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Solar Integrated Roofing Corp. Reports Record Third Quarter Fiscal 2022 Financial Results; On-Track to Substantially Exceed $100M Financial Guidance as Annual Run-Rate Approaches $200M
6:00 am ET January 14, 2022 (Accesswire) Print
Third Quarter Fiscal 2022 Revenue Increases 964% Year-over-Year to Record $48.2 Million; Management Guides Significant Sequential Revenue Growth Entering CY2022
EL CAJON, CA / ACCESSWIRE / January 14, 2022 / Solar Integrated Roofing Corp. (OTC PINK:SIRC), an integrated, single-source solar power, roofing systems installation and EV charging company, has reported its financial and operational results for the third quarter ended November 30, 2021.
Key Third Quarter and Subsequent Highlights
Revenue for the third quarter of fiscal 2022 increased 964% to $48.2 million, as compared to revenue of $4.5 million in the same year-ago quarter.Secured lease agreement with Mohave Farms, a tier-1 multi-generational agriculture operator, to build and operate a $36 million micro-grid project for a 20,000 acre farm near Kingman, Arizona.Partnered with Heartland Construction, a national alternative energy developer, to provide electric vehicle (EV) charging station installations for Heartland solar projects.Formed a strategic partnership with Storm Ventures Group ("SVG"
and SVG University to educate contractors within the SVG network on the benefits of adding solar to their service offering via USA Solar Networks, a member of the SIRC family of companies.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, industry executive Pablo Diaz as President and respected operations executive Dr. Philip Yin as Chief Operating Officer of SIRC subsidiary, USA Solar Networks.Appointed renewable energy finance executive Hector Peña to the Board of Directors.Initiated targeted program to realize significant cost synergies across the SIRC family of companies, creating a shared corporate infrastructure to lower costs and improve operating efficiency.Entered into a $42.0 million equity purchase agreement with Arbiter Capital LLC to be used for share buybacks, acquisitions and to invest in continued organic growth.