Business
190% Increase in Revenue -- SinglePoint Announces Preliminary Unaudited 2019 Annual Results, Residential Solar Business Unit is the Primary Driver for the Increase in Revenues and Achieves Business Unit Profitability
190% Increase in Revenue -- SinglePoint Announces Preliminary Unaudited 2019 Annual Results, Residential Solar Business Unit is the Primary Driver for the Increase in Revenues and Achieves Business Unit Profitability.
About this update from Singlepoint, Inc.
[{"type":"text","content":"\n 190% Increase in Revenue, From $1.1 Million to $3.3 Million, Projecting to Continue Triple Digit Revenue Growth Primarily Powered by Residential Solar in 2020  Text SinglePoint to 37284 to Receive Corporate Updates* Text Solar to 37284 to Receive Industry Updates* CEO anticipates SING will achieve between $10M-$12M in gross revenues this year, up from $10 million announced in CEO letter in January 2020Company to focus on Direct Solar, 1606 Original Hemp product lineSinglePoint plans to drive 2020 vision through organic growth in high-value, high-opportunity markets and synergistic acquisitions Phoenix, Arizona, Feb. 18, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- SinglePoint Inc. (OTCQB: SING) releases preliminary (unaudited) annual results achieving over $3,300,000 in revenue. SinglePoint continues to show progress and annual revenue traction delivering increased revenue in the triple digits, 190% increase from 2018 to 2019. $2,000,000 in annual revenue was directly derived from Direct Solar of America in approximately six months of operations.   Annualizing these results would have delivered over $5,000,000 in 2019 revenue. The 2020’s are positioned to be the decade of solar, and with SinglePoint’s acquisition of Direct Solar of America and its emerging business units, SinglePoint anticipates significant and sustained growth through the decade. Direct Solar America, at the time of acquisition by SinglePoint, was almost solely focused on expanding its national footprint by expanding into additional states with its unique and scalable residential solar brokerage model. The residential solar segment delivered nearly all the revenues and ended the year as a profitable business unit.  The residential solar business unit will continue to expand into new markets, adding incremental revenue, while continuing to cultivate and close additional revenue opportunities in established markets. New market expansion and increased efficiencies should deliver continued revenue growth and the Direct Solar of America residential business unit is targeting an annual revenue range of $7-$10M for 2020. Throughout the year, Direct Solar America identified additional high-caliber revenue opportunities in underserved markets within the domestic solar market.  The company created commercial and capital business units c...