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Solar Integrated Roofing Reports Record Third Quarter 2022 Financial Results

21 November 2022

HENDERSON, Nev., Nov. 21, 2022 (GLOBE NEWSWIRE) -- Solar Integrated Roofing Corp. (OTC: SIRC), an integrated, single-source solutions provider for solar power, roofing systems installation and EV charging company, today reported its financial and operational results for the third quarter ended September 30, 2022.

Key Operational and Financial Highlights

  • Revenue in the third quarter increased 333% to $57.3 million, as compared to $13.2 million in the third quarter of 2021.
  • Net income in the third quarter increased to $6.2 million, or $0.01 per diluted share, as compared to a net loss of $1.7 million, or $(0.00) per diluted share, in the third quarter of 2021.
  • Revenue expected to be realized from remaining performance obligations for commercial solar contracts totaled $291.6 million as of September 30, 2022.
  • Filed a Form 10 Registration Statement with the U.S. Securities and Exchange Commission to register its common stock under the Securities Exchange Act of 1934; Transition to a fully reporting company represents a key milestone towards the Company’s goal of a NASDAQ listing.

Management Commentary

“The third quarter of 2022 was highlighted by the increasing pace of operational execution, as evidenced by our 333%, year-over-year, revenue growth and strong profitability,” said David Massey, Chief Executive Officer of Solar Integrated Roofing Corp. “Our continued success in cross-selling the complimentary solutions in our portfolio are allowing us to make the most of our acquisitions. The momentum we have, paired with the forecasted synergies and operational efficiencies, have allowed us to reduce operating expenses despite our impressive revenue growth. We believe this positions us extremely well to finish out 2022 and expand aggressively in 2023.

“During the quarter we achieved a crucial milestone on our journey to uplist to NASDAQ, with the filing of a Form 10 Registration Statement with the U.S. Securities and Exchange Commission. The transition to a fully reporting company represents an exciting achievement as we strive towards our goal of a NASDAQ listing in 2023, which we expect to improve liquidity and broaden our institutional shareholder base through an enhanced profile within the investment community.

“To prepare ourselves for a future NASDAQ listing, we are strengthening our management team on several fronts – most recently with the appointment of veteran operations executive Stefan Abbruzzese as President. Stefan has already begun to lend his extensive functional knowledge to drive operational improvements across our integrated family of companies, with these productivity and resource optimization efforts expected to support sustained growth and our pace of geographic expansion. Stefan’s 360-degree view will empower critical decisions in marketing, sales, product development, and customer service, and his deep commercial financing experience will support our pursuit of the capital needed to scale operations and capitalize on the macro trends impacting our target markets, including the recently passed Inflation Reduction Act.

“Looking forward into 2023, we are well positioned for continued execution upon the foundation that we have built. There remains plenty of work to be done, though I have never been more confident in the future of our business as I am today. I look forward to reporting on exciting milestone achievements in the months ahead as we strive to create sustainable, long-term value for our shareholders,” concluded Massey.

Third Quarter 2022 Financial Summary

Revenue in the third quarter of 2022 increased 333% to $57.3 million, as compared to $13.2 million in the third quarter of 2021.

Gross profit increased 195% to $14.2 million, or 24.8% of revenues, in the third quarter of 2022, as compared to $4.8 million, or 36.3% of total revenues, in the third quarter of 2021.

Operating expenses in the third quarter of 2022 totaled to $6.8 million, as compared to $6.2 million in the third quarter of 2021.

Net income in the third quarter of 2022 increased to $6.2 million, or $0.01 per diluted share, as compared to a net loss of $1.7 million, or $(0.00) per diluted share, in the third quarter of 2021.

Cash and cash equivalents totaled $0.5 million as of September 30, 2022, as compared to $1.1 million as of December 31, 2021.

About Solar Integrated Roofing Corp.

Solar Integrated Roofing Corp. (OTC: SIRC), is an integrated, single-source solutions provider for solar power, roofing systems and EV charging installations, specializing in commercial and residential projects throughout North America. The Company serves communities by delivering the best experience through constant innovation & legacy-focused leadership. For more information, please visit the Company's website at www.solarintegratedroofing.com or join us on Twitter.

Forward-Looking Statements

Any statements made in this press release which are not historical facts contain certain forward-looking statements; as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update the information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.

