SPI Energy Reports Q2 2022 Financial Results

2022-09-10 12:11:59 By : Ms. Alice Xiao

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.

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."

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

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)

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.

SPI Energy Second Quarter 2022 Financial Results Conference Call

+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 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: ir@spigroups.com

Dave Gentry RedChip Companies, Inc. Phone:(407) 491-4498 SPI@redchip.com

SOURCE: SPI Energy Co., Ltd.

View source version on accesswire.com: https://www.accesswire.com/712261/SPI-Energy-Reports-Q2-2022-Financial-Results

As we close in on the final quarter of 2022, investors are looking for an answer to one question: was June’s low the bottom for stocks, or do they have more room to fall? It’s a serious question, and there may be no easy answer. Markets are facing a series of headwinds, from the high inflation and rising interest rates that we’ve grown familiar with to an increasingly strong dollar that will put pressure on the upcoming Q3 earnings. Weighing in on current conditions from Charles Schwab, the $8 t

NIO Inc. stock is trending on the Yahoo Finance Platform. Here is a visualization of $NIO performance over time, how that performance compares to the wider industry, and analyst projections for the current quarter.Check out the ticker page here.

The S&P 500 is on again, off again all year. But investors clearly have a "buy list" of stocks they want to own when the rally looks real.

A strong bearish trend defined the markets in the first half of the year; since then, the key point has been volatility. Stocks hit a bottom back in June, when the S&P 500 dropped into the 3,600s. That has proven to be a support level in the last two months, and at least one strategist believes that the market won’t be testing those lows again this year. JPMorgan's Jason Hunter believes that inflation may have peaked, and that the upcoming CPI report will provide additional evidence of that. “We

Berkshire Hathaway is on pace to collect $6.07 billion in dividend income over the next 12 months. Just five holdings will account for 71% of total payouts.

It's time to be extra picky.

See how to gauge demand and strength in Apple, Nasdaq and other stocks on the latest list of new buys by the best mutual funds.

Nio (NYSE: NIO) reported increasing losses in its second-quarter earnings report this week, but investors are shrugging that off, sending shares soaring Friday morning. Although its profit margins have been on a downward trend, new models being launched could turn that around in the coming years. Consumer prices in China increased at a slower pace than many expected in August, and producer inflation sank to the lowest level since February 2021, reports Reuters.

AT&T income-hungry shareholders should have seen it coming. In April last year, a month before announcing the spinoff of its media division to shareholders in the form of shares of a 71% stake in the newly created Warner Bros. Discovery Chief Executive Officer John Stankey assured investors that “our deliberate capital-allocation plan allowed us to invest and sustain our dividend at current levels, which we believe is attractive.” AT&T’s eventual failure to raise the dividend in 2021 broke a 34-year streak and saw it booted out of the vaunted S&P 500 Dividend Aristocrats Index.

These highly innovative companies are begging to be bought following a peak decline of 34% in the Nasdaq Composite.

Investors are seeing higher growth potential for QuantumScape's battery cell technology after an interesting EV industry development.

Tough times ahead. But you don't need to sell it all.

It’s time to consider this contrarian play.

Baron Funds, an asset management firm, published its “Baron Durable Advantage Fund” second quarter 2022 investor letter – a copy of which can be downloaded here. Baron Durable Advantage Fund (the “Fund”) declined 15.7% (Institutional Shares) during the second quarter, roughly in line with the 16.1% decline for the S&P 500 Index (the “Index”), the […]

The Dow Jones jumped as the rally gained strength. Tesla stock surged as Elon Musk eyed a new move. A Warren Buffett stock impressed.

Devon Energy (DVN) has received quite a bit of attention from Zacks.com users lately. Therefore, it is wise to be aware of the facts that can impact the stock's prospects.

The automaker's resilience in this economic downturn is something to be admired

Baron Funds, an asset management firm, published its “Baron Durable Advantage Fund” second quarter 2022 investor letter – a copy of which can be downloaded here. Baron Durable Advantage Fund (the “Fund”) declined 15.7% (Institutional Shares) during the second quarter, roughly in line with the 16.1% decline for the S&P 500 Index (the “Index”), the […]

Gary Gensler had strong words for the crypto industry in a Thursday speech, telling an audience of lawyers that the "vast majority" of the nearly 10,000 existing crypto tokens are securities.

Peloton Interactive (NASDAQ: PTON) shares beat the market on Friday as the stock gained 11% by 1 p.m. ET compared to a 1.2% increase in the S&P 500. Shares have been reeling in recent months as Peloton struggled to boost sales of its exercise platforms or membership subscriptions to its services.