Solar Integrated Roofing Corp (OTCMKTS: SIRC) has been making a steady run up the charts after a significant reversal and brief dip below the $0.02 mark. On Tuesday the stock moved steadily higher all day topping $0.08 at one point before the Company filed a 14c stating they were increasing the authorized shares to 1.5 billion. On Tuesday evening the Company held an investor udpate during which CEO David Massey stated the Company is considering merging with a SPAC to uplist to Nasdaq without a R/S. Mr. Massey also went into the SIRCs bid to acquire the remaining 40% of PLEMCo, the Company’s exciting new EV Charging Installer with a GSA blanket contract.
SIRC has a storied past on the bulletin boards skyrocketing from well under a penny to $3 per share in early 2021. Followed by months of declines as the Company made a number of big acquisitions the stock saw another move over $0.60 in August of last year. We previously reported on SIRC major growth with the Company 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. 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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Solar Integrated Roofing Corp. (OTCMKTS: SIRC) is an integrated, single-source solutions provider of solar power, roofing and EV charging systems, specializing in commercial and residential properties throughout North America. The Company serves communities by delivering the best experience through constant innovation & legacy-focused leadership. The Company’s operating brands include Enerev Solar, PLEMCo, Future Home Power, Balance, Montross Companies, McKay Roofing Co, SunPower by Milholland Electric, Secure Roofing & Solar, USA Solar Networks, Approved Home Pros, and SunUp Solar.
SIRC continues to see rapid growth across the board most notably its roofing division which has already signed over 700 contracts year to date. The Company recently 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 Nasdaq uplisting.
SIRC’s Residential Solar Division’s dealer network now contains over 250 independent sales teams doing business in over 40 states across the US. The division is projecting annual totals of 5,000 solar installs totaling over 30 megawatts for 2022 and the divisions 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.
SIRC’s EV divisions continues to benefit 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.
$SIRC: Based on today’s call, PLEMCo final acquisition is work in progress and will be completed by the end of the month according to CEO. It sounds like it will be done before the deadline on March 16. 👇🏼👇🏼👇🏼👇🏼 https://t.co/bPvZ2EM5lC
— DewmBoom (@dewmboom) February 8, 2023
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SIRC continues to strengthen its management team recently bringing on new top level executive management team including appointing George B. Holmes as its new CEO. Mr. Holmes is 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. SIRC also appointed Martin “Marty” McDermut as its CFO as well as Stefan Abbruzzese as President. Mr. Abbruzzese is another highly qualified executives jointing the SIRC team, building the foundation for a planned NASDAQ 2023 uplisting. All new the management positions appointees have Nasdaq uplisting contingent options.
In January SIRC announced the amendment of its settlement agreement with Brian Milholland and Milholland Family Trust LP. Pursuant to the renegotiated settlement, SIRC will discharge its remaining $7.0 million obligation to Milholland by the issuance of an aggregate of 40 million shares of common stock, the payment of $1.6 million in four equal installments following a significant capital raise by SIRC, and the reimbursement of expenses.
Also recently, SIRC secured a $25 million drawdown term note with an institutional investor. Per the terms of the agreement, the drawdown term note carries a principal amount of $25 million at an interest rate of 6% with a 5% original issue discount. The term note converts into common stock at a fixed price of $4.00 per share barring an event of default. Each drawdown has a maturity date six months from the issuance date. SIRC also secured a new $10 million revolving credit facility with a top four national bank to finance the Company’s working capital requirements, subject to customary closing conditions. Per the terms of the agreement, the $10 million revolving credit facility shall have a 1-year term and carry interest at the SOFR rate plus 1.50%. The Company may borrow, prepay and reborrow principal under the Credit Agreement from time to time during its term.
$SIRC is proud of the scale we’ve realized since establishing ourselves as a national platform company, having made incredible progress over the past 5 years – growing our revenues from $7M in 2017 to over $90M year-to-date as of June 30th, 2022! pic.twitter.com/R8nE3qG99T
— Solar Integrated Roofing Corp (@SIRCStock) September 8, 2022
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Currently trading at a $45 million market valuation SIRC has 773,152,565 shares outstanding however the Company just increased authorized to 1.5 billion shares. SIRC 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. SIRC 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. On Tuesday evening the Company held an investor udpate during which CEO David Massey stated the Company is considering merging with a SPAC to uplist to Nasdaq without a R/S. 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.