Announcement • Jun 12
Nasdaq to Delist Ordinary Shares of SPI Energy Co The Nasdaq Stock Market announced that it will delist the ordinary shares of SPI Energy Co, Ltd. SPI Energy Co.’s ordinary shares were suspended on January 15, 2025 and have not traded on Nasdaq since that time. Announcement • Feb 08
SPI Energy Co., Ltd Announces Resignation of Maurice Wai-fung Ngai as Independent Director of the Board of Directors and a Member of the Audit Committee, Nominating and Corporate Governance Committee, and Compensation Committee and Chairman of the Audit Committee SPI Energy Co., Ltd. announced that on January 15, 2025, Maurice Wai-fung Ngai, an independent director of the Board of Directors and a member of the Audit Committee, Nominating and Corporate Governance Committee, and Compensation Committee of SPI Energy Co., Ltd, as well as the Chairman of the Audit Committee, informed the Company of his decision to resign from the Board of Directors and all committees, effective January, 16, 2025. Announcement • Jan 11
Spi Energy Co., Ltd. Announces Settlement Agreement with Sinsin Europe Solar Asset Limited Partnership and Sinsin Solar Capital Limited Partnership SPI Energy Co., Ltd. announced that it has entered into a settlement agreement with SINSIN Europe Solar Asset Limited Partnership and SINSIN Solar Capital Limited Partnership (collectively, SINSIN), resolving all disputes arising from a share sale and purchase agreement dated September 6, 2014. Under the Settlement Agreement, the Company will pay a total of €45 million in three installments to SINSIN as full and final settlement of all claims related to the dispute. The payments will include the release of €33,052,852 from the accumulated bank deposits of the Company's four Greek SPVs and subsequent payments of €5,001,148 and €6,946,000 within three and five months, respectively, of the effective date. The dispute involved SINSIN Renewable Investment Limited (SRIL) and its four Greek SPVs, which collectively own and operate photovoltaic parks in Greece with a total capacity of 26.57 MW. As part of the Settlement Agreement, SINSIN has agreed to release all pledges on the shares of the four Greek SPVs and dismiss, with prejudice, all associated legal proceedings in the United States, Greece, and Malta following full payment of the settlement amount. Upon full performance of the Settlement Agreement, the eight solar projects under SRIL will be re-consolidated into the Company's portfolio. These projects, which were deconsolidated in 2017, are expected to generate annual revenue of approximately €8-10 million. This reintegration will significantly enhance the Company's renewable energy portfolio, which currently includes 17.51 MW of solar projects, more than doubling its total capacity. The Company believes the settlement represents a favorable outcome, resolving the dispute at a lower cost than originally anticipated and enhancing its long-term financial and strategic stability, allowing it to focus on its long-term strategic goals and operational growth. Announcement • Nov 22
SPI Energy Announces Receipt of Nasdaq Delist Determination Notice SPI Energy Co., Ltd. announced that it received a letter from the Listing Qualifications Department (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") issuing a Staff determination (the "Staff Determination") on November 19, 2024. The Staff Determination noted that since the Company has not yet filed its Form 10-Q for the period ended September 30, 2024, it no longer complies with Nasdaq Listing Rule 5250(c)(1) ("Rule") which requires the timely filing of all required periodic reports with the SEC. The Company has not regained compliance with the Rule. Accordingly, this matter serves as an additional basis for delisting the Company's securities from Nasdaq. All information addressing this matter must be included in the Company's prehearing submission to the Nasdaq Hearings Panel due November 26, 2024. Announcement • Oct 18
SPI Energy Provides Non-Compliance Update Regarding Nasdaq Listing Rule 5550(a)(2) and Rule 5250(c)(1) On October 15, 2024, SPI Energy Co., Ltd. (the Company") received a letter from the Listing Qualifications Department (the Staff") of The Nasdaq Stock Market LLC (Nasdaq") issuing a Staff determination (the Staff Determination"). The Staff Determination noted that as the Company had not regained compliance with the Listing Rule 5550(a)(2) within the period as prescribed by the Staff, its securities will be delisted from the Nasdaq Capital Market. Separately, the Staff Determination also noted that the Company did not meet the terms of the exception for demonstrating compliance with Nasdaq Listing Rule 5250(c)(1) (Filing Rule") which requires the timely filing of all required periodic reports with the SEC. Specifically in this regard, the Staff Determination noted that the Company's failure in filing its Form 10-K for the period ended December 31, 2023 and its Form 10-Q for the periods ended March 31, 2024 and June 30, 2024 (the Forms 10-Q") by October 14, 2024 within the period as permitted by Nasdaq, each serve as separate and additional bases for the delisting of the Company's securities from Nasdaq, and that the Company should address these concerns before the Nasdaq Hearings Panel (the Panel") if it appeals the Staff determination. The