SinglePoint Inc. Reports Revenue Decline and Increased Net Loss in Q3 2024

SinglePoint Inc. reported a decline in financial performance for the third quarter of 2024, with revenues of $5.54 million, down from $6.91 million in the same period last year. For the nine months ending September 30, 2024, total revenues were $15.12 million, a decrease from $20.78 million in the prior year. The company attributed this decline primarily to reduced revenues from its subsidiary, Boston Solar, and lower sales of air purification systems. Despite the revenue drop, gross profit increased to $2.50 million for the quarter, compared to $2.07 million in the previous year, largely due to the completion of higher-margin projects.

The company's net loss for the third quarter was $4.51 million, significantly higher than the $1.27 million loss reported in the same quarter of 2023. For the nine-month period, the net loss attributable to SinglePoint stockholders reached $17.25 million, compared to a loss of $0.72 million in the prior year. The increase in net loss was primarily driven by higher other expenses, including settlement of liabilities and changes in the fair value of derivative liabilities, as well as increased selling, general, and administrative expenses.

In terms of operational developments, SinglePoint has made strategic moves to enhance its market position. The company completed the acquisition of the remaining 49% interest in Box Pure Air in October 2023, consolidating its ownership in the air purification sector. Additionally, the company has been focusing on expanding its solar operations through its wholly-owned subsidiary, Boston Solar. As of September 30, 2024, SinglePoint's total assets were approximately $14.74 million, down from $17.25 million at the end of 2023, while total liabilities increased to $20.20 million from $16.37 million.

The company’s cash position has also deteriorated, with cash and cash equivalents dropping to $64,986 from $758,622 at the end of 2023. This decline raises concerns about liquidity, as SinglePoint indicated a cash need of approximately $4 million to sustain operations over the next 12 months. The company plans to address this through potential capital raises and increased revenue from its services and products, although it acknowledges the uncertainty surrounding its ability to achieve profitability.

Looking ahead, SinglePoint faces significant challenges, including a working capital deficit of approximately $15.63 million and ongoing net losses. The company has expressed substantial doubt about its ability to continue as a going concern without additional financing. Management is actively pursuing options to raise capital, including the sale of common stock and convertible notes, to support its operations and growth initiatives.