After Q3 2022 333%+ Volume Growth Performance, Solar Integrated Roofing Corp. Strengthens Management Team As It Eyes NASDAQ Up List; SIRC Files Form 10 Registration Statement With SEC As CEO David Massey Says Com-pany ‘Well Positioned’ For Future Growth
After Q3 2022 333%+ volume growth performance, Solar Integrated Roofing Corp. strengthens management team as it eyes NASDAQ up list; SIRC files Form 10 Registration Statement with SEC as CEO David Massey says company is ‘well positioned’ for future growth. Revenue in Q3 2022 jumped to $57.3 million, a 333% increase, while net income rose to $6.2 million vs. a net loss of $1.7 million in Q3 of 2021.
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The third quarter of 2022 was highlighted by the increasing pace of operational execution, as evidenced by our 333%, year-over-year, revenue growth and strong profitability,” Massey said. “Our continued success in cross-seeing the complimentary solutions in our portfolio are allowing us to make the most of our acquisitions.”
He also said that SIRC achieved a ‘crucial milestone’ on its journey to up list to NASDAQ — with the required filing of its Form 10 Registration Statement with the SEC.
As it prepares for that timeline, he added, SIRC is strengthening its management team on several fronts. Notably, it has named Stefan Abbruzzese as an experienced veteran of operations as its president.
“Stefan’s 360-degree view will empower critical decisions in marketing, sales, product development, and customer service, and his deep commercial financing experience will support our pursuit of the capital needed to scale operations and capitalize on the macro trends impacting our target markets, including the recently passed Inflation Reduction Act.”
Massey added, “Looking forward into 2023, we are well positioned for continued execution upon the foundation that we have built.”
Other highlights of Q3 2022 for SIRC are:
- Gross profit increased 195% to $14.2 million —- or 24.8% of revenues, in Q3 2022, vs. $4.8 million or 36.3% of total revenues, in Q3 2021;
- Operatings expenses in Q3 2022 totaled $6.8 million vs. $6.2 million in Q3 2021
Source: Stock Market Press
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