Solar Integrated Roofing Corp (SIRC)

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$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.