SinglePoint, Inc. (OTCMKTS:SING) has reported revenues of $3.343 million in 2019. It is an increase of 189% when compared to the previous year. The takeover of Direct Solar in May 2019 contributed $2.189 million to the revenues of SinglePoint.
Customized solar solutions
Chief Executive Officer and Chairman of SinglePoint, Greg Lambrecht said better than expected results in 2019 show its commitment to the shareholders. The company expects to continue the same growth trend in 2020. SinglePoint established itself as a leader in offering solar concierge services to households by acquiring Direct Solar America. It also provides customized solar solutions based on the needs of residential customers.
Direct Solar expands presence
Besides showing continued growth in 2019 and 2020, Direct Solar expanded its presence in twenty-five states. With contractors looking to improve their revenues by associating with the solar platform of Director Solar and offer innovative solutions, the business of SinglePoint grows at a fast pace.
Greg said Direct Solar’s rapid growth in residential solar business and profitability gave confidence to SinglePoint to form a separate business unit to focus on commercial solar sales. Established in H2 2019, the commercial business unit of Direct Solar is quick in clinching small to mid-sized deals, which would generate long term and immediate revenues that represent millions of dollars.
According to Greg, the senior management played a vital role in improving the business and revenues in 2019. Direct Solar America Residential Business Unit posted better results within six months of operation. SinglePoint allocated the profits generated from Direct Solar Business for startup costs and funding of the Capital and Commercial Solar Business Units. The company plans to expand its business in the renewable energy sector going forward.
Repays convertible investor notes
SinglePoint has repaid convertible investor notes in Q1 2020. The senior management will work with investors to eliminate outstanding notes and improve the balance sheet.
Multiple Pre-orders for Klen Hand sanitizer
After successful pre-launch, the company has received several pre-orders for Klen hand sanitizer with moisturizing hemp seed oil. It has received good acceptance and several distributors have shown interest in this innovative hand sanitizer. The company is in discussions with distributors and buying groups to sell its Klen hand sanitizer to the consumers through bodegas, convenience stores, and other outlets.