#Solar/#EV #Stock News- Solar Integrated Roofing
(OTC: $SIRC) Reports Record Full Year 2021 Audited Financial Results;
@SIRCStock
Growing Revenue 388% to $84.2 Million - Audited Revenue Grew 388% in 2021 to $84.2 Million; Net Income Grew
to $19.9 Million
HENDERSON, NV / April 5, 2022 / Solar stock news from Investorideas.com Newswire and RenewableEnergyStocks.com - Solar Integrated Roofing Corp. (OTC: SIRC), an integrated, single-source solar power, roofing systems installation and EV charging company, today announced that its audited financial results for the fiscal year ended December 31, 2021 are now available for download on the Company’s Disclosure page of the OTC Markets website.
Read this news, featuring
SIRC in full at https://www.investorideas.com/news/2022/renewable-energy/04051SIRC-Audited-Financial-Results.asp
Key Fourth Quarter 2021 and Subsequent
Highlights
·
Revenue in the
fiscal year ended December 31, 2021 increased 388% to $84.2 million, as
compared to revenue of $17.3 million in 2020.
·
Net income in 2021 was $19.9 million, or $0.05 per basic and
diluted common share, as compared to a net loss of $7.7 million, or $(0.05) per
basic and diluted common share, in 2020.
·
Secured
tier-1 national solar and EV charging projects, including:
o $45 million co-development agreement for
17 Georgia high school solar projects.
o
Lease
agreement to build and operate a $36 million micro-grid project for a 20,000
acre farm near Kingman, Arizona.
·
Partnered with the Founders of
RxSeedCoin, a cryptocurrency asset listed on the Stellar Exchange, to develop a
cryptocurrency funding solution for humanitarian commercial solar projects.
·
Appointed an experienced executive team to support the Company’s
rapid growth, including veteran finance executive Wanda Witoslawski as Chief
Financial Officer and industry executive Pablo Diaz as President.
·
Appointed renewable energy finance executive Héctor Peña, energy
entrepreneur Michael Fallquist and energy industry veteran Gregory Craig to the
Board of Directors.
Management Commentary
“As promised, the release of our 2021 audited
financial statements marks a breakthrough capital markets achievement for our
company, the first step as we continue our planned transition to a fully
reporting company listed on a national exchange,” said David Massey, Chief
Executive Officer of Solar Integrated Roofing. “In addition, our shift to a
more standard fiscal year ending December 31st will better align us
with public company best practices and investor expectations – positioning us
for future success.
“In addition, the fundamentals of our
operations are strong as we saw both immense revenue growth and greatly enhanced
margins across the board – enabling us to achieve initial profitability. We are
now realizing economies of scale on the supplier side, ensuring both health
margins and relative surety of product supply relative to our peers – driving
the potential for enhanced net profit margins in the near-term. We also see
significant promise in the SolarEV Financial Services ecosystem we have
created, enabling a new financial model whereby we can finance our own projects
as desired using non-dilutive debt financing. This allows us to capture
substantial revenue from lucrative, hand-picked projects – while other projects
we don’t finance can still be handed off to our third-party project financing
partners.
“Our near-term focus from a capital markets
perspective is now on executing upon our strategic uplisting strategy – first
to the OTCQB and then to the NASDAQ – helping to improve liquidity and broaden
our shareholder base through an enhanced profile within the investment
community. As we move through 2023 and accomplish these exciting milestones, we
are incredibly well positioned to create sustainable, long-term value for my
fellow shareholders. I look forward to sustaining our robust pace of
operational execution in the months ahead,” concluded Massey.
Audited Financial Results for the Fiscal
Year Ended December 31, 2021
Revenue in the fiscal year ended December 31,
2021 increased 388% to $84.2 million, as compared to revenue of $17.3 million
in 2020. The increase was driven by the Company’s continued acquisitions, as
well as continued organic growth across the SIRC family of companies.
Gross profit increased 807% to $40.4 million,
or 48% of total revenues, in 2021, as compared to $4.5 million, or 26% of total
revenues, in 2020.
Total operating expenses in 2021 totaled $20.7
million, as compared to total operating expenses of $9.8 million in 2020. The
increase was mainly attributable to increased operational scale, driven by a
series of recent acquisitions.
Net income in 2021 was $19.9 million, or $0.05
per basic and diluted common share, as compared to a net loss of $7.7 million,
or $(0.05) per basic and diluted common share, in 2020.
Cash and cash equivalents totaled $1.1 million
as of December 31, 2021, as compared to $0.7 million at December 31, 2020.
About Solar Integrated Roofing Corp.
Solar Integrated Roofing Corp. (OTC: SIRC), is
an integrated, single-source solar power, roofing systems installation and EV
charging company specializing in commercial and residential properties
throughout the United States. The Company serves communities by delivering the
best experience through constant innovation & legacy-focused leadership.
The Company's broad array of solutions include sales and installation of solar
energy systems, battery backup and electric vehicle (EV) charging stations to
roofing, HVAC and related electrical contracting work. For more information,
please visit the Company's website at www.solarintegratedroofing.com or join us on Twitter, Facebook or Discord.
Forward-Looking Statements
Any statements made in this press release
which are not historical facts contain certain forward-looking statements; as
such term is defined in the Private Security Litigation Reform Act of 1995,
concerning potential developments affecting the business, prospects, financial
condition and other aspects of the company to which this release pertains. The
actual results of the specific items described in this release, and the
company's operations generally, may differ materially from what is projected in
such forward-looking statements. Although such statements are based upon the
best judgments of management of the company as of the date of this release,
significant deviations in magnitude, timing and other factors may result from
business risks and uncertainties including, without limitation, the company's
dependence on third parties, general market and economic conditions, technical
factors, the availability of outside capital, receipt of revenues and other
factors, many of which are beyond the control of the company. The company
disclaims any obligation to update the information contained in any
forward-looking statement. This press release shall not be deemed a general
solicitation.
Investor Relations Contact:
Lucas A. Zimmerman
Director
MZ North America
Main: 949-259-4987
SIRC@mzgroup.us
www.mzgroup.us
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