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SinglePoint | 10-Q: Q2 2024 Earnings Report

SEC ·  Sep 28, 2024 03:14

Summary by Moomoo AI

SinglePoint Inc. reported Q2 2024 financial results with revenue declining 33% to $5.4 million from $8.1 million in Q2 2023, primarily due to lower revenues at Boston Solar and reduced air purification system sales. Gross profit decreased to $1.4 million from $2.7 million in the prior year quarter, impacted by lower margin projects and reduced sales volumes.The company's operating expenses increased significantly as SG&A rose to $6.0 million from $3.2 million, driven by $1.5 million in stock-based compensation and higher consulting fees. Other expenses expanded to $5.3 million from $0.8 million due to liability settlements, derivative valuations, and financing costs. As a result, net loss attributable to shareholders widened to $9.9 million compared to $1.3 million loss in Q2 2023.The company faces liquidity challenges with only $0.25 million in cash as of June 30, 2024, and...Show More
SinglePoint Inc. reported Q2 2024 financial results with revenue declining 33% to $5.4 million from $8.1 million in Q2 2023, primarily due to lower revenues at Boston Solar and reduced air purification system sales. Gross profit decreased to $1.4 million from $2.7 million in the prior year quarter, impacted by lower margin projects and reduced sales volumes.The company's operating expenses increased significantly as SG&A rose to $6.0 million from $3.2 million, driven by $1.5 million in stock-based compensation and higher consulting fees. Other expenses expanded to $5.3 million from $0.8 million due to liability settlements, derivative valuations, and financing costs. As a result, net loss attributable to shareholders widened to $9.9 million compared to $1.3 million loss in Q2 2023.The company faces liquidity challenges with only $0.25 million in cash as of June 30, 2024, and requires approximately $4.0 million to fund operations for the next 12 months. Management plans to address funding needs through increased revenue, financing activities, and potential equity offerings, though substantial doubt exists about the company's ability to continue as a going concern. Additionally, SinglePoint received notice of non-compliance with Cboe BZX listing requirements in August 2024.

This announcement is a separate document:

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