SPI(US:SPI)2022-04-01 18:03Solar Projects - As of March 30, 2022, the company has 16.8 MW of solar projects in operation across multiple countries, including Greece, Japan, Italy, and the U.K.[80] - The company has 19.95 MW of solar projects under construction in the U.S., with scheduled connection dates ranging from 2022 to 2023[81] - The announced pipeline includes a 10.24 MW project in Hawaii, a 117 MW project in Maryland, and a 78.4 MW project in Illinois, among others[84] - In the U.K., the company owns 2 solar projects in operation with a total capacity of 8.1 MW, all eligible for Feed-in Tariff (FIT)[85] - In Greece, the company owns 12 operating solar projects with a total capacity of 33.8 MW, all eligible for FIT, with additional 10 MW projects in the pipeline[85] - The company aims to select solar projects based on factors such as solar irradiation hours, energy demand, and favorable tariff regimes[89] - The company has adopted a supplier-neutral approach for PV modules, selecting suppliers based on quality and favorable pricing, including partnerships with Trina Solar and JinkoSolar[119] - The demand for solar power products tends to be weaker during winter months, affecting operating results due to seasonal variations[128] - The company operates in multiple jurisdictions and is subject to complex regulations, including FIT regulations and clean energy incentive rules[131] Electric Vehicles - The company has delivered a total of 104 electric vehicles (EVs) as of December 31, 2021, including 91 shuttle buses and 13 work and delivery trucks[105] - The backlog for the third-generation e-drive system as of December 31, 2021, consists of 63 units, representing approximately $11.1 million in revenue[105] - The company began delivering its third generation EVs in March 2021, featuring modular battery packs with options of 31KwH, 63KwH, 94KwH, 125KwH, and 156KwH[120] - The electric vehicle industry is expected to grow rapidly, particularly in medium and light-duty vehicle segments, driven by policy changes and corporate mandates for zero-emission transportation[113] - The company has the highest number of class 4 electric cutaway shuttle buses and work trucks deployed to date, positioning itself uniquely in the market[114] - The electric vehicle business is not seasonal, but purchase order timing is influenced by key incentive programs like the California HVIP program[129] Financial Commitments and Acquisitions - The company has capital commitments for solar projects of approximately $2.0 million as of December 31, 2021, with financing expected from operations, private placements, and bank borrowings[83] - The acquisition of Petersen-Dean, Inc. was completed for a total cash consideration of $6.85 million, with an additional assumption of $11 million in outstanding balance, resulting in revenue of $29.03 million for the year ended December 31, 2021[109] Legal Matters - The dispute involves a share sale and purchase agreement dated September 9, 2014, between SINSIN and SPI, concerning all shares in Sinsin Renewable Investment Limited, which owns four Greek companies with a total power output of 26.57 MW[134] - SINSIN is seeking EUR 38.3 million, plus interest and expenses, for the outstanding purchase price of the shares under the share sale agreement[140] - The arbitration proceedings in Malta initiated by SPI against SINSIN claim damages for an alleged breach of the share sale agreement, while SINSIN counters with a claim for the balance of the purchase price of EUR 38,054,000[141] - On October 29, 2020, the tribunal dismissed all of SPI's claims and admitted SINSIN's counterclaim for payment of EUR 38,054,000, with interest at 6% accruing from November 30, 2015, on half of this amount[143] - The Company is involved in a lawsuit against Shengrun Int'l Industry Group for a down payment of $3,132,000 related to a real property purchase agreement, which has not been fulfilled[145] - The Company is listed as a defendant in a claim for fraudulent transfer involving a 15% ownership of Arizona Hay Press, LLC, with resolution expected during the calendar year 2022[146] - The Company is respondent in a claim for declaratory relief regarding a solar photovoltaic energy generation facility in Hawaii, with a confidential settlement agreement reached on December 31, 2021[147] - The Company is involved in a claim against Native American Agricultural Company for failing to deliver hemp plants and return a down payment of $324,125, with ongoing legal actions against personal guarantors[151] - The ongoing legal disputes may have a material adverse effect on the Company's results of operations for specific interim periods or years[152] Employee and Operational Information - As of December 31, 2021, the company had 419 employees, an increase from 78 in 2020 and 57 in 2019[178] - The company occupies approximately 39,043 square feet at the Anaheim Facility, which allows for the production of up to 120 units per year with one shift and 240 units with two shifts[174] - The company has a long-term lease for nearly 57,988 square feet at the Preston Tech Center in Livermore, California, consolidating two existing facilities[175] - The company has acquired a lease for a 140,000 square foot solar plant in Sacramento, California, expiring on October 31, 2027[175] - The company has a lease on an industrial property in Orange Cove, California, expiring on December 31, 2049, with an option to purchase[173] - The company has experienced no work stoppages and maintains good relations with its employees[179] Tax and Financial Reporting - The company has no current plans to pay distributions on ordinary shares, and any future distributions would be included in U.S. Holders' gross income as dividend income[162] - The company is treated as a U.S. corporation for federal income tax purposes despite being organized as a Cayman Islands exempted company[160] - The company has no material taxes levied by the Cayman Islands government, except for potential stamp duty[154] - The company reported foreign exchange gains and losses over the years: $1.3 million gain in 2019, $5.4 million loss in 2020, and $2.7 million gain in 2021[518] - Interest expenses related to short-term and long-term borrowings are subject to interest rate risk, with a potential increase of approximately $0.4 million and $0.5 million in interest expense for the years ended December 31, 2020 and 2021, respectively, due to a hypothetical 10% increase in average interest rates[519] - The company has not used derivative financial instruments to manage interest rate risk exposure but may consider using interest rate swaps in the future[519]