Solar Integrated Roofing Corp. (OTC PINK: SIRC) Volume For 2021 FY Jumps 187% To A Record $17.1 Million, Gross Profit Rockets 144% To $3.5 Million; SIRC Expects To Reach Profitability In FY 2022 And To Hit Guidance Volume Of At Least $100 Million In The 12 Months Ended May 31, 2022

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

Solar Integrated Roofing Corp. (OTC PINK: SIRC) reports today (June 16, 2021)  sharply higher volume of 187% 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.

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) Volume For 2021 FY Jumps 187% To A Record $17.1 Million, Gross Profit Rockets 144% To $3.5 Million; SIRC Expects To Reach Profitability In FY 2022 And To Hit Guidance Volume Of At Least $100 Million In The 12 Months Ended May 31, 2022

Solar Integrated Roofing Corp. (OTC PINK: SIRC), in addition to the record breaking volume performance in FY2021 was also focused on its plans to upgrade to the OTCQB Venture Market as a fully reporting company. It plans to refile its Form 10 as it needs to audit each of the companies it acquired as a fully reporting company. Solar Integrated Roofing Corp. (OTC PINK: SIRC) Volume For 2021 FY Jumps 187% To A Record $17.1 Million, Gross Profit Rockets 144% To $3.5 Million; SIRC Expects To Reach Profitability In FY 2022 And To Hit Guidance Volume Of $100 Million In The 12 Months Ended May 31, 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) Volume For 2021 FY Jumps 187% To A Record $17.1 Million, Gross Profit Rockets 144% To $3.5 Million; SIRC Expects To Reach Profitability In FY 2022 And To Hit Guidance Volume Of At Least $100 Million In The 12 Months Ended May 31, 2022.

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.” Solar Integrated Roofing Corp. (OTC PINK: SIRC) Volume For 2021 FY Jumps 187% To A Record $17.1 Million, Gross Profit Rockets 144% To $3.5 Million; SIRC Expects To Reach Profitability In FY 2022 And To Hit Guidance Volume Of At Least $100 Million In The 12 Months Ended May 31, 2022.

Massey also said, “During the quarter we also focused efforts on our audit and transition to a fully reporting company in anticipation of an up list to the OTCQB Venture Market. We added several highly respected directors to round out our Board and engaged MZ Group, a leading investor relations firm, to lead our communications program. Due to the rapid pace of acquisition, and the need to audit each of the newly acquired entities, we now plan to refile our Form 10 as soon as possible.”

Not only did SIRC report record breaking volume in FY2021, it also reported a 144% sharply higher gross profit of $3.5 million at 20% of total revenues compared to the prior year when that number was $2.4 million or 26% of total revenues. Also, SIRC in FY2021 reduced as a percentage of sales its operating expenses. In FY2021, operating expenses were $7.8 million — or 46% of sales. In the prior fiscal year, SIRC had operating expenses of $5.9 million, or 65% of sales.

Net loss for SIRC for FY2021 was $5.9 million compared to $4.6 million in FY2020.

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

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