Solar Alliance Reports Profitable First Half Results
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Solar Alliance Reports Profitable First Half of 2024
TORONTO and KNOXVILLE, Tenn. - Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR, OTC: SAENF), a leading solar energy solutions provider focused on the commercial and utility solar sectors, announces it has filed its unaudited financial results for the three- and six-month period ended June 30, 2024. The Company’s Financial Statements and related Management’s Discussion and Analysis are available under the Company’s profile at www.sedarplus.ca and on the Solar Alliance website at www.solaralliance.com.
Highlights of Financial Performance
“The Solar Alliance team experienced a busy second quarter as we worked through the installation of several larger projects in our pipeline. Our purposeful transition to larger commercial and utility solar projects has resulted in a profitable first half of 2024, the first ever in the Company’s commercial solar history. Solar Alliance has been clear in our signaling to the market that our key focus was targeting profitability, and we are pleased to have achieved this milestone in the first half of 2024. We remain committed to accelerating our growth on a profitable basis for the full year 2024, based on growing sales opportunities, diligent cost control and operational efficiencies.”
Key Financial Highlights for H1 and Q2, 2024
Key financial highlights for H1 and Q2, 2024 include:
Revenue and Profitability Metrics
- Revenue for the first six months of 2024 totaled $2,376,389 compared to $2,428,790 during the same period in 2023.
- The net income for the first six months of 2024 was $1,495, a significant improvement from a loss of $1,731,135 in the previous year.
- Gross profit for the first six months of 2024 came to $853,695 with a gross margin of 36%, compared to a gross profit of $237,963 and a gross margin of 10% in the same period of 2023.
Q2 Performance Breakdown
- Revenue for the three months ended June 30, 2024, was reported at $711,532 compared to $1,454,213 in Q2 2023.
- Net loss for the three months ended June 30, 2024, was $200,339, an improvement from the net loss of $240,522 in Q2 2023.
- Cost of sales for the three months ended June 30, 2024, was $504,300, leading to a gross profit of $207,232 and a gross margin of 29% (Q2 2023: gross profit of $503,161 and gross margin of 34%).
Future Growth Directions
“A natural by-product of the shift to larger projects is fluctuating revenue based on project milestones. For the second quarter, the Solar Alliance team executed on several larger projects that completed post-quarter end, and that revenue is expected to be recognized in future quarters. Our business development efforts now include assessing specific regional requests for proposals for solar projects in the multi-megawatt range, where Solar Alliance believes it has a competitive advantage based on our installation experience and regional brand awareness. Solar Alliance provides a unique product offering that fills a need in the commercial solar industry and represents an attractive investment opportunity based on our recent results and future opportunities,” concluded Clark.
About Solar Alliance Energy Inc.
About Solar Alliance Energy Inc. (www.solaralliance.com)
Solar Alliance is an energy solutions provider focused on the commercial, utility and community solar sectors. Our experienced team of solar professionals reduce or eliminate customers' vulnerability to rising energy costs, offers an environmentally friendly source of electricity generation, and provides affordable, turnkey clean energy solutions. Solar Alliance’s strategy is to build, own, and operate our own solar assets while also generating stable revenue through the sale and installation of solar projects to commercial and utility customers. The technical and operational synergies from this combined business model support sustained growth across the solar project value chain from design, engineering, installation, ownership, and operations/maintenance.
Frequently Asked Questions
What is Solar Alliance Energy Inc.?
Solar Alliance Energy Inc. is a leading provider of solar energy solutions, focusing on commercial and utility sectors.
What financial results did Solar Alliance report for H1 2024?
In H1 2024, Solar Alliance reported revenue of $2,376,389 and a net income of $1,495.
What are the key strategies for Solar Alliance moving forward?
Solar Alliance aims to accelerate growth while maintaining profitability through strategic project targeting and operational efficiencies.
How does Solar Alliance's performance compare year-over-year?
Solar Alliance saw improved profitability in H1 2024 compared to a loss the previous year, marking a significant turnaround.
What sectors does Solar Alliance operate in?
Solar Alliance operates in the commercial, utility, and community solar sectors, providing comprehensive energy solutions.
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