New York, NY -- June 23, 2021 -- InvestorsHub NewsWire -- via
Stock Market Press -- Stock Market Press is a leading financial
news company that delivers up to date stock news. In today’s
release, we discuss Solar Integrated Roofing Corp’s (OTC
PINK:SIRC) record setting Q, $100+ Million revenue target,
acquisitions, along with Singlepoint, Inc. (OTC
PINK:SING), Ultrack Systems, Inc. (OTC
PINK:MJLB) and Enzolytics, Inc. (OTC
PINK:ENZC).
The pun, 'Solar Market continues to heat up', is so fitting as the
US Government pushes for green energy inroads and we've seen some
record breaking hot weather in recent weeks. New technologies for
power storage and more efficient solar panels are making Solar
energy an almost ubiquitous rooftop design.
The latest research puts the global solar energy market at over $52
Billion in 2018, pushing $223+ Billion by 2026 according to Allied
Market Research.
Latest Solar Integrated Roofing Corp’s (OTC PINK:SIRC) press
release highlighting the latest financials figures:
Solar Integrated Roofing Corp. Reports Record Fiscal Year
2021 Financial Results
FY 2021 Revenues Increase 87% to Record $17.1 Million;
Company Expects to Reach Profitability in FY
2022
EL CAJON, CA / ACCESSWIRE / June 16, 2021 / Solar Integrated
Roofing Corp. (OTC PINK:SIRC), an integrated, single-source solar
power and roofing systems installation company, has reported its
financial results for the fourth quarter and fiscal year ended
February 28, 2021.
Key Fourth Quarter 2020 and Subsequent Operational Highlights
Announced that revenues for the 12 months ended May 31, 2022 are
preliminarily expected to grow to at least $100 million due to the
accelerated pace of acquisitions in 2021.
Announced and closed multiple accretive acquisitions in the solar,
roofing and battery space:
Closed acquisition of Future Home Power, a solar, roofing and
battery storage sales company, expecting the acquisition to be
immediately accretive and to rapidly grow to $1 million per week in
incremental sales at a robust 45% gross margin profile, capturing
value across the full customer lifecycle.
Closed acquisition of Balance, LLC, a Business Process Outsourcing
(BPO) firm - finalizing the buildout of the Company's unified
back-office capabilities to support all recent and future
acquisitions.
Closed acquisition of Pacific Lighting Management, a diversified
energy services and electric vehicle (EV) charging solutions
provider to large commercial and government customers, to help grow
its dedicated EV charging solutions division.
Closed acquisition of Cornerstone Construction, a leading provider
of roofing and solar solutions in South Carolina and adjacent
markets, completing the Company's transition to a national
brand.
Closed acquisition of Enerev, a southern California residential
solar installer, after successful joint venture pilot which is
expected to add up to $2 million per month revenue run rate.
Appointed respected technology expert Muthla AlSayer, and
accomplished executive and management consultant Donald Pierce to
the Board of Directors.
Selected Coinbase Commerce as a cryptocurrency partner and has
completed the technical and financial integrations to begin testing
the acceptance of cryptocurrency payments from customers at its
subsidiary Cornerstone Construction.
Engaged investor relations specialists MZ Group to lead a
comprehensive strategic investor relations and financial
communications program.
Management Commentary
'The start of fiscal 2022 was highly focused on executing upon our
significant acquisition pipeline of complementary solar, roofing
and battery companies,” said David Massey, Chief Executive Officer
of Solar Integrated Roofing Corporation. “Our success has
transformed our company into a national brand with services now
spanning solar, battery backup, EV charging, roofing installation,
HVAC work, electrical contracting and back-office technology
support.
“The acquisitions drove annual revenues to a record $17.1 million
and set us on a course to achieve at least $100 million in the
twelve months ended May 31, 2022. Our focus on rapidly growing,
high margin acquisitions has significantly grown sales, allowed us
to now capture the full lifecycle of our customers, and brought new
synergies and efficiencies across the SIRC family of companies. Due
to this, we expect to reach profitability in FY2022.
