Business
Correlate Infrastructure Partners Reports Record Revenue in Third Quarter 2022; Provides Business Update
Correlate Infrastructure Partners Reports Record Revenue in Third Quarter 2022; Provides Business Update.
About this update from Correlate Energy Corp.
[{"type":"text","content":"\n Q3 revenue up over 9x compared to prior quarterCustomer projects totaling up to $194 million at variousstages from design to installation BOISE, Idaho, Nov. 14, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- Correlate Infrastructure Partners, Inc. (OTCQB: CIPI) (“Correlate” or the “Company”), a tech-enabled development, finance, and fulfillment platform for distributed energy solutions across North America, reported financial results on November 10, 2022, for the third quarter ended September 30, 2022, and year-to-date ended September 30, 2022. Revenue totaled $2,312,577 for the three months ended September 30, 2022, compared to $236,690 for the three-month period ended June 30, 2022. The significant increase resulted from completion of construction milestones in contracted projects. During the three months ended September 30, 2021, reported revenues totaled $15,291.Operating expenses for the three months ended September 30, 2022, totaled $2,429,478, compared to $2,907 for the same period ended September 30, 2021. This was driven by higher professional fees associated with acquisition activities and higher wage expenses associated with hiring new personnel to support growth.The Company currently has project opportunities valued at up to $194 million with projects in development that have been awarded agreements and contracts that have been executed and are under installation.As of September 30, 2022, unrecognized revenue (a non-GAAP measure1) was $16,233,129 for executed projects currently being installed at customer locations. “We continue to make smart choices to optimize our organic project delivery based on a dynamic 2022 regulatory and supply chain landscape. The Inflation Reduction Act enacted in late August provided new tax incentives that reduce costs for clients and/or elevate returns to investors; this led to larger contract sizes with redesigns to domestic content. While this meant delaying some project starts, it will be a big net gain, and will open new markets for us in 2023,” said Todd Michaels, chief executive officer of Correlate. “With this in mind, we have finalized our M&A plans through Q2 2023 and seek to close our first acquisition by year end.” Non-GAAP Reconciliation and Business Outlook With an expanding pipeline, including approximately $448 million o...