Letter notified the Company that it may appeal the Staff's determination to the Panel by 4:00 ET on October 22, 2024. The Company plans to appeal the Staff Determination and expects to submit a request for hearing before the Panel within the aforementioned timeline. The Staff Determination has no immediate effect on the listing of the Company's common stock on the Nasdaq Capital Market. The Company plans to fulfill each of the conditions as stated in the Staff Determination, apply to the Panel for the hearing and the comply with the procedures for the Panel hearing. As highlighted in the Letter, the hearings before the Panel are typically scheduled to occur approximately 30-45 days after the date of the hearing request. The Staff Determination also noted that a request for a hearing regarding a delinquent filing will stay the suspension of the Company's securities only for a period of 15 days from the date of the request. When requesting a hearing before the Panel, the Company would also be able to request a stay of such suspension, pending the hearing. Announcement • Aug 27
SPI Energy Announces Receipt of Nasdaq Non-Compliance Notice Due to its Failure to Timely File its Quarterly Report on Form 10-Q SPI Energy Co., Ltd. (the ‘Company’) announced that it received a notice (the ‘Notice’) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (‘Nasdaq’) notifying the Company that due to the Company’s failure to timely file its Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2024 (the ‘Q2 Form 10-Q’), with the Securities and Exchange Commission (the ‘SEC’), the Company is not in compliance with Nasdaq’s continued listing requirements under Nasdaq Listing Rule 5250(c)(1) (the ‘Rule’), which requires the timely filing of all required periodic reports with the SEC. This Notice follows earlier correspondences from Nasdaq, including a notice (the ‘Initial Notice’) from Nasdaq on April 19, 2024 notifying the Company that due to the Company’s failure (the ‘Initial Delinquent Filing’) to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the ‘Form 10-K’) with the SEC and a subsequent delinquency notification letter (the ‘Second Notice’) from Nasdaq on May 20, 2024 due to the Company’s non-compliance with the Rule as a result of the Company’s failure to timely file its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024 (the ‘Q1 Form 10-Q’). Despite these challenges, on August 8, 2024, the Company received an extension letter (‘Extension Letter’) from Nasdaq notifying the Company that Nasdaq has determined to grant an exception to enable the Company to regain compliance with the Rule by filing the Form 10-K and the First Quarter Form 10-Q on or before October 14, 2024. The Listing Rule requires listed companies to timely file all required periodic financial reports with the SEC. The deficiency letter has no immediate effect on the listing of the Company’s ordinary shares, and its ordinary shares will continue to trade on The Nasdaq Capital Market under the symbol ‘SPI’ at this time. As a result of this additional delinquency, the Company is required to regain compliance with all delinquent filings within 180 calendar days from the due date of the Initial Delinquent Filing, or October 14, 2024. The Company must submit an update to its original plan to regain compliance with respect to the filing requirements no later than September 4, 2024. The update must include the Company’s plans to file the Second Quarter Form 10-Q and indicate the progress the Company has made towards implementing the plan submitted in connection with the Initial Delinquent Filing. If the Company’s plan to regain compliance is not accepted, Nasdaq rules would permit the Company to appeal the decision to reject the Company’s proposed compliance plan to a Nasdaq Hearings Panel. The Company is in the process of completing the Form 10-K, the First Quarter Form 10-Q and the Second Quarter Form 10-Q and intends to file such reports as soon as practicable. This announcement is made in compliance with the Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a notification of deficiency. Announcement • May 22
SPI Energy Announces Receipt of Nasdaq Non-Compliance Notice SPI Energy Co., Ltd. announced that it received a notice (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that due to the Company’s failure to timely file its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024 (the “Form 10-Q”), with the Securities and Exchange Commission (the “SEC”), the Company is not in compliance with Nasdaq’s continued listing requirements under Nasdaq Listing Rule 5250(c)(1) (the “Rule”), which requires the timely filing of all required periodic reports with the SEC. As previously disclosed on a Current Report on Form 8-K of the Company filed on April 22, 2024, the Company received a notice (the “Initial Notice”) from Nasdaq on April 19, 2024 notifying the Company that due to the Company’s failure (the “Initial Delinquent Filing”) to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “Form 10-K”), with the SEC, the Company is not in compliance with the Rule. The Notice states that the Company has until June 18, 2024 to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rules. If Nasdaq accepts the Company’s plan, then Nasdaq may grant the Company up to October 14, 2024, or 180 days from the due date of the Initial Delinquent Filing, for filing the Form 10-K and the Form 10-Q to regain compliance. If the Company fails to timely regain compliance with Nasdaq Listing Rule 5250(c)(1), the Company’s ordinary shares will be subject to delisting from Nasdaq. The Company continues to work diligently to complete the Form 10-K and the Form 10-Q. Announcement • Apr 03
