Solar Integrated Roofing Corp. Reports Record Full Year 2021 Audited Financial Results, Growing Revenue 388% to $84.2 Million

Rhea-AI Summary

Solar Integrated Roofing Corp. (OTC PINK: SIRC) reported impressive financial results for the fiscal year ended December 31, 2021, showing a remarkable 388% revenue growth to $84.2 million compared to $17.3 million in 2020. The company also achieved a net income of $19.9 million, a significant turnaround from a net loss of $7.7 million the previous year. Key developments include securing major solar projects worth $45 million and $36 million in Georgia and Arizona, respectively. The company aims to uplist to OTCQB and NASDAQ to enhance shareholder value.

Positive

• Revenue surged 388% to $84.2 million in 2021.
• Net income reached $19.9 million, versus a net loss of $7.7 million in 2020.
• Gross profit increased 807% to $40.4 million, improving margins to 48% of total revenues.
• Secured significant projects, including a $45 million agreement for Georgia high school solar initiatives and a $36 million micro-grid project in Arizona.

Negative

• Total operating expenses increased from $9.8 million in 2020 to $20.7 million in 2021.

Audited Revenue Grew 388% in 2021 to $84.2 Million; Net Income Grew to $19.9 Million

HENDERSON, NV / ACCESSWIRE / April 5, 2022 / Solar Integrated Roofing Corp. (OTC PINK:SIRC), an integrated, single-source solar power, roofing systems installation and EV charging company, today 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.

Key Fourth Quarter 2021 and Subsequent Highlights

• 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.
• 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.
• Secured tier-1 national solar and EV charging projects, including:
  • $45 million co-development agreement for 17 Georgia high school solar projects.
  • Lease agreement to build and operate a $36 million micro-grid project for a 20,000 acre farm near Kingman, Arizona.
• Partnered with the Founders of RxSeedCoin, a cryptocurrency asset listed on the Stellar Exchange, to develop a cryptocurrency funding solution for humanitarian commercial solar projects.
• Appointed an experienced executive team to support the Company's rapid growth, including veteran finance executive Wanda Witoslawski as Chief Financial Officer and industry executive Pablo Diaz as President.
• Appointed renewable energy finance executive Héctor Peña, energy entrepreneur Michael Fallquist and energy industry veteran Gregory Craig to the Board of Directors.

Management Commentary

"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," said David Massey, Chief Executive Officer of Solar Integrated Roofing. "In addition, our shift to a more standard fiscal year ending December 31^st 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," concluded Massey.

Audited Financial Results for the Fiscal Year Ended December 31, 2021

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.

Total operating expenses in 2021 totaled $20.7 million, as compared to total operating expenses of $9.8 million in 2020. The increase was mainly attributable to increased operational scale, driven by a series of recent acquisitions.

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.

About Solar Integrated Roofing Corp.

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. For more information, please visit the Company's website at www.solarintegratedroofing.com or join us on Twitter, Facebook or Discord.

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.

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FAQ

What were Solar Integrated Roofing's financial results for 2021?

Solar Integrated Roofing reported a 388% revenue growth to $84.2 million and a net income of $19.9 million for 2021.

How did Solar Integrated Roofing's gross profit change in 2021?

Gross profit increased 807% to $40.4 million, representing 48% of total revenues in 2021.

What major projects did Solar Integrated Roofing secure recently?

The company secured a $45 million project for Georgia high schools and a $36 million micro-grid project in Arizona.

What is Solar Integrated Roofing's future plan regarding stock listings?

The company aims to uplist to OTCQB and then NASDAQ to improve liquidity and broaden its shareholder base.