Financial Performance - Consolidated revenue for Q1 2025 declined by 4% to $12.6 million from $13.2 million in Q1 2024, with Commercial revenue rising 28% while Residential revenue fell by 3% due to seasonality[8] - Sales for the three months ended March 31, 2025, were $12,636,638, a decrease of 4.4% compared to $13,219,197 in the same period of 2024[19] - Gross profit decreased to $4,431,325, down 7.8% from $4,805,448 year-over-year[19] - Operating loss for the quarter was $2,167,348, slightly improved from a loss of $2,182,954 in the prior year[19] - Net loss attributable to common shareholders was $3,496,432, compared to a loss of $10,119,988 in the same quarter of 2024, indicating a significant reduction in losses[19] - Basic and diluted net loss per share was $106.71, reflecting the reverse stock split adjustments[19] - Adjusted EBITDA for the quarter was $(1,464,215), an improvement from $(1,509,570) in the prior year[25] Cost Management - SG&A expenses decreased by 9% to $6.0 million from $6.6 million, reflecting cost optimization measures implemented in 2024[8] - Total operating expenses decreased to $6,598,673, down from $6,988,402 year-over-year, showing a reduction in costs[19] - Interest expense declined by 25% to $0.6 million from $0.8 million, demonstrating management's commitment to debt repayment[8] - Interest expense decreased to $571,240 from $764,870, indicating improved financing conditions[25] Debt and Liquidity - Total debt decreased by 51% to $9.2 million from $19.1 million at December 31, 2024, significantly improving the company's financial position[8] - Cash and cash equivalents increased to $1.4 million from $0.8 million at December 31, 2024, indicating enhanced liquidity[8] Future Outlook - The company expects total sales for 2025 to be between $65 million and $70 million, representing a projected increase of 14% to 23% from $56.9 million in 2024[12] - Adjusted EBITDA is projected to be between $0.5 million and $0.7 million, a significant improvement from an Adjusted EBITDA loss in 2024[12] - Future outlook includes continued focus on cost management and potential market expansion strategies[21] Business Development - SUNation's Commercial backlog rose more than 30% compared to the same period last year, driven by various projects in development with institutional partners[3] - The company plans to expand its Service and Maintenance business in the New York metro region, targeting homeowners with orphaned solar systems[4] - SUNation has secured $20 million in aggregate gross proceeds through a securities purchase agreement with institutional investors, enhancing its capital structure[8]
Pineapple Energy (PEGY) - 2025 Q1 - Quarterly Results