Solar Integrated Roofing Corp. Reports Record First Quarter 2022 Financial Results, Growing Revenue 682% to $27.0 Million
Net Income Grew to $5.7 Million; Completion of 2021 Audited Financial Statements Positions Company to Accelerate Near-Term Uplisting StrategyHENDERSON, NV / ACCESSWIRE / May 17, 2022 / Solar Integrated Roofing Corp. (OTC PINK:SIRC), an integrated, …
Net Income Grew to $5.7 Million; Completion of 2021 Audited Financial Statements Positions Company to Accelerate Near-Term Uplisting Strategy
HENDERSON, NV / ACCESSWIRE / May 17, 2022 / Solar Integrated Roofing Corp. (OTC PINK:SIRC), an integrated, single-source solar power, roofing systems installation and EV charging company, today reported its financial and operational results for the first quarter ended March 31, 2022.
Key First Quarter 2022 and Subsequent Highlights
- Revenue in the first quarter ended March 31, 2022 increased 682% to $27.0 million, as compared to revenue of $3.5 million in the first quarter of 2021.
- Net income in the first quarter of 2022 was $5.7 million, or $0.01 per basic and diluted common share, as compared to a net loss of $2.3 million, or $(0.01) per basic and diluted common share, in the first quarter of 2021.
- 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 near-term uplisting strategy.
- 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.
- Signed a new national pricing agreement with Enphase Energy, as well as with a tier-1 global solar panel supplier, to offer the Enphase Energy System including IQ batteries, IQ Microinverters and tier-1 solar panels for residential and commercial solar installations.
- Secured a $45 million co-development agreement with Lux Power for the installation of 17 solar projects at private high schools across the state of Georgia.
- Participated in leading investor conferences nationally including the Diamond Equity Emerging Growth Invitational, the 34th Annual ROTH Growth Conference, the Q1 2022 Investor Summit and the Planet MicroCap Showcase.
"The first quarter of 2022 was marked by exciting momentum in our acquisition pipeline, significant continued revenue growth, and the completion of audited financials to facilitate the start of our near-term uplist strategy," said David Massey, Chief Executive Officer of Solar Integrated Roofing. "Our focus is now on our uplisting strategy - first to the OTCQB and then to the NASDAQ - which will bring additional liquidity and broaden our shareholder base through an enhanced profile within the investment community. With the completion of our recently announced acquisitions, I believe our sales run rate could potentially grow to exceed $400 million per year by the end of 2022.