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Solar Integrated Roofing Corp. (OTCMKTS: SIRC) operating out of Henderson, Nevada is an integrated, single-source solutions provider of solar power, roofing and EV charging systems 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. Solar Integrated’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.
Solar Integrated has been seeing rapid growth across the board. The Company’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. Recently SIRC reported record Q3 operating results reporting revenues increased 333% to $57.3 million in Q3, 2022, as compared to $13.2 million in the third quarter of 2021. Net income in the third quarter of 2022 increased to $6.2 million, or $0.01 per diluted share, as compared to a net loss of $1.7 million, or $(0.00) per diluted share, in the third quarter of 2021. Not only is SIRC now profitable and making a significant amount of money, management has been busy preparing the Company for a planned 2023 Nadsaq uplisting.
The Company’s 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. SIRC 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 Company’s EV division has 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 $14.4 million as of May 20, 2022.
Solar Integrated Roofing Corp. Completes Enerev Acquisition, Promotes Trent Crane to Regional VP of Sales
Read more about the new acquisition here: https://t.co/AO7FTv1K4X$SIRC #Solar #RoofingSystems #HVAC pic.twitter.com/ENNwh9Ktpx
— Solar Integrated Roofing Corp (@SIRCStock) January 5, 2023
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As we said SIRC has recently brought on a new top level executive management team including a new CEO, CFO and President all incentivized with Nasdaq uplisting contingent options. SIRC appointed George B. Holmes as its new CEO; a senior executive with over 35 years of hands-on experience managing and developing companies ranging in size from $400K to $4B, spanning a broad range of technologies. Mr. Holmes will prove instrumental in leading the SIRC family of companies to the next level, forming a truly national organization with the ability to scale and drive value creation while continuing to drive operational execution and revenue growth that is intended to lead to a successful Nasdaq uplisting in 2023.
SIRC appointed Martin “Marty” McDermut as its CFO; a seasoned financial executive Mr. McDermut brings more than 30 years of broad financial leadership to SIRC, with a strong track record in strategic and financial planning, business development, mergers and acquisitions, and SEC reporting for NASDAQ-listed technology companies. Mr. McDermut will be instrumental for the Company as it moves forward on its journey as a fully reporting company and plans for a 2023 Nasdaq uplisting. SIRC also appointed Stefan Abbruzzese as President; a veteran operation executive, Mr. Abbruzzese served at GE Capital in a variety of roles and responsibilities, including leading the commercial and business platform for its North American Bank Loan Group, where he managed a multi-billion-dollar portfolio of corporate and commercial loans and a team of multifunctional employees. Mr. Abbruzzese is another highly qualified executives jointing the SIRC team, building the foundation for a planned NASDAQ 2023 uplisting.
On January 5 SIRC announced the acquisition and retirement of its outstanding Class C Preferred Stock associated with the 2021 Enerev acquisition. Concurrent with the completion of this transaction, Enerev Founder Trent Crane has been promoted to Regional VP of Sales. In this role, Trent will oversee all sales activities for SIRC in California, including SIRC’s direct and indirect sales and customer service teams. The Class C Preferred shares were issued to the sole owner of Enerev when SIRC acquired the company in 2021 and entitled its holder to an annual dividend of 49% of the net profit of Enerev. SIRC is now entitled to retain 100% of Enerev’s net profit. SIRC issued 8,000,000 shares of its common stock to redeem the Series C Preferred Stock.
SIRC CEO George B. Holmes said: “This transaction not only helps to simplify and clean up our capital structure ahead of a planned 2023 Nasdaq listing of our common stock, it will allow us to unlock the full profit potential of our 2021 acquisition of Enerev. As we seek to more fully realize operational synergies across our family of companies, Trent’s leadership of our California presence will prove to be an invaluable asset as we expand our operations and optimize profitability.”
$SIRC looking good on all timeframes after a volume heavy day. With extremely qualified new management, all incentivised with Nasdaq-contingent options, I think 2023 is gonna be a hell of a good year for shareholders after a brutal 2022. #GLTA $SIRC pic.twitter.com/4JT1jKi6uJ
— ganz (@ganz_jonas) January 6, 2023
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Currently trading at a $77 million market valuation SIRC has 773,152,565 shares outstanding. The float is around 517 million shares and SIRC can move fast. The stock is a legendary runner that skyrocketed in early 2021 from current levels to $3 per share. Now SIRC has made a significant reversal and is moving northbound with power the stock is once again under accumulation. As we said SIRC has every reason to go up as the Company brings on a new top level management team including a new CEO, CFO and President all incentivized with Nasdaq uplisting contingent options. SRC recently reported Q3 2022 revenues were $57.3 million and the Company is projecting $400 million in revenues in 2023. SIRC also had a partnership with Tesla for solar installations and recently achieved a crucial milestone on its journey to uplist to NASDAQ, with the filing of a Form 10 Registration Statement with the SEC transitioning into a fully reporting company. We will be updating on SIRC when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.
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Disclosure: we hold no position in SIRC either long or short and we have not been compensated for this article.
Very nice piece!
SIRC is set go much higher and soon!