The Only Thing Microcap About This Upstart is the Share Price, Revenue Booms to $150 Million YTD
Monday, November 21, 2022
The Nasdaq OMX Solar Index is up modestly so far in 2022, easily outperforming the broader Nasdaq Composite which is down a hefty 30%. Solar is seeing a resurgence for several reasons, including the spike in energy prices that has served as an awakening for alternative energies. Those that were sagacious enough to recognize a bottom this summer for solar stocks, have enjoyed outsized returns in the last six months.
Shares of First Solar
are ahead 162% from its low; Canadian Solar (NASDAQ: FSLR) has gained 65%; and Sunrun (NASDAQ: CSIQ) has climbed 88%, amongst others. (NASDAQ: RUN)
Whilst most of Wall Street focuses on name brands that post billions of dollars in annual revenue – even though profitability continues to be elusive, a smaller company is stacking up market share at a torrent pace. Better still, Solar Integrated Roofing Corp.
is growing its revenue profitably. (OTC: SIRC)
SIRC is an integrated, single-source solar power, roofing systems installation and electric vehicle (EV) charging company specializing in commercial and residential properties throughout the U.S. The Henderson, Nevada-based company offers a broad array of solutions that include sales and installations of solar energy systems, battery backups and EV charging stations, roofing and related electrical contracting work.
Solar Integrated Roofing
just released its results from the quarter ended September 30 and the data is nothing shy of impressive. Revenue surged to $57.3 million, up 333% from $13.2 million in Q3 2021. Net income was $7.5 million, or 1 cent per share, reversing a net loss of $1.7 million in the year prior quarter.
During the first 9 months of 2022, SIRC has reported revenue of $150.57 million and net income of $34.68 million, or 5.9 cents per share.
Trading around 15 cents per share, SIRC is looking at one of the lowest price-to-earnings ratios in the entire solar industry, regardless of stock exchange. It is arguable that Solar Integrating Roofing is overlooked by many institutions and retail investors because of its OTC listing. The company intends to change that over the next year. During the third quarter, management filed a Form 10 Registration Statement with the U.S. Securities and Exchange Commission to register its common stock under the Securities Exchange Act of 1934 as it transitions to a fully-reporting company on a path to seek a NASDAQ listing.
That’s not the only thing that SIRC is expecting in 2023. Ongoing strength in revenue is also on tap. The company says that revenue anticipated from contracted commercial solar projects is equal to $291.6 million as of September 30, 2022. Those sales will be realized across the next 12 months. At time of writing, shares of SIRC are up modestly on the day, trading at $0.16 per share which equates to a $86 million market cap.
Solar Integrated Roofing Corp. (OTC: SIRC) Full Corporate Write-Up:
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