SPI - Earnings call transcript Q4 2021

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Operator

Greetings and welcome to SPI Energy's earnings call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions].

As a reminder, this conference is being recorded. pleasure of your Investor my Senior Randy now President Vice Relations is to host, introduce Conone, It and Finance. Randy?

Randy Conone

Paul. you, Thank

Joining are today Denton as the chairman COO, on our CEO, well Peng, SPI Cheong. HK and as me Energy's call

company and Litigation of and we risks statements plans Act provisions reflect statements remind everyone future remarks. like call turn the that Any constitute under Safe of events that I'd Harbor statements XXXX, forward-looking conference the Denton materially statements X, on intend the cautions like SPI that their today. with for subject and results SPI Before circumstances SPI's may SEC. uncertainties would to filings CEO, does now Securities Reform remarks various the company's to the about update of risks occur forward-looking Private begin, forward-looking actual prospects to Monday, these that these go cause expectations, for and today, are ahead. from to forward-looking Peng, those any to not or described of April XXXX. over to only made differ indicated, as after Chairman purposes to in including this Please call opening speak

Denton Peng

I'm Randy. delivered everyone. you, line Thank And our in good year XXXX. proud team growth report to afternoon, strong again double-digit top

our teams foundations the our business at our success across our driving and segments, EV our commercial multiple segment fortified projects, in developing of product scale and levels offerings, and in and we new solar and Importantly, all innovation including solar operations all organizations. commercial expanding residential strengthening burgeoning utility

conversion fuel convertible $XX.XX million placement per $XX nearly financing secured and per price, each with Including promissory four reaching have a share of operations. $XX attractive spending total share We million. $XX.X our also notes at closed to

innovations solar experienced and forwards. and has members to both across enabled new highly retain EV driving team to attract Our and strengthened operations growth position our us moving

is than significantly future successes ever stronger now been. our Over the believe foundation have of for XXXX it's many exchanged SPI growth. I

in a to I detail. the the will as unlock our value Chief Officer, in key HK, accelerate operations the are turn We to sectors call and HK. growth great to quarters Operating in cover position our ahead. now we greater

Hoong Khoeng Cheong

And Thank you, Denton. everyone. good afternoon,

As Denton of all our our many with some XXXX. business insight begin we units. noted, has into achieved milestone facets across I our various accomplishments further in in business

market share we business. So, for in our strong continue maintain SolarJuice to Australia

so EV focus services, developing the we marketplace. platform, and smart a solutions. able software value high to energy to chain provide solar, standardization roofing, performance we and and products battery, product provides on into degree customers. SolarJuice clean charging penetration and and high fast solution expertise, are and We whole cost of With low and end-to-end and by hardware residential achieve commercial sustainable a

We accounts approximately and have signed more since maintain inception [indiscernible]. customers XXX than XXXX BXB active

more We and solar have than inverters, XXX delivered than XX modules, of X batteries. megawatts in gigawatts megawatt more

we REC, the more. Fronius, for brands, top products, of proprietary including to SMA Tesla, addition In Hyundai, distribute and many

[indiscernible], XXXX markets, solar across solar leading and XXXX the February entrance in accelerated in in Petersen-Dean residential has five into and installer of assets the of other California the US in $XXX the states. Petersen-Dean roofing acquisition residential US market. the in Our top sales million our company largest is generating

company wake asset the bankruptcy Petersen-Dean So, we fell after in of attractive were able at to the COVID in XXXX. into extremely terms acquire the

on and beginning share with wins. last home solar the on year and So, in strength, from on of all pre-install are SolarXAmerica the great a roofing modules, mandate XXXX market to new that to our with California US. website the solar throughout way product this benefit in showcased California in of construction, Building well-recognized brand systems we a foundation Petersen-Dean's we services. batteries, leading is new brand position smart homebuilders the SolarXAmerica launched

storage solar energy SolarXAmerica. residential our program solar our modules, and C&I solutions, all new efficiency outdoor based monitoring cloud also storage high maintenance well cabinet We under launched battery as solution, a as

Moving SolarXAmerica to businesses focus and growing as and provider evolve and from solution we by markets. home expansion complemented with sales distribution our quick into dealership to their plan SolarJuice installation in-house installation forward, and energy smart compete current new franchise to model a provide

SPI Sacramento, our Solar in Now in and some Angeles, solar the for the operation our the of in SPI in including in world, California long-term Orange and able price are under customers. and utility to and scale Staples coming offer XXXX relationship component suppliers, best started performance Center has recognizable Golden Through PV we commercial to One the California. delivered SPI, Solar to project Los business most Center solar Power. the leading with

