SPI Energy Updates Fiscal 2023 Guidance

January 25, 2024 at 11:05 AM EST

MCCLELLAN PARK, CA / ACCESSWIRE / January 25, 2024 / SPI Energy Co., Ltd., (NASDAQ: SPI) (the "Company"), a global renewable energy company and provider of solar storage solutions for business, residential, government, logistics and utility customers, today announced that it is updating its revenue guidance for fiscal 2023. As a result of solar project development sales delayed into 2024, the Company now expects revenue in the range of $204 million to $214 million for fiscal 2023.

Despite the revised revenue guidance, SPI Energy remains confident in the profitability and growth potential of its key business divisions. The solar and battery distribution business in Australia and New Zealand has demonstrated robust growth, capitalizing on the increasing demand for renewable energy solutions in these regions. This division's performance is indicative of SPI Energy's strong market presence and its ability to leverage local market dynamics effectively.

In the US, the Company's solar module manufacturing operations, which have been operationally profitable for the last five quarters, continue to benefit from a favorable policy environment and growing consumer awareness about sustainable energy solutions.

Similarly, SPI Energy's solar project development business has made notable progress in the states of Massachusetts, Hawaii & Oregon.

The Company's independent solar power production business in Greece, Italy, and the UK continues to capitalize on favorable government policies and market trends, underscoring SPI Energy's ability to adapt to diverse energy landscapes and maintain operational excellence across different geographies.

Overall, these key business divisions are not only profitable but are also strategically positioned to drive long-term growth for SPI Energy. The Company's diversified portfolio and global footprint continue to provide a competitive edge in the dynamic renewable energy sector.

About SPI Energy

SPI Energy Co., Ltd. (NASDAQ: SPI) is a global renewable energy company and provider of solar, storage solutions that was founded in 2006 in Roseville, California and is headquartered in McClellan Park, California.

The company comprises the following core divisions: (a) SPI Solar commercial & utility solar business develops and provides a full spectrum of EPC services to third party project developers. (b) Orange Power business owns and operates solar projects that sell electricity to the grid in multiple regions, including the U.S., U.K., and Europe. (c) SolarJuice is a leader in renewable energy system solutions for residential and small commercial markets with solar wholesale distribution business in Australia, and residential solar and roofing installation business in California. SolarJuice also manufactures solar cells & modules in United States under the Solar4America brand. (d) SEM Wafertech develops American solar wafer manufacturing at Sumter, SC.

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 others 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.

View the original press release on accesswire.com

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