- Company reports revenue growth of 176%, gross profit increase of 30%
- Acquisition of Direct Solar has exceeded revenue growth targets; subsidiary projected to reach $15 to $25 million in contract origination in 2020
- Following successful product introduction at NACS 2019, SING launches wholly owned 1606 Original Hemp cigarette
SinglePoint Inc. (OTCQB: SING), a leading technology and acquisition company, has announced its financial results for third quarter 2019 (http://ibn.fm/pBpnv). Highlights include a revenue increase of 176% over the same period in 2018 and a gross profit increase of 30%. The revenues and gross profit are on an upward swing. This is the first time SING has done over $1 million in a quarter.
CEO Greg Lambrecht announced increased revenues and profits on ‘MoneyTV with Donald Baillargeon’ (http://ibn.fm/Xpqzy), noting that SinglePoint’s future looks promising. “Our projection for fourth quarter is closer to $3 million. This isn’t stopping,” stated Lambrecht. “This is going in the right direction, and we couldn’t be happier. Last year in Q3 we did $381,037, which is no small number, but to do a million this quarter of 2019 is just amazing. The revenues I’ve been talking about for the past three to six months are starting to come in.” He went on to share that shareholders are beginning to see profit growth, adding that “the stock will be soon to follow.”
Direct Solar, a leading residential and commercial solar brokerage and SinglePoint’s most recent acquisition, has exceeded revenue growth targets and is a key part of SING’s success. According to Lambrecht, the company’s revenues will continue to grow as Direct Solar continues expansion into new markets. In Q3 Direct Solar (http://ibn.fm/D3icO) achieved in multiple areas:
- originated $4,965,975 in contracts
- opened in three new states
- launched high school partnership programs with 47 Texas high schools
- signed a memorandum of understanding with SchollyMe, a social-media app with an international footprint, to develop online and mobile solar purchasing ability
- launched Direct Solar Capital and Direct Solar Commercial
The acquisition has created a solid financial base for SING and is projected to reach $15 to $25 million in contract sales in 2020 (http://ibn.fm/wXDu3).
However, Direct Solar is not the only area where SING is leading the way forward. The company has seen major success selling pre rolled hemp. SinglePoint saw major success at the National Association of Convenience Stores (NACS) Show in October, shipping multiple orders to both distribution and retail clients. The product’s success at NACS drove the company to create the wholly owned brand 1606 Original Hemp (http://ibn.fm/PV8r0). SING is working to expand the brand quickly through both retail and distribution sites, as well as a new ecommerce site (http://ibn.fm/UJsA9) currently in development. SinglePoint also plans to introduce the innovative hemp cigarette to additional retailers at the MJBIZCON, slated for December 11-13 in Las Vegas.
For more information, visit the company’s website at www.SinglePoint.com
NOTE TO INVESTORS: The latest news and updates relating to SING are available in the company’s newsroom at http://ibn.fm/SING