SPI

MKT CAP:$24M

SPI Energy Co., Ltd.

Market Cap

$24M

Energy·Solar·🇺🇸 United States·NASDAQ

Energy·Solar·🇺🇸·NASDAQ

Stock Price

$0.77+$0.00 (+0.00%)

Mar 9, 2026

Company Details

SPI Energy Co., Ltd. provides photovoltaic and electric vehicle (EV) solutions for business, residential, government, and utility customers and investors in Australia, Japan, Italy, the United States, the United Kingdom, and Greece. The com...

CEO

Xiaofeng Peng

IPO Date

Jan 20, 2016

Website

www.spigroups.com

Key Metrics TTM

Revenue

$178M

+11.5% YoY

Net Income

-$32M

EPS (Diluted)

-$1.14

Free Cash Flow

-$24M

Revenue / Share

$5.87

Gross Margin

4.9%

Operating Margin

-16.8%

Net Margin

-18.2%

FCF Margin

-13.5%

P/S

0.1x

P/E

—

Earnings Reports

Q1 2023

May 22, 2023

$48M+24.4%EPS -$0.32

Q3 2022

Nov 14, 2022

$43M+9.9%EPS -$0.48

Q2 2022

Aug 15, 2022

$49M+6.0%EPS -$0.08

Q1 2022

May 13, 2022

$39M+14.6%EPS -$0.26

FY 2021

Apr 1, 2022

$162M+16.9%EPS -$1.85

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 18	$26M	$3M	-$1M
Q1 19	$25M	$3M	-$3M
Q2 19	$25M	$3M	-$3M
Q3 19	$24M	$805.5K	-$4M
Q4 19	$24M	$805.5K	-$4M
Q1 20	$28M	$2M	-$158.0K
Q2 20	$28M	$2M	-$158.0K
Q3 20	$41M	$7M	$203.5K
Q4 20	$41M	$7M	$203.5K
Q1 21	$34M	$2M	-$8M
Q2 21	$46M	$5M	-$4M
Q3 21	$39M	-$1M	-$16M
Q1 22	$39M	$3M	-$7M
Q2 22	$49M	$4M	-$6M
Q3 22	$43M	-$2M	-$10M
Q1 23	$48M	$4M	-$7M

Valuation

Quarter	P/S	P/E
Q2 18	0.2x	—
Q1 19	0.2x	—
Q2 19	0.2x	—
Q3 19	0.2x	—
Q4 19	0.2x	—
Q1 20	0.2x	—
Q2 20	0.2x	—
Q3 20	0.2x	—
Q4 20	0.2x	—
Q1 21	0.2x	—
Q2 21	0.1x	—
Q3 21	0.2x	—
Q1 22	0.2x	—
Q2 22	0.1x	—
Q3 22	0.1x	—
Q1 23	0.1x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 18	$0	$0
Q1 19	$0	$0
Q2 19	$0	$0
Q3 19	$0	$0
Q4 19	$0	$0
Q1 20	$0	$0
Q2 20	$0	$0
Q3 20	$0	$0
Q4 20	-$4M	$10M
Q1 21	-$4M	-$12M
Q2 21	-$13M	-$14M
Q3 21	-$5M	-$6M
Q1 22	-$9M	-$9M
Q2 22	-$3M	-$5M
Q3 22	-$1M	-$5M
Q1 23	-$5M	-$5M

