Summer Energy Holdings, Inc. ("Summer Energy") has reported financial results for the three months ended June 30, 2019

Summer Energy said, "For the three months ended June 30, 2019, cost of goods sold and gross profit totaled $37,143,712 and $3,354,875, respectively. Cost of goods sold and gross profit recorded in the three months ended June 30, 2018 were $34,511,695 and $4,707,053, respectively."

Summer Energy said, "Cost of goods sold for the quarter ended June 30, 2019, compared to June 30, 2018, increased by approximately 7.63% primarily due increased volumes delivered. The three months ended June 30, 2019 compared to the three months ended June 30, 2018 reflects a lower profit margin, which is a result of compressed unit margin caused by the competitive pressures in the marketplace, a customer base for the Company that has shifted towards a greater number of commercial accounts as opposed to residential accounts, which yield lower unit margins as well as a lower delivered volume in the Northeast market."

Net loss for the three months ended June 30, 2019 and 2018, totaled ($2,367,471) and ($835,076), respectively.

Summer Energy said, "For the quarter ended June 30, 2019, we generated $39,588,810 in electricity revenue primarily from commercial customers, and from various long and short-term residential customers. The majority of our revenue comes from the flow of electricity to customers and includes revenues from contract cancellation fees, disconnection fees and late fees of $909,777. Revenues for the quarter ended June 30, 2018, were $38,457,526 from electricity revenue and includes $761,192 from cancellation and disconnection and late fees."

Summer Energy said, "Total revenues for the quarter ended June 30, 2019 compared to June 30, 2018 increased by approximately 3.26%. In the ERCOT Pre-Paid Market, the revenue increased by 16.61% due to customer growth. The Northeast Market had a 25.60% decrease in revenue related to the decrease in the customer base in 2019 compared to 2018."

Summer Energy said, "Management plans to continue to execute on its sales and marketing program to solicit individual commercial and residential customers and to realign key sales personnel to focus on building the customer base in the Northeast Market. In addition, management also plans to continue to acquire portfolios of commercial and residential customers when offered at reasonable prices."

"The Company has no present agreements or commitments with respect to any material acquisitions of other businesses, products, product rights or technologies. However, we will continue to evaluate acquisitions of and/or investments in products, technologies, or companies that complement our business and may make such acquisitions and/or investments in the future," Summer Energy said

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