Revenues expected in the range of $250 million to $300 million in 2023
Revised 2022 revenue guidance of $174 million to $176 million
MCCLELLAN PARK, CA / ACCESSWIRE / January 17, 2023 / SPI Energy Co., Ltd., (NASDAQ:SPI) (the "Company"), a global renewable energy company and provider of solar storage and electric vehicle (EV) solutions for business, residential, government, logistics and utility customers, today announces updated revenue guidance for 2022 and provides outlook for 2023.
- $174 million to $176 million revenue expected for 2022, up 7.41% to 8.64% year-over-year
- $250 million to $300 million revenue projected for 2023
"We are on a clear path to profitability in 2023 and expect this will be an exceptional year for SPI as we drive significant year-over-year revenue growth," said Xiaofeng Peng, Chairman and CEO of SPI Energy."Our 2022 guidance was impacted by foreign currency exchange and the delayed sale of our Oregon solar projects, which we now expect to complete in 2023. The strong growth in revenues and profitability forecasted in 2023 are being driven by a multitude of factors, including the rapid growth of newer business lines and the continued growth of more established subsidiaries."
SPI's American-made solar module manufacturing business, Solar4America, has reached 700MW in capacity and is expected to surpass 2.4GW by the end of 2023. The Company is also rapidly expanding its new solar wafer manufacturing operation, SEM Wafertech, and expects to reach 1.5GW in manufacturing capacity this year.
Additional growth drivers include electricity sales revenue in the US and Europe through the Company's Orange Power subsidiary, as well as further expansion of its solar and battery business in Solarjuice Australia, and new solar development projects through SPI Solar.
"The Inflation Reduction Act of 2022 (IRA) included attractive incentives for the production of solar modules in the US," continued Peng. "Because of the IRA, our solar module manufacturing division in California is now receiving an extra $0.07 per watt of solar module produced, which should drive improved margins moving forward. Overall, I believe SPI is well positioned to capitalize on a wealth of opportunities to expand our project pipelines, grow consistent cash flows from our operating assets, and sustainably increase our gross margin and profitability."
About SPI Energy
SPI Energy Co., Ltd. (NASDAQ: SPI) is a global renewable energy company and provider of solar storage and electric vehicle (EV) solutions that was founded in 2006 in Roseville, California and is headquartered in McClellan Park, California.
The company has three core divisions: SolarJuice which has solar wholesale distribution, as well as residential solar and roofing installation and solar module manufacturing, SPI Solar and Orange Power which operates a commercial & utility solar division, and the EdisonFuture/Phoenix Motor EV division. SolarJuice is the leader in renewable energy system solutions for residential and small commercial markets and has extensive operations in the Asia Pacific and North America markets. The SPI Solar commercial & utility solar division provides a full spectrum of EPC services to third party project developers, and develops, owns and operates solar projects that sell electricity to the grid in multiple regions, including the U.S., U.K., and Europe. Phoenix Motor is a leader in medium-duty commercial electric vehicles, and is developing EV charger solutions, electric pickup trucks, electric forklifts, and other EV products.
SPI maintains global operations in North America, Australia, Asia and Europe and is also targeting strategic investment opportunities in fast growing green energy industries such as battery storage, charging stations, and other EVs which leverage the Company's expertise and substantial solar cash flow.
For more information on SPI Energy and its subsidiaries, the Company recommends that stockholders, investors and any other interested parties read the Company's public filings and press releases available under the Investor Relations section at www.SPIgroups.com or available at www.sec.gov.
This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties. Forward-looking statements can be identified through the use of words such as "may," "might," "will," "intend," "should," "could," "can," "would," "continue," "expect," "believe," "anticipate," "estimate," "predict," "outlook," "potential," "plan," "seek," and similar expressions and variations or the negatives of these terms or other comparable terminology. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company's current expectations and speak only as of the date of this release. Actual results may differ materially from the Company's current expectations depending upon a number of factors. These factors include, among others, the coronavirus (COVID-19) and the effects of the outbreak and actions taken in connection therewith, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business, and those other risks and uncertainties that are described in the "Risk Factors" section of the Company's annual report filed on Form 10-K filed with the Securities and Exchange Commission. Except as required by law, the Company does not undertake any responsibility to revise or update any forward-looking statements.
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