Revenue and Backlog Continue with Strong Growth

Rhea-AI Summary

New America Energy Corp. (OTC PINK:NECA) reported a strong financial outlook for 2022, revealing a combined backlog of $9.7M. The commercial backlog increased by 17% year-over-year, totaling $4.8M, with expectations for $548K in April and $770K in May. The residential backlog stands at $4.9M, expected to grow significantly within the next 60-90 days. The company is on track for a revenue run rate of $30M for 2022, benefiting from high market demand and pricing opportunities due to low housing inventories.

Positive

• Combined backlog of $9.7M supports revenue projections.
• Commercial backlog increased 17% year-over-year to $4.8M.
• Residential backlog of $4.9M expected to grow significantly.
• Revenue run rate projected at $30M for 2022.

Negative

• None.

NEW YORK, NY / ACCESSWIRE / March 31, 2022 / New America Energy Corp. (OTC PINK:NECA), through its subsidiary Third Bench, is an industry leader in Kitchen & Bathroom cabinetry and countertops.

We are pleased to report that our backlog and revenue projections remain robust as we enter the new year. Our combined backlog is $9.7M and continues to grow as we are ramp up for a busy 2022.

Our backlog is divided into our commercial and residential business operations:

• Our commercial millwork has a backlog of $4.8M, which is a 17% increase from the same period last year. While the commercial backlog consists of jobs that can span over the next year and continues to add jobs for this year, the report does provide a good expectation for the next two months. The backlog is $548K for April and $770K for May, which holds to our projections for the commercial business.
• Our residential operation has a backlog of $4.9M. The residential backlog typically consists of jobs over the next 60-90 days. Our residential backlog moves much quicker than our commercial backlog, and we expect significant continued growth of our residential backlog, which may exceed projections.

Our combined revenue expectations continue to grow month over month, and the growth in construction in the Southwest remains excellent. Our revenue and backlog continue to increase as the market demand remains high and our backlog supports our revenue projections.

In addition, as prices continue to increase with construction-related services and housing inventories remain at historical lows, Third Bench perceives the market dynamics as an opportunity to significantly increase margins through continued efficiencies and pricing increases.

About Third Bench Holdings, LLC

Third Bench Holdings, subsidiary of New America Energy Corp., operates five subsidiary companies operating as an architectural millwork and dealers in the cabinetry, kitchen and bath areas. THIRD BENCH, through its subsidiary companies, offers products in categories: Residential Cabinets and countertops and commercial millwork throughout the Western U.S. for customers from California to Texas. THIRD BENCH also provides installation services as a part of its vertical offering. Third Bench employs over 150 people and had revenue of about $24 million in 2021. Third Bench is on a run rate of $30.0 million for 2022 and is cash flow positive. These projections have been provided by management and do not include the additional acquisitions that are currently under review.

NOTICE REGARDING FORWARD-LOOKING STATEMENT

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of the company to differ materially from those expressed or implied by such forward-looking statements.

CONTACT:
Third Bench Holdings
175 S. Main Street #1410
Salt Lake City, UT 84111
https://thirdbench.com/

NECA Contact:
Investor Relations
info@thirdbench.com
https:/twitter.com/necaholdings

SOURCE: New America Energy Corp.

View source version on accesswire.com:
https://www.accesswire.com/695411/Revenue-and-Backlog-Continue-with-Strong-Growth

FAQ

What is the current backlog for New America Energy Corp. (NECA)?

New America Energy Corp. has a combined backlog of $9.7 million.

How much has the commercial backlog increased for NECA?

The commercial backlog has increased by 17% year-over-year, totaling $4.8 million.

What are the revenue expectations for NECA in 2022?

NECA anticipates a revenue run rate of $30 million for 2022.

What is the residential backlog for New America Energy Corp. (NECA)?

The residential backlog stands at $4.9 million, with significant growth expected.