Investor Relations Contact:
Lucas A. Zimmerman
Director
MZ North America
Main: 949-259-4987
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.mzgroup.us

 

 

SOLAR INTEGRATED ROOFING CORP.
CONSOLIDATED BALANCE SHEETS
(Unaudited)

    September 30,     December 31,  
    2022     2021  
ASSETS            
Cash   $ 480,141     $ 1,124,533  
Accounts receivable, net     5,511,696       3,652,176  
Work in progress receivable, net     76,976,192       33,242,296  
Note receivable     4,200,000       4,200,000  
Prepaid and other current assets     273,826       736,548  
Inventory     151,363       142,955  
TOTAL CURRENT ASSETS     87,593,218       43,098,508  
                 
OTHER ASSETS                
Operating lease right-of-use assets     2,888,171       1,646,049  
Property and equipment, net     1,004,016       1,122,057  
Goodwill     62,047,800       58,401,851  
Other assets     154,390       265,071  
TOTAL ASSETS     153,687,595       104,533,536  
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY                
CURRENT LIABILITIES                
Accounts payable and accrued liabilities   $ 8,516,321     $ 7,984,710  
Accrued interest     1,519,387       1,157,113  
Due to related parties     11,204,126       11,510,413  
Operating lease liabilities, current portion     504,981       115,623  
Notes payable     21,955,667       5,112,773  
Debenture payable     2,400,000       2,400,000  
Convertible note payable, net of unamortized discounts     10,684,800       23,688,886  
Derivative liabilities     53,295       10,049  
Total Current Liabilities     56,838,577       51,979,567  
                 
OTHER LIABILITIES                
Note payable, long-term     2,273,531       2,426,698  
Operating lease liabilities, non-current portion     2,383,190       1,530,426  
TOTAL LIABILITIES     61,495,298       55,936,691  
                 
COMMITMENTS AND CONTINGENCIES (Note 13)                
                 
STOCKHOLDER’S EQUITY                
Preferred stock, $0.00001 par value: authorized 25,000,041 shares            
Series A Preferred stock, $0.00001 par value: 5,000,000 shares authorized, 2,500,000 shares issued and outstanding, respectively     25       25  
Series B Preferred stock, $0.00001 par value: 20,000,000 shares authorized, 5,701,000 and 8,000,000 shares issued and outstanding, respectively     57       80  
Series C Preferred stock, $0.00001 par value: 1 share authorized, 1 share issued and outstanding, respectively     -       -  
Series D Preferred stock, $0.00001 par value: 40 shares authorized, 40 shares issued and outstanding, respectively     -       -  
Common stock, $0.00001 par value: 900,000,000 shares authorized, 542,817,941 and 453,498,555 shares issued and outstanding, respectively     5,428       4,535  
Stock payable     2,652,300       11,790,200  
Stock receivable     -       (36,450,000 )
Additional paid-in capital     59,570,943       74,087,246  
Non-controlling interest     (415,389 )     (60,487 )
Retained earnings (accumulated deficit)     30,378,933       (774,754 )
TOTAL STOCKHOLDER’S EQUITY     92,192,297       48,596,845  
TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY   $ 153,687,595     $ 104,533,536  

 

 

SOLAR INTEGRATED ROOFING CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2022     2021     2022     2021  
                         
Revenue   $ 57,267,460     $ 13,224,759     $ 150,541,535     $ 24,674,807  
Cost of Sales     43,071,432       8,418,340       94,558,164       19,484,806  
Gross Profit     14,196,028       4,806,419       55,983,371       5,190,001  
                                 
Operating expenses                                
Salaries and wages     3,989,043       2,863,858       12,437,116       5,488,167  
Professional fees     1,400,473       1,585,673       4,499,397       4,474,413  
Depreciation expense     69,807       222,613       277,601       303,982  
Marketing     186,093       229,259       445,828       575,038  
General and administrative     1,179,561       1,275,383       3,768,121       3,136,619  
Total operating expenses     6,824,977       6,176,786       21,428,063       13,978,219  
                                 
Income (loss) from operations     7,371,051       (1,370,367 )     34,555,308       (8,788,218 )
                                 
Other income (expense)                                
Interest expense     (1,077,710 )     (586,638 )     (2,190,637 )     (949,454 )
Other income (expense)     -       (108,489 )     (253,707 )     90,793  
PPP loans forgiveness     -       20,830       -       1,018,130  
Loss on debt modification     -       -       (1,268,933 )     -  
Gain (loss) on change in fair value of derivative liabilities     (53,295 )     359,009       (43,246 )     1,285,675  
Total other income (expense)     (1,131,005 )     (315,288 )     (3,756,523 )     1,445,144  
                                 
