Upstart Blowing Doors Off with $220 Million in Revenue This Year, Plans for Bigger 2023

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Wednesday, November 2, 2022

In the words of the Solar Energy Industries Association (SEIA), solar energy in the U.S. is “booming,” experiencing 33% average annual growth on the back of increasing demand for clean electricity. Through the second quarter, there is 130.9 gigawatts of solar capacity installed in the U.S. That’s enough to power 23 million homes with plenty of room for continued uptake considering there are about 140 million homes in the country.

There are many drivers supporting an accelerating trend towards solar. For starters, the cost for an average system has been more than halved in the last decade, despite rising prices due to supply constraints. As the supply chain and work environment get back to normal, prices should stabilize at lower levels.

Second, municipalities are actively promoting alternative energies. For instance, Crested Butte, Colorado this summer banned natural gas hookups in new construction to encourage renewable energy and electricity. The mountainous town joins dozens of other cities across the country with this initiative.

This is an optimal growth opportunity for Solar Integrated Roofing Corp. (OTC: SIRC), a company specializing in commercial and residential solar energy systems, battery backup and electric vehicle (EV) charging stations, inclusive of all requisite related roofing, HVAC (heating, ventilation, air conditioning), and electrical work.

The Nevada-based company has grown rapidly with an aggressive acquisition strategy (14 acquisitions since inception) that has amassed an expansive portfolio of companies under its corporate umbrella and spread its business activity from exclusively California to most of the U.S.

Speaking with SmallCapVoice.com’s Stuart Smith, CEO, David Massey outlined SIRC's five revenue streams and their contribution to the Company's record second-quarter performance, where it grew its revenues by 746 percent to $66.3 million with net income of $18.9 million. Paced to hit over $225 million in full-year 2022 revenues, the Company is also taking steps to become fully reporting and to uplist to a major exchange.

"We filed the Form 10K and we'll have a steppingstone to the OTCQB or the OTCQX for a while as we solidify the management team, grow the revenues and check out the market conditions," Massey explains. "I think 2023 NASDAQ is definitely in the picture, but again, the market conditions are very important for that step."

As SIRC moves toward its operational and financial goals, the Company is aligning its management team with its potential. Earlier this month, SIRC named Stefan Abbruzzese as its new President. An experienced operations and commercial leader with decades of experience, Abbruzzese will provide extensive knowledge to SIRC's expansion.

"He's a topnotch executive," Massey says. "Our second focus this year is getting the correct funding in place so we can continue to grow and move our pipeline, and Abbruzzese is an expert in lending. He brings a lot of expertise and experience in that field and is just a great leader."

SIRC intends to move into the coming year with the funding, cashflow and revenue growth it needs to surpass its already historic corporate performance.

"We're looking to wrap up our funding process … and get cashflow positive. We're very close to that now, and we're looking to really blow the doors off the revenue this year," Massey says, noting his expectations for continued revenue growth. "Looking forward, 2023 could be twice as good as 2022."

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Solar Integrated Roofing Corp. (OTC: SIRC) Full Corporate Write-Up: Click Here.

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