Solar Integrated Roofing Corp. publishes record financial results for fiscal year 2021
Fiscal year 2021 revenues increase 187% to $ 17.1 million; The company hopes to achieve profitability in fiscal year 2022
EL CAJON, CA / ACCESSWIRE / June 16, 2021 / Solar Integrated Roofing Corp. (OTC PINK: SIRC), an integrated solar power installation and single-source roofing systems company, has released its financial results for the fourth quarter and fiscal year ended February 28, 2021.
Key operational highlights for the fourth quarter of 2020 and beyond
Announced that revenue for the 12 months ended May 31, 2022 is initially expected to reach at least $ 100 million due to the accelerated pace of acquisitions in 2021.
Announcement and closing of several accretive acquisitions in the fields of solar energy, roofing and batteries:
Completed the acquisition of Future Home Power, a solar energy, roofing and battery storage company, which expects the acquisition to pay off immediately and grow rapidly to $ 1 million per week in additional sales with a robust gross margin profile of 45%, capturing value across the entire customer lifecycle.
Completed the acquisition of Balance, LLC, a business process outsourcing (BPO) firm – finalizing the construction 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 for large commercial and government customers, to help grow its division dedicated to electric vehicle charging solutions.
Completed the acquisition of Cornerstone Construction, a leading provider of roofing and solar power solutions in South Carolina and adjacent markets, completing the company’s transition to a national brand.
Completion of the acquisition of Enerev, a residential solar installer in Southern California, following the success of a joint venture pilot project that is expected to generate up to $ 2 million in revenue per month.
Named respected technology expert Muthla AlSayer and accomplished leadership and management consultant Donald Pierce to the board.
Selected Coinbase Commerce as a cryptocurrency partner and completed technical and financial integrations to begin testing acceptance of cryptocurrency payments from customers of its Cornerstone Construction subsidiary.
Hired MZ Group Investor Relations Specialists to lead a comprehensive strategic investor relations and financial communications program.
“The start of fiscal 2022 was heavily focused on executing our important pipeline of acquisitions of complementary solar, roofing and battery companies,” said David Massey, President and CEO of Solar Integrated Roofing Corporation. “Our success has transformed our company into a national brand. with services now covering solar power, battery back-up, electric vehicle charging, roof installation, HVAC work, electricity contracts and back-office technology support.
“The acquisitions brought annual revenues to a record $ 17.1 million and set us on track to reach at least $ 100 million in the twelve months ended May 31, 2022. Our focus on Fast-growing, high-margin acquisitions have dramatically increased sales, enabled us to now capture the full lifecycle of our customers, and have brought new synergies and efficiencies to the entire SIRC family of companies. For this reason, we expect to achieve profitability in fiscal year 2022.
“During the quarter, we also focused our efforts on our audit and our transition to a fully reporting company in anticipation of an OTCQB Venture market listing. We added several well-respected directors to round out our board of directors and hired MZ Group, a leading investor relations firm. Due to our rapid acquisition pace and the need to audit each of the newly acquired entities, we now plan to resubmit our Form 10 as soon as possible.
“Fiscal 2021 has been a banner year for Solar Integrated Roofing and we believe we have positioned the Company for an even more exciting fiscal year 2022. During the year, our team worked tirelessly to integrate our acquisitions and continue to seek new growth opportunities. The solar energy, roofing and battery market continues to grow and our brands are gaining additional market share. With our exceptional portfolio of companies and continued organic growth, we look forward to sharing our future achievements with our shareholders, ”Massey concluded.
Annual Financial Results 2021
Fiscal 2021 revenue increased 187% to a record $ 17.1 million from $ 9.1 million in fiscal 2020.
Gross margin increased 144% to $ 3.5 million, or 20% of total revenues, in fiscal 2021, compared to $ 2.4 million, or 26% of total revenues, during of fiscal year 2020.
Operating expenses totaled $ 7.8 million in fiscal 2021, compared to $ 5.9 million in fiscal 2020. As a percentage of sales, operating expenses decreased in fiscal year 2020. during fiscal year 2021, from 65% to 46%.
Net loss for fiscal 2021 totaled $ 5.9 million, or $ (0.03) per share, compared to $ 4.6 million, or ($ 0.04) per share, during the ‘fiscal year 2020.
About Solar Integrated Roofing Corp.
Solar Integrated Roofing Corp. (OTC: SIRC) is a single-source integrated solar power installation and roofing systems platform company specializing in commercial and residential properties across the United States. The company serves communities by delivering the best experience through constant innovation and legacy-driven leadership. The Company’s wide range of solutions includes the sale and installation of solar power systems, battery backups and electric vehicle (EV) charging stations for roofing, HVAC and contract work. electrical related. 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 such, this term is defined in the Private Security Litigation Reform Act of 1995, relating to potential developments affecting the business, prospects, financial condition and other aspects of the business to which this press release relates. The actual results of the specific items described in this press release, and the operations of the Company in general, may differ materially from what is projected in these forward-looking statements. While these statements are based on the best judgment of management of the company as of the date of this release, material differences 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, availability of outside capital, revenue collection 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 should not be taken as a blanket solicitation.
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SOURCE: Solar Integrated Roof Corp.
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