Income (loss) before taxes     6,240,046       (1,685,655 )     30,798,785       (7,343,074 )
Provision for income taxes     -       -       -       -  
Net income (loss)     6,240,046       (1,685,655 )     30,798,785       (7,343,074 )
Net income (loss) attributable to non-controlling interest     (331,918 )     (24,233 )     (354,902 )     (40,415 )
Net income (loss) attributable to the Company   $ 6,571,964       (1,661,422 )   $ 31,153,687       (7,302,659 )
Basic income (loss) per Common Share   $ 0.01     $ (0.00 )   $ 0.06     $ (0.02 )
Diluted income (loss) per Common Share   $ 0.01     $ (0.00 )   $ 0.06     $ (0.02 )
Basic weighted average number of common shares outstanding     539,902,975       378,468,171       502,470,756       343,348,974  
Diluted weighted average number of common shares outstanding     616,917,439       481,083,476       579,485,220       445,964,279  

 

 

SOLAR INTEGRATED ROOFING CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

    For the Nine Months Ended  
    September 30, 2022     September 30, 2021  
             
CASH FLOWS FROM OPERATING ACTIVITIES:            
Net income (loss)   $ 30,798,785     $ (7,343,074 )
Adjustments to reconcile net income (loss) to net cash used in operating activities:                
Stock-based compensation     3,260,418       928,650  
Loss on debt modification     1,268,933       -  
Amortization of debt discount     6,724       186,146  
(Gain) Loss on change in fair value of derivative liabilities     43,246       (1,285,675 )
Depreciation     277,601       303,982  
Warrant expense     147,500       -  
Stock option expense     1,259,300       -  
PPP loans forgiveness     -       (1,018,130 )
Changes in operating assets and liabilities:                
Accounts and work in progress receivable     (45,593,416 )     (2,456,396 )
Prepaid expenses and other assets     462,722       (617,892 )
Inventory     (8,408 )     141,162  
Accounts payables and accrued liabilities     2,773,650       1,734,326  
Due to related parties     (306,287 )     8,104,145  
Net Cash Used in Operating Activities     (5,609,232 )     (1,322,756 )
                 
CASH FLOWS FROM INVESTING ACTIVITIES:                
Net cash paid in acquisition of subsidiaries     (600,000 )     (10,100,000 )
Purchase of property and equipment     (159,560 )     (1,112,644 )
Net Cash Used in Investing Activities     (759,560 )     (11,212,644 )
                 
CASH FLOWS FROM FINANCING ACTIVITIES:                
Proceeds from notes payable     5,452,105       6,813,218  
Repayments of notes payable     (2,762,245 )     (1,841,218 )
Proceeds from convertible notes payable     2,440,000       21,055,610  
Proceeds from warrant exercise     -       16,480  
Repurchase of preferred stock class B             (10,000,000 )
Repurchase of common stock             (100,000 )
Proceeds from sale of common stock     594,540       140,000  
Net Cash Provided by Financing Activities     5,724,400       16,084,090  
                 
Net change in cash and cash equivalents     (644,392 )     3,548,690  
Cash and cash equivalents, beginning of period     1,124,533       710,091  
Cash and cash equivalents, end of period   $ 480,141     $ 4,258,781  
                 
Supplemental cash flow information                
Cash paid for interest   $ -     $ -  
Cash paid for taxes   $ -     $ -  
                 
Non-cash investing and financing transactions:                
Issuance of common stock for conversion of debt and accrued interest   $ 2,840,575     $ 1,398,647  
Common stock issued for acquisition of subsidiaries   $ 12,011,849     $ 63,532,400  
Modification of convertible notes in exchange for promissory note   $ 14,000,000     $ -  
Acquisition of subsidiary via issuance of preferred stock class B   $ -     $ 4,870,000  
Net assets acquired in acquisition   $ -     $ 1,007,535  
Assets acquired from financing   $ -     $ 54,807  
Net assets acquired in acquisitions   $ -     $ 866,000  
Return and cancellation of common stock   $ 36,450,000     $ -  
Right-of-use assets and corresponding liabilities on new building leases   $ 1,454,939     $ -  

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