Solar Alliance revenue increases 55% in 2023 to $7.5 million

Company continues to execute on its strategy in the high-growth U.S. solar industry

TORONTO and KNOXVILLE, Tenn., April 30, 2024 (GLOBE NEWSWIRE) -- Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR, OTC: SAENF), a leading solar energy solutions provider focused on the commercial and utility solar sectors, announces it has filed its audited financial results for the quarter and year ended December 31, 2023. The Company’s Financial Statements and related Management’s Discussion and Analysis are available under the Company’s profile at www.sedarplus.ca.

“Solar Alliance continued to successfully execute on our strategy as our team delivered a 55% increase in revenue year-over-year,” said CEO Myke Clark. “Solar Alliance continues to see strong demand for commercial solar projects, and we remain focused on larger, higher margin commercial solar projects to support our growth. In addition to executing on larger projects, we are now experiencing strong demand for solar projects for small and medium-sized businesses in rural communities. We reduced expenses and overhead during 2023 and we believe we will experience ongoing bottom-line improvements as those cost reductions have an impact on the full year for 2024. We continue to build a stable, growing company that is well positioned to take advantage of the current global shift to renewable energy,” concluded Clark.

Key financial highlights for 2023

• Revenue grew 55% year-over-year to $7,473,937 (2022 - $4,825,984) for the year ended December 31, 2023, as the company continued to expand its commercial and utility solar business.
• Cost of sales of $6,399,169 (2022 - $4,371,698) resulting in a gross profit of $1,074,768 (2022 - $454,286).
• Net cash provided by operating activities $97,425 (2022 – Net cashed used by operating activities - $1,484,220)
• Cash balance of $702,988 (2022 - $650,061) as of December 31, 2023.
• A net loss of $1,811,861 (2022 - $2,746,914).
• The Company recorded a one-time loss of $521,648 related to the sale of two solar projects in New York.
• Total expenses of $3,037,881 (2022 - $4,283,008), a 29% reduction.
• Salaries and benefits of $1,343,363 (2022 - $2,279,413), a 41% reduction.
• Short-term loans and notes payable of $137,500 in 2023 (2022 - $1,556,984).