Solar Integrated Roofing Corp. (OTC PINK: SIRC) For Its New Year Ended Dec. 31, 2021, Announces Audited Financial Results Of A 388% Jump In Revenue To $84.2 Million And Net Income To $19.9 Million; David Massey, CEO, Says Results Are A 'Breakthrough Capital Markets Achievement' For SIRC

Solar Integrated Roofing Corp. (OTC PINK: SIRC) For Its New Year Ended Dec. 31, 2021, Announces Audited Financial Results Of A 388% Jump In Revenue To $84.2 Million And Net Income To $19.9 Million; David Massey, CEO, Says Results Are A ‘Breakthrough Capital Markets Achievement’ For SIRC

Posted April 6, 2022

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

Solar Integrated Roofing Corp. (OTC PINK: SIRC) announces today (Tuesday, April 5, 2022) its audited revenue grew 388% to $84.2 million for its new year ended December 31, 2001, from $17.3 million in 2020. Net income rose to $19.9 million for 2021 compared to a net loss of $7.7 million last year. David Massey, chairman and CEO of SIRC, called the audited performance results “a breakthrough capital markets achievement” for SIRC. For the full financials, see Disclosure Page of the OTC Markets website.

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) For Its New Year Ended Dec. 31, 2021, Announces Audited Financial Results Of A 388% Jump In Revenue To $84.2 Million And Net Income To $19.9 Million; David Massey, CEO, Says Results Are A ‘Breakthrough Capital Markets Achievement’ For SIRC

David Massey, CEO, said, “As promised, the release of our 2021 audited financial statements marks a breakthrough capital markets achievement for our company, the first step as we continue our planned transition to a fully reporting company listed on a national exchange. In addition, our shift to a more standard fiscal year ending December 31st will better align us with public company best practices and investor expectations — positioning us for future success.”

Massey added, “In addition, the fundamentals of our operations are strong as we saw both immense revenue growth and greatly enhanced margins across the board — enabling us to achieve initial profitability. We are now realizing economies of scale on the supplier side, ensuring both healthy margins and relative surety of product supply relative to our peers — driving the potential for enhanced net profit margins in the near term.

“We also see successful promise in the SolarEV Financial Services ecosystem we have created, enabling a new financial model whereby we can finance our own projects as desired using non-dilutive debt financing. This allows us to capture substantial revenue from lucrative, hand-picked projects — while other projects we don’t finance can still be handed off to our third-party project financing partners,” he concluded.

Finally, Massey said, “Our near-term focus from a capital markets perspective is now on executing upon our strategic up listing strategy — first to the OTCQB and then to the NASDAQ — helping to improve liquidity and broaden our shareholder base through an enhanced profile within the investment community. As we move through 2023 and accomplish these exciting milestones, we are incredibly well positioned to create sustainable, long-term value for my fellow shareholders. I look forward to sustaining our robust pace of operational execution in the months ahead.”

Here are the highlights of the 2021 financials:

Revenue increased in 2021 for the year ended December 31, 2021 by 388% to $84.2 million compared to revenue of $17.3 million in 2020. Continued acquisitions as well as organic growth across the SIRC family of companies drove the increase;
Gross Profit jumped 807% to $40.4 million — 48% of total revenues — in 2021, compared to $4.5 million — or 26% of total revenues — in the comparable period in 2020.
Total operating expenses in 2021 reached $20.7 million were mainly due to increased operational scale, driven by the series of recent acquisitions. In 2020, that number was $9.8 million.
Net income in 2021 was $19.9 million — or $0.05 per basic and diluted common share — as compared to a net loss of $7.7 million — or $(0.05) per basic and diluted common share in 2020.
Cash and cash equivalents totaled $1.1 million as of December 31, 2001, as compared to $0.7 million at December 31, 2020.

During the year, SIRC achieved numerous objectives:

— Secured tier-1 national solar and EV Charging Projects, including:

$45 million co-development agreement for 17 Georgia high school solar projects;
Lease agreement to build and operate a $36 million micro-grid project for a 20,000 acre farm near Kingman, Arizona.
Appointed an experienced executive team to support the Company’s fast growth —- including naming Wanda Witoslawski as CFO and Pablo Diaz as President;
Added three energy industry experts key players to its Board. They include Héctor Peña, Michael Fallquist and Gregory Craig;
Partnered with the Founders of RxSeedCoin, a cryptocurrency asset listed on the Stellar Exchange, to develop a cryptocurrency funding solution for humanitarian commercial solar projects.

Solar Integrated Roofing Corp. (OTC PINK: SIRC) For Its New Year Ended Dec. 31, 2021, Announces Audited Financial Results Of A 388% Jump In Revenue To $84.2 Million And Net Income To $19.9 Million; David Massey, CEO, Says Results Are A ‘Breakthrough Capital Markets Achievement’ For SIRC

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

Ruchika Gupta

Ruchika Gupta is a writer for Stock Market Press, covering technology, energy, cannabis, finance, biotech and industrials, among other sectors. She holds a maters's degree in English and produces financial and business content for a range of media outlets.