SinglePoint, Inc. (OTCMKTS:SING) has reported revenues of $1.075 million (up 300%) in Q1 2020. The projects developed in Q4 2019 and the acquisition of Direct Solar helped the company report stellar growth in Q1.
Record solar bookings in Q4 2019
Direct Solar holds stellar solar bookings in the previous quarter; it expanded its business to 30 states from the prevailing seven markets. It clocked residential sales of more than 40 in February 2020. However, the company’s sales declined in March on account of the coronavirus crisis.
Direct Solar adopted a digital sales platform to facilitate contactless sales, which helped to venture into the new markets quickly. The company also achieved cost savings by switching over to the digital sales platform.
Healthy growth in the solar business
Direct Solar maintains excellent solar bookings that comprise accretive and incremental commercial sales and residential bookings. The company began experiencing the impact of coronavirus in late Q1 and more prominent in Q2.
Chairman and CEO of SinglePoint, Greg Lambrecht, said 1606 Original Hemp Product and Direct Solar America contribute to its revenue growth. The company will realign its business opportunities and take action to boost growth.
The company has outperformed in Q1 by surpassing the revenue of $1 million. However, it expects to face the coronavirus impact on Q2 revenues because of business disruptions. SinglePoint expects to post solid growth in Q3 and Q4 by unveiling innovative products and changing the sales strategies.
Initiatives to double sales in Q2
The hemp vertical of SinglePoint expects to double the sales in Q2. SinglePoint is also unveiling Hemp 1606 6-pack counter display. The company realized sales growth of 133% in Q1 from 1606 Hemp compared to the previous quarter.
SinglePoint hired talented sales professionals to promote in-store products. They will also play a vital role in acquiring new stores to sell its products soon. The aim of 1606 Hemp is to record over 250 retail accounts across several states.
SinglePoint expects to generate revenues of up to $5.5 million by offering its products to 1,000 stores. On the successful rollout of Hemp 1606, the company has added 250 accounts in four weeks.