Solar Integrated Roofing Corp. (OTC PINK: SIRC) Announces A Q3 Fiscal 2022 964% Sales Jump To Record $48.2 Million, Sees 'Substantially Exceeding'' Its Forecast Of $100 Million Revenue for 12 Months Ended May 31, 2022; David Mas-sey, CEO, Announces Name Change To SolarEV And Planned Ticker Change To POWR

Solar Integrated Roofing Corp. (OTC PINK: SIRC) Announces A Q3 Fiscal 2022 964% Sales Jump To Record $48.2 Million, Sees ‘Substantially Exceeding’’ Its Forecast Of $100 Million Revenue for 12 Months Ended May 31, 2022; David Mas-sey, CEO, Announces Name Change To SolarEV And Planned Ticker Change To POWR

Posted January 14, 2022

In NASDAQ: BLNK, NASDAQ: CSIQ, NASDAQ: EVGO, NASDAQ: FSLR, NASDAQ: ROCK, NASDAQ: RUN, NASDAQ: SEDG, NASDAQ: SPWR, NASDAQ: TSLA, NYSE: CHPT, NYSE: GM, NYSE: SPRQ, OTC PINK: SIRC

Solar Integrated Roofing Corp. (OTC PINK: SIRC) announces a Q3 fiscal 2022 964% record sales jump to $48.2 million from $4.5 million the comparable period the prior year. SIRC also sees itself ‘substantially exceeding’ its earlier forecast of $100 million revenue for the 12 months ended May 31, 2022. Its annual run rate is now approaching $200 Million, the Company said. David Massy, Chairman and CEO of SIRC, also announced that the company is changing its name to SolarEV and plans to change its ticker symbol to POWR.

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), ChargePoint (NYSE: CHPT), EVgo (NASDAQ: EVGO), 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) Announces A Q3 Fiscal 2022 964% Sales Jump To Record $48.2 Million, Sees ‘Substantially Exceeding’’ Its Forecast Of $100 Million Revenue for 12 Months Ended May 31, 2022; David Massey, CEO, Announces Name Change To SolarEV And Planned Ticker Change To POWR

David Massey, chairman and CEO, comments, “The third quarter of fiscal 20222 was highlighted by record revenue of $48.2 million, driven by seamless integration of our rapidly growing, high-margin acquisitions and our evolution into a truly national brand.

“The rapid pace of our acquisitions, partnerships and organic sales growth has enabled this incredible record revenue achievement, and we aim towards substantially exceeding our fairly conservative guidance for $100 million in revenue in the twelve months ended May 31, 2022.

“However, this is only a fraction of the run-rate I believe we can achieve by the end of this calendar year with significant sequential growth throughout CY 2022. It is impossible for me to overstate what a triumphant accomplishment this quarter represents, serving as both a milestone and a turning point in the company’s history,” he adds.

Massey also made several important announcements: “As we transition into CY 2022, we look forward to completing the next phase of our journey by implementing a name change to SolarEV and a planned ticker change to POWR. While our record quarter clearly demonstrates proven success in solar, we intend to redouble our efforts to become an equally dominant, national player in the EV charging space, with an eye towards exponential, dual-industry growth and an improved focus on generating shareholder value.”

Details of the SIRC financials for Q3 fiscal 2022 include:

Gross profit for SIRC increased 2,372% to $25.2 million, of 52% of total revenues in the third quarter of fiscal 2022. That compares to $1 million, or 22% of total revenues, in the same year-ago quarter.
Total operating expenses for Q3 of fiscal 2022 were $7.1 million vs. total operating expenses of $1.6 million for the same year-ago quarter. The increase was primarily attributable to increased operational scale, driven by s series of acquisitions made in the preceding year, SIRC said.

Net income for Q3 fiscal 2022 was $18.4 million compared to net loss of ($0.6 million) in Q3 for fiscal year 2021.

