- SING files full year and Q4 2019 financial report, showing 189% year-over-year sales spike, gross profit increase of 269%
- SING responds to crisis by utilizing digital platforms to efficiently market Direct Solar – eliminating training, canvassing costs
- SING markets its own Klēn brand of high-demand hand sanitizer
In a recent MoneyTV interview, SinglePoint Inc. (OTCQB: SING) CEO Greg Lambrecht reported promising figures from the company’s full year and Q4 2019 financial results. A strong performance by subsidiary Direct Solar helped drive the company’s 189% sales increase to $3,343,833 for the year ended December 31, 2019, as compared to $1,154,671 in 2018 (http://nnw.fm/1BqdW). While reporting a decreased year-over-year net loss, SING also showed a 269% jump in gross profit to $990,777 for 2019 as compared to $267,799 in 2018. Additionally, in the current economically challenging environment, Direct Solar has been closing sales on a ‘virtual’ basis to stay-at-home customers – saving the cost of paying and training canvassers, Lambrecht noted (http://nnw.fm/P28g1).
The report detailed that $2,189,162 of Singlepoint’s revenues last year were generated by its powerhouse subsidiary Direct Solar. This figure accounts for only the six months of the subsidiary’s revenues to SING since it was acquired in March 2019. Speculating on a full year unaudited pro forma basis, Direct Solar would have surpassed $4 million in sales.
To continue Direct Solar’s performance in the midst of the coronavirus crisis, SING leadership had to create innovative solutions. Lambrecht said the company faced the challenge of its canvassers not being able to close sales inside private homes. As a solution, Lambrecht said, “We’ve been setting up all of our meetings on Zoom and Skype and that’s eliminated the canvassers. It takes a lot of money to train them, send them to a city and pay their hotel and food. Now, we’re just doing our meetings on Skype and it has made us become more digital and has really worked out quite well.”
“As a standalone entity, the Direct Solar America Residential Business Unit ultimately ended the year profitably, which is an incredible achievement for a start up in its first few months of operation,” Lambrecht said. He added that the performance of Direct Solar’s residential unit in 2019 empowered SING with the confidence and cash flow to create a commercial business as well as a capital arm to offer support financing. Direct Solar has grown to cover 25 states.
SING has also grown sales during the coronavirus pandemic by marketing its own brand of CBD-infused hand sanitizer, Klēn. The CBD-infused product contains 70% ethyl alcohol with aloe and hemp seed oil. “The response we’ve gotten has been amazing,” Lambrecht reported on MoneyTV. “Some of the largest convenience store chains in the country are calling us for our hand sanitizer, Klēn. We’re really going to be showing some incredible deals and huge numbers from our hand sanitizer. Our product, we like to think of as the ‘Cadillac’ of hand sanitizer. We’re making every bottle ourselves, putting the hemp oil in there; it’s just a really quality product.”
Due to its connections with retailers nationwide, SING leadership anticipates the demand for its hand sanitizer offering to continue to grow. Helping SING market the Klēn hand sanitizer brand is the list of 12,000 retailers who attended the National Association of Convenience Stores (NAC) convention last fall. By participating in NAC, SING was able to obtain the list of attendees and market Klēn to them, Lambrecht said. NAC reports some 340,000 convenience stores nationally.
For more information, visit the company’s website at www.SinglePoint.com
NOTE TO INVESTORS: The latest news and updates relating to SING are available in the company’s newsroom at http://nnw.fm/SING
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