Core Insights - Boston Solar, a subsidiary of SinglePoint Inc., reported significant financial improvements in Q3 FY24, including a gross profit increase from 29.8% to 45.1%, driven by operational efficiency and restructuring efforts [2][4][9]. Financial Performance - Total Income for Q3 FY24 was $5.54 million, a decrease of approximately 19.2% from $6.85 million in FY23, reflecting broader trends in the US solar industry [3][10]. - Gross Profit reached $2.50 million, representing 45.1% of Total Income, an increase of 15.3 percentage points from 29.8% in FY23, attributed to cost savings and operational improvements [4][6]. - EBITDA (non-GAAP) improved to $529,431 (9.6% of Total Income) from a loss of $19,445 (-0.3%) in FY23, indicating a positive shift in operational performance [3][5]. - Net Operating Income (EBIT) was reported at $418,196 (7.5% of Total Income), a significant turnaround from a loss of -$366,595 (-5.3%) in the same period last year, showcasing a 12.8% improvement [5][7]. - Net Income, while still negative at -$103,362 (-1.9% of Total Income), showed a substantial year-over-year improvement of 72.5% from -$375,440 (-5.5%) in FY23 [8][10]. Strategic Initiatives - The leadership change and operational review conducted in Q1 FY24 led to the identification of inefficiencies and cost-saving measures, resulting in the elimination of $3.5 million in overhead expenses [6][7]. - The company has increased its project installations from 4-6 per week to over 8 projects per week, reflecting enhanced operational throughput [6][10]. - The outlook for the US solar industry is positive, with a forecasted growth of 21% in FY25, which Boston Solar aims to leverage for further revenue and profitability improvements [2][10].
SinglePoint Inc. Highlights Improvement in Boston Solar's Q3 FY24 Financial Results, Gross Profit Improves by 15.3%, from 29.8% to 45.1%