Solar Revenues For Companies Jump As Firms Diversify Applications And Focus In A Growth Industry On Expanding Roofing Installations, Primarily In California

Acquisitions, available financing and diversification are key to the growth of solar in 2020, especially in California where new laws go into effect in January requiring solar systems installations on new residences. Long term, solar will save homeowners money and also provide manufacturers and installers a larger revenue stream.

As the solar industry matures, some publicly-held solar companies are refocusing and intensifying their efforts into solar manufacturing or solar installations. Tesla, Inc. (NASDAQ: TSLA), a manufacturer and installer of solar rooftops, has diversified with its debut of a solar-powered truck.

Several industry companies are already seeing significant sales from solar projects, including SinglePoint (OTCQB:SING) and Canadian Solar Inc. (NASDAQ: CSIQ). California-based Solar Integrated Roofing Corp. (OTC PINK: SIRC) is growing quickly after a series of acquisitions. In October 2019, SIRC achieved a record $1.7 million. Dave Massey, CEO, said that on an annualized basis, including the sales of its series of takeovers in the solar industry, roof installer and marketer SIRC sees its February fiscal 2021 revenues reaching $40 million.

Tickers: Solar Integrated Roofing Corp. (OTC PINK: SIRC), SinglePoint (OTCQB: SING),  Canadian Solar Inc. (NASDAQ:CSIQ), SolarEdge Technologies (NASDAQ: SEDG), First Solar (NASDAQ: FSLR), Tesla, Inc. (NASDAQ: TSLA) and SunPowerCorp. (NASDAQ: SPWR).

Companies such as SolarEdge Technologies (NASDAQ: SEDG) and SinglePoint (OTCQB: SING) reported sharp revenue gains from solar while companies such as SunPowerCorp. (NASDAQ: SPWR) and First Solar (NASDAQ: FSLR) are refocusing their activities in the solar market between manufacturing and other solar activities.

New York, NY, December 2, 2019 — Stock Market Press is a leading financial news company that delivers up to date news. News on the wires today includes how solar companies are reporting Q3 2019 financials driven by success in solar. Financials at some companies have been improved by sharply higher solar sales.

Others are refocusing their solar focus in what they see as a maturing, growth market. California laws will require all new homes to have solar roofing beginning in January 2020. That will  contribute to a sharp jump in sales for Solar Integrated Roofing Corp. (OTC PINK: SIRC) in 2020. The firm has already reported a 2019 jump in revenues driven primarily by its series of acquisitions within the solar rooftop installation industry.

In other news we also talk about SunPowerCrop. (NASDAQ: SPWR), SinglePoint (OTCQB: SING), Canadian Solar Inc. (NASDAQ: CSIQ), SolarEdge Technologies, Inc. (NASDAQ: SEDG), First Solar (NASDAQ: FLSR) and Tesla, Inc. (NASDAQ: TSLA).

In January 2020, California’s regulation that all new residential houses be equipped with solar systems is expected to create a boom for the solar industry. The industry estimates that in 2020 some 74,154 new homes will be built in California. If the same number of homes are built in the next three years, the state estimates solar usage will increase by 14%.

Solar panel makers and installers will reap the benefits of increased mandatory installations. Also incentivizing homeowners will be other energy efficient upgrade options which can reduce energy usage in new homes by up to 50%, California officials believe.

That boom in installations feeds into the growth plans of California-based Solar Integrated Roofing Corp.(OTC PINK: SIRC). Dave Massey, CEO and founder of the company, has led the company primarily by a series of acquisitions to projected annualized sales of $40 million in February fiscal 2021. In October 2019 it reported sales of $1.7 million and $4.9 sales in FY 2019. SIRC expects to triple company sales in 2020. SIRC has set its annual shareholder meeting for December 10th at its headquarters in Poway, California.

SIRC has been aggressive in acquiring solar companies. It took over: Secure Roofing and Solar, which has $5 million in trailing annual revenues; McKay Roofing, which has $5 million in trailing annual revenues; Montross, which has trailing annual sales of $2.5 million; and Narrate, Inc., a marketing firm which has a targeted goal of $3 million monthly by summer 2020, it said.

Massey said his company is in the final stages of the process of upgrading to the OTCQB exchange. Long term, he said, SIRC anticipates being listed on the NASDAQ exchange.

Tesla, Inc.’s (NASDAQ: TSLA) debut of the solar powered cybertruck has generated some 250,000 purchase reservations. And this is for the revolutionary new truck which will not be available for at least two more years. Consumers are excited about the solar sector and the marriage of Tesla with solar and truck is exhilarating. At a projected price of some $40,000 apiece, the Tesla cybertruck is ancillary to Tesla’s Solar Roof project. It is projected that the Solar Roof product will reach 1,000 roofs per week by the end of Q3 2020, it said. It will likely take Tesla by the end of Q2 2022 to reach its goal of 5,410 solar panels a week. In after market trading, Tesla common stock reached $330.35 this weekend, rising $0.41.

SolarEdge Technologies (NASDAQ: SEDG) in its earnings call for Q3 2019 management, including Zvi Lando, CEO, discussed its record revenues of $411 million for the three months. Generating $388 million was the company’s solar business. That number was seen as a milestone for SEDG because, for the first time, solar passed the $1 billion mark for the fiscal year. More important, it achieved that cumulative number in just the first three quarters of the year. SEDG stock reached $81.61 through the close Friday, off $0.78.

SunPowerCorp. (NASDAQ: SPWR) has closed its solar panel manufacturing plant to instead focus on the installation of solar rooftop systems. SPWR is closing the facility and spinning it off to a new company, Maxeon Solar. Maxine will be based in the Singapore and have plants in France, Malaysia, Mexico and the Philippines. The company termed the move part of the maturing process of the solar industry. The move by SPWR is the opposite of that made in September by First Solar Inc. when it stopped building solar farms and in turn is focusing on manufacturing.

First Solar (NASDAQ: FSLR) for its three months ended September 30 10Q filing with the SEC reported net sales of $546,806,000 compared to $676,220,000 for the same period the prior year. Its net income for the 2019 quarter fell to $30,622,000 from $57,750,000 the comparable period in 2018. The company engages in designing, manufacturing, marketing and distribution of photoelectric systems and solar modules. The company in the SEC filing attributed the 19% drop in revenues for the quarter primarily due to its sales of its Manildra Project and the completion of new construction projects in late 2018 and early 2019. FSLR noted that it had an increase of 6.2 percentage points in its gross profit to 25.3% in 2019 from 19.1% in 2018. It noted that within the solar industry there have been price drops in solar modules and its expects there will be periodic pricing pressure in the future.

Canadian Solar Inc. (NASDAQ: CSIQ) reported sales of $759.9 million for Q3 2019, offered 1.1% from the $768 million reported for the same period in 2018. The company attributed some of the revenue drop to the sale of solar powered plants. Gross margin was 23% in the quarter compared to 25% in third quarter in 2018, the company said. CSIQ for Q4 2019 has set guidance range at $850 million-$880 million and gross margin at a range of 19-21%.

SinglePoint (OTCQB: SING ) credited the performance of recently acquired Direct Solar for its sharp jump in revenue for Q3 2019. The company reported $1,050,374 in sales for the three months ended September 30, 2019, a 176% jump from the $381,037 in 2018. SING management said Direct Solar continues to exceed its targets and has been pivotal in its improved performance. Its solar financing arm has eased its efforts to close solar installations by mitigating the short term monies needed by clients, management said.

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