marketing of Solarjuice; Prior to joining Solarjuice Technology, Mr. Feuerherdt was the National Sales Director for Mission Solar Energy, one of the largest module manufacturers in the US

Conference Call

The Company will host a conference call and audio webcast on Wednesday, November 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.

For interested individuals unable to join the conference call, a dial-in replay of the call will be available until November 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: 13734535.

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 which has solar wholesale distribution, as well as residential solar and roofing installation and solar module manufacturing, SPI Solar and Orange Power which operates a 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 SPI Solar 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 energy 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.