SPI Energy Co., Ltd. announced delayed annual 10-K filing On 04/02/2024, SPI Energy Co., Ltd. announced that they will be unable to file their next 10-K by the deadline required by the SEC. Breakeven Date Change • Feb 09
No longer forecast to breakeven The analyst covering SPI Energy no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of US$4.40m in 2024. New forecast suggests the company will make a loss of US$1.40m in 2024. Board Change • Feb 09
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 1 highly experienced director. Independent Director Jing Zhang was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jan 26
SPI Energy Co., Ltd. Updates Revenue Guidance for the Fiscal Year 2023 SPI Energy Co., Ltd. updated revenue Guidance for the Fiscal year 2023. As a result of solar project development sales delayed into 2024, the Company now expects revenue in the range of $204 million to $214 million for fiscal 2023. Announcement • Nov 11
SPI Energy Co., Ltd. announced delayed 10-Q filing On 11/09/2023, SPI Energy Co., Ltd. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Nov 02
SPI Energy Co., Ltd., Annual General Meeting, Dec 09, 2023 SPI Energy Co., Ltd., Annual General Meeting, Dec 09, 2023, at 10:00 US Eastern Standard Time. Location: at the offices of the Company at 4803 Urbani Ave., McClellan Park California United States Agenda: To elect our directors Our Board of Directors intends to present for election the following nominees: (1) Xiaofeng Peng, (2) HoongKhoeng Cheong, (3) Maurice Wai-fung Ngai, (4) Lu Qing, and (5) Jing Zhang ;to ratify the appointment of Marcum Asia CPAs LLP (“MarcumAsia”, formerly, Marcum Bernstein & Pinchuk LLP) as our independent registered public accounting firm for the fiscal year ending December 31, 2023; and to consider transact such other business as may properly come before the Annual Meeting and any postponement(s) or adjournment(s) thereof. Announcement • Oct 21
SPI Energy Co., Ltd. Receives a Notice in the Form of a Letter from the Nasdaq Listing Qualifications Department of the Nasdaq Stock Market On October 19, 2023, SPI Energy Co., Ltd. received a notice in the form of a letter from the Nasdaq Listing Qualifications Department of The Nasdaq Stock Market LLC stating that the Company was not in compliance with Nasdaq Listing Rule 5450(a)(1) because the bid price for the Company’s ordinary shares had closed below $1.00 per share for the previous 30 consecutive business days. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been given 180 calendar days, or until April 16, 2024, to regain compliance with the Minimum Bid Price Requirement. If at any time before April 16, 2024, the bid price of the Company’s ordinary shares closes at $1.00 per share or more for a minimum of 10 consecutive business days, the Staff will provide written confirmation that the Company has achieved compliance. In the event the Company does not regain compliance, the Company may be eligible for additional time. To qualify for the additional compliance period, the Company will be required to (i) submit, no later than the expiration date, an on-line Transfer Application, (ii) submit a non-refundable $5,000 application fee, (iii) meet the continued listing requirement for the market value of its publicly held shares and all other continued listing standards for The Nasdaq Stock Market, with the exception of the bid price requirement, and (iv) will need to provide written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split if necessary. As part of its review process, the Staff will make a determination of whether they believe the Company will be able to cure this deficiency. Should the Staff conclude that the Company will not be able to cure the deficiency, or should the Company determine not to submit a transfer application or make the required representation, the Staff will provide notice that the Company’s securities will be subject to delisting. The Nasdaq Deficiency Letter has no immediate impact on the listing of the Company’s ordinary shares, which will continue to be listed and traded on The Nasdaq Global Select Market, subject to the Company’s compliance with the other continued listing requirements of The Nasdaq Stock Market. The Company intends to actively monitor the closing bid price for the Company’s ordinary shares and may, if appropriate, evaluate available options to resolve the deficiency and regain compliance with the Minimum Bid Price Requirement. While the Company is exercising diligent efforts to maintain the listing of its ordinary shares on Nasdaq, there can be no assurance that the Company will be able to regain or maintain compliance with Nasdaq listing standards. The Company, by filing this Form 8-K, discloses its receipt of the Deficiency Letter regarding the Minimum Bid Price Requirement in accordance with Nasdaq Listing Rule 5810(b). Price Target Changed • Aug 15