Maui in megawatt Our solar and megawatt X.X solar current megawatt X.XX Kona in megawatt Hawaii, across XX.X US of a X hour Also, megawatt each project project XXX with project offtakers, project Island power project Greece development in including in Power predictable Central projects two Europe, operates a solar energy XX.XX pipeline stable solar cash Maryland, in storage. sells tranches launched of and portfolio energy include distributed of owns To Power storage Through and Illinois, megawatt we Orange Massachusetts. PV resulting the capitalize of of long-term better creditworthy and purchase Orange Europe. to in solar flows. a in XXXX. agreements, Power resources, and our both growing opportunities energy Orange US and

have growth. Orange to stages plan to project, megawatts four US base We years. in construction XXX over megawatts XX XX.X megawatts various Power, projects new including continue solar Moving construction to forward, under we currently operation drive the asset in additional next development, the increase under the approximately of acquire [indiscernible] in and the

as XXXX, thanks tremendous to sped Our second X miles of EV past growth team. the electric with to million which all-star the forward a our shareholders. high the year, of plan for Phoenix our of in launched we way value business, move to unlocking its was additional first half IPO progress this pioneering last are and spin of all potential year, an work EVs in saw Motorcars last continuing business

ranges our EV car, debuted EdisonFuture as advancement technology. Phoenix lithium warehouse model and both launch charger employing development, pending as in US all-electric quarter Auto forklift to Phoenix for its retractable In the of last patent Show ion fourth solar of operations. the our installation first cycle Complementing the well life at a success electric of full long roof addition the LA for year, proprietary new business [indiscernible] vehicle the pickup market van last year, trucks in EV delivery

market an the Amazon EdisonFuture's and launching electric company's scooter X opening store scooters electric through business. Zoomer We scooter acquisition RideZoomers Technologies assets, the for also last year entered of the Shared

our as for forwards. global to manufacturer Lastly, discussion in of I agreement guidance will last will of our as call EV financial which now important business, you. as performance secured over year, battery to key XXXX, Randy be a for our well Thank we back our XXXX. supply operation a Randy, well facet turn the leading moving to scale with long-term a you.

Randy Conone

a and We you, headquarters basis. filing we is timeliness year moved Thank investors on on with increased our transparency HK. XX-K. last This the California company providing the company's our Form forward quarterly reporting of to performance look year. US as to first Meanwhile, a

to sales forward. although an from by be our overall net EV continued to from our increasing business mainly lines, XXXX, we up million, sales XX% in revenues larger revenues share Revenues increased nearly solar $XXX.X fiscal to of driven increasingly moving For expect $XXX XXXX. million represent

$XXX.X in Our million cost of revenues, million in and up increased XXXX, raw which increased XXXX to materials from line of our in $XXX.X primarily consists with labor cost, sales. and

representing negative margins net expenses in systems in well $XX.X of assets. million in XXXX, these primarily new or expense coming the in in to $XX.X Our $XX.X of other $X.X XXXX, our in million our XXXX. an was net inefficient was from General increased XXXX, drove up as XXXX, at increase expenses net marketing XXXX. our The XXXX. contracts also operations an and year. $X.X $X.X administrative to was in business, business factors million expenses million from of XXXX. Petersen-Dean of roofing in borrowings. The that bonds other of and up with installation in acquisition result unit gross roofing resulted acquired expanding up increased sales related million sales. margin customer in in and solar from from operating and XXXX, profit million was million business sales, $X.X XXXX, decrease The EV gross our from were in in and $X.X for Total $XX.X in due million as were from these solar the net first to February loss of in loss million when acquired X.X% mainly XX% approximately to decreased we were XXXX, in margins service installation gross a million gross $X.X which Together, expenses, and increase our expenses Interest due XX.X% a mainly convertible a up increase

cash As cash book of value million the million. we restricted $XXX XX, December and was $XX.X and our XXXX, of equivalents total had of cash, assets

to turning Now ahead. the year

We'll successes This accelerating ongoing is now chain solar our year look future we the expected into revenue in EV to $XXX of residential forward as supply Our driver for XXXX. estimate to overall questions. with consideration be and for business progresses, challenges. the million an to range We the revenue ongoing $XXX million logistics XXXX, with in and range sales updates. call sharing open takes you primary

Operator

[Operator Instructions].

question is Maxim Sullivan from with Tate Group. Our first

Tate Sullivan

$XXX you what million. range from on to the you about revenue what March revenue to XXXX million million question First $XXX from on $XXX guidance accelerating about million I in and last believe $XXX talk the changed month? $XXX gave to $XXX you to your details growth. guidance talk the Can Can increased changed? million of

