Significant Increase in Sales Driven by Acquisitions and Robust Organic Growth
HENDERSON, NV / ACCESSWIRE / May 25, 2022 / Solar Integrated Roofing Corp. (OTC PINK:SIRC), an integrated, single-source solar power, roofing systems installation and EV charging company, today provided a corporate update with recent highlights from its key divisions, while concurrently announcing record year-to-date sales of $110.0 million (preliminary, unaudited) as of May 20, 2022.
'The remarkable sales growth we have seen in 2022 as driven by effective marketing campaigns and strong operational execution across our integrated family of companies,' David Massey, Chief Executive Officer of Solar Integrated Roofing Corp. 'Given our rapid pace of expansion, we continue to believe our annualized sales run rate could potentially exceed $400 million by the end of 2022. Our focus to prioritize solar and EV charging segment growth will further serve to supercharge our long-term potential - I look forward to continued operational execution in the months ahead as we strive to create sustainable, long-term value for our shareholders and strive towards listing on a national exchange.'
Recent Division Highlights
Solar Integrated Roofing Corp.'s Roofing division experienced strong performance in the first half of 2022, with over 700 contracts signed year to date. During a recent storm in Arkansas, the Roofing sales teams sold 120 roofs, demonstrating an effective sales, targeted strategy targeting potential customers during times of need. The Roofing division had preliminary unaudited year-to-date sales of $9.3 million as of May 20, 2022.
Residential Solar Division
The Residential Solar Division's dealer network now contains over 250 independent sales teams doing business in over 40 states across the country. The division is currently projecting annual totals of 5,000 solar installs totaling over 30 megawatts for 2022. Residential Solar's preliminary unaudited year-to-date sales were $44.4 million as of May 20, 2022.
Commercial Solar Division
The Company's Commercial Solar division sustained its momentum in 2022, receiving another $13 million in commercial projects in need of development after a recent attendance at SolarCon, a leading industry conference. The division is currently working to provide an alternative energy solution to granite yards throughout Southern California, and has also entered into a co-development agreement with Lux Power to provide solar PPAs to over 15 Georgia schools. Preliminary unaudited year-to-date sales for the Commercial Solar Division were $39.3 million as of May 20, 2022.
The Commercial Finance division has over $190 million in projects from developers of alternative energy projects in need of financing solutions. The division is also working with multiple banks to secure financing options for Solar Integrated Roofing Corp. to maintain ownership of commercial projects. Recently, Commercial Finance developed a financing solution to assist churches across the country in desperate need of relief from high electric bills with a no money out of pocket option to go solar. Commercial Finance had preliminary unaudited year-to-date sales of $2.7 million as of May 20, 2022.
Electric Vehicle (EV) Division
The Company's EV division benefited from a significantly expanded near-term EV charging project pipeline. PLEMCO, part of the SIRC family of companies, was recently one of only 16 firms in the country awarded a 5-year Blanket Purchase Agreement from the U.S. General Services Administration as part of the $5 billion in federal funds allocated to electric vehicle charging installations in the Biden Administration's Infrastructure Bill. Management believes PLEMCO is particularly well positioned relative to competitors to secure contracts from the $5 billion allocation of federal funds given its long history of successful contract work with the U.S. General Services Administration. In addition, the EV division is currently working with 116 car dealerships nationwide to provide EV Charging stations for their future electric fleets. Additionally, the Company has implemented standardized cross selling processes between Commercial Solar and EV to increase aggregate sales opportunities. Preliminary unaudited year-to-date sales for the EV Division were $14.4 million as of May 20, 2022.
About Solar Integrated Roofing Corp.
Solar Integrated Roofing Corp. (OTC PINK: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.
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.
SOURCE: Solar Integrated Roof Corp.
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