Solar Integrated Roofing Corp (SIRC)

[Zadie420]

Did their account receivable improve? This is the key to improve the financials and cash flow.

[AveragePenny]

$SIRC Solar Integrated Roofing Corp. Reports Record Third Quarter 2022 Financial Results

https://www.globenewswire.com/news-release/2022/11/21/2559894/0/en/Solar-Integrated-Roofing-Corp-Reports-Record-Third-Quarter-2022-Financial-Results.html

HENDERSON, Nev., Nov. 21, 2022 (GLOBE NEWSWIRE) -- Solar Integrated Roofing Corp. (OTC: SIRC), an integrated, single-source solutions provider for solar power, roofing systems installation and EV charging company, today reported its financial and operational results for the third quarter ended September 30, 2022.

Key Operational and Financial Highlights

Revenue in the third quarter increased 333% to $57.3 million, as compared to $13.2 million in the third quarter of 2021.
Net income in the third quarter increased to $6.2 million, or $0.01 per diluted share, as compared to a net loss of $1.7 million, or $(0.00) per diluted share, in the third quarter of 2021.
Revenue expected to be realized from remaining performance obligations for commercial solar contracts totaled $291.6 million as of September 30, 2022.
Filed a Form 10 Registration Statement with the U.S. Securities and Exchange Commission to register its common stock under the Securities Exchange Act of 1934; Transition to a fully reporting company represents a key milestone towards the Company’s goal of a NASDAQ listing.
Management Commentary

“The third quarter of 2022 was highlighted by the increasing pace of operational execution, as evidenced by our 333%, year-over-year, revenue growth and strong profitability,” said David Massey, Chief Executive Officer of Solar Integrated Roofing Corp. “Our continued success in cross-selling the complimentary solutions in our portfolio are allowing us to make the most of our acquisitions. The momentum we have, paired with the forecasted synergies and operational efficiencies, have allowed us to reduce operating expenses despite our impressive revenue growth. We believe this positions us extremely well to finish out 2022 and expand aggressively in 2023.

“During the quarter we achieved a crucial milestone on our journey to uplist to NASDAQ, with the filing of a Form 10 Registration Statement with the U.S. Securities and Exchange Commission. The transition to a fully reporting company represents an exciting achievement as we strive towards our goal of a NASDAQ listing in 2023, which we expect to improve liquidity and broaden our institutional shareholder base through an enhanced profile within the investment community.

“To prepare ourselves for a future NASDAQ listing, we are strengthening our management team on several fronts – most recently with the appointment of veteran operations executive Stefan Abbruzzese as President. Stefan has already begun to lend his extensive functional knowledge to drive operational improvements across our integrated family of companies, with these productivity and resource optimization efforts expected to support sustained growth and our pace of geographic expansion. Stefan’s 360-degree view will empower critical decisions in marketing, sales, product development, and customer service, and his deep commercial financing experience will support our pursuit of the capital needed to scale operations and capitalize on the macro trends impacting our target markets, including the recently passed Inflation Reduction Act.

“Looking forward into 2023, we are well positioned for continued execution upon the foundation that we have built. There remains plenty of work to be done, though I have never been more confident in the future of our business as I am today. I look forward to reporting on exciting milestone achievements in the months ahead as we strive to create sustainable, long-term value for our shareholders,” concluded Massey.

Third Quarter 2022 Financial Summary

Revenue in the third quarter of 2022 increased 333% to $57.3 million, as compared to $13.2 million in the third quarter of 2021.

Gross profit increased 195% to $14.2 million, or 24.8% of revenues, in the third quarter of 2022, as compared to $4.8 million, or 36.3% of total revenues, in the third quarter of 2021.

Operating expenses in the third quarter of 2022 totaled to $6.8 million, as compared to $6.2 million in the third quarter of 2021.

Net income in the third quarter of 2022 increased to $6.2 million, or $0.01 per diluted share, as compared to a net loss of $1.7 million, or $(0.00) per diluted share, in the third quarter of 2021.

Cash and cash equivalents totaled $0.5 million as of September 30, 2022, as compared to $1.1 million as of December 31, 2021.

[wildbullus]

SP will drop to single digit today?

[wildbullus]

The Company intends to raise additional capital through private placements of debt and equity securities, but there can be no assurance that these funds will be available on terms acceptable to the Company, or will be sufficient to enable the Company to fully complete its development activities or sustain operations. If the Company is unable to raise sufficient additional funds, it will have to develop and implement a plan to further extend payables, reduce overhead, or scale back its current business plan until sufficient additional capital is raised to support further operations. There can be no assurance that such a plan will be successful.

