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SPI Energy Reports Q2 2022 Financial Results – EIN Presswire – EIN News

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SPI Energy to host conference call to discuss Q2 results on August 16 at 4:30 pm ET

McCLELLAN PARK, CA / ACCESSWIRE / August 15, 2022 / SPI Energy Co., Ltd., SPI (the “Company”), a global renewable energy company and provider of solar storage and electric vehicle (EV) solutions for business, residential, government, logistics and utility customers, today announced its financial results for the second quarter ended June 30, 2022.

Q2 Financial Highlights:

  • Net sales were $48.6 million in the second quarter of 2022, up 6.1% from $45.8 million in the second quarter of 2021
  • Gross margins were 8.0% in the second quarter of 2022, compared to 11.4% in the prior year period
  • Operating loss was $5.6 million in the second quarter of 2022, compared to $4.0 million in the second quarter of 2021
  • Net loss was $2.2 million in the second quarter of 2022, compared to $6.5 million in the second quarter of 2021
  • Total assets were $228.5 million as of June 30, 2022
  • Cash and cash equivalents totaled $13.6 million as of June 30, 2022

“We generated continued growth across our divisions during the second quarter while accomplishing the key milestone objective of completing the IPO of our Phoenix Motor subsidiary. Meanwile, our Sacramento Solar Module facility has started pilot production and I am so glad to see our first Made-In-California solar module delivered to the customer.” said Xiaofeng Denton Peng, Chairman and CEO of SPI Energy. “We have meaningful foundations in high-growth markets that position the Company for continued strong growth in the quarters and years ahead as we capitalize on the growing demand for renewable energy solutions.”

Q2 2022 Business Highlights:

Solar & Battery Storage Business

  • SPI Solar division began development for a 7.2MWac/8.39MWdc community solar project on 34 acres in Southern California
  • The Company’s SolarJuice Co., Ltd. (“SolarJuice”) subsidiary signed a 2GW (gigawatt) supply agreement with Sungrow, the global leading inverter solutions supplier for renewables
  • SolarJuice Technology Inc., the Company’s American solar panel manufacturing division, filed two provisional patents, one regarding machine learning technologies to improve solar module manufacturing processes, and a second patent application for an innovative apparatus to further automate the solar production line and reduce human errors
  • SolarJuice showcased its latest product offerings at the Smart Energy Conference & Exhibition (Smart Energy 2022), Australia’s premier event for solar, storage, and energy management
  • SPI showcased its solar and renewable energy products, including solar panels, residential energy storage systems, and EV chargers at the RE+ Texas Solar & Energy Storage trade show in San Antonio, Texas
  • Sacramento module manufacturing facility expect to reach the capacity of 650MW by end of 2022, and 1.1GW in mid-2023

EV Business

  • Completed carve out IPO of Phoenix Motor Inc. PEV, raising gross proceeds of $15.75 million and retaining approximately 80% ownership
  • Commenced delivery of lithium-ion forklifts
  • Showcased electric bus, lithium-ion forklift, solar-powered pickup truck and EV charging solutions at the Advanced Clean Transportation Expo (ACT Expo)

Corporate

  • Appointed William Chen, an accomplished construction management executive with more than 20-years of experience, as COO of SolarJuice
  • Issued $2.11 million 10% convertible promissory note with $20 per share conversion price
  • Announced plans to relocate corporate headquarters to McClellan Park, California, to be in closer proximity to the Company’s expanding solar module manufacturing operations

“We remain on track to deliver on our revenue goal of $200 million to $220 …….

Source: http://www.einnews.com/pr_news/586241475/spi-energy-reports-q2-2022-financial-results

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