Exhibit 99.1
SPI ENERGY CO., LTD.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except for share and per share data)
June 30, 2021 | December 31, 2020 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 22,846 | $ | 38,882 | ||||
| Restricted cash | 2,238 | 900 | ||||||
| Accounts receivable, net | 26,903 | 17,061 | ||||||
| Contract assets | 2,398 | – | ||||||
| Inventories, net | 23,196 | 17,260 | ||||||
| Prepaid expenses and other current assets, net | 11,409 | 5,018 | ||||||
| Amount due from related parties | 229 | 194 | ||||||
| Total current assets | 89,219 | 79,315 | ||||||
| Intangible assets, net | 6,725 | 4,058 | ||||||
| Goodwill | 4,897 | 4,546 | ||||||
| Other receivable, noncurrent | 278 | 299 | ||||||
| Property, plant and equipment, net | 34,790 | 32,802 | ||||||
| Project assets, noncurrent, net | 23,616 | 19,740 | ||||||
| Investment in affiliates, net | 69,606 | 69,606 | ||||||
| Deferred tax assets, net | 257 | 82 | ||||||
| Operating lease right-of-use assets | 8,800 | 6,585 | ||||||
| Total assets | $ | 238,188 | $ | 217,033 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 22,255 | $ | 14,952 | ||||
| Accrued liabilities | 7,254 | 8,490 | ||||||
| Income taxes payable | 381 | 31 | ||||||
| Advance from customers | 4,113 | 1,377 | ||||||
| Short-term borrowings and current portion of long-term borrowings | 12,353 | 3,266 | ||||||
| Amount due to an affiliate | 10,297 | 9,756 | ||||||
| Convertible bonds, net of unamortized debt discount | 44,271 | 50,373 | ||||||
| Operating lease liabilities, current | 579 | 605 | ||||||
| Derivative liability | 314 | 67 | ||||||
| Accrued warranty reserve | 579 | 529 | ||||||
| Consideration payable | 61,984 | 62,114 | ||||||
| Total current liabilities | 164,380 | 151,560 | ||||||
| Long-term borrowings, excluding current portion | 10,670 | 6,355 | ||||||
| Amount due to an affiliate, noncurrent | 371 | 832 | ||||||
| Deferred tax liabilities, net | 3,628 | 3,966 | ||||||
| Operating lease liabilities, noncurrent | 8,303 | 5,934 | ||||||
| Total liabilities | 187,352 | 168,647 | ||||||
| Equity (deficit): | ||||||||
| Ordinary shares, par $0.0001, 500,000,000 shares authorized, 24,066,223 and 22,340,689 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively | 2 | 2 | ||||||
| Additional paid in capital | 687,404 | 670,101 | ||||||
| Accumulated other comprehensive loss | (32,980 | ) | (32,947 | ) | ||||
| Accumulated deficit | (606,808 | ) | (591,899 | ) | ||||
| Total equity (deficit) attributable to shareholders of SPI Energy Co., Ltd. | 47,618 | 45,257 | ||||||
| Noncontrolling interests | 3,218 | 3,129 | ||||||
| Total equity | 50,836 | 48,386 | ||||||
| Total liabilities and equity | $ | 238,188 | $ | 217,033 | ||||
| 1 |
SPI ENERGY CO., LTD.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except for share and per share data)
| For the Six Months Ended June 30, | ||||||||
| 2021 | 2020 | |||||||
| Net sales | $ | 79,440 | $ | 56,364 | ||||
| Cost of revenue | 72,073 | 53,221 | ||||||
| Gross profit | 7,367 | 3,143 | ||||||
| Operating (income) expenses: | ||||||||
| General and administrative | 17,269 | 2,825 | ||||||
| Sales, marketing and customer service | 2,246 | 634 | ||||||
| Reversal of impairment charge on project assets | – | (3,751 | ) | |||||
| Provision for doubtful accounts | 319 | – | ||||||
| Total operating (income) expenses | 19,834 | (292 | ) | |||||
| Operating income (loss) | (12,467 | ) | 3,435 | |||||
| Other expense : | ||||||||
| Interest expense, net | 2,702 | 2,053 | ||||||
| Change in fair value of derivative liability | – | (498 | ) | |||||
| Net foreign exchange gain | (710 | ) | (1,056 | ) | ||||
| Others | (752 | ) | (199 | ) | ||||
| Total other expense, net | 1,240 | 300 | ||||||
| Income (loss) before income taxes | (13,707 | ) | 3,135 | |||||
| Income tax expense | 860 | 390 | ||||||
| Net income (loss) including noncontrolling interests | $ | (14,567 | ) | $ | 2,745 | |||
| Less: Net income attributable to noncontrolling interests | 342 | 83 | ||||||
| Net income (loss) attributable to shareholders of SPI Energy Co., Ltd. | $ | (14,909 | ) | $ | 2,662 | |||
| Net income (loss) per ordinary share: | ||||||||
| Basic and Diluted | $ | (0.64 | ) | $ | 0.18 | |||
| Weighted average shares outstanding | ||||||||
| Basic and Diluted | 23,434,015 | 14,805,098 | ||||||
| 2 |