[WeTheMarket]

Form 10-Q Quarterly Report for 3rd quarter ending 9/30/2022 is out this morning https://www.otcmarkets.com/filing/conv_pdf?id=16213976&guid=lXG-kanF-sohOrh

[price_and_volume]

*stocks obviously, not “socks”.

[price_and_volume]

That’s never the end of the story.

There are reasons big-money has exited, whether retail comprehends those reasons or not.

Something smells:

Socks with legit revenue-growth & solid balance-sheets & honest managements don’t suffer chart breakdowns like $SIRC has.

There’s more info in the chart than all the ihub, twitter and discord posts combined.

Anything can have a monster run, but stocks don’t breakdown like $SIRC has without smart money exiting for good reason.

If & when the tide turns, sure climb aboard.

Ihubbers should learn to NOT hold onto downtrenders.

[PEMBROKE1]

Hi carp302,
That is pink sheets for you.
As it stands right now, they do not qualify for anything else.
SIRC can't get on any other exchange including OTCQB and OTCQX. (They do not qualify)
End of story!!!

[carp302]

There’s a lot of talk about noteholders. My question is how much is owed? They are making $200 million a year. No one can tell me it’s anywhere near that. Keep in mind that they’re talking about doubling that next year. So I can’t believe that’s the issue why this is at .16 Pennie’s a share. I have been in stocks that have double the shares and one tenth the revenue and they were a lot higher in share price.

[Engines]

I'm going to edit my forecast. I don't think it will reach 40-50 cents until end of August.

They may continue to dilute to fix the balance sheet, although this should have and COULD have been done earlier this year.

The Q3 will show dilution and insufficient cash on hand.
Q4 will show even more dilution that's been posted since Q3 ended.
The best quarter from a hopeful hault in dilution will be next Q1, but since that's their slow time, the real pop won't occur until Q2 comes out next August.

I hope I'm wrong and they get funding to pay off notes and reduce shares. But honestly, there's NO WAY they're going to buy back shares if they haven't done so already.

And with 650m O/S shares, a reverse split might be needed, CONTRARY TO WHAT MASSEY SAID.

Continue to hold shares for a long long time.

This company does not care about shareholders

[Engines]

I'm guessing it will be mid April before it reaches 40 cents again, depending on the new funding they get and how they use it.

Continue to be stuck in this stock.

[Televet]

If this stock is under promotion, It's not working LOL

[PEMBROKE1]

Hi wildbullus, yes, it is gone. But they did have a loan. Please read the first line of my message. it refers to past tense.
Please read the messages before you reply.

[wildbullus]

I thought the high interest rates toxic debts already gone? Otherwise, the company will not be able to pay for it!

[PEMBROKE1]

Hi Zadie420, I believe they had a loan at 44%.
I notice that one day Massey is a fantastic CEO.
The next day he is the biggest loser on earth.
After watching the video yesterday, he said he is proud of the job he was doing as CEO.
I do not care what day it is he has to go as the CEO. The company is all screwed up.
Just look at the PPS. Someone knows what's going on and it is not the board.

[1hot toddy]

agreed we r selling for 1 pe in red hottt solar. record earnings coming should push us

[carp302]

Honestly I’m getting tired of this .15 crap. With these numbers this should be a $2 stock. These noteholders if that is what’s holding this down which I doubt can’t be that much to buy them out.

[Zadie420]

Need help here folks. Someone mentioned the other day some of the Notes have interest rate of 40-44%. I just wanna make sure this is true or not. Tia

[Zadie420]

That is what I thought. I felt an uneasiness in him. He should be after what happened to PPS under his leadership. It is not easy to be a CEO these days.

[mc67]

..watched it.. wasn't bad, but I'm used to dealing with the working man.. I felt he's feeling the weight of unhappiness in shareholders .. maybe this is a sign that he's willing to be open-minded, learn and deal from the top of the deck.. IMO there is still time for this to be a roaring success for everyone involved ..? Integrity will be key.

[PEMBROKE1]

Hi sbrisson.
It was painful.
Thank God they are working on shareholder value. He must have been talking about management.
Did he say something to the effect that he was proud of the job he was doing as CEO?
By looking at his face he must have been at the beach a lot.
No new info at all, just the same BS.

[Zadie420]

I think the camera was not in line with his face. That is why you see it shows his head down. That is all. It had happened to me before.

