Fri, Sep 27, 7:13 PM (84 days ago)
SinglePoint Inc. reported a significant decline in both revenue and net income for the quarter ending June 30, 2024. Revenue dropped to $5.4 million from $8.1 million in the same quarter of 2023, primarily due to decreased sales at its subsidiary, Boston Solar, and lower air purification system sales. Gross profit also fell from $2.7 million to $1.4 million. Selling, general, and administrative (SG&A) expenses surged to $6.0 million, up from $3.2 million, largely due to stock issued for services and increased consulting fees. The net loss attributable to SinglePoint stockholders increased to $9.9 million, compared to a loss of $1.3 million in the prior year. As of June 30, 2024, the company’s liquidity is concerning, with only $253,816 in cash and a working capital deficit of $13.7 million. The company anticipates needing approximately $4 million to sustain operations over the next year, raising uncertainties about its ability to continue as a going concern without additional financing. The increase in losses and need for capital could hinder future operations and growth prospects.