David Massey, CEO Of Solar Integrated Roofing Corp. (OTC PINK: SIRC), Says As Company Transitions Into a National Brand, It Plans Up List To The OTCQB And Later To The NASDAQ; It Sees Current $50-60 Million Annual Revenue Run Rate Growing To $100 Million In Near-Term
In a corporate update dated March 25, 2021, David Massey, CEO of Solar Integrated Roofing Corp. (OTC PINK: SIRC), declared that as the company grows and becomes a national brand it is also planning a near-term goal of up listing to the OTCQB and long-term to the NASDAQ. He also detailed SIRC’s expansion of its partnership with Sunrun, Inc. (NASDAQ: RUN) that could scale to 30 installations a month in the future and a larger relationship in the future. The company’s current annual revenue run rate, he says, is $50-60 Million and planned to grow to $100 million in the near-term. Acquisitions bring significant revenue. According to site Proactive, Massey told them that SIRC’s recent acquisition of multi-stateCornerstone Construction — a solar and roofing solutions provider — is on track to bring SIRC $25-$30 million in annual revenue, more than doubling the Company’s current size in volume.
stockmarketpress.com features specialized coverage of related stocks in the solar, roofing, EV charging stations and battery charging energy industry such as Solar Integrated Roofing Corp. (OTC PINK: SIRC), Sunrun, Inc. (NASDAQ: RUN), Blink Charging Co. (NASDAQ: BLNK), Tesla, Inc. (NASDAQ: TSLA), GM (NYSE: GM), SolarEdge Technologies, Inc. (NASDAQ: SEDG), First Solar, Inc. (NASDAQ: FSLR), SunPower (NASDAQ: SPWR), Gibraltar Industries, Inc. (NASDAQ: ROCK), Spartan Acquisition Corp. II (NYSE: SPRQ). and Canadian Solar Inc. (NASDAQ: CSIQ).
David Massey, CEO Of Solar Integrated Roofing Corp. (OTC PINK: SIRC), Says As Company Transitions Into a National Brand, It Plans Up List To The OTCQB And Later To The NASDAQ; It Sees Current $50-60 Million Annual Revenue Run Rate Growing To $100 Million In Near-Term
David Massey, CEO of SIRC, said, “Given our primary focus is on becoming a cohesive, nationwide platform company of roofing and solar installers, these strategic partnerships will support operational stability as we continue to grow by acquisition into key markets nationwide. We are currently operating at an approximately $50-$60 million annual revenue run rate, which we plan to further grow to $100 million in the near-term through continued acquisitions. After reaching this point, we will slow the pace of acquisitions to focus on consolidation, realizing synergies and maximizing near-term profitability.”
Massey further said, “As we transition into a national brand with various portfolio companies across the country, we will seek to up list to the OTCQB in the near-term with a goal of up listing to the NASDAQ thereafter. This marks a new era for our shareholders as we continue to mature and improve our prestige within the capital markets community.”
He further explained that as SIRC grows it is seeking operational efficiency. Massey said, “We are seeking to build out normalized systems and operating procedures to reduce duplicative expenses and increase firm-level profitability. To this end, we are working on approvals from both Sunrun and Vivint to utilize their sales platforms to see Power Purchase Agreements (PPAs) in several key states nationwide.”
Massey added, “We expect that our robust balance sheet — which stood at over $11 million in cash as of February 28th, 2021, will be sufficient to meet any near term needs. That being said, to further fortify our cash position and expand our growth initiatives into the EV charging space, we recently applied for a U.S. Department of Energy grant, which could provide between $20-40 million in funding to help support the build-out of dedicated electric vehicle (EV) charging solutions nationwide through our various operating brands.” David Massey, CEO Of Solar Integrated Roofing Corp. (OTC PINK: SIRC), Says As Company Transitions Into a National Brand, It Plans Up List To The OTCQB And Later To The NASDAQ; It Sees Current $50-60 Million Annual Revenue Run Rate Growing To $100 Million In Near-Term.
He also detailed the company’s expansion with key industry players — such as market leader Sunrun, Inc. (NASDAQ: RUN) — and said that relationship could build in the future. Massey said the partnership with Sunrun could scale to the rate of 30 installations per month over time. David Massey, CEO Of Solar Integrated Roofing Corp. (OTC PINK: SIRC), Says As Company Transitions Into a National Brand, It Plans Up List To The OTCQB And Later To The NASDAQ; It Sees Current $50-60 Million Annual Revenue Run Rate Growing To $100 Million In Near-Term.
To shareholders, Massey said, “Looking ahead, with these accretive new partnerships, accelerating momentum , and our planned up listing, I believe we are better positioned to deliver value to our shareholders than at any prior time in our history as a public company. I look forward to announcing further milestone achievements in the months to come as we continue our rapid pace of operational execution.” David Massey, CEO Of Solar Integrated Roofing Corp. (OTC PINK: SIRC), Says As Company Transitions Into a National Brand, It Plans Up List To The OTCQB And Later To The NASDAQ; It Sees Current $50-60 Million Annual Revenue Run Rate Growing To $100 Million In Near-Term.
Learn more about SIRC at https://www.solarintegratedroofing.com/corporate-governance/leadership/.
Source: Stock Market Press
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