Sunday Jan 29, 2023

Solar Integrated Roofing Corp. Reports Record Second Quarter 2022 Financial Results, Growing Revenue 746% to $66 Million – Yahoo Finance


Solar Integrated Roofing Corp.

Net Income Grew to $18.9 Million; Transition to Fully Reporting Company Accelerating Uplisting Strategy

HENDERSON, Nev., Aug. 23, 2022 (GLOBE NEWSWIRE) — 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 second quarter ended June 30, 2022.

Key Second Quarter 2022 and Subsequent Highlights

  • Revenue in the second quarter ended June 30, 2022 increased 746% to $66.3 million, as compared $7.8 million in the second quarter of 2021.

  • Net income in the second quarter of 2022 was $18.9 million, or $0.04 per basic and diluted common share, as compared $(3.3) million, or $(0.01) per basic and diluted common share, in the second quarter of 2021.

  • 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.

  • Secured agreement with AED to assist with the development and financing of turnkey alternative energy systems – comprised of solar, battery storage and EV charging solutions – for multiple existing hotel locations along with several planned future hotels.

  • Introduced an innovative low-income solar financing product to non-profit commercial entities through partnership with Renewable Energy Products Manufacturing (“REPM”), unlocking new commercial scale opportunities in a niche with minimal competition.

  • 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 uplisting strategy.

  • Participated in leading investor conferences nationally including the Planet MicroCap Showcase and LD Micro Invitational XII.

Management Commentary

“The second quarter of 2022 was marked by a strong cadence of continued execution – highlighted not only by record revenue and profitability, but the introduction of new partners and innovative financing products,” said David Massey, Chief Executive Officer of Solar Integrated Roofing Corp. “Our robust revenue growth has the potential to be much greater, constrained only by capital. Our recent successes have positioned us to achieve at least $225 million in revenue this year alone – with significant additional backlog and potential to expand beyond that figure – representing incredible momentum and laying the foundation for profitability with minimized dilution for years to come.

“With the completion of our audited financials, a transition to a more traditional December 31 fiscal year and continued efforts towards becoming a fully reporting company, we have now prepared the foundation for shareholder-friendly future capital formation and execution on our uplisting strategy – further spurring growth. We expect a future NASDAQ listing to bring additional liquidity and broaden our shareholder base through an enhanced profile within the investment community.

“Our partnership with REPM has allowed us to introduce an exciting new financing products to help non-profit customers install and realize the benefits of solar with no upfronts costs, and no credit threshold or income verification needed to qualify. We see additional opportunities for comparable financing products in the residential space as well. Financing products such as these have the potential to create a win-win situation for our customers and our shareholders by expanding the opportunity to install solar with groups that have historically been challenged to do so.

“Looking ahead to second half of 2022, are well positioned …….


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