Company reaffirms 2023 guidance of $250 million to $300 million revenues and $29 million to $36 million net profit

SPI Energy to host conference call to discuss FY22 results on April 18 at 4:30 pm ET

MCCLELLAN PARK, CA / ACCESSWIRE / April 14, 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 announced its financial results for the fiscal year ended December 31, 2022.

Conference Call

The Company will host a conference call and audio webcast on Tuesday, April 18, 2023, at 4:30 p.m. ET to discuss and answer questions about the Company’s operational and financial highlights for the fiscal year ended December 31, 2022.

For interested individuals unable to join the conference call, a dial-in replay of the call will be available until May 2, 2023 and can be accessed by dialing +1-844-512-2921 (U.S. Toll Free) or +1-412-317-6671 (International) and entering replay pin number: 13738241.

FY 2022 Financial Highlights:

• Net sales were $177.5 million in fiscal year 2022, up 9.6% from $162.0 million in fiscal year 2021
• Operating loss was $28.6 million in fiscal year 2022, down from to $41.5 million in fiscal year 2021
• Net loss attributable to shareholders of SPI was $33.4 million, or $1.30 per basic and diluted share, in fiscal year 2022, down from $45.5 million, or $1.90 per basic and diluted share, in fiscal year 2021
• Total assets were $231.1 million as of December 31, 2022
• Cash and cash equivalents totaled $3.5 million as of December 31, 2022

“We continued our trajectory of strong growth in 2022, exceeding our previously issued revenue guidance,” said Xiaofeng Denton Peng, Chairman and CEO of SPI Energy. “Our solar module and solar wafer manufacturing businesses are expected to be strong growth drivers in the quarters ahead. And importantly, with the passing of the Inflation Reduction Act of 2022, which creates attractive incentives for companies to produce solar modules in the US, our manufacturing division in California will now receive $0.07 per watt of solar modules produced. Overall, the strong foundation we have established in key areas of the renewables sector, including American solar manufacturing, battery storage, and electric vehicles, have positioned us extremely well to capitalize on a wealth of opportunities to expand our project pipelines, grow consistent cash flows from our operating assets, and increase our gross margin and profitability in the years ahead.”

“With near-term expectations for an EBITDA positive and net profitable, we are confident we will deliver between $29 million and $36 million net income for fiscal year 2023,” continued Peng. “This is a monumental milestone for SPI made possible by years of hard work from our teams who have been instrumental in helping to build our renewable energy company platform. This achievement is even more significant when considering our continued investments in our EV and solar wafer manufacturing businesses, which are expected to further accelerate our overall growth in the quarters ahead as we strive to meet rapidly growing demand.”

FY 2022 Business Highlights:

Solar Project Development Business (D.B.A. SPI Solar Inc.)

• Completed sale of 5 megawatt (MW) solar plant in Hawaii
• Secured 473 acres for 78MW utility-scale solar project in Maryland
• Secured 465 acres for 54MW alternating current, 78.4MW direct current utility-scale project in Illinois
• Began development for a 7.2MWac/8.39MWdc community solar project on 34 acres in Southern California
• Began development on the second phase of its 32.4 MWac/34.83 MWdc Shorewood Solar Project across 167 acres in Kendall County, Illinois

American Solar Module Manufacturing Business (D.B.A. Solar4America)

• Solar4America started “Made-in-USA” solar module production at Sacramento facility
• Started generating net profit in Q4 2022
• Launched and 550W commercial solar modules
• Launched 330W and 410W solar panels for residential market under Solar4America brand
• Showcased “Made-in-USA” solar modules at Intersolar trade show
• Showcased its solar and renewable energy products, including solar panels, residential energy storage systems, and EV chargers at the RE+ Texas Solar & Energy Storage trade show in San Antonio, Texas
• Showcased Made-in-USA solar modules at the RE+ Energy Expo 2022 in Anaheim, CA and Miami, FL
• Secured two groundbreaking provisional patents, one regarding machine learning technologies to improve solar module manufacturing processes, and a second patent application for an innovative apparatus to further automate the solar production line and reduce human errors
• Signed new property and facilities lease adjacent to current facility in McClellan Park, California; new facilities expected to drive solar module manufacturing capacity to 2.4GW
• Appointed Franz Feuerherdt as VP of Sales & Marketing, previously served as the National Sales Director for Mission Solar Energy

Independent Power Producer Business (D.B.A. Orange Power)

• Produced approximately 55,896,344 kilowatt hours (kWhs) of renewable energy from solar projects in the UK, Italy, Greece, and Hawaii
• Its revenue increased 20.1% in 2022 than the previous year
• Its net income increased 83% in 2022 than year 2021
• Powered more than 9,300 average European homes and offset more than 37,930 tons of CO2 greenhouse gases in 2022

Australian Distribution Business (D.B.A. SolarJuice Australia)

• Solarjuice Australia business has been growing its profit in last 3 years
• Showcased its latest product offerings at the Smart Energy Conference & Exhibition (Smart Energy 2022), Australia’s premier event for solar, storage, and energy management
• Signed a 2GW (gigawatt) supply agreement with Sungrow, the global leading inverter solution supplier
• Partnered with Wallbox to drive development of smart technology to focus on residential and commercial EV charging solutions, including bi-directional charging

American Solar Wafer Manufacturing Business (D.B.A. SEM Wafertch)

• Formed SEM Wafertech, a solar wafer manufacturing business, and signed LOI to acquire 1.5GW solar wafer manufacturing equipment; the Company is targeting delivery and production of the solar wafers in the U.S. by 2023. The Company also plans to further increase its solar wafer manufacturing capacity to 3GW by 2024
• Appointed Yuepeng Wan, PhD, as Chief Technology Officer, a leading expert in the silicon wafer industry with more than 20 years of experience, previously served as CTO of GCL-Poly Holdings Ltd. and Jiangxi LDK Solar Hi-Tech Inc. Co.

Corporate

• Completed spinoff of Phoenix Motor (Nasdaq: PEV) in June 2022
• Publicly filed spinoff IPO for Solarjuice in September 2022

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 or available at www.sec.gov.

Forward-Looking Statements

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.

Contact:

SPI Energy Co., Ltd.
IR Department
Email: [email protected]