RONKONKOMA, N.Y., Aug. 26, 2024 (GLOBE NEWSWIRE) -- 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 ...
