SinglePoint Inc. Posts Improved Q3 Financial Results for Boston Solar

SinglePoint Inc., a renewable energy company, announced notable advancements in the financial performance of its subsidiary, Boston Solar, for the third quarter of fiscal year 2024. The company revealed insights into its unaudited financial results alongside key operational developments, emphasizing significant progress and enhanced profitability.

Boston Solar, a frontrunner in renewable energy implementation, experienced a positive reform in its Q3 FY24 financial outcomes when juxtaposed with the same period in the preceding year. Following strategic restructuring and increased operational efficiency measures initiated in Q1 FY24, Boston Solar showcased tangible improvements in various financial metrics.

According to a report by the Solar Energy Industry Association (SEIA) on December 4, 2024, the overall US residential solar segment is predicted to grow by 21% in FY25 and 18% in FY26 compared to the projected 26% contraction in FY24. Boston Solar reported a Total Income of $5.54 million for Q3 FY24, contrasting with $6.85 million in FY23, indicating a decline of approximately 19.2%.

Across key financial measures such as Gross Profit, EBITDA (non-GAAP), Net Operating Income (EBIT), and Net Income, Boston Solar showcased improvements in the third quarter of 2024 compared to the previous year. Gross Profit notably rose to $2.50 million, representing 45.1% of Total Income, a significant increase from $2.04 million (29.8%) in FY23 owing to cost-saving initiatives and operational efficiencies.

Moreover, Net Operating Income (EBIT) demonstrated a substantial positive shift to $418,196 (7.5% of Total Income) from a negative figure of -$366,595 (-5.3%) in FY23, depicting a noteworthy 12.8% enhancement. Although Net Income remained negative at -$103,362 (-1.9% of Total Income) for FY24, it marked a substantial 72.5% improvement from the -$375,440 (-5.5%) recorded in FY23.

William Ralston, CEO of SinglePoint, expressed satisfaction with the progress, particularly highlighting the rise in Gross Margin to 45.1% and the commendable positive Net Operating Income of $418,196. Ralston also acknowledged Boston Solar’s resilience amid challenges, emphasizing the company’s commitment to operational profitability, efficiency, and innovation to capitalize on growth opportunities.

Boston Solar continues to focus on enhancing profitability through rigorous restructuring efforts, streamlining operational processes, and positioning for future growth as the US solar industry anticipates a resurgence in FY25. The company’s recent financial achievements underscore its dedication to sustainable operations and value creation for stakeholders.

Boston Solar, headquartered in Massachusetts and a member of the Solar Energy Business Association of New England (SEBANE), remains dedicated to providing clean energy solutions and superior customer service. SinglePoint Inc., the parent company of Boston Solar, is committed to innovation in renewable energy solutions and sustainable living practices, aiming to lead the transition towards environmentally friendly energy alternatives.

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For more information, visit www.bostonsolar.us
Source: SinglePoint Inc.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read SinglePoint’s 8K filing here.

SinglePoint Company Profile

SinglePoint Inc focuses on providing renewable energy solutions and energy-efficient applications in the United States. The company offers solar and air purification services; and solar installation and brokerage services. It also operates as an online store; supplies hydroponic supplies and nutrients to commercial and individual farmers, as well as nutrients, lights, HVAC systems, and other products to individuals that are interested in horticulture; and offers automotive technology solutions for vehicle repairs.