Solar Integrated Roofing Corp. Announces Record Second Quarter 2022 Preliminary Sales of $25 Million

Rhea-AI Summary

Solar Integrated Roofing Corp. (OTC PINK:SIRC) has reported preliminary unaudited record sales of $25 million for the three months ending August 31, 2021. The company anticipates revenues of at least $100 million for the year ending May 31, 2022. CEO David Massey highlighted growth from solar, roofing, and EV charging brands, noting that future acquisitions will enhance sales potential. The company is focused on cost synergies and aims for profitability this fiscal year, alongside a share buyback program and plans for an eventual OTCQB listing.

Positive

• Record sales of $25 million for Q2 2022.
• Expecting annual revenues to reach at least $100 million.
• Strong organic growth from solar and roofing sectors.
• Plans to double current sales with future acquisitions.
• Focus on cost synergies and achieving profitability in FY 2022.
• Initiatives to uplist to OTCQB and eventually to Nasdaq.

Negative

• None.

EL CAJON, CA / ACCESSWIRE / September 15, 2021 / Solar Integrated Roofing Corp. (OTC PINK:SIRC), an integrated, single-source solar power and roofing systems installation company, today preannounced preliminary unaudited record sales of $25 million for the three months ended August 31, 2021 and reaffirmed its financial guidance that revenues for the 12 months ended May 31, 2022 are expected to grow to at least $100 million.

"The second quarter of fiscal 2022 was highlighted by strong organic growth from our complementary solar, roofing and EV charging brands that drove record sales numbers," said David Massey, Chairman and Chief Executive Officer of Solar Integrated Roofing Corp. "Notably, the quarter's sales figures do not include a full quarter of revenue at scale from Future Home Power or USA Solar Network - we believe we can double this quarter's sales results going forward as we realize a full quarter of revenue from these acquisitions and continue our rapid pace of organic growth.

"Looking ahead, we are continuing to focus on our corporate streamlining program to decrease costs and further realize cost synergies across our family of companies. Given our record sales growth, we believe we can achieve profitability this fiscal year. Our results, in combination with our share buyback program, are increasing our capital markets momentum towards audit completion and filing an application to become listed on the OTC Market's OTCQB® Venture Market in the near-term, with the goal of uplisting to the Nasdaq thereafter.

"I look forward to sharing our full second quarter results in our future filings as we look ahead to the second half of the year, positioning ourselves for sustainable shareholder value creation over the long-term," concluded Massey.

About Solar Integrated Roofing Corp.

Solar Integrated Roofing Corp. (OTC:SIRC), is an integrated, single-source solar power and roofing systems installation platform 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. For more information, please visit the Company's website at www.solarintegratedroofing.com.

Forward-Looking Statements

Any statements made in this press release which are not historical facts contain certain forward-looking statements; as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update the information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.

Investor Relations Contact:
Lucas A. Zimmerman
Director
MZ North America
Main: 949-259-4987
SIRC@mzgroup.us
www.mzgroup.us

SOURCE: Solar Integrated Roof Corp.

View source version on accesswire.com:
https://www.accesswire.com/664042/Solar-Integrated-Roofing-Corp-Announces-Record-Second-Quarter-2022-Preliminary-Sales-of-25-Million

FAQ

What were the preliminary sales figures for Solar Integrated Roofing Corp. in Q2 2022?

Solar Integrated Roofing Corp. reported preliminary unaudited record sales of $25 million for Q2 2022.

What revenue growth is Solar Integrated Roofing Corp. expecting for the fiscal year ending May 31, 2022?

The company expects revenues to grow to at least $100 million for the fiscal year ending May 31, 2022.

How does Solar Integrated Roofing plan to enhance its sales results?

The company aims to double its current sales through realizing a full quarter of revenue from recent acquisitions.

What is the company's plan for becoming publicly listed?

Solar Integrated Roofing Corp. plans to file for a listing on the OTC Market's OTCQB and eventually uplist to Nasdaq.

What strategies is Solar Integrated Roofing Corp. implementing to achieve profitability?

The company is focused on streamlining operations, reducing costs, and realizing cost synergies across its business units.