Capital Expenditures

Quarter	CapEx
Q2 18	$0
Q1 19	$0
Q2 19	$0
Q3 19	$0
Q4 19	$0
Q1 20	$0
Q2 20	$0
Q3 20	$0
Q4 20	$15M
Q1 21	$8M
Q2 21	$930.0K
Q3 21	$222.0K
Q1 22	$222.0K
Q2 22	$2M
Q3 22	$4M
Q1 23	$354.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 18	-23.8%	-30.8%
Q1 19	-26.4%	-28.4%
Q2 19	-17.0%	-28.4%
Q3 19	-6.4%	+3.5%
Q4 19	-6.4%	+3.5%
Q1 20	+13.3%	+0.8%
Q2 20	+13.3%	+0.8%
Q3 20	+70.8%	+45.8%
Q4 20	+70.8%	+45.8%
Q1 21	+19.3%	+48.6%
Q2 21	+62.6%	+75.7%
Q3 21	-5.3%	+34.2%
Q1 22	-6.3%	+11.2%
Q2 22	+44.5%	+28.6%
Q3 22	-6.6%	+6.1%
Q1 23	+23.0%	+0.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 18	$0	0.0%
Q1 19	$0	0.0%
Q2 19	$0	0.0%
Q3 19	$410.5K	1.7%
Q4 19	$410.5K	1.7%
Q1 20	$0	0.0%
Q2 20	$0	0.0%
Q3 20	$157.5K	0.4%
Q4 20	$157.5K	0.4%
Q1 21	$3M	9.1%
Q2 21	-$837.0K	-1.8%
Q3 21	$3M	7.3%
Q1 22	$1M	3.2%
Q2 22	$340.0K	0.7%
Q3 22	$707.0K	1.7%
Q1 23	$617.0K	1.3%

OpEx Breakdown

Quarter	G&A	S&M
Q2 18	$4M	$293.0K
Q1 19	$5M	$621.0K
Q2 19	$5M	$621.0K
Q3 19	$2M	$578.0K
Q4 19	$2M	$578.0K
Q1 20	$1M	$317.0K
Q2 20	$1M	$317.0K
Q3 20	$5M	$775.5K
Q4 20	$5M	$775.5K
Q1 21	$10M	$1M
Q2 21	$8M	$1M
Q3 21	$10M	$3M
Q1 22	$9M	$1M
Q2 22	$8M	$1M
Q3 22	$5M	$664.0K
Q1 23	$11M	$1M

Revenue Segments

Quarter	Electric Vehicles	P V Constructions And Operations	Renewable Energy Solutions	Others
Q1 22	$671.0K	$909.0K	$37M	—
Q2 22	$1M	$2M	$44M	$117.0K
Q3 22	$411.0K	$1M	$39M	$3M

Revenue by Geography

Quarter	Australia	United States
Q1 22	$28M	$9M

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 19	$3M	$0	$3M
Q4 19	$3M	$0	$3M
Q1 20	$3M	$0	$3M
Q2 20	$3M	$0	$3M
Q3 20	$39M	$0	$39M
Q4 20	$39M	$0	$39M
Q1 21	$0	$78M	$78M
Q2 21	$23M	$0	$23M
Q4 21	$10M	$0	$10M
Q1 22	$4M	$0	$4M
Q2 22	$14M	$0	$14M
Q3 22	$6M	$0	$6M
Q4 22	$4M	$0	$4M
Q1 23	$3M	$0	$3M
Q2 23	$5M	$0	$5M
Q3 23	$6M	$0	$6M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 18	7M	0.0%	+12.6%
Q1 19	11M	+48.9%	+67.7%
Q2 19	11M	0.0%	+62.9%
Q3 19	15M	+35.2%	+101.4%
Q4 19	15M	+0.2%	+101.9%
Q1 20	15M	+1.0%	+36.9%
Q2 20	15M	0.0%	+36.9%
Q3 20	17M	+14.9%	+16.3%
Q4 20	17M	0.0%	+16.1%
Q1 21	23M	+36.0%	+56.3%
Q2 21	24M	+3.7%	+62.0%
Q3 21	24M	+0.7%	+42.1%
Q1 22	26M	+6.7%	+51.5%
Q2 22	27M	+6.4%	+18.5%
Q3 22	28M	+2.4%	+17.1%
Q1 23	30M	+7.8%	+25.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 18	$114.8K	224
Q1 19	$111.0K	224
Q2 19	$111.0K	224
Q3 19	$107.5K	224
Q4 19	$107.5K	224
Q1 20	$125.8K	224
Q2 20	$125.8K	224
Q3 20	$183.6K	224
Q4 20	$183.6K	224
Q1 21	$150.1K	224
Q2 21	$204.5K	224
Q3 21	$173.9K	224
Q1 22	$2M	24
Q2 22	$2M	24
Q3 22	$2M	24
Q1 23	$2M	24

Revenue / Employee