SANTA CLARA, CA / ACCESSWIRE / November 27,2020 / SPI Energy Co., Ltd., (NASDAQ:SPI) (the "Company"), aglobal renewable energy company and provider of photovoltaic (PV) and electricvehicle (EV) solutions for business, residential, government, logistics andutility customers and investors, today announced its financial results for thesix months ended June 30, 2020.
First Half 2020 Highlights:
· Net sales were $56.4 million in the first sixmonths of 2020, up 13.3% from $49.7 million in the prior year period
· Operating income improved by approximately $10million to $3.4 million in the first six months of 2020, up from an operatingloss of $6.5 million in the prior year period
· Net income was $2.7 million, or $0.18 per fullydiluted share, in the first six months of 2020, an improvement of $10.5 millionfrom a net loss of $7.8 million in the prior year period
· Cash and cash equivalents totaled $3.2 millionas of June 30, 2020; does not include gross proceeds from $16 millionregistered direct offering completed in September 2020
"During a challenging period, due to COVID,we are proud to report double-digit revenue growth and positive net income, asignificant improvement from the prior year period," said Xiaofeng Peng, Chairman and CEO of SPI Energy. “I wantto thank the entire SPI team for their efforts in delivering this impressiveperformance and setting the stage for continued growth and even greaterimprovements in the quarters ahead. In addition to our strong first halfresults, I believe our achievements in subsequent months has greatlystrengthened our long-term potential, providing the necessary foundation for considerablegains in shareholder value as we move into 2021 and beyond.”
Year-to-Date Business Highlights:
EV Solutions Business
· Launched new electric vehicle (EV) subsidiary,EdisonFuture
· Wholly owned EdisonFuture subsidiary acquiredPhoenix Motorcars, a leader in medium-duty electric fleet vehicles, adding turnkeyUS-based EV drivetrain design and production capabilities and meaningful orderbacklog – Phoenix subsequently announced delivery of its second all-electricZEUS Z-400 shuttle to the City of Santa Cruz
· Strengthened EV supply chain and salesinfrastructure through joint agreement with Liuzhou Liancheng Industrial Co.,Ltd. and Guangxi Dazhou Automobile Sales Co., Ltd.
· Signed strategic cooperation framework agreementwith Shaanxi Tongjia Automobile Co., Ltd., a leading manufacturer ofall-electric logistic vehicles in China
Photovoltaic Solutions Business
· Completed sale of five solar projects in Oahu,Hawaii totaling 3.3 megawatts (MW)
· Completed sale of Sun Roof I solar project inItaly for €1.1 million
· Completed sale of the 3.5MW Tissington solarproject to Marina Energy
· Completed sale of 1.015MW solar project in Maui,Hawaii
· Acquired the 1.89MW Cork solar project in Oregon
· Regained compliance with Nasdaq bid price ruleand minimum market value requirement
· Completed full repayment of $7.9 millionconvertible promissory note
· Completed $16 million registered direct offeringin September 2020
· Appointed new SVP Finance to support PhoenixMotorcars subsidiary and Solar Juice IPO
· Announced board approval for spinoff of SolarJuice in IPO
· Announced board approval for spinoff of OrangePower in IPO
Mr. Peng continued, “We are executing on acomprehensive strategy to accelerate growth within the rapidly expanding globalrenewable energy markets. Our latest expansion into EVs and EV charging furtherdiversifies our operations while positioning SPI Energy for the future ofrenewable energy.”
About SPI Energy
SPI Energy Co., Ltd. (SPI) is a global renewable energy company and providerof photovoltaic (PV) and electric vehicle (EV) solutions for business,residential, government, logistics and utility customers and investors. TheCompany provides a full spectrum of EPC services to third party projectdevelopers, as well as develops, owns and operates solar projects that sellelectricity 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 andAustralia. SPI is also targeting strategic investment opportunities in greenindustries such as battery storage and charging stations, leveraging theCompany's expertise and growing base of cash flow from solar projects andfunding development of projects in agriculture and other markets withsignificant growth potential.
For more information on SPI Energy and its subsidiaries, the Company recommendsthat stockholders, investors and any other interested parties read theCompany's public filings and press releases available under the InvestorRelations section at www.SPIgroups.com oravailable at www.sec.gov.
This press release contains forward-looking statements, as that term isdefined in the Private Litigation Reform Act of 1995, that involve significantrisks and uncertainties. Forward-looking statements can be identified throughthe 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 othercomparable terminology. Readers are cautioned not to place undue reliance onthese forward-looking statements, which reflect the Company's currentexpectations and speak only as of the date of this release. Actual results maydiffer materially from the Company's current expectations depending upon anumber of factors. These factors include, among others, the coronavirus(COVID-19) and the effects of the outbreak and actions taken in connectiontherewith, adverse changes in general economic and market conditions,competitive factors including but not limited to pricing pressures and newproduct introductions, uncertainty of customer acceptance of new productofferings and market changes, risks associated with managing the growth of thebusiness, and those other risks and uncertainties that are described in the"Risk Factors" section of the Company's annual report filed on Form20-F filed with the Securities and Exchange Commission. Except as required bylaw, the Company does not undertake any responsibility to revise or update anyforward-looking statements.
SPI Energy Co., Ltd.
SOURCE: SPI Energy Co., Ltd.