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Solar Integrated Roofing Corp. (OTC:SIRC) Powerful Reversal Brewing as Solar/EV Innovator Reports Record Revenues & New Acquisition Journey

Solar Integrated Roofing Corp. (OTC:SIRC) is making a powerful move up the charts after the Company reported record Q3 operating results on Friday. SIRC…

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Solar Integrated Roofing Corp. (OTC:SIRC) is making a powerful move up the charts after the Company reported record Q3 operating results on Friday. SIRC reported revenues of $48.2 Million for Q3 a 964% increase for the same period the year before. Net income for the third quarter of fiscal 2022 was $18.4 million, or $0.05 per basic and diluted common share, as compared to a net loss of $0.6 million for the same period last year. CEO David Massey said: “The rapid pace of our acquisitions, partnerships and organic sales growth has enabled this incredible record revenue achievement, and we aim towards substantially exceeding our fairly conservative guidance for $100 million in revenue in the twelve months ended May 31, 2022. However, this is only a fraction of the run-rate I believe we can achieve by the end of this calendar year with significant sequential growth expected throughout CY2022. 

Its easy to get excited about a stock like SIRC currently trading at a fraction of recent highs; SIRC is one of the most exciting stocks in small caps making a historic run in 2021 from pennies in August 2020 to $3 per share in February 2021. Looking towards 2022 CEO David Massey stated: “As we transition into CY2022, we look forward to completing the next phase of our journey by implementing a name change to SolarEV and a planned ticker change to POWR. While our record quarter clearly demonstrates proven success in solar, we intend to redouble our efforts to become an equally dominant, national player in the EV charging space, with an eye towards exponential, dual-industry growth and an improved focus on generating shareholder value. Looking ahead, empowered by a recent equity purchase agreement with Arbiter Bank, we are setting off on the next leg in our acquisition journey. We have identified several extremely promising candidates with healthy potential at attractive prices that require no dilution whatsoever to our shareholders.” 

Solar Integrated Roofing Corp. (OTC:SIRC), is an integrated, single-source solar power, roofing systems installation and EV charging company specializing in commercial and residential properties throughout the United States. The Company serves communities by delivering the best experience through constant innovation & legacy-focused leadership. The Company’s broad array of solutions include sales and installation of solar energy systems, battery backup and electric vehicle (EV) charging stations to roofing, HVAC and related electrical contracting work. The Company operaties under the following brands: Cornerstone Construction, Enerev Solar, PLEMCo, Future Home Power, Balance, Montross Companies, McKay Roofing co, Sunpower by Miholland Electric, Secure Roofing & Solar, USA Solar Networks, Approved Home pros, and SunUp Solar. 

SIRC reported the launch of a dedicated electric vehicle (EV) charging solutions division to address emerging opportunities in the rapidly growing EV charging space. The Company will focus on the sales, marketing, installation, and service of personal EV chargers at residential properties, as well as on public EV charging infrastructure for network operators. Sales efforts will be driven through cross-selling existing customers as well as through the potential acquisition of existing EV charging solutions providers, addressing California’s growing EV market, which composed 7.84% of new car sales in 2018 with a regulatory target of all new vehicle sales to be zero emissions by 2035. 

Microcapdaily first reported on SIRC on September 18, 2020 when the stock was well under $0.10 before it ran to $3 reporting at the time: “SIRC has been running higher in recent weeks quickly attracting legions of new shareholders that join a well-established shareholder base that continue to accumulate at current levels. SIRC has a long history of big moves running over $0.20 per share in August of 2019. There is plenty to get excited about on SIRC which is focused on becoming the leader in solar and roofing installation. The Company has seen rapid growth through acquisition.” 

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SIRC

SIRC is on the move after the Company reported its financial and operational results for the third quarter ended November 30, 2021. SIRC reported record revenues of $48.2 Million for Q3 a 964% increase for the same period the year before. Net income for the third quarter of fiscal 2022 was $18.4 million, or $0.05 per basic and diluted common share, as compared to a net loss of $0.6 million, or $(0.00) per basic and diluted common share, in the third quarter of fiscal year 2021. 

Key Third Quarter and Subsequent Highlights 

Secured lease agreement with Mohave Farms, a tier-1 multi-generational agriculture operator, to build and operate a $36 million micro-grid project for a 20,000 acre farm near Kingman, Arizona. 

Partnered with Heartland Construction, a national alternative energy developer, to provide electric vehicle (EV) charging station installations for Heartland solar projects. 

Formed a strategic partnership with Storm Ventures Group (“SVG”) and SVG University to educate contractors within the SVG network on the benefits of adding solar to their service offering via USA Solar Networks, a member of the SIRC family of companies. 

