Pineapple Energy Inc. (Nasdaq: PEGY) has released a corrected update on its recent financial performance and market factors affecting the renewable energy sector. Key points include:
1. Q2 2024 results reflected industry headwinds, with some metrics showing improvement.
2. SUNation, Pineapple’s NY subsidiary, showed positive year-over-year growth in several areas.
3. Commercial projects delayed in H1 2024 are now underway, expected to impact Q3 results positively.
4. Q2 financial highlights: Revenue of $13,549,420, 20% decrease in operating expenses, 33% decrease in gross profit, and a net loss of $6.9M.
5. Recent share authorization provides opportunity for potential capital market access and positive accounting impact.
The company remains focused on addressing industry pressures, improving operations, and positioning itself as a national industry leader in sustainable solar energy.
Pineapple Energy Inc. (Nasdaq: PEGY) ha rilasciato un aggiornamento corretto sulle sue recenti performance finanziarie e sui fattori di mercato che influenzano il settore delle energie rinnovabili. I punti principali includono:
1. I risultati del Q2 2024 hanno riflesso le difficoltà del settore, con alcuni indicatori che mostrano miglioramenti.
2. SUNation, la filiale di Pineapple a New York, ha registrato una crescita positiva anno su anno in diverse aree.
3. I progetti commerciali ritardati nel primo semestre del 2024 sono ora in fase di realizzazione e si prevede che influenzeranno positivamente i risultati del Q3.
4. I punti salienti finanziari del Q2: un fatturato di 13.549.420 dollari, una diminuzione del 20% nelle spese operative, una diminuzione del 33% nel profitto lordo e una perdita netta di 6,9 milioni di dollari.
5. L’autorizzazione recente delle azioni offre opportunità di accesso potenziale ai mercati di capitali e un impatto contabile positivo.
L’azienda rimane focalizzata nell’affrontare le pressioni del settore, nel migliorare le operazioni e nel posizionarsi come leader nazionale nel settore dell’energia solare sostenibile.
Pineapple Energy Inc. (Nasdaq: PEGY) ha lanzado una actualización corregida sobre su reciente desempeño financiero y los factores de mercado que afectan al sector de energía renovable. Los puntos clave incluyen:
1. Los resultados del Q2 2024 reflejaron las dificultades de la industria, con algunas métricas que mostraron mejoras.
2. SUNation, la subsidiaria de Pineapple en Nueva York, mostró un crecimiento positivo año tras año en varias áreas.
3. Los proyectos comerciales retrasados en el H1 2024 ahora están en marcha, y se espera que impacten positivamente los resultados del Q3.
4. Resumen financiero del Q2: Ingresos de $13,549,420, una disminución del 20% en los gastos operativos, una disminución del 33% en el beneficio bruto y una pérdida neta de $6.9 millones.
5. La reciente autorización de acciones brinda una oportunidad para el acceso potencial al mercado de capitales y un impacto contable positivo.
La empresa se mantiene enfocada en abordar las presiones del sector, mejorar sus operaciones y posicionarse como líder nacional en energía solar sostenible.
Pineapple Energy Inc. (Nasdaq: PEGY)는 최근 재무 성과 및 재생 가능 에너지 부문에 영향을 미치는 시장 요인에 대한 수정된 업데이트를 발표했습니다. 주요 포인트는 다음과 같습니다:
1. 2024년 2분기 결과는 업계의 어려움을 반영하고 있으며, 일부 지표에서는 개선이 나타났습니다.
2. Pineapple의 뉴욕 자회사 SUNation은 여러 분야에서 연간 성장률이 긍정적이었습니다.
3. 2024년 상반기에 연기된 상업 프로젝트가 현재 진행 중이며, 3분기 결과에 긍정적인 영향을 미칠 것으로 예상됩니다.
4. 2분기 재무 하이라이트: 수익 13,549,420달러, 운영 비용 20% 감소, 총 이익 33% 감소, 순손실 690만 달러.
5. 최근 주식 승인으로 인해 자본 시장 접근에 대한 잠재적 기회와 긍정적인 회계적 영향을 제공합니다.
회사는 업계 압박을 해결하고, 운영을 개선하며, 지속 가능한 태양 에너지 분야에서 국가 산업 리더로 자리매김하는 데 집중하고 있습니다.
Pineapple Energy Inc. (Nasdaq: PEGY) a publié une mise à jour corrigée sur ses performances financières récentes et les facteurs de marché affectant le secteur des énergies renouvelables. Les points clés comprennent:
1. Les résultats du T2 2024 ont reflété les vents contraires de l’industrie, avec certaines mesures montrant des améliorations.
