Solar Integrated Roofing Corp. (OTC PINK: SIRC) Strengthens Board By Naming Michael Fallquist, Energy Entrepreneur, As Its Stock Jumps 11.96% Last Night Af-ter SIRC’s 964% Boom In Q3 Sales Jump To Record $48.2 Million

 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) has named energy entrepreneur Michael Fallquist to its Board, strengthening its executive team. SIRC’s stock last night (Monday, January 24, 2022) jumped 11.96% to $0.4700 in heavy trading of 2,924,456. SIRC has announced a Q3 fiscal 2022 964% record spike in volume 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 with its annual run rate now approaching $200 Million, according to David Massey, Chairman and CEO of SIRC.

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) Strengthens Board By Naming Michael Fallquist, Energy Entrepreneur, As Its Stock Jumps 11.96% Last Night After SIRC’s 964% Boom In Q3 Sales Jump To Record $48.2 Million

As SIRC continues its growth momentum and has applied for an up list to the OTCQB exchange, it further strengthens its Board by naming energy entrepreneur Michael Fallquist its newest member.

He currently serves as co-CEO and director of Energywell, LLC. This is a newly-formed entity with a $100 million capital commitment from Oaktree Capital Management and Hartree Partners L.P. The goal is to  create a technology driven energy platform that is sustainable.

“Michael brings a wide suite of highly complementary experience, having built a public energy and solar company while overseeing several successful acquisitions and financings,” Massey commented. “His strong capital markets and executive experience are complimented by extensive strategy, M&A, corporate finance, investor relations, risk management and corporate governance expertise.”

Massey added, “I believe that Michael’s M&A expertise will add significant value as we continue ti pursue accretive acquisitions of high growth businesses and integrate recently announced acquisitions into growing family of companies. We welcome Michael to the position and are fortunate to have someone of his caliber and skill set serve on our Board.”

Fallquist prior was CEO and Director of Crius Energy LLC, a publicly-listed retail energy and solar provider that served approximately 1.4 million customers and generated greater than $1.2 billion in revenue in  2018. In that position, he led the successful acquisition of some 12 companies in the retail energy and solar industries.

Later, Crius was acquired by Vistra Energy in July 2019 for C$650 million.

Solar Integrated Roofing Corp. (OTC PINK: SIRC) Strengthens Board By Naming Michael Fallquist, Energy Entrepreneur, As Its Stock Jumps 11.96% Last Night After SIRC’s 964% Boom In Q3 Sales Jump To Record $48.2 Million

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

All of this comes against a successful backdrop for the fast-growing SIRC. Not only has it recently announced record Q3 fiscal 2022 revenues, SIRC is also an applicant for a market exchange up list. Solar Integrated Roofing Corp. (OTC PINK: SIRC) Strengthens Board By Naming Michael Fallquist, Energy Entrepreneur, As Its Stock Jumps 11.96% Last Night After SIRC’s 964% Boom In Q3 Sales Jump To Record $48.2 Million

Massey 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.

David Massey, chairman and CEO, says, “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.

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 a 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.

Solar Integrated Roofing Corp. (OTC PINK: SIRC) Strengthens Board By Naming Michael Fallquist, Energy Entrepreneur, As Its Stock Jumps 11.96% Last Night After SIRC’s 964% Boom In Q3 Sales Jump To Record $48.2 Million

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

Source: Stock Market Press

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