Tucson, Arizona–(Newsfile Corp. – December 21, 2021) – ABCO Energy, Inc (OTC Pink: ABCE) announced that they had filed their mid-year 10Q report with the SEC and it was posted on the EDGAR System website. The results of operations reported therein shows that sales increased to $998,228 for the nine months ended September 30, 2021 compared to the $768,133 for the same nine months period ended September 30, 2020. This is an increase of $230,095 or 30% above the 2020 sales. The Solar sales revenue in 2021 and 2020 reflected seasonal and changing market conditions in the financing of solar installations in the Arizona markets and the effects of the COVID-19 Pandemic.
ABCO’s cost of sales for the nine months ended September 30, 2021 and 2020 was $619,173 and $715,739 respectively. Gross margins were 38% of revenue for the nine months ended September 30, 2021 compared to 7% of revenue for the nine months ended September 30, 2020. During 2021 and 2020, the Company has been offering new products and revenue from solar system management services has picked up and has added higher gross margins than usual.
The combination of significantly greater sales and higher profit margins decreased the net losses for the nine months ended September 30, 2021 to $(318,563) as compared to $(602,875) for the nine months ended September 30, 2020, respectively. This is an improvement of $284,312 for the better.
“We are very proud of our production and sales staff for the accomplishments for the nine months of 2021,” says David Shorey, President. “Especially because we are still locked in the horns of the COVID-19 pandemic.”
About ABCO Energy
ABCO Energy, Inc. is a commercial and residential installer of Photovoltaic (PV) solar systems, LED lighting solutions and HVAC products and services. ABCO Energy, Inc. is a Nevada corporation, which maintains offices located in Tucson and Phoenix, Arizona. ABCO is a fully reporting public company trading under the symbol ABCE. Since its inception in 2008, ABCO Energy has taken great pride in delivering quality solar installations and has a reputation for outstanding customer service. These qualities have allowed us to grow the business primarily through referrals, many of those based on actual customer reviews.
Safe Harbor Statement
Note: Certain statements in this news release may contain “forward-looking” information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-5 under the Securities Act of 1934 and are subject to the safe harbor created by those rules. All statements, other than the statements of fact, included in this press release may include forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will be accurate and actual results and future events could differ materially from those anticipated in such statements. ABCO undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances or to reflect unanticipated events or developments.
Contact ABCO ENERGY: firstname.lastname@example.org, Phone 520-777-0511