2. SUNation, la filiale de Pineapple à New York, a montré une croissance positive d’une année sur l’autre dans plusieurs domaines.
3. Les projets commerciaux retardés au premier semestre 2024 sont désormais en cours, et devraient avoir un impact positif sur les résultats du T3.
4. Points forts financiers du T2 : Revenus de 13 549 420 $, 20 % de diminution des frais d’exploitation, 33 % de diminution du bénéfice brut et une perte nette de 6,9 millions de dollars.
5. La récente autorisation d’actions offre une opportunité d’accès potentiel aux marchés de capitaux et un impact comptable positif.
L’entreprise reste concentrée sur la gestion des pressions de l’industrie, l’amélioration de ses opérations et la position en tant que leader national dans le domaine de l’énergie solaire durable.
Pineapple Energy Inc. (Nasdaq: PEGY) hat ein korrigiertes Update zu seiner jüngsten finanziellen Leistung und zu den Marktbedingungen veröffentlicht, die den Sektor der erneuerbaren Energien betreffen. Die wichtigsten Punkte sind:
1. Die Ergebnisse des Q2 2024 spiegelten brancheninterne Schwierigkeiten wider, wobei einige Kennzahlen Verbesserungen zeigten.
2. SUNation, die Tochtergesellschaft von Pineapple in New York, verzeichnete ein positives Wachstum im Jahresvergleich in mehreren Bereichen.
3. Kommerzielle Projekte, die im ersten Halbjahr 2024 verzögert wurden, sind jetzt im Gange, was voraussichtlich positive Auswirkungen auf die Ergebnisse des Q3 haben wird.
4. Finanzielle Höhepunkte Q2: Umsatz von 13.549.420 $; 20% Rückgang der Betriebskosten; 33% Rückgang des Bruttogewinns und ein Nettogewinn von 6,9 Millionen $.
5. Die kürzliche Genehmigung von Aktien bietet die Möglichkeit eines potenziellen Zugangs zu den Kapitalmärkten und einen positiven buchhalterischen Einfluss.
Das Unternehmen bleibt darauf konzentriert, branchenspezifische Drucksituationen anzugehen, die Abläufe zu verbessern und sich als nationaler Branchenführer im Bereich nachhaltiger Solarenergie zu positionieren.
RONKONKOMA, N.Y., Aug. 26, 2024 (GLOBE NEWSWIRE) — In a release issued under the same headline earlier today by Pineapple Energy Inc. (Nasdaq: PEGY), please note that the figures in Highlights from Pineapple’s New York Subsidiary SUNation and Pineapple Energy’s financial highlights in Q2 have been amended. The corrected release follows:
Pineapple Energy Inc. (Nasdaq: PEGY) (Pineapple Energy) (“Pineapple” or the “Company”), a leading provider of sustainable solar energy and backup power to households, businesses, municipalities and for servicing existing systems, is providing an update on the performance of its ongoing business activities, with the goal of giving context to the Company’s recently filed earnings report.
“Our results for the second quarter of 2024 reflected the lingering impact of certain industry-specific headwinds that have affected the renewable energy sector across the United States,” said Scott Maskin, Interim CEO of Pineapple. “These headwinds – which masked progress across various aspects of our operations – are beginning to diminish,” Maskin said.
“While we are not satisfied with some of the metrics captured within our recently filed earnings statement, including seeing some disappointing news in the performance of our battery attachment rate within our Hawaii business as the Battery Bonus Program is in redesign at the utility and state level, and the delayed start to projects within our commercial pipelines of our New York business, some of these factors have already, or are likely to, abate as of writing.”
“We also incurred cash and non-cash charges and expenses related to our ongoing corporate restructuring efforts, as well as charges and valuation adjustments related to previously issued debt and equity instruments. We fully expect that the second half of the year, notably on the commercial side of the business, will show marked improvement when compared to the first six months of 2024. Over time, our recent and continuing restructuring efforts across Q2 will bear fruit as overhead is reduced, and OpEx is driven lower,” Maskin added.
Mr. Maskin noted that the performance at SUNation, Pineapple’s New York subsidiary, produced favorable comparisons in several key regional metrics during the first six months of 2024 compared to the same period last year, as well as in comparison to the full year 2023.
