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Wednesday, June 29, 2022

Solar Integrated Roofing Corp. (OTC:SIRC) Heats Up as the Company Cancels 45 Million Shares (Record Revenues and Up Listing to National Exchange)

Solar Integrated Roofing Corp. (OTC:SIRC) made a powerful reversal northbound on Tuesday after the Company announced the amicable settlement of the pending legal action against K. Hunter Ballew, Upward Holdings Group, LLC and RoofCon, LLC as well as the associated cross-claims by Mr. Ballew against the company. The terms of the settlement include, among other things, a general release of all past and future claims between the parties, SIRC transferring ownership of Cornerstone Construction Team, LLC back to Mr. Ballew in exchange for the return of 45 million common shares to SIRC, and a waiver of the “Make Whole” provision of the original Stock Purchase Agreement. Upon receipt of the 45 million common shares, the company intends to cancel them, resulting in an 8.6% net reduction of outstanding shares. In addition, Mr. Ballew will repay SIRC the sum of $1,000,000.00 cash, secured by a promissory note and a confession of judgment by Mr. Ballew, but Mr. Ballew will retain the cash portion of the Stock Purchase Agreement of $3,000,000.00. The company does not anticipate that the transfer of Cornerstone Construction Team, LLC back to Mr. Ballew will have any significant negative affect on sales or revenue, nor is there any change to previous revenue guidance as a result of this transaction. 

SIRC is seeing rapid growth across the board: 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. 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. 

The Company’s 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.

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SIRC

In May SIRC reported its financial and operational results for the first quarter ended March 31, 2022. Key First Quarter 2022 and Subsequent Highlights: Revenue in the first quarter of 2022 increased 682% to $27.0 million, as compared to revenue of $3.5 million in the first quarter of 2021. 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 to $11.3 million, or 41.7% of revenues, in the first quarter of 2022, as compared to a gross loss of $0.5 million, or 13.9% of total revenues, in the first quarter of 2021. Net income for 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 also 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 up listing strategy.  

They 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 and they 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. The Company was also 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. 

David Massey, Chief Executive Officer of Solar Integrated Roofing said: “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. On the operational front, we are strategically focusing additional resources on our near-term EV charging pipeline given the recent $5 billion federal commitment for highway EV charging installations as part of the Biden Administration’s Infrastructure Bill. To better position ourselves to capture a more robust portion of this generational opportunity, we recently were one of only 16 companies nationally that were awarded a 5-year blanket purchase agreement with the U.S. General Services Administration to install what could be hundreds of thousands of EV charging stations in the coming years. Turning to our margin profile, in the first quarter we signed a new pricing agreement with Enphase and a tier-1 solar panel supplier to reduce hardware costs on residential and commercial solar installations by over 25%. This bulk pricing agreement provides a significant opportunity to offer our customers better products, at better pricing, with some of the highest possible project-level margins for our shareholders. This is truly a win-win for all parties involved and we are incredibly excited to partner with a well-known supplier like Enphase. 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.” 

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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.  According to SIRC CEO David Massey “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.” 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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