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SinglePoint | 10-Q: Q2 2024 Earnings Report

SEC ·  Sep 27 15:14

Summary by Moomoo AI

SinglePoint, a diversified holding company, reported a decrease in quarterly revenue from $8.1 million in Q2 2023 to $5.4 million in Q2 2024. The decline was attributed to lower revenues from its subsidiary Boston Solar and reduced air purification system sales. Cost of revenue also decreased correspondingly. Gross profit fell from $2.7 million to $1.4 million year-on-year for the same quarter. SG&A expenses rose to $6.0 million due to stock issued for services and increased consulting and professional fees. The company experienced a significant increase in net loss, from $1.3 million in Q2 2023 to $9.9 million in Q2 2024, driven by settlement liabilities and other expenses. Over a six-month period, revenue dropped from $13.9 million to $9.6 million, and net loss widened from $10.0 million to $12.7 million. SinglePoint's cash and cash equivalents...Show More
SinglePoint, a diversified holding company, reported a decrease in quarterly revenue from $8.1 million in Q2 2023 to $5.4 million in Q2 2024. The decline was attributed to lower revenues from its subsidiary Boston Solar and reduced air purification system sales. Cost of revenue also decreased correspondingly. Gross profit fell from $2.7 million to $1.4 million year-on-year for the same quarter. SG&A expenses rose to $6.0 million due to stock issued for services and increased consulting and professional fees. The company experienced a significant increase in net loss, from $1.3 million in Q2 2023 to $9.9 million in Q2 2024, driven by settlement liabilities and other expenses. Over a six-month period, revenue dropped from $13.9 million to $9.6 million, and net loss widened from $10.0 million to $12.7 million. SinglePoint's cash and cash equivalents stood at $0.25 million as of June 30, 2024, with an anticipated cash need of $4.0 million for the next 12 months. The company plans to fund operations through cash flow, sales, and potential offerings, but acknowledges the need for additional funding, raising doubt about its ability to continue as a going concern. SinglePoint's stock will be delisted from the Cboe BZX Exchange following non-compliance with timely filing requirements, effective after trading closes on September 10, 2024. The company has entered into a Settlement Agreement with Silverback Capital Corporation to resolve $2.5 million in liabilities through the issuance of common stock, pending court approval. Despite these challenges, SinglePoint's day-to-day operations are expected to remain unaffected.

This announcement is a separate document:

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