Solar Integrated Roofing Corp. (OTC PINK: SIRC) Acquires USA Solar Network, Solar Energy And EV Charging Infrastructure Developer, Seen Adding $50 Million In Incremental Sales As Early As FY2022 As Takeover Target Scales Into 37 States, Including Key Markets Such As Texas, Florida, Illinois, Arizona, Missouri And New Mexico
Solar Integrated Roofing Corp. (OTC PINK: SIRC) today (July 13, 2021) announces it has signed a purchase agreement to acquire USA Solar Network LLC, a solar energy and EV Charging Infrastructure Company, enabling to expand its sales by 50-100% growth or $50 million per year in incremental growth at 16% gross margins as early as FY 2022. Led by Pablo Diaz, CEO, USA Solar Network has scaled into 37 states and key markets such as Texas, Florida, Illinois, Arizona, Missouri and New Mexico. He praised accomplishments of Pablo, particularly completing more than 7,000 solar projects to date, he said, and generating over $40 million in revenue since 2018. SIRC believes the acquisition will enable it to achieve 50-100% incremental residential and commercial sales at 16% gross margins in FY 2022. Read more about USA Solar Networks here.
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).
Solar Integrated Roofing Corp. (OTC PINK: SIRC) Acquires USA Solar Network, Solar Energy And EV Charging Infrastructure Developer, Seen Adding $50 Million In Incremental Sales As Early As FY2022 As Takeover Target Scales Into 37 States, Including Key Markets Such As Texas, Florida, Illinois, Arizona, Missouri And New Mexico
The transaction marks an important moment for SIRC — in addition to the anticipated dramatic volume and footprint gains. David Massey, CEO of SIRC, said, “USA Solar Network has a footprint in exciting new markets that will continue to broaden our national reach — the missing piece to the puzzle, allowing us to expand to new markets nationally with minimal cost using their existing network spanning solar and EV installation.”
He added, “We believe this may be our last acquisition in the foreseeable future before focusing inwards on organic growth and reaching cash flow breakeven — a monumental step for the company and its shareholders, which we believe will significantly reduce any dilution and grow the company to profitability.” Solar Integrated Roofing Corp. (OTC PINK: SIRC) Acquires USA Solar Network, Solar Energy And EV Charging Infrastructure Developer, Seen Adding $50 Million In Incremental Sales As Early As FY2022 As Takeover Target Scales Into 37 States, Including Key Markets Such As Texas, Florida, Illinois, Arizona, Missouri And New Mexico
Massey noted that, “Given the Company’s ability to service both residential and commercial markets, we believe we can efficiently integrate USA Solar Network into the SIRC family of companies and further improve its growth trajectory, whole concurrently addressing exciting EV charging network opportunities with various levels of government, leveraging their contractor network to expand without additional costs.” Solar Integrated Roofing Corp. (OTC PINK: SIRC) Acquires USA Solar Network, Solar Energy And EV Charging Infrastructure Developer, Seen Adding $50 Million In Incremental Sales As Early As FY2022 As Takeover Target Scales Into 37 States, Including Key Markets Such As Texas, Florida, Illinois, Arizona, Missouri And New Mexico.
Massey added that USA Solar Network has built strong partnerships with key players in the solar and EV charging industries. The acquisition is expected to act as a notable growth driver for solar and EV charger installers within the SIRC family of companies who can complete the work once the sale is complete through USA Network, capturing the full lifecycle value of each customer, the Company said.
Solar Integrated Roofing Corp. (OTC PINK: SIRC) reported sharply higher volume of 87% to $17.1 million for its FY 2021 ended February 28, 2021. That compares to $9.1 million the prior year. Gross profits increased by 144% for the 2021FY To $3.5 million — representing 20% of total revenues — compared to $2.4 million the prior year, or 26% of revenues in FY2020. SIRC continued its acquisition spree during the year and reaffirmed its guidance figure of at least $100 million in sales in the 12 months ended May 31, 2022. It also “expects” to reach profitability in FY 2022.
David Massey, CEO of SIRC, said, “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 course of the year our team has worked tirelessly to integrate our acquisitions and continues to seek new opportunities for growth. The solar, roofing and battery market continues to grow, and our brands are capturing additional market share. With our exceptional portfolio of companies and ongoing organic growth, we look forward to sharing our future achievements with our shareholders.”
He added, “The acquisitions drove annual revenues to a record $17.1 million and set us on a course to achieve at least $100 million in the twelve months ended May 31, 2022. Our focus on rapidly growing, high margin acquisitions has significantly grown sales, allowed us to now capture the full lifecycle of our customers, and brought new synergies and efficiencies across the SIRC family of companies. Due to this, we expect to achieve profitability in FY 2022.”
In FY 2021, SIRC acquired Future Home Power, Balance LLC, Pacific Lighting Management or PLEMCo., Cornerstone Construction and Enerev LLC. All of them are in the solar, roofing, battery storage and back office space. Solar Integrated Roofing Corp. (OTC PINK: SIRC) Acquires USA Solar Network, Solar Energy And EV Charging Infrastructure Developer, Seen Adding $50 Million In Incremental Sales As Early As FY2022 As Takeover Target Scales Into 37 States, Including Key Markets Such As Texas, Florida, Illinois, Arizona, Missouri And New Mexico.
Massey noted that this accelerated pace of acquisitions has grown SIRC into a national firm: “Our success has transformed our company into a national brand with services now spanning solar, battery backup, EV charging, roofing installation, HVAC work, electrical contracting and back-office technology support.”
Massey said SIRC reaffirms its $100 million revenue guidance for the 12 months ended May 31, 2022. Earlier Massey said, “We accelerated our rapid pace of acquisitions in 2021, rolling up roofers as well as solar and battery installers — creating a true platform company with the back office and sales capabilities to scale nationwide. When taking into account our recently acquired companies, we’ve built a significant customer base across the SIRC family of companies. While there is seasonality inherent to our business and the revenue will not be divided evenly month to month, we expect that we will generate at least $100 million of revenue over the next 12 months with the acquisitions we have announced to date.”
If SIRC Further Populates Its Acquisition Pipeline, The $100 Million Guidance Figure Could Grow
Massey added, “We are realizing both acquisitive and organic growth on all fronts while minimizing dilution. Looking ahead, we continue to populate our acquisition pipeline which could further grow this $100 million revenue guidance figure. I look forward to continued operational execution in the months ahead, working closely with our team to create sustainable value for our shareholders over the long-term.”
Learn more about SIRC at https://www.solarintegratedroofing.com/corporate-governance/leadership/.
Source: Stock Market Press
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