SPI Energy Reports Revenue Up 21.1% to $58.9 Million in Q2 2023

Company to host conference call to discuss Q2 2023 results on August 22 at 4:30 pm ET

MCCLELLAN PARK, CA / ACCESSWIRE / August 21, 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 second quarter ended June 30, 2023.

Second Quarter 2023 Financial Highlights:

• Net sales were $58.9 million in Q2 2023, up 21.1% from $48.6 million in Q2 2022
• Gross profit improved to $5.2 million in Q2 2023, up 35.3% from $3.9 million in Q2 2022
• Gross margin as a percentage of net sales improved to 8.9% in Q2 2023, up from 8.0% in Q1 2022
• Operating loss was $3.1 million in Q2 2023, compared to $5.6 million in Q2 2022
• Net loss attributable to shareholders of SPI was $2.5 million, or $0.08 per basic and diluted share, in Q2 2023, compared to $2.3 million, or $0.08 per basic and diluted share, in Q2 2022. Q2 2023 net loss includes $3.18 million net loss from Phoenix Motor Inc.
• Total assets were $230.5 million as of June 30, 2023
• Cash and cash equivalents totaled $4.5 million as of June 30, 2023

"I am proud to report that SPI Energy has delivered another exceptional quarter of performance, demonstrating our continued ability to drive growth and improve profitability," said Xiaofeng Peng, Chairman and Chief Executive Officer of SPI Energy. "Our net sales grew by 21.1% to $58.9 million, while our gross profit increased by 35.3% to $5.2 million, reflecting the robustness of our operations and the effectiveness of our strategies. It is important to note that our net loss includes a $3.18 million operating loss from our subsidiary, Phoenix Motor Inc., which we spun out into a separate entity on the Nasdaq in 2022. Excluding this, SPI Energy's operations have passed the breakeven point, underscoring the strength of our core business lines."

"During the second quarter, we showcased our made-in-USA solar modules at nine industry trade shows, reinforcing our brand and driving customer interest," continued Peng. "Importantly, we also further expanded our solar module manufacturing capacity during the second quarter by adding a new facility in South Carolina, positioning us for further growth as the new facility begins production later this year. Additionally, we signed a significant agreement in May to sell an 18.25MW community solar portfolio in Oregon to Luminace, marking another step forward in our strategic growth plan. As we look ahead, we are committed to driving greater success and growth in upcoming quarters and remain on track to achieve our previously issued guidance for the year as we continue to execute our strategy with diligence and focus. These are exciting times for SPI Energy, and I want to thank all of our customers, partners and employees for their continued support as we strive to deliver on our vision."

Second Quarter 2023 Business Highlights:

• Expanded solar wafer and solar module manufacturing capacity with addition of South Carolina facility;
• Showcased Made-in-USA solar modules, including 550W (M10) modules, at multiple trade shows, including:
  • NY Energy Summit
  • RE+ Texas
  • Solarcon
  • Midwest Solar Expo
  • Florida Solar & Storage Summit
  • RE+ Southeast
  • CLEANPOWER
  • PV MODULETECH Conference USA
  • Wood Mackenzie Energy Summit
• Signed agreement to sell an 18.25MW community solar portfolio in Oregon to Luminace, the North American decarbonization-as-a-service platform of Brookfield Renewable; construction for the six projects in the portfolio, which participate in the Oregon Community Solar Program, began during the second quarter
• Solar4America began construction of a new state-of-the-art 500MW n-type TOPCon & 1.0GW n-type HJT solar cell manufacturing facility in the US

Conference Call

The Company will host a conference call and audio webcast on Tuesday, August 22, 2023, at 4:30 p.m. ET to discuss and answer questions about the Company's operational and financial highlights for the second quarter ended June 30, 2023.

For interested individuals unable to join the conference call, a dial-in replay of the call will be available until September 5, 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: 13740780.

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 in Australia, as well as residential solar and roofing installation and solar module manufacturing under the Solar4America brand. SPI Solar and Orange Power which operate 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: ir@spigroups.com

Dave Gentry
RedChip Companies, Inc.
Phone:(407) 491-4498
SPI@redchip.com

SOURCE: SPI Energy Co., Ltd.