Highlights from Pineapple’s New York Subsidiary SUNation include:
- SUNation systems sold up
22% year over year - Overall kilowatts (KW) sold, up
21% year over year - Systems sold via client referrals, up
19% year over year - Total invoice value per sale, up
11% year over year - Overall client acquisition cost (CAC), down
4% year over year - Operating expenses, down
$553 k year over year
Mr. Maskin continued, “Our commercial and industrial solar projects often take longer to materialize when compared to our residential work, as was reflected in our results for the first half of the year. A number of material commercial projects that had been delayed in the first half of 2024 are now fully underway and the positive financial impact of these projects on our financial results should start to be reflected beginning in the third quarter. Our efforts to diversify our revenues via a mix of business is also evolving in a positive manner, as evidenced by a
“These figures highlight the opportunity within this growing segment of our business, as well as the volatility of the pipelines.”
Overall, Pineapple Energy’s financial highlights in Q2 included:
- Quarterly Revenues of
$13,549,420
- Operating expenses decreased
20% from Q2 2023
- Gross Profit decreased
33% from Q2 2023
- Operating losses increased
43% from Q2 2023
Pineapple’s complete financial performance for the second quarter of 2024 can be found in our quarterly report on form 10-Q here.
“I’m incredibly thankful to our shareholders for their constant notes of encouragement and arming me with the tools necessary to address the industry pressures affecting our Company,” Mr. Maskin continued stated. “The increased share authorization announced in July provides the Company with the opportunity to potentially access the capital markets to fund our future growth initiatives, with a focus on acquiring the best regional solar companies in the industry,” he noted. “The authorization also had a material positive impact on the accounting for certain outstanding debt and capital instruments, with these changes likely to be reflected in our third quarter results and future periods.”
“As a veteran in the solar space, my team and I have capitalized through the highest peaks of the “solar coaster” and have sustained our position through the absolute lowest points. We are laser focused on cleaning up every single obstruction that is preventing us from executing on our corporate strategy. We remain committed to elevating our corporate governance, aligning our operations, and refining our strategy to most effectively and efficiently address the significant long-term market opportunities we believe exist in our industry. The reimagined Pineapple Energy comes with amazing new board members, corporate leadership changes, OpEx reductions, and capital stack modifications.”
“What will never change is our dedication to you our shareholders, our employees, and our customers. We believe that Pineapple Energy is uniquely positioned to emerge as a national industry leader. I have never been more excited about the future and our place in it.”
Forward Looking Statements
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, future growth, and future opportunities. These statements are based on Pineapple Energy’s current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements here due to changes in economic, business, competitive or regulatory factors, and other risks and uncertainties, set forth in the company’s filings with the Securities and Exchange Commission. The forward-looking statements in this press release speak only as of the date of this press release. Pineapple Energy does not undertake any obligation to update or revise these forward-looking statements for any reason, except as required by law.
About Pineapple Energy
Pineapple is focused on growing leading local and regional solar, storage, and energy services companies nationwide. Our vision is to power the energy transition through grass-roots growth of solar electricity paired with battery storage. Our portfolio of brands (SUNation Energy, Hawaii Energy Connection, E-Gear) provide those within the Residential and Commercial sectors an end-to-end product offering spanning solar, battery storage, and grid services.
Contacts:
Scott Maskin
Interim Chief Executive Officer
+1 (631) 823-7131
SMaskin@sunation.com
Pineapple Investor Relations
IR@pineappleenergy.com
FAQ
What were Pineapple Energy’s (PEGY) key financial results for Q2 2024?
Pineapple Energy (PEGY) reported Q2 2024 revenues of $13,549,420, a 20% decrease in operating expenses compared to Q2 2023, a 33% decrease in gross profit, and a net loss of $6.9 million.
How did SUNation, Pineapple Energy’s New York subsidiary, perform in the first half of 2024?
SUNation showed positive year-over-year growth, including a 22% increase in systems sold, 21% increase in kilowatts sold, 19% increase in referral sales, 11% increase in invoice value per sale, and a 4% decrease in client acquisition cost.
What factors affected Pineapple Energy’s (PEGY) performance in recent months?
Pineapple Energy’s performance was affected by industry-specific headwinds in the renewable energy sector, delays in commercial projects, and ongoing corporate restructuring efforts. The company also faced challenges with battery attachment rates in Hawaii due to program redesigns.
How does Pineapple Energy (PEGY) plan to address recent financial challenges?
Pineapple Energy plans to focus on reducing overhead, lowering operating expenses, diversifying revenues through a mix of business, and potentially accessing capital markets for future growth initiatives. The company is also working on improving corporate governance and refining its strategy.
What is the outlook for Pineapple Energy (PEGY) in the second half of 2024?
Pineapple Energy expects marked improvement in the second half of 2024, particularly in the commercial side of the business. Delayed commercial projects are now underway, which should positively impact Q3 results. The company also anticipates benefits from recent restructuring efforts and share authorization.