Helping the Company to achieve these dramatically improved financial results were these developments:

Entered into a $42 million equity purchase agreement with Arbiter Capital LLC to be used for share buybacks, acquisitions and to invest in continued organic growth, SIRC said.
Secured a lease agreement with Mohave Farms to build and operate a $36 million micro-grid project for a 20,000 acre farm near Kingman, Arizona. Mohave Farms is a Tier-1 multi-generational agriculture operator.
Partnered with Heartland Construction to provide electric vehicle charging station installations for Heartland solar projects. Heartland is a national alternative energy developer.
Formed a strategic partnership with Storm Ventures Group (SVG) and its SVG University to educate contractors within the SVG network on the benefits of adding solar to their service offering via SIRC’s USA Solar Networks subsidiary.
Partnered with RxSeed Coin founders to develop a cryptocurrency funding solution for humanitarian commercial solar projects. RxSeed Coin is a cryptocurrency asset listed on the Stellar Exchange.

SIRC also made a number of executive personnel changes in the quarter.

It named Pablo Diaz as president of the company.

It tapped Wanda Witoslawski as CFO. She is a veteran finance executive.

Dr. Philip Yin named as COO of SIRC subsidiary, USA Solar Networks.

Héctor Peña was named to SIRC’s Board of Directors.

To improve profitability, the Company adopted a targeted program designed to achieve cost synergies across the SIRC family of companies. The program would achieve a shared corporate infrastructure to lower costs and improve operating efficiency.

Earlier, Massey of SIRC announced that the Company has applied to up list to the OTCQB exchange.

He said, “Our application to up list to the OTCQB marks an important milestone for our Company and will help to build shareholder value along with our strong organic growth from our complementary solar, roofing and EV Charging brands.

He commented, “Joining the OTCQB raises our profile within the investment community, which we expect will help improve liquidity, broaden our shareholder base and position us for a NASDAQ up listing in the future,” he concluded.

The up listing application is subject to the approval of the OTC Markets and the satisfaction of applicable listing requirements, the Company said. OTCQB is a trading platform is operated by the OTC Markets Group in New York. SIRC said it is a premiere marketplace for early-stage and developing U.S. and international companies.

Member companies must be current in their reporting and undergo an annual verification and management certification process. OTCQB standards provide a strong baseline of transparency plus the technology and regulation to improve the information and trading experience for investors.

Massey added, “We believe our recent acquisitions, rapid sales growth, and transformation into a national brand will accelerate this goal. In addition, trading on this established public market will help to generate exposure of our Company among institutional investors.”

Solar Integrated Roofing Corp. (OTC PINK: SIRC) Announces A Q3 Fiscal 2022 964% Sales Jump To Record $48.2 Million, Sees ‘Substantially Exceeding’’ Its Forecast Of $100 Million Revenue for 12 Months Ended May 31, 2022; David Massey, CEO, Announces Name Change To SolarEV And Planned Ticker Change To POWR

Learn more about SIRC at https://www.solarintegratedroofing.com/corporate-governance/leadership/.

Source: Stock Market Press

Join Stock Market Press’ newsletter for the latest in IPO, market commentary and company profiles.

Stock Market Press is a financial news company that delivers up to date stock news, introduces private and public companies to a wide audience of investors, consumers, journalists and the general public via social media and a rapidly expanding network.

Contact:

Stock Market Press
110 Wall St.
New York, NY 10005 info@stockmarketpress.com https://twitter.com/PressStock

Safe Harbor Statement:

Statements in this news release may be ”forward-looking statements.” Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and Stock Market Press undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.

See Stock Market Press disclaimer: https://stockmarketpress.com/disclaimer/ SOURCE: Stock Market Press

Bina Murarka

Bina Murarka is a India-based technology reporter for Stock Market Press. A freelance writer who covered tech for various mainstream and financial websites, she writes about everything from small-cap telecommunications companies to the digital economy's impact on financial markets. She graduated from Calcutta University.