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Saturday, December 3, 2022

Solar Integrated Roofing Corp. (OTC:SIRC) Breaking Out as Fast-Growing Solar Company Sees Record Growth & Sales

Solar Integrated Roofing Corp. (OTC:SIRC) is heating up and breaking out northbound in recent trading on some steady accumulation and a large and growing shareholder base that says this one goes much higher. SIRC was one of the biggest runners of early 2021 skyrocketing to $3 per share. Earlier this year the sock reversed off $0.11’s and has been making higher highs and higher lows since then. There are a lot of catalysts at play here including a compelling chart setup, the right sector at the right time, partnership with Tesla for solar installations, Market Cap only $88M and YTD sales over $110 million. Management is looking to up list SIRC to Nasdaq.

When SIRC reported the $110.0 million (preliminary, unaudited) sales as of May 20, 2022, CEO David Massey stated: “The remarkable sales growth we have seen in 2022 as driven by effective marketing campaigns and strong operational execution across our integrated family of companies. Given our rapid pace of expansion, we continue to believe our annualized sales run rate could potentially exceed $400 million by the end of 2022. Our focus to prioritize solar and EV charging segment growth will further serve to supercharge our long-term potential – I look forward to continued operational execution in the months ahead as we strive to create sustainable, long-term value for our shareholders and strive towards listing on a national exchange.”  

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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. 

The Company’s EV division has benefited from a significantly expanded near-term EV charging project pipeline. PLEMCO, part of the SIRC family of companies, was recently one of only 16 firms in the country awarded a 5-year Blanket Purchase Agreement from the U.S. General Services Administration as part of the $5 billion in federal funds allocated to electric vehicle charging installations in the Biden Administration’s Infrastructure Bill. Management believes PLEMCO is particularly well positioned relative to competitors to secure contracts from the $5 billion allocation of federal funds given its long history of successful contract work with the U.S. General Services Administration. In addition, the EV division is currently working with 116 car dealerships nationwide to provide EV Charging stations for their future electric fleets. Additionally, the Company has implemented standardized cross selling processes between Commercial Solar and EV to increase aggregate sales opportunities. Preliminary unaudited year-to-date sales for the EV Division were $14.4 million as of May 20, 2022. 

Solar Integrated has been seeing rapid growth across the board. The Company’s roofing division experienced strong performance in the first half of 2022, with over 700 contracts signed year to date. During a recent storm in Arkansas, the Roofing sales teams sold 120 roofs, demonstrating an effective sales, targeted strategy targeting potential customers during times of need. The Roofing division had preliminary unaudited year-to-date sales of $9.3 million as of May 20, 2022. 

The Company’s Residential Solar Division’s dealer network now contains over 250 independent sales teams doing business in over 40 states across the country. The division is currently projecting annual totals of 5,000 solar installs totaling over 30 megawatts for 2022. Residential Solar’s preliminary unaudited year-to-date sales were $44.4 million as of May 20, 2022. SIRC Commercial Solar division sustained its momentum in 2022, receiving another $13 million in commercial projects in need of development after a recent attendance at SolarCon, a leading industry conference. The division is currently working to provide an alternative energy solution to granite yards throughout Southern California, and has also entered into a co-development agreement with Lux Power to provide solar PPAs to over 15 Georgia schools. Preliminary unaudited year-to-date sales for the Commercial Solar Division were $39.3 million as of May 20, 2022.

in May the Company provided a corporate update with recent highlights from its key divisions, while concurrently announcing record year-to-date sales of $110.0 million (preliminary, unaudited) as of May 20, 2022.

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On July 19 SIRC announced the introduction of an innovative new solar financing product to non-profit entities. The low income, no credit score solar financing product – funded through a joint venture with Renewable Energy Products Manufacturing (“REPM”) – unlocks new commercial scale solar opportunities for SIRC in a sector with minimal competition due to historical financing difficulties.  

The financing product, exclusively available to non-profits through installers within the SIRC family of companies, only requires an organization to prove that they have paid their last six months of electricity bills. REPM retains ownership and offers financing for the system through its fund, allowing the SIRC family of companies to remain focused on the efficient sale and installation of these commercial scale solar projects. 

David Massey, CEO of SIRC stated: “This exciting new financing agreement allows nonprofits to quickly meet their sustainability goals and lower power costs with no upfront expense. Our solar solutions protect non-profit customers against the risk of rising energy prices, all while avoiding the historical issues that non-profits have had with securing financing. We have already seen immense interest, securing approvals to install solar for eight non-profits with the potential to install 100 more in 2022 alone. We are proud to begin offering solar to a variety of public benefit nonprofits around the country, allowing them to focus on their causes ranging from climate change to homelessness and education. We look forward to offering these incredible organizations the opportunity to add solar to their operations without the typical upfront costs of installation, or burdensome credit and income requirements. This partnership with REPM represents another exciting alternative for our non-profit customers and positions SIRC to dominate this niche.” 

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Currently trading at a $89 million market valuation SIRC has 521,087,478 shares outstanding and is almost maxed out as authorized shares is at 560 million. The float is just 327,236,921 shares and SIRC can move fast. The stock is a legendary runner that skyrocketed in early 2021 from current levels to $3 per share. Now that SIRC is back near its historical lows and the Company is reporting record revenues as a result of an aggressive acquisition strategy, investors are paying attention. There are a lot of catalysts at play here including a compelling chart setup, the right sector at the right time, partnership with Tesla for solar installations, Market Cap only $88M and YTD sales over $110 million. SIRC is now projected by Goldman Small Cap Research to be the fastest-growing solar company by percentage among its public peers in the 2020-2021 period if it hits its estimates. The Company has a partnership with Tesla for solar installations.  We will be updating on SIRC when more details emerge so make sure you are subscribed to Microcapdaily.

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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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