Solar Energy (Photo-voltaic is gaining popularity due to many reasons, the crucial ones being environment and climate change along with depleting natural resources. Estimates place solar energy at the center of sources of electrical power by 2030 at least.
The PV (photovoltaic) energy market company, SPI Energy Co. Ltd. (SPI) stock had been trending big in the latest market session. Soaring over 33.45% at a hefty volume of 3.06 million shares, SPI rose to a value of $3.79 per share in the after-hours on Friday. This surge comes from the company’s 2021 year-end financial results along with revised guidance shared on the day.
The prior session had the stock valued at $2.84 per share while it declined by a slight 1.05% during the session.
The China-based PV solutions provider was down by a huge 62.28% last year and has so far declined by 21.33% in 2022.
SPI’s Fiscal 2021 Performance
While the company is yet to discuss the results, so far the financials look good with net sales of $162.0 million for 2021. The net sales marked a nice growth of almost 17% YOY against $138.6 million in 2020.
Other than this, the company had cash and cash equivalents of $9.8 million at the end of the year while total assets were worth $228.8 million (+5.4% YOY).
Additionally, SPI will be hosting the earnings conference call and webcast on Monday, April 4, 2022, at 4:15 pm EST.
2022’s Revised Outlook
While the 2021 revenue missed the analyst’s expectations by $3.9 million, SPI provided strong revenue guidance despite global logistics and supply chain constraints. Thus, the expected revenue for fiscal 2022 is $200-$220 million. Earlier the company was expecting sales between $190 and $210 million in 2022.
How is SPI doing in 2022?
The company has maintained its focus on its residential solar business while also expanding its EV solutions segment. Just in the month of March, SPI’s Solar4America and SolarJuice Technology, both launched new solar modules and panels for residential and commercial markets. Soalr4America brought out its latest 380W and 410W solar panels to the residential market. And, SolarJuice launched 450W and 550W solar modules for commercial projects.
Moreover, having completed the sale of a 4MW solar plant in Hawaii, SPI is developing Utility-Scale Solar Projects in Maryland and Will County, Illinois. Both the projects were secured by its subsidiary SPI Solar Inc.