Partnered with the Founders of RxSeedCoin, a cryptocurrency asset listed on the Stellar Exchange, to develop a cryptocurrency funding solution for humanitarian commercial solar projects. 

Appointed an experienced executive team to support the Company’s rapid growth, including veteran finance executive Wanda Witoslawski as Chief Financial Officer, industry executive Pablo Diaz as President and respected operations executive Dr. Philip Yin as Chief Operating Officer of SIRC subsidiary, USA Solar Networks. 

Appointed renewable energy finance executive Héctor Peña to the Board of Directors. 

Initiated targeted program to realize significant cost synergies across the SIRC family of companies, creating a shared corporate infrastructure to lower costs and improve operating efficiency. 

Entered into a $42.0 million equity purchase agreement with Arbiter Capital LLC to be used for share buybacks, acquisitions and to invest in continued organic growth. 

Management Commentary 

David Massey, Chief Executive Officer of SIRC said: “The third quarter of fiscal 2022 was highlighted by record revenue of $48.2 million, driven by seamless integration of our rapidly growing, high-margin acquisitions and our evolution into a truly national brand. The rapid pace of our acquisitions, partnerships and organic sales growth has enabled this incredible record revenue achievement, and we aim towards substantially exceeding our fairly conservative guidance for $100 million in revenue in the twelve months ended May 31, 2022. However, this is only a fraction of the run-rate I believe we can achieve by the end of this calendar year with significant sequential growth expected throughout CY2022. It is impossible for me to overstate what a triumphant accomplishment this quarter represents, serving as both a milestone and a turning point in the company’s history. We continue to focus on integration of our acquired companies, allowing us to capture the full revenue lifecycle of our customers while bringing new synergies and efficiencies across the SIRC family of companies. Our prominent national brand and accomplishments have helped to attract new partnerships across a wide variety of industries, utilizing our products and expertise across solar, battery backup, EV charging and roofing installation. From EV power charging stations, to powering water harvesting products, to enabling cleaner poultry farming – our diverse array of end-customers continues to amaze us as they identify exciting, unique use cases for our clean energy solutions. As we transition into CY2022, we look forward to completing the next phase of our journey by implementing a name change to SolarEV and a planned ticker change to POWR. While our record quarter clearly demonstrates proven success in solar, we intend to redouble our efforts to become an equally dominant, national player in the EV charging space, with an eye towards exponential, dual-industry growth and an improved focus on generating shareholder value. Looking ahead, empowered by a recent equity purchase agreement with Arbiter Bank, we are setting off on the next leg in our acquisition journey. We have identified several extremely promising candidates with healthy potential at attractive prices that require no dilution whatsoever to our shareholders.” 

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SIRC is making a powerful move up the charts after the Company reported record Q3 operating results on Friday. SIRC reported revenues of $48.2 Million for Q3 a 964% increase for the same period the year before. Net income for the third quarter of fiscal 2022 was $18.4 million, or $0.05 per basic and diluted common share, as compared to a net loss of $0.6 million for the same period last year. CEO David Massey said: “The rapid pace of our acquisitions, partnerships and organic sales growth has enabled this incredible record revenue achievement, and we aim towards substantially exceeding our fairly conservative guidance for $100 million in revenue in the twelve months ended May 31, 2022. However, this is only a fraction of the run-rate I believe we can achieve by the end of this calendar year with significant sequential growth expected throughout CY2022. Its easy to get excited about a stock like SIRC currently trading at a fraction of recent highs; SIRC is one of the most exciting stocks in small caps making a historic run in 2021 from pennies in August 2020 to $3 per share in February 2021. Looking towards 2022 CEO David Massey stated: “As we transition into CY2022, we look forward to completing the next phase of our journey by implementing a name change to SolarEV and a planned ticker change to POWR. While our record quarter clearly demonstrates proven success in solar, we intend to redouble our efforts to become an equally dominant, national player in the EV charging space, with an eye towards exponential, dual-industry growth and an improved focus on generating shareholder value. Looking ahead, empowered by a recent equity purchase agreement with Arbiter Bank, we are setting off on the next leg in our acquisition journey. We have identified several extremely promising candidates with healthy potential at attractive prices that require no dilution whatsoever to our shareholders.” We will be updating on SIRC when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with SIRC.

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Disclosure: we hold no position in SIRC either long or short and we have not been compensated for this article.

The post Solar Integrated Roofing Corp. (OTC:SIRC) Powerful Reversal Brewing as Solar/EV Innovator Reports Record Revenues & New Acquisition Journey first appeared on Micro Cap Daily.

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