Solar Integrated Roofing Corp (OTCMKTS: SIRC) has been seeing some movement to the upside on a massive surge of volume after the Company reported revenue in the fiscal year ended December 31, 2021 increased 388% to $84.2 million. This follows record Q results of $48,162,928 in revenues for the 3 months ended, September 30, 2021 up from just $4,525,906 for the same period in 2020. SIRC has serious runner in its blood making a historic rise from under a penny to $3 per share in February 2021. We first reported on SIRC on September 18, 2020 when the stock was $0.066 per share as it was starting to take off. Currently the stock is still trading towards the bottom of its range but is getting noticed and volume is increasing. Management is working hard behind the scenes pn its strategic up listing strategy – first to the OTCQB and then to the NASDAQ – helping to improve liquidity and broaden SIRC shareholder base through an enhanced profile within the investment community.
SIRC recently announced a strategic shift towards prioritizing its over $30 million electric vehicle (EV) charging project pipeline and $20.2 million EV charging project backlog given the immense near-term revenue opportunity, better aligning with the Company’s planned corporate name change to ‘SolarEV’. In conjunction with the strategy shift and to bolster its national EV charging business line, Solar Integrated Roofing has signed an LOI for an acquisition of three complementary Los Angeles-based EV charging installers with over $100 million of contracts in their sales pipeline. The Company has ambitious plans; ceo David Massey sees EV charging is the next massive opportunity in the market, and this calculated alignment of SIRC’s near-term focus will help to position the Company as a clear national player in the space. The expanding EV charging market is being driven by the rapid the adoption of electric vehicles nationwide – for example, the U.S. Energy Information Administration predicts there will be 7.5 million EVs on American roads by 2025.
Solar Integrated Roofing Corp (OTCMKTS: 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.
SIRC has seen massive growth by rapidly acquiring other Company’s. We wrote about this in our article on SIRC on January 14, 2022 stating: The Company has been experiencing serious growth through acquisition; During the year ended February 29, 2020, Solar Integrated acquired Narrate, LLC, McKay Roofing Company Inc., Milholland Electric, and Montross Companies, Inc. in a series of cash and stock transactions. Solar Integrated has been focused on up-listing its shares to the QX exchange this year. To this end the Company has been working with OTC Markets and retained a new accounting firm with vast public company experience. The Company also named Angela Smoley, CPA as CFO of SIRC. Ms. Smoley has a background in mergers and acquisitions, auditing, corporate finance, and accounting management. Currently SIRC is listed is “pink current” on OtcMarkets.com.
Solar Integrated Roofing Corp. Reports Record Full Year 2021 Audited Financial Results, Growing Revenue 388% to $84.2 Million
— Solar Integrated Roofing Corp (@SIRCStock) April 5, 2022
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On April 5, SIRC announced that its audited financial results for the fiscal year ended December 31, 2021 are now available for download on the Company’s Disclosure page of the OTC Markets website. Revenue in the fiscal year ended December 31, 2021 increased 388% to $84.2 million, as compared to revenue of $17.3 million in 2020. The increase was driven by the Company’s continued acquisitions, as well as continued organic growth across the SIRC family of companies. Gross profit increased 807% to $40.4 million, or 48% of total revenues, in 2021, as compared to $4.5 million, or 26% of total revenues, in 2020. Net income in 2021 was $19.9 million, or $0.05 per basic and diluted common share, as compared to a net loss of $7.7 million, or $(0.05) per basic and diluted common share, in 2020. Cash and cash equivalents totaled $1.1 million as of December 31, 2021, as compared to $0.7 million at December 31, 2020.
The Company has also made some big moves recently including securing tier-1 national solar and EV charging projects, including a $45 million co-development agreement for 17 Georgia high school solar projects and a lease agreement to build and operate a $36 million micro-grid project for a 20,000 acre farm near Kingman, Arizona announced just in October.
CEO David Massey had this to say: “As promised, the release of our 2021 audited financial statements marks a breakthrough capital markets achievement for our company, the first step as we continue our planned transition to a fully reporting company listed on a national exchange. In addition, our shift to a more standard fiscal year ending December 31st will better align us with public company best practices and investor expectations – positioning us for future success. In addition, the fundamentals of our operations are strong as we saw both immense revenue growth and greatly enhanced margins across the board – enabling us to achieve initial profitability. We are now realizing economies of scale on the supplier side, ensuring both health margins and relative surety of product supply relative to our peers – driving the potential for enhanced net profit margins in the near-term. We also see significant promise in the SolarEV Financial Services ecosystem we have created, enabling a new financial model whereby we can finance our own projects as desired using non-dilutive debt financing. This allows us to capture substantial revenue from lucrative, hand-picked projects – while other projects we don’t finance can still be handed off to our third-party project financing partners. Our near-term focus from a capital markets perspective is now on executing upon our strategic uplisting strategy – first to the OTCQB and then to the NASDAQ – helping to improve liquidity and broaden our shareholder base through an enhanced profile within the investment community. As we move through 2023 and accomplish these exciting milestones, we are incredibly well positioned to create sustainable, long-term value for my fellow shareholders. I look forward to sustaining our robust pace of operational execution in the months ahead.”
Microcapdaily first reported on SIRC on September 18, 2020 when the stock was $0.066 per share as the stock was beginning its spectacular rise from pennies to $3 per share. We reported at the time: “Solar Integrated Roofing Corp (OTCMKTS: 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 and reported a8dited financials in February showing Solar Integration did $9,122,685 in revenues for the fiscal year ended February 23, 2020 up from $4,975,907 in 2018. Solar Integrated just retired 20 million shares of common stock, valued at over 1 million USD bringing its total OS to 138,674,132 as of September 17.
— B-Boss Investing (@bbossinvesting) April 5, 2022
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Currently trading at a $168,428,257 million market valuation SIRC has 481,223,590 million shares outstanding. While the Company does hold some assets its biggest by far is $41 million in account receivables and under $2 million in the treasury. They also have $60 million in current liabilities. But SIRC is an exciting story in small caps, in 2020 it should us it has serious runner in its blood skyrocketing from pennies to $3 per share, a run we reported on early when the stock was just $0.066 on September 18 2020. Since than SIRC has made numerous acquisitions and reported record annual revenues of $84 million in 2021. The Company’s focus from a capital markets perspective is now on executing upon its strategic up-listing strategy – first to the OTCQB and then to the NASDAQ – helping to improve liquidity and broaden the Company’s shareholder base through an enhanced profile within the investment community. SIRC has real potential at current levels, and a huge gap to fill from recent $3 per share highs. 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.