Fiscal 2021 Revenue Up 187% to Record $ 17.1M; Company expects profitability in FY 2022
EL CAJON, CA / ACCESSWIRE / June 16, 2021 / Solar Integrated Roofing Corp. (OTC PINK: SIRC), an integrated solar power and rooftop installation company, has announced its financial results for the fourth quarter and fiscal year ended February 28, 2021.
Important fourth quarter of 2020 and subsequent operational highlights
Due to the accelerated acquisition pace in 2021, preliminary sales growth of at least 100 million US dollars is expected on May 25, 2022.
Announced and completed several value-adding acquisitions in the solar, roof and battery sectors:
Completed acquisition of Future Home Power, a solar, rooftop, and battery storage distributor, anticipating the acquisition is immediately profitable and will quickly grow to $ 1 million per week in incremental revenue with a robust gross margin profile of 45% to achieve the full value of customer lifecycle.
Completed Acquisition of Balance, LLC, a business process outsourcing (BPO) company – Completed the expansion of the company’s unified back office capabilities to support all recent and future acquisitions.
Completed the acquisition of Pacific Lighting Management, a diversified provider of energy services and electric vehicle (EV) charging solutions to large commercial and government customers, to expand its dedicated electric vehicle charging business.
Completes the acquisition of Cornerstone Construction, a leading provider of roofing and solar solutions in South Carolina and adjacent markets, and completes the company’s transition to a national brand.
Completion of acquisition of Enerev, a Southern California residential solar installer, following a successful pilot joint venture project expected to generate up to $ 2 million per month in revenue.
Appointment of respected technology expert Muthla AlSayer and accomplished executive and management advisor 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 customer acceptance of cryptocurrency payments at its subsidiary Cornerstone Construction.
Hiring of investor relations specialists MZ Group to lead a comprehensive strategic investor relations and financial communication program.
The story goes on
“The beginning of fiscal 2022 was heavily focused on executing 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 made our company a national brand . “with services that now include solar, battery backup, EV charging, rooftop, HVAC work, electrical contracting and back office technology support.
“The acquisitions pushed annual sales to a record $ 17.1 million and set us on our way to achieving at least $ 100 million in the twelve months to May 31, 2022, which now spans our customer lifecycle and bring new synergies and efficiencies across the SIRC family of companies, which is why we expect to achieve profitability in FY2022.
“During the quarter we also focused on our review and transition to a fully reporting company pending an uplist in the OTCQB venture market. We added several highly respected directors to complete our board of directors and the MZ Group, a leading investor relations firm, committed. ” to lead our communications program. Due to our fast pace of acquisitions and the need to review each of the newly acquired units, we now plan to resubmit 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 2022 fiscal year. Over the year, our team has worked tirelessly to integrate our acquisitions and continues to look for new growth opportunities. The solar, roof top, and battery markets continue to grow, and our brands are gaining market share. With our exceptional company portfolio and continued organic growth, we look forward to sharing our future successes with our shareholders, “concluded Massey.
Financial results for the full year 2021
Fiscal year 2021 revenue rose 187% to a record $ 17.1 million, compared to $ 9.1 million in fiscal 2020.
Gross profit increased 144% to $ 3.5 million, or 20% of total revenue, in fiscal 2021 compared to $ 2.4 million, or 26% of total revenue, in fiscal 2020.
Operating expenses were $ 7.8 million for fiscal 2021 compared to $ 5.9 million for fiscal 2020. As a percentage of sales, operating expenses decreased from 65% to 46% for fiscal 2021.
Net loss for fiscal 2021 was $ 5.9 million, or $ (0.03) per share, compared to $ 4.6 million, or $ (0.04) per share, for fiscal 2020.
About Solar Integrated Roofing Corp.
Solar Integrated Roofing Corp. (OTC: SIRC) is an integrated, one-stop solar power and rooftop installation company specializing in commercial and residential real estate in the United States. The company serves communities by delivering the best experience through constant innovation and heritage-centered leadership. The company’s wide range of solutions range from selling and installing solar energy systems, battery backup and charging stations for electric vehicles (EV) to roofing, HVAC and related electrical work. For more information, please visit the company’s website at www.solarintegratedroofing.com.
All statements made in this press release that are not historical facts contain certain forward-looking statements; as that term is defined in the Private Security Litigation Reform Act of 1995 and affects potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release relates. Actual results on the specific points described in this press release, and the company’s business in general, could differ materially from those projected in such forward-looking statements. While such statements are based on the best estimates of the company’s management as of the date of this release, material differences in size, timing and other factors could result from business risks and uncertainties, including, but not limited to, the company’s dependence on third parties, general market and other factors Economic conditions, technical factors, the availability of debt capital, revenue, 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 statements. This press release is not a general solicitation.
Investor Relations contact:
Lucas A. Zimmermann
Senior Vice President
MZ North America
SOURCE: Solar Integrated Roof Corp.
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