Price target decreased by 17% to US$5.00 Down from US$6.00, the current price target is provided by 1 analyst. New target price is 339% above last closing price of US$1.14. Stock is down 51% over the past year. The company is forecast to post earnings per share of US$0.86 next year compared to a net loss per share of US$1.26 last year. Announcement • May 23
SPI Energy Co., Ltd. Reaffirms Earnings Guidance for Full-Year 2023 SPI Energy Co., Ltd. reaffirmed earnings guidance for full-year 2023. For the period, the company reaffirmed revenue ranging from $250 million to $300 million and net profit ranging from $29 million to $36 million. Announcement • May 16
SPI Energy Co., Ltd. announced delayed 10-Q filing On 05/15/2023, SPI Energy Co., Ltd. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Reported Earnings • Apr 16
Full year 2022 earnings released: US$1.26 loss per share (vs US$1.88 loss in FY 2021) Full year 2022 results: US$1.26 loss per share (improved from US$1.88 loss in FY 2021). Revenue: US$177.5m (up 9.6% from FY 2021). Net loss: US$33.4m (loss narrowed 27% from FY 2021). Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Semiconductor industry in the US. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Board Change • Apr 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 1 highly experienced director. Independent Director Jing Zhang was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Breakeven Date Change • Feb 09
Forecast to breakeven in 2025 The 2 analysts covering SPI Energy expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$19.3m in 2025. Average annual earnings growth of 60% is required to achieve expected profit on schedule. Announcement • Feb 07
SPI Energy Co., Ltd. Provides Earnings Guidance for the Year 2023 SPI Energy Co., Ltd. provided earnings guidance for the year 2023. For the year, the company expects net income in the range of $29 million to $36 million and revenue in the range of $250 million to $300 million. Announcement • Jan 18
SPI Energy Co., Ltd. Provides Revenue Guidance for the Full Year 2022 and 2023 SPI Energy Co., Ltd. provided revenue guidance for the full year 2022 and 2023. For the year 2022, the company expects $174 million to $176 million revenue expected for 2022, up 7.41% to 8.64% year-over-year.For the year 2023, the company expects $250 million to $300 million revenue. Announcement • Jan 10
SPI Energy Co., Ltd.'s Solar 4 America Begins Manufacturing and Delivering First US-Made M10 Solar Modules from Its New State-Of-The-Art Fully Automated Production Line in Sacramento SPI Energy Co., Ltd. announced company's wholly owned subsidiary has started volume production of M10 solar modules from its state-of-the-art production line at its facility in Sacramento, CA. The Solar4America module manufacturing facility now produces 700MW with capacity ramping up to 2.4GW in 2023. Currently S4A has production capacities for 2023 on an array of modules including 330W/60 cells and 410W/72cells, 410W/108 half cut cells all black modules for the residential market and 410W/72 cells (silver) and 550W solar modules for industrial and commercial markets. Price Target Changed • Nov 09
Price target increased to US$7.00 Up from US$6.00, the current price target is an average from 2 analysts. New target price is 400% above last closing price of US$1.40. Stock is down 72% over the past year. The company is forecast to post a net loss per share of US$0.98 next year compared to a net loss per share of US$1.88 last year. Price Target Changed • Aug 06
Price target decreased to US$6.00 Down from US$12.00, the current price target is an average from 2 analysts. New target price is 228% above last closing price of US$1.83. Stock is down 67% over the past year. The company is forecast to post a net loss per share of US$1.17 next year compared to a net loss per share of US$1.88 last year. Price Target Changed • Apr 27
Price target decreased to US$7.00 Down from US$12.00, the current price target is provided by 1 analyst. New target price is 254% above last closing price of US$1.98. Stock is down 71% over the past year. The company is forecast to post a net loss per share of US$0.83 next year compared to a net loss per share of US$1.88 last year. Reported Earnings • Apr 02
Full year 2021 earnings released: US$1.88 loss per share (vs US$0.29 loss in FY 2020) Full year 2021 results: US$1.88 loss per share (down from US$0.29 loss in FY 2020). Revenue: US$162.0m (up 17% from FY 2020). Net loss: US$45.5m (loss widened US$39.0m from FY 2020). Over the next year, revenue is forecast to grow 24%, compared to a 22% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Reported Earnings • May 01
Full year 2020 earnings released: US$0.41 loss per share (vs US$1.20 loss in FY 2019) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2020 results: Revenue: US$138.6m (up 42% from FY 2019). Net loss: US$6.52m (loss narrowed 57% from FY 2019). Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Mar 06
New 90-day low: US$6.81 The company is down 23% from its price of US$8.85 on 04 December 2020. The American market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 2.0% over the same period. Is New 90 Day High Low • Feb 09
New 90-day high: US$12.41 The company is up 61% from its price of US$7.71 on 10 November 2020. The American market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 25% over the same period. 