Solar Integrated Roofing Corp. (OTC: SIRC) Focuses On Larger And More Profitable Commercial Solar Projects As It Attains New Financing Sources Providing $25 Million And $10 Million In 2023
Solar Integrated Roofing Corp. (OTC: SIRC) is focusing on larger and more profitable Commercial Solar Projects as it attains new financing providing $25 million and $10 million in 2023. In SEC filings, such as its 10-Q for 9/30/22, SIRC management stressed, “We have also started on new commercial power projects inside and outside of California, which we expect to expand our installation business revenue significantly.”
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).
David Massey, SIRC Chairman and CEO, said in a live Update Webcast last week that a primary focus of SIRC would be to reignite its commercial pipeline projects. “Moving that commercial pipeline is our highest priority,” Massey said. He cited three commercial projects, such as a $65 million project in the commercial pipeline forefront with hotels in South America, another for $280 million and a third $36 million project.” He said SIRC’s new $25 million and $10 million new financing would enable it to get these projects out of the ground. He praised the Company’s announced new $25 million and $10 million financing. Hear the complete Webcast at live: https://www.youtube.com/@sircnews/featured
In its 10-Q SEC filing, SIRC reported, “During the three months ended September 30, 2022, compared to the three months ended September 30, 2021, revenue increased by $44,042,701, or approximately 333%, due to the Company securing completing acquisitions, entering into new markets, and securing new commercial projects.”
SIRC’s filing said, “Revenue increased significantly from that of the prior year in part because the Company was able to secure and recognize revenue from newly acquired commercial projects, which have significantly increased the revenue over that of the prior year as the Company was able to focus on additional revenue that was not solely from roofing and residential solar projects, which were previously the Company’s primary focus and source of revenue. Gross profit increased by $9,389,609, or approximately 195.4%, accordingly.
For the nine months ended September 30, 2022, revenue increased by $125,866,728, or approximately 510.1% from the comparable period the prior year, while gross profit increased by $50,793,370, or approximately 978.7%, accordingly, the SEC filing said. Commercial solar projects played a major role in the increases, as did SIRC’s transformation from a traditional roofing company into an alternative energy company, it said.
Massey said on the live update Webcast, “I’m excited about the prospects for SIRC as we enter 2023 — we have the right team to make 2023 very successful.”
Massey said the focus of SIRC now is to focus on being cash flow positive, running a profitable and more efficient Company and eliminating excessive costs. The new financing — $25 million in a new drawdown term note and $10 million in a new revolving credit facility — should help reignite SIRC’s ability to restart several key solar projects. SIRC recently announced both the new $10 million revolving credit agreement facility and securing of the $25 million drawdown term note.
With its renewed focus on cash flow positivity from a more efficient SIRC, he declared: “We want to turn this thing into a cash register.”
The commercial projects can begin, he said, in as early as 45-60 days and contribute to SIRC’s performance in the late part of the first quarter — and early part of the second quarter — in the new year. “We can only bite off so much at a time,” he added. He said that securing the new financing would give SIRC the cash to begin the projects.
Massey revealed that SIRC is planning its “first drawdown this week” on its new financing. It has also raised ‘our authorized shares’ as the ‘only way we can raise money.’ The goal is to fund SIRC’s growth and create value for its shareholders.”
Source: Stock Market Press
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