#Cleantech #Stock Solar Integrated Roofing Corp. (OTC: $SIRC) Announces
Record Third Quarter Fiscal 2022 Results; @SIRCStock
EL CAJON, CA /
January 18, 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, has reported its
financial and operational results for the third quarter ended November 30,
2021.
Read this news, featuring SIRC in full
at https://www.investorideas.com/news/2022/renewable-energy/01181SIRC-Record-Third-Quarter.asp
Key Third Quarter and Subsequent
Highlights
·
Revenue for the third quarter of fiscal 2022 increased 964% to
$48.2 million, as compared to revenue of $4.5 million in the same year-ago
quarter.
·
Secured lease agreement with Mohave Farms, a tier-1
multi-generational agriculture operator, to build and operate a $36 million
micro-grid project for a 20,000 acre farm near Kingman, Arizona.
·
Partnered with Heartland Construction, a national alternative
energy developer, to provide electric vehicle (EV) charging station installations
for Heartland solar projects.
·
Formed a strategic partnership with Storm Ventures Group
("SVG") and SVG University to educate contractors within the SVG
network on the benefits of adding solar to their service offering via USA Solar
Networks, a member of the SIRC family of companies.
·
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, industry executive Pablo Diaz as President and respected
operations executive Dr. Philip Yin as Chief Operating Officer of SIRC
subsidiary, USA Solar Networks.
·
Appointed renewable energy finance executive Héctor Peña to the
Board of Directors.
·
Initiated targeted program to realize significant cost synergies
across the SIRC family of companies, creating a shared corporate infrastructure
to lower costs and improve operating efficiency.
·
Entered into a $42.0 million equity purchase agreement with
Arbiter Capital LLC to be used for share buybacks, acquisitions and to invest
in continued organic growth.
Management Commentary
“The third quarter of fiscal 2022 was
highlighted by record revenue of $48.2 million, driven by seamless integration
of our rapidly growing, high-margin acquisitions and our evolution into a truly
national brand,” said David Massey, Chief Executive Officer of Solar Integrated
Roofing Corporation. “The rapid pace of our acquisitions, partnerships and
organic sales growth has enabled this incredible record revenue achievement,
and we aim towards substantially exceeding our fairly conservative guidance for
$100 million in revenue in the twelve months ended May 31, 2022. However, this is only a fraction of the
run-rate I believe we can achieve by the end of this calendar year with
significant sequential growth expected throughout CY2022. It is impossible for me to overstate what a
triumphant accomplishment this quarter represents, serving as both a milestone
and a turning point in the company’s history.
We continue to focus on integration of our acquired companies, allowing
us to capture the full revenue lifecycle of our customers while bringing new
synergies and efficiencies across the SIRC family of companies.
“Our prominent national brand and
accomplishments have helped to attract new partnerships across a wide variety
of industries, utilizing our products and expertise across solar, battery
backup, EV charging and roofing installation.
From EV power charging stations, to powering water harvesting products,
to enabling cleaner poultry farming – our diverse array of end-customers
continues to amaze us as they identify exciting, unique use cases for our clean
energy solutions.
“As we transition into CY2022, we look forward
to completing the next phase of our journey by implementing a name change to
SolarEV and a planned ticker change to POWR. While our record quarter clearly
demonstrates proven success in solar, we intend to redouble our efforts to
become an equally dominant, national player in the EV charging space, with an
eye towards exponential, dual-industry growth and an improved focus on
generating shareholder value.
“Looking ahead, empowered by a recent equity
purchase agreement with Arbiter Bank, we are setting off on the next leg in our
acquisition journey. We have identified several extremely promising candidates
with healthy potential at attractive prices that require no dilution whatsoever
to our shareholders.
“Finally, we will continue and improve upon
our ongoing efforts to engage with our shareholders through our frequent
Q&A events and presentations. As CEO, I have never been more excited to see
what the future holds for our beloved company. I would like to personally thank
each and every one of our valued shareholders for their support in making our
successful transition to an industry powerhouse possible,” concluded Massey.
Third Quarter Fiscal 2022 Financial
Results
Revenue for the third quarter of fiscal 2022
increased 964% to $48.2 million, as compared to revenue of $4.5 million in the
same year-ago quarter. 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 2,372% to $25.2
million, or 52% of total revenues, in the third quarter of fiscal 2022, as
compared to $1.0 million, or 22% of total revenues, in the same year-ago
quarter.
Total operating expenses for the third quarter
of fiscal 2022 were $7.1 million, as compared to total operating expenses of
$1.6 million for the same year-ago quarter. The increase was mainly
attributable to increased operational scale, driven by a series of acquisitions
made in the prior preceding year.
Net income for the third quarter of fiscal
2022 was $18.4 million, or $(0.05) per basic and diluted common share, as
compared to a net loss of $0.6 million, or $(0.00) per basic and diluted common
share, in the third quarter of fiscal year 2021.
Cash and cash equivalents totaled $1.5 million
as of November 30, 2021, as compared to $10.3 million at February 28, 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.
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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