Pineapple Energy Inc.(PEGY), a leading player in the ene rgy sector, has released its condensed consolidated financial statements for the first quarter of 2023. The company reported a net loss of $2.55 million for the quarter. Despite the loss, Pineapple Energy Inc. achieved a revenue of $22.07 million during the same period. Let's delve into the details of the company's financial performance.
Net Loss of $2.55 Million
During the first quarter of 2023, Pineapple Energy Inc. experienced a net loss of $2.55 million. This compares to a net loss of $1.88 million in the same quarter of the previous year. The increase in net loss was driven by various factors including operating expenses and interest and accretion expenses.
Revenue Reaches $22.07 Million
Pineapple Energy Inc. generated a revenue of $22.07 million in the first quarter of 2023. This represents a substantial increase compared to the revenue of $231,868 reported in the first quarter of the previous year. The growth in revenue can be attributed to factors such as increased sales and improvements in the company's operations.
Consolidated Balance Sheets
The company's condensed consolidated balance sheets as of March 31, 2023, and December 31, 2022, reveal a total of $71.84 million and $74.70 million in assets, respectively. The breakdown of current assets includes cash and cash equivalents, restricted cash and cash equivalents, investments, trade accounts receivable, inventories, and more. Pineapple Energy Inc.'s property, plant, and equipment netted to $1.47 million.
Consolidated Statements of Operations and Comprehensive Loss
The condensed consolidated statements of operations and comprehensive loss for the first quarter of 2023 indicate that the cost of sales amounted to $14.06 million, resulting in a gross profit of $8.01 million. Operating expenses, including selling, general and administrative expenses, amortization expense, and transaction costs, totaled $10.16 million. The company's operating loss for the quarter was $2.15 million.
Changes in Stockholders' Equity
Pineapple Energy Inc.'s stockholders' equity as of March 31, 2023, amounted to $25.00 million. This includes convertible preferred stock, common stock, additional paid-in capital, accumulated deficit, and accumulated other comprehensive income.
Pineapple Energy Inc. has faced a net loss of $2.55 million for the first quarter of 2023, while simultaneously achieving a revenue of $22.07 million. The company's financial performance reflects a complex interplay of factors including operating expenses, investment activities, and changes in stockholders' equity. Pineapple Energy Inc. remains committed to navigating the challenges of the energy sector and pursuing growth opportunities in the market.