“During the quarter we also focused efforts on our audit and
transition to a fully reporting company in anticipation of an
uplist to the OTCQB Venture Market. We added several highly
respected directors to round out our Board and engaged MZ Group, a
leading investor relations firm, to lead our communications
program. Due to our rapid pace of acquisition, and the need to
audit each of the newly acquired entities, we now plan to refile
our Form 10 as soon as possible.
“Fiscal 2021 was a record year for Solar Integrated Roofing and we
believe we have positioned the Company for an even more exciting
fiscal 2022. Over the course of the year our team has worked
tirelessly to integrate our acquisitions and continues to seek new
opportunities for growth. The solar, roofing and battery market
continues to grow, and our brands are capturing additional market
share. With our exceptional portfolio of companies and ongoing
organic growth, we look forward to sharing our future achievements
with our shareholders,' concluded Massey.
Full Year 2021 Financial Results
Revenue for fiscal year 2021 increased 87% to a record $17.1
million, as compared to $9.1 million in fiscal year 2020.
Gross profit increased 44% to $3.5 million, or 20% of total
revenues, in fiscal year 2021, compared to $2.4 million, or 26% of
total revenues, in fiscal year 2020.
Operating expenses totaled $7.8 million in fiscal year 2021, as
compared to $5.9 million in fiscal year 2020. As a percentage of
sales, operating expenses decreased in fiscal 2021 from 65% to
46%.
Net loss for fiscal year 2021 totaled $5.9 million, or $(0.03) per
share, as compared to $4.6 million, or $(0.04) per share, in fiscal
year 2020.
About Solar Integrated Roofing Corp.
Solar Integrated Roofing Corp. (OTC:SIRC), is an integrated,
single-source solar power and roofing systems installation platform
company specializing in commercial and residential properties
throughout the United States. The Company serves communities by
delivering the best experience through constant innovation &
legacy-focused leadership. The Company's broad array of solutions
include sales and installation of solar energy systems, battery
backup and electric vehicle (EV) charging stations to roofing, HVAC
and related electrical contracting work. For more information,
please visit the Company's website at
www.solarintegratedroofing.com.
Forward-Looking Statements
Any statements made in this press release which are not historical
facts contain certain forward-looking statements; as such term is
defined in the Private Security Litigation Reform Act of 1995,
concerning potential developments affecting the business,
prospects, financial condition and other aspects of the company to
which this release pertains. The actual results of the specific
items described in this release, and the company's operations
generally, may differ materially from what is projected in such
forward-looking statements. Although such statements are based upon
the best judgments of management of the company as of the date of
this release, significant deviations in magnitude, timing and other
factors may result from business risks and uncertainties including,
without limitation, the company's dependence on third parties,
general market and economic conditions, technical factors, the
availability of outside capital, receipt of revenues and other
factors, many of which are beyond the control of the company. The
company disclaims any obligation to update the information
contained in any forward-looking statement. This press release
shall not be deemed a general solicitation.
Investor Relations Contact:
Lucas A. Zimmerman
Senior Vice President
MZ North America
Main: 949-259-4987
SIRC@mzgroup.us
www.mzgroup.us
SOURCE: Solar Integrated Roof Corp.
Singlepoint, Inc. (OTC
PINK:SING) recently completed a spin-off of it's CBD business,
1606 Corp, eyeing a NASDAQ listing. Ultrack Systems, Inc. (OTC
PINK:MJLB) has been quiet on the news front but recent activity
may indicate updates are coming as the stock price looks to have
found its bottom. Enzolytics, Inc.'s (OTC
PINK:ENZC) work on monoclonal antibodies continues as it also
wraps up clinical tries on its Anti-HIV ITV-1 therpeutic.
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SOURCE: Stock Market
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