FY 2021 revenues up 187% to record $17.1 million; Company Expects to Be Profitable in FY 2022
EL CAJON, CA / ACCESSWIRE / June 16, 2021 / Solar Integrated Roofing Corp. (OTC PINK:SIRC), an integrated, single installation company for solar and roofing systems, 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 revenue for the 12 months ended May 31, 2022 is tentatively expected to grow to at least $100 million as a result of 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, with the expectation that the acquisition will contribute immediately and grow rapidly to $1 million per week in incremental sales with a robust 45% gross margin profile, enabling over the entire customer lifecycle.
Closed acquisition of Balance, LLC, a Business Process Outsourcing (BPO) company – completing the build out of the company’s unified back office capabilities to support all recent and future acquisitions.
Closed acquisition of Pacific Lighting Management, a provider of diversified energy services and electric vehicle (EV) charging solutions to large commercial and government customers, to help grow its dedicated EV charging solutions division.
Closed acquisition of Cornerstone Construction, a leading provider of roof and solar solutions in South Carolina and adjacent markets, completing the company’s transition to a national brand.
Closed acquisition of Enerev, a residential solar installer in Southern California, following a successful pilot in a joint venture expected to generate revenues of $2 million per month.
Appointed respected technology expert Muthla AlSayer, and accomplished executive and management consultant Donald Pierce on 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.
Investor relationship specialists brought in MZ Group to lead a comprehensive strategic investor relations and financial communications program.
“The start of fiscal 2022 has been heavily focused on executing our significant acquisition pipeline of complementary solar, roof and battery businesses,” said David Massey, Chief Executive Officer of Solar Integrated Roofing Corporation. “Our success has transformed our business into a national brand with services now supporting solar, battery backup, EV charging, roofing installation, HVAC work, electrical contracting and back office technology.
“The acquisitions generated annual revenue of $17.1 million and put us on track to reach at least $100 million in the twelve months ended May 31, 2022. Our focus on high-growth, high-margin acquisitions has driven sales significantly We are now capturing the full lifecycle of our customers and bringing new synergies and efficiencies within the SIRC family of companies. As a result, we expect to achieve profitability in FY2022.
“During the quarter, we also focused our efforts on our audit and transition to a full reporting company pending an uplist to the OTCQB Venture Market. We added several highly respected directors to complete our board and 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 intend 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 fiscal 2022. Over the year, our team has worked tirelessly to integrate our acquisitions and continues to look for new ones. growth opportunities “The solar, 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 performance with our shareholders,” concludes Massey.
Financial results for the full year 2021
Revenue for fiscal year 2021 increased 187% to a record $17.1 million, compared to $9.1 million in fiscal year 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 in fiscal 2021, compared to $5.9 million in fiscal 2020. As a percentage of revenue, operating expenses decreased from 65% to 46% in fiscal 2021.
Net loss for fiscal year 2021 was $5.9 million, or $(0.03) per share, 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 and roofing installation platform specializing in commercial and residential real estate in the United States. The company serves communities by delivering the best experience through constant innovation and legacy-focused leadership. The company’s wide range of solutions spans the sale and installation of solar energy systems, backup batteries and charging stations for electric vehicles (EVs) to roofing, HVAC and related electrical contractors. For more information, visit the company’s website at: www.solarintegratedroofing.com.
Any statements 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, in reference to potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release relates. Actual results of the specific items described in this press release, and the Company’s operations in general, may differ materially from those projected in such forward-looking statements. While such statements are based on the best judgment of the company’s management as of the date of this press release, significant differences in size, timing and other factors could arise from business risks and uncertainties, including, but not limited to, reliance on the business of third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of income and other factors, many of which are beyond the company’s control. The company disclaims any obligation to update the information in any forward-looking statement. This press release should not be regarded as a general request.
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SOURCE: Solar Integrated Roof Corp.
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