Randy Conone

been it's consistent. think I fairly

bit. an percentage the in in we the it's terms, should mentioned call, a little EV But So, go as up contribution estimate.

were we million I'm not mistaken. $XXX range think in if sort before, of I the

Tate Sullivan

mention what SolarJuice? you partly Can customers? have you about this talk are you about little bit to a you please? solar to the to external more and selling plan you go business United business States decision mostly Can the in solar where that capacity manufacturing and talk manufacturing Are selling to

Randy Conone

process through to SolarJuice, produce next That's commercial And the solar initiative of all an panels a solar Sacramento, panels number equipment the a the where produce the do purchasing And installed year this to gets of we expect be and we're some in we're operating. and new much going year. the this installing manufacturing And initially and year. rest small of equipment division so. project be residential California, ongoing We'll that'll of larger once in to SPI. is

Tate Sullivan

to variables the please, drive vehicles XX-month of that that One please blend for for of or the both what for are $XX.X XX-K me, the a timing? and backlog Phoenix and Is of deliver indicated more electric million systems. backlog terms in backlog

Randy Conone

less I think sure, I'm that. probably three quarters exactly than I two it's not or but think it's

Hoong Khoeng Cheong

[indiscernible], sometime the delivering backlog year. will this be

Operator

Instructions]. [Operator

Samuels next Berthel question with Our Fisher. from Mike is

Michael Samuels

Could looks you to little terms long a great of go It flow? profitability just cash or over quarter, bit you free like in guys. think be it'll how a

Randy Conone

I to be flow cusp say, later We're it term this would near division, the generating division be be, and in we up. as the going expecting to cash the By EV solar ramp cash cash free at burning year. some the will of is flow division

the blend you for solar somewhat. offset mentioned, But we when them larger. division much SPI, is as So they

impact. have should disproportionate it So,

Denton Peng

division. profitable. two In plus solar always grids. already profitable selling have Utility the We electricity because And solar into three it's it's is Australia US. just now, have we Australia, And it's to residential business.

for probably But ramping soon. a it's for we takes part are because needed We're R&D. maybe already some And this lot to of and be to business the our is EV it also commercial, going still engineering very invest business profitable starting. in money – our be We to of up. time the

probably takes the we can some time. it But term in be So near business, profitable. EV

So, three soon is business profitable. Two business. be have we we'll very

Another business for time. EV some take may

Michael Samuels

the you the spin off very well point. then If that side itself doing solar EV, at should be

Denton Peng

EV, – we the of we the off still shareholder consolidate business. book the EV spin the still make We

Michael Samuels

private investor. [ph], Our comes from next question Johnson DJ

DJ Johnson

mentioned At little of $XX.XX I was share, that value, a remember share per that. of call, the it the per beginning if the you a little Can I missed comment more? bit just you something. bit on

Randy Conone

market amount. a where raised was private that reference to price. not some at a There a placement money It's we

DJ Johnson

you. you. Thank I to that just thank Okay, placement. want private clear

Denton Peng

a to have equity per raise $XX.XX about Yeah, last lot we year, share.

Operator

Group. Maxim question is Sullivan next Our from From Tate

Tate Sullivan

that process? revenue level I to think below earlier in the mention XXXX in call, Is had Petersen-Dean to that number it much bankruptcy in you from Did that the expect just million to did get five correctly? due to states? I or it back reasonable $XXX hear

Randy Conone

both exceed take expand It's number Western many mostly more and over places could other to the that But number. is looking the few geography existing there. in The larger we'll states that's in the years. get Tate. going analyzing to longer footprint, we're in to Yes, we be an current goal and It's get even and possibly West which is we several to expectation the term United states. the States. is years number a to that Coast that quoted, And possible to

Denton Peng

[indiscernible].

Randy Conone

very low. Still nationwide. percentage a single digit It's

So there's whitespace a industry. in lot this of

Operator

X and this years, like vehicle Thank all over should And both division. division questions in year unlock XX in the and closing some back the commercial those larger turn growth further I Paul. and utility great contemplating of or solar our the residential over Conone to be in also is the There comments. you. to all areas. Thank transactions this There next floor value over scale the next divisions, electric company you, the Randy should no two. close shareholder for and have divisions that potential the of substantial would to two both saying by are very time. year I'd at any just

investors I very years. be in So, and coming to we And apprised some would positive and the both the potential quarters actual company. developments the that expect of developments there'll for encourage keep

Operator

concludes This today's conference.

lines your for time. disconnect your may this You participation. you Thank at

SPI Energy (SPIEF) 5 Apr 222021 Q4 Earnings call transcript