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SinglePoint | 10-Q: Q1 2024 Earnings Report

SinglePoint | 10-Q: Q1 2024 Earnings Report

SinglePoint | 10-Q：2024财年一季报
美股SEC公告 ·  2024/08/30 00:30

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SinglePoint Inc. reported Q1 2024 financial results with revenue of $4.1 million, down from $5.7 million in Q1 2023, primarily due to lower revenues at Boston Solar and decreased air purification system sales. Despite the revenue decline, gross profit increased to $1.9 million from $1.7 million year-over-year, driven by completion of higher margin projects.The company significantly reduced its net loss to $2.9 million from $8.7 million in Q1 2023, mainly due to lower selling, general and administrative expenses which decreased to $4.2 million from $10.0 million. The improvement was largely attributed to the absence of $6.5 million in preferred stock issuance expenses that occurred in Q1 2023.As of March 31, 2024, SinglePoint had $0.5 million in cash and estimates a $4.0 million cash need for the next 12 months. The company faces continued listing challenges from Cboe BZX Exchange due to minimum bid price and filing requirements, with potential delisting unless compliance is regained. Management is pursuing additional funding through operations growth and financing activities to address liquidity concerns.
SinglePoint Inc. reported Q1 2024 financial results with revenue of $4.1 million, down from $5.7 million in Q1 2023, primarily due to lower revenues at Boston Solar and decreased air purification system sales. Despite the revenue decline, gross profit increased to $1.9 million from $1.7 million year-over-year, driven by completion of higher margin projects.The company significantly reduced its net loss to $2.9 million from $8.7 million in Q1 2023, mainly due to lower selling, general and administrative expenses which decreased to $4.2 million from $10.0 million. The improvement was largely attributed to the absence of $6.5 million in preferred stock issuance expenses that occurred in Q1 2023.As of March 31, 2024, SinglePoint had $0.5 million in cash and estimates a $4.0 million cash need for the next 12 months. The company faces continued listing challenges from Cboe BZX Exchange due to minimum bid price and filing requirements, with potential delisting unless compliance is regained. Management is pursuing additional funding through operations growth and financing activities to address liquidity concerns.
SinglePoint公司发布了2024年第一季度财务报告，营业收入为410万美元，较2023年第一季度的570万美元下降，主要是由于Boston Solar的收入下降以及空气净化系统销售减少。尽管营业收入下降，毛利润仍从去年的170万美元增长至190万美元，得益于高利润项目的完成。公司显著减少了净损失，从2023年第一季度的870万美元降至290万美元，这主要归因于销售、一般和行政费用的减少，降至420万美元，从1000万美元减少。改善的主要原因是2023年第一季度未出现650万美元的优先股发行费用。截至2024年3月31日，SinglePoint的现金为50万美元，并预计未来12个月需要400万美元的现金。由于最低买盘价格和申报要求，公司面临来自Cboe BZX 交易所的持续上市挑战，如果不恢复合规，可能会面临退市。管理层正在通过业务增长和融资活动寻求额外资金，以解决流动性问题。
SinglePoint公司发布了2024年第一季度财务报告，营业收入为410万美元，较2023年第一季度的570万美元下降，主要是由于Boston Solar的收入下降以及空气净化系统销售减少。尽管营业收入下降，毛利润仍从去年的170万美元增长至190万美元，得益于高利润项目的完成。公司显著减少了净损失，从2023年第一季度的870万美元降至290万美元，这主要归因于销售、一般和行政费用的减少，降至420万美元，从1000万美元减少。改善的主要原因是2023年第一季度未出现650万美元的优先股发行费用。截至2024年3月31日，SinglePoint的现金为50万美元，并预计未来12个月需要400万美元的现金。由于最低买盘价格和申报要求，公司面临来自Cboe BZX 交易所的持续上市挑战，如果不恢复合规，可能会面临退市。管理层正在通过业务增长和融资活动寻求额外资金，以解决流动性问题。
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