[sbrisson]

It’s painful to watch…

[treedoc]

Looks like a edited chat and Dave keeps his head down and doesn’t project body language of “it was fun”. All imo.

[sbrisson]

New YouTube channel with new video series starting with the new marketing contract they have given.

[sbrisson]

Maybe it’s the new discord group that’s pumping the stock. The company doesn’t have to be aware of the questionable promotion but they are responsible anyway according to the OTC website

[carp302]

Well if there doing this with all otc companies I sense lots of flags. That is one way these companies get there news out because there usually not a lot of shareholders. But that’s my opinion

[Zadie420]

Thank you for the link. Interesting the symbol was not there 2 hrs ago when I checked that. But that does not change my earlier statement every company does that to some degree. Ours no different.

[Butchmass]

This can't be good for anyone. That's what I get for asking for news.

[sbrisson]

Here you go!

https://www.otcmarkets.com/glossary#stock-promotion

https://www.otcmarkets.com/files/OTC_Markets_Group_Policy_on_Stock_Promotion.pdf

[Zadie420]

You had to copy this from that garbage site without any links. Did you read that BS? Next time do a little DD it will help you.

All companies do a little promoting as far as I know. If SIRC, does it won't make any difference.

[sbrisson]

ALERT ??
Stock is under « promotion risk flag » for 15 days…

We are working to publicly identify securities that are the subject of stock promotion by placing a “promotion” risk flag next to the stock symbol on our websites, including otcmarkets.com, and our market data feeds. This promotion flag is designed to provide an alert regarding the potential risks associated with trading the security

Common characteristics of misleading and manipulative promotion:
• Fail to clearly identify the sponsor of the promotion, and/or the promotion is sponsored or paid for by anonymous, unidentifiable 3rd parties
• Typically focus on a company’s stock rather than its underlying business
• Use highly speculative language. Materials often rely on grandiose numbers and figures related to
the target company’s industry, business model, financial results, or business developments

[WeTheMarket]

Zadie, agree. One thing I noticed is that the "Fiscal Year End" says "2/28" which is wrong, that's what it used to be before they changed the fiscal year to coincide with the calendar year (consistent with most other companies), so it should be updated to "12/31."

[Zadie420]

In addition, it shows audited. This is very good start. The annual reporting date changed to 2/28.

[WeTheMarket]

More than Yield sign removed as shown in the following images:
(Link https://www.otcmarkets.com/stock/SIRC/profile)

Today


Yesterday

[Butchmass]

I would like to know why this company can't communicate with shareholders? We hear very little from them. Can't they at least advise us of some contract agreements? Anything to let us know they are alive and kicking.

[Televet]

SIRC Pink Current and US Reporting SEC reporting status on OTC....

https://www.otcmarkets.com/stock/SIRC/disclosure

[Televet]

lol

[price_and_volume]

Post your chart please.

Chart ripping this is about to explode

[lowandaway]

What chart are you looking at?

[CL601R]

Chart ripping this is about to explode

[wildbullus]

That is toxic debt!

[Zadie420]

I read from other sites that SIRC has loan at 40-44% rate. Is this true?

If yes, the whole mgt should be fired and shot on spot to be this much stupid. How on earth they get to this position!!!!!!!!!!

[Zadie420]

If (big if) this is true, then it looks like management is not familiar how to run a public traded company. The mgt knew about this shortcoming and they have not taken any action to correct it. This why we keep seeing all these issues in last couple of months. No wonder investors have no faith on mgt or new mgt. This is unbelievable. Keep making mistakes one after another. Massey has to go.

[WeTheMarket]

Here is another post related to the Yield sign from discord board user dewmboom (not my personal opinion).

[WeTheMarket]

Zadie, in this case, I am personally not suggesting anything, I just posted the relevant information I found. Whenever I post my personal opinion, I make it quite clear in my posts that it is my personal opinion. In this case, I am not knowledgeable enough on this subject to give my personal opinion, so I just passed on the information I found.

[Zadie420]

Thanks, WTM. So, what you are suggesting is we are following SEC rules not OTC. This got OTC pissed off and assign a Yield sign(teasing). It would have been nice if SIRC would something like that in their tweet section so everybody can see that.

Another issue I got when the Q report will be out???

[WeTheMarket]

Repost from discord board courtesy of Televet.

[Zadie420]

They filed Form NT on time. So why the yield sign is back? Is it because they did not put a date on Form NT when it will be done?? I got no idea.

[wildbullus]

Yield sign is back! We