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Friday, December 2, 2022

Solar Integrated Roofing Corp (OTCMKTS: SIRC) Powerful Reversal Brewing as EV Innovator Reports Record Revenues & Looks to Up List to National Exchange (PLEMCo & EV Backlog)

Solar Integrated Roofing Corp (OTCMKTS: SIRC) recently dropped south of $0.20 per share and speculators are wondering how low this one can go.  The stock made a historic run in 2021 from pennies in August 2020 to $3 per share in February 2021. Since than it’s been a Straightline drop and since SIRC dropped below $0.20 accumulation has begun in earnest signaling a significant reversal could be imminent. Considering the distance that SIRC has fallen and the incredible growth the Company has achieved during this time period. the reversal could be enormous. SIRC recently got into the red-hot EV space with the launch of a dedicated electric vehicle (EV) charging solutions division to address emerging opportunities in the rapidly growing EV charging space. Sales efforts will be driven by potential acquisition of existing EV charging solutions providers, addressing California’s growing EV market, which composed 7.84% of new car sales in 2018. 

Earlier this week SIRC reported first quarter 2022 financial results. Revenue in the first quarter ended March 31, 2022 increased 682% to $27.0 million, as compared to revenue of $3.5 million in the first quarter of 2021. Net income in the first quarter of 2022 was $5.7 million, or $0.01 per basic and diluted common share, as compared to a net loss of $2.3 million, or $(0.01) per basic and diluted common share, in the first quarter of 2021. SIRC CEO David Massey could not be more excited stating at the time: “The first quarter of 2022 was marked by exciting momentum in our acquisition pipeline, significant continued revenue growth, and the completion of audited financials to facilitate the start of our near-term up list strategy. Our focus is now on our up-listing strategy – first to the OTCQB and then to the NASDAQ – which will bring additional liquidity and broaden our shareholder base through an enhanced profile within the investment community. With the completion of our recently announced acquisitions, I believe our sales run rate could potentially grow to exceed $400 million per year by the end of 2022.” 

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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. 

Last year 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. 

In April the Company announced its EV charging subsidiary Pacific Lighting Management (“PLEMCo“) was awarded a 5-year Blanket Purchase Agreement (“BPA”) from the U.S. General Services Administration (“GSA”) as part of the $5 billion in federal funds allocated to electric vehicle charging installations in the Biden Administration’s Infrastructure Bill. 

PLEMCo’s award is a five-year Design and Material only contract for Level 2 and Level 3 EV chargers. A second EVSE – BPA is currently being submitted that will include Design, Equipment, and Installation of EV Chargers, which is expected to be awarded this year. Management stated at the time: “This contract further supports our strategic shift towards prioritizing our over $30 million electric vehicle (EV) charging project pipeline and over $20 million EV charging project backlog given the immense near-term opportunities.” 

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SIRC

Earlier this week SIRC reported first quarter 2022 financial results. Revenue in the first quarter ended March 31, 2022 increased 682% to $27.0 million, as compared to revenue of $3.5 million in the first quarter of 2021. Net income in the first quarter of 2022 was $5.7 million, or $0.01 per basic and diluted common share, as compared to a net loss of $2.3 million, or $(0.01) per basic and diluted common share, in the first quarter of 2021.

The Company also highlighted key first quarter 2022 Events, these included:

  • *Filed audited financial statements for the year ended December 31, 2021 and transitioned to a more traditional December 31 fiscal year, positioning the Company to accelerate its near-term uplisting strategy.
  • *Awarded 5-year blanket purchase agreement with the U.S. General Services Administration as part of the $5 billion in federal funds allocated to EV charging installations in the Biden Administration’s Infrastructure Bill.
  • *Signed a new national pricing agreement with Enphase Energy, as well as with a tier-1 global solar panel supplier, to offer the Enphase Energy System including IQ batteries, IQ Microinverters and tier-1 solar panels for residential and commercial solar installations.
    *Secured a $45 million co-development agreement with Lux Power for the installation of 17 solar projects at private high schools across the state of Georgia.
  • *Participated in leading investor conferences nationally including the Diamond Equity Emerging Growth Invitational, the 34th Annual ROTH Growth Conference, the Q1 2022 Investor Summit and the Planet MicroCap Showcase.

SIRC CEO David Massey stated: “The first quarter of 2022 was marked by exciting momentum in our acquisition pipeline, significant continued revenue growth, and the completion of audited financials to facilitate the start of our near-term uplist strategy. Our focus is now on our uplisting strategy – first to the OTCQB and then to the NASDAQ – which will bring additional liquidity and broaden our shareholder base through an enhanced profile within the investment community. With the completion of our recently announced acquisitions, I believe our sales run rate could potentially grow to exceed $400 million per year by the end of 2022.” Mr. Massey concluded: “Looking ahead in 2022 and beyond, we will continue to prioritize the solar and EV charging segments of our business. The opportunity size and margin potential in these industries is particularly attractive for a company such as ours. The SIRC family of companies is well positioned to continue its rapid pace of operational execution, positioning us to create sustainable, long-term value for my fellow shareholders,” concluded Massey.

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SIRC is a lottery ticket and bares plenty of risk just like any other penny stock but SIRC could be a diamond in the rough and it’s a lot a lot going for it at current levels. The Company recently reported record Q1 2022 revenues of $27 million, becoming profitable reporting $5.7 million in net income on the quarter, unheard of on the bulletin boards. Management is focused on its up-listing strategy – first to the OTCQB and then to the NASDAQ and recently suggested SIRC sales run rate could potentially grow to exceed $400 million per year by the end of 2022. SIRC has runner in its blood skyrocketing to $3 per share in spring 2021 a run we covered here on Microcapdaily just as it was getting started on September 18, 2020 in our article: Bulls Take Charge of Solar Integrated Roofing Corp (OTCMKTS: SIRC) when SIRC was $0.0505 per share just as it was taking off on its way to $3. With a massive gap to fill like that SIRC could rocket once a bottom is established and the reversal takes place. The stock has a huge investor following and many watchers, once a bottom has been established and SIRC begins to rocket northbound, they will be buying back in while the shorts are covering and we will be here covering it again. 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.

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