Monday - June 9, 2025
VANCOUVER, British Columbia, April 30, 2025 (GLOBE NEWSWIRE) -- SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) ("SHARC Energy" or the “Company”) is pleased to announce it has filed financial results for the year ended December 31, 2024. All figures are in Canadian Dollars and in accordance with IFRS unless otherwise stated.
Fourth Quarter and Year-end Financial Highlights:
Michael Albertson, Chief Executive Officer and President of SHARC Energy, said, "2024 was a strong growth year for the Company with revenues growing by 36% from $1.59M in 2023 to $2.17M in 2024. We enter 2025 poised to continue revenue growth momentum with nearly $3.0M in purchase orders, or Sales Order Backlog, to fulfil which would represent a 38% improvement over 2024 revenue if all realized within the year. This is without consideration of jobs that will purchase order during 2025.”
“SHARC Energy’s pipeline has reached a key maturity milestone as Sales Order Backlog averaged approximately $2.75 million in each disclosure since April 29, 2024 despite recognizing year over year revenue growth. Sales Order Backlog currently contains 9 projects made up of 3 SHARC projects and 6 PIRANHA projects. This compares to 9 projects being included in Sales Order Backlog as of April 29, 2024, consisting of 4 SHARC projects and 5 PIRANHA projects. We see this as a strong indication that the Company’s future revenue is not only growing but diversifying & stabilizing. There are several projects, including larger SHARC supported Thermal Energy Network projects, indicating signs of conversion from Sales Pipeline to Sales Order Backlog which should affirm continued stability and growth of revenue in the near and long term."
Mr. Albertson continues, “Thermal Energy Networks, commonly referred to as TENs or District Energy Systems, is a growing solution for managing small to large scale thermal energy loads efficiently and cost-effectively. WET supported solutions continue to grow in awareness and acceptance with the Company learning of projects in planning across North America and globally. In the Greater Vancouver, British Columbia region alone, there are several municipal or utility supported TENs ranging in size and scale, similar to the False Creek Neighborhood Energy Utility or leləm̓ projects, in different stages of development that will increase SHARC Energy's local footprint over the next few years. In the United States, legislation allowing or mandating utilities to develop thermal energy network demonstration projects or pilots have been passed in eight states, including the State of New York and recently added California, where the Company has installations in progress, projects in design and a growing list of leads looking to implement Wastewater Energy Transfer with District Energy Systems and TENs.”
“We are continuing to progress into new sectors for the SHARC and PIRANHA with promising opportunities developing within wastewater treatment facilities, universities, water utilities, correctional facilities and the design & build/energy sectors. These sectors are increasingly receptive to SHARC Energy's offerings which is promising as these sectors can provide fewer regulatory hurdles, long-term customer relationships, shorter sales cycles, and the potential for larger-scale projects. The Company anticipates the closing of new business in these adjacent sectors as early as this year.”
“Furthermore, SHARC Energy is gearing up to launch new products in its portfolio which will be introduced to the market soon. With the support of original equipment manufacturer relationships SHARC Energy has, we feel there is significant opportunity to better serve more customers and increase our revenue and margin dollars earned going forward. SHARC Energy’s tailwinds are strong and set to propel the Company to profitability in the coming years. We are very excited about our position in the thermal energy market!” stated Mr. Albertson.
Q4 2024 Highlights and Subsequent Events
For complete financial information for the year ended December 31, 2024, please see the Audited Annual Financial Statements and Management Discussion and Analysis (“MD&A”) filed on SEDAR at www.sedar.com.
About SHARC Energy
SHARC International Systems Inc. is a world leader in energy recovery from the wastewater we send down the drain every day. SHARC Energy's systems recycle thermal energy from wastewater, generating one of the most energy-efficient and economical systems for heating, cooling & hot water production for commercial, residential, and industrial buildings along with thermal energy networks, commonly referred to as “District Energy”.
SHARC Energy is publicly traded in Canada (CSE: SHRC), the United States (OTCQB: INTWF) and Germany (Frankfurt: IWIA) and you can find out more on our SEDAR profile.
Learn more about SHARC Energy: Website | Investor Page | LinkedIn | YouTube | PIRANHA | SHARC
ON BEHALF OF THE BOARD | |
Lynn Mueller | |
Executive Chairman | |
For investor inquiries, please contact: | For media inquiries, please contact: |
Hanspaul Pannu | Mike Tanyi |
Chief Financial & Operating Officer | Director of Marketing & IT |
SHARC Energy | SHARC Energy |
Telephone: (604) 475-7710 ext. 4 | Telephone: 604.475.7710 Ext.109 |
Email:hanspaul.pannu@sharcenergy.com | Email: mike.tanyi@sharcenergy.com |
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified using words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. SHARC Energy’s actual results could differ materially from those anticipated in this forward-looking information because of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Company. SHARC Energy believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company’s expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether because of new information, future events or otherwise, except as required by applicable securities legislation.
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Market Cap: | US$13.740M |
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