#Solar/ #EV #Stock
News- Solar Integrated Roofing (OTC: $SIRC) Reports Record First Quarter 2022 Financial Results;
@SIRCStock
Growing Revenue 682% to $27.0 Million
Net Income Grew to
$5.7 Million; Completion of 2021 Audited Financial Statements Positions Company
to Accelerate Near-Term Uplisting Strategy
HENDERSON, NV / May 17, 2022 / Solar
stock news from Investorideas.com
Newswire and RenewableEnergyStocks
- Solar Integrated Roofing
Corp. (OTC:
SIRC), an integrated, single-source solar power,
roofing systems installation and EV charging company, today reported its
financial and operational results for the first quarter ended March 31, 2022.
Read this news, featuring SIRC in full
at https://www.investorideas.com/news/2022/renewable-energy/05171SIRC-Q1-Results.asp
Key First Quarter 2022 and Subsequent
Highlights
·
Net income in the first quarter of 2022 was $5.7 million, or $0.01
per basic and diluted common share, as compared to a net loss of $2.3 million,
or $(0.01) per basic and diluted common share, in the first quarter of 2021.
·
Filed audited financial statements for the year ended December 31,
2021 and transitioned to a more traditional December 31 fiscal year,
positioning the Company to accelerate its near-term uplisting strategy.
·
Awarded 5-year blanket purchase agreement with the U.S. General
Services Administration as part of the $5 billion in federal funds allocated to
EV charging installations in the Biden Administration’s Infrastructure Bill.
·
Signed a new national pricing agreement with Enphase Energy, as
well as with a tier-1 global solar panel supplier, to offer the Enphase Energy
System including IQ batteries, IQ Microinverters and tier-1 solar panels for
residential and commercial solar installations.
·
Secured a $45 million co-development agreement with Lux Power for
the installation of 17 solar projects at private high schools across the state
of Georgia.
·
Participated in leading investor conferences nationally including the
Diamond Equity Emerging Growth Invitational, the 34th Annual ROTH
Growth Conference, the Q1 2022 Investor Summit and the Planet MicroCap
Showcase.
Management Commentary
“The first quarter of 2022 was marked by exciting
momentum in our acquisition pipeline, significant continued revenue growth, and
the completion of audited financials to facilitate the start of our near-term uplist
strategy,” said David Massey, Chief Executive Officer of Solar Integrated
Roofing. “Our focus is now on our uplisting strategy – first to the OTCQB and
then to the NASDAQ – which will bring additional liquidity and broaden our
shareholder base through an enhanced profile within the investment community. With
the completion of our recently announced acquisitions, I believe our sales run
rate could potentially grow to exceed $400 million per year by the end of 2022.
“On the operational front, we are
strategically focusing additional resources on our near-term EV charging
pipeline given the recent $5 billion federal commitment for highway EV charging
installations as part of the Biden Administration’s Infrastructure Bill. To
better position ourselves to capture a more robust portion of this generational
opportunity, we recently were one of only 16 companies nationally that were
awarded a 5-year blanket
purchase agreement with the U.S. General Services Administration to install
what could be hundreds of thousands of EV charging stations in the coming
years.
“Turning to our margin profile, in the first
quarter we signed a new pricing agreement with Enphase and a tier-1 solar panel
supplier to reduce hardware costs on residential and commercial solar
installations by over 25%. This bulk pricing agreement provides a significant
opportunity to offer our customers better products, at better pricing, with
some of the highest possible project-level margins for our shareholders. This
is truly a win-win for all parties involved and we are incredibly excited to
partner with a well-known supplier like Enphase.
"Looking ahead in 2022 and beyond, we
will continue to prioritize the solar and EV charging segments of our business.
The opportunity size and margin potential in these industries is particularly
attractive for a company such as ours. The SIRC family of companies is well
positioned to continue its rapid pace of operational execution, positioning us
to create sustainable, long-term value for my fellow shareholders,” concluded
Massey.
Financial Results for the First Quarter Ended March
31, 2022
·
Revenue in the first quarter of 2022 increased 682% to $27.0
million, as compared to revenue of $3.5 million in the first quarter of 2021. 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 to $11.3 million, or 41.7% of revenues, in the first quarter of 2022,
as compared to a gross loss of $0.5 million, or 13.9% of total revenues, in the
first quarter of 2021.
·
Total operating
expenses in the first quarter of 2022 totaled $5.2 million, as compared to
total operating expenses of $2.6 million in the first quarter of 2021. The
increase was mainly attributable to increased operational scale, driven by a
series of recent acquisitions.
·
Net income for the first quarter of 2022 was $5.7 million, or $0.01
per basic and diluted common share, as compared to a net loss of $2.3 million,
or $(0.01) per basic and diluted common share, in the first quarter of 2021.
·
Cash and cash
equivalents totaled $0.7 million as of March 31, 2022, as compared to $1.1
million as of December 31, 2021.
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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