Business
CORRECTION: Solar Integrated Roofing Corp. Reports Record Fiscal Year 2021 Financial Results
CORRECTION: Solar Integrated Roofing Corp. Reports Record Fiscal Year 2021 Financial Results.
About this update from Solar Integrated Roofing Corporation
[{"type":"text","content":"FY 2021 Revenues Increase 87% to Record $17.1 Million; Company Expects to Reach Profitability in FY 2022Correction to Percentage Change Calculations in Original Press Release Issued Previously TodayEL CAJON, CA / ACCESSWIRE / June 16, 2021 / Solar Integrated Roofing Corp. (OTC PINK:SIRC), an integrated, single-source solar power and roofing systems installation company, has reported its financial results for the fourth quarter and fiscal year ended February 28, 2021.Key Fourth Quarter 2020 and Subsequent Operational HighlightsAnnounced that revenues for the 12 months ended May 31, 2022 are preliminarily expected to grow to at least $100 million due to the accelerated pace of acquisitions in 2021.Announced and closed multiple accretive acquisitions in the solar, roofing and battery space:Closed acquisition of Future Home Power, a solar, roofing and battery storage sales company, expecting the acquisition to be immediately accretive and to rapidly grow to $1 million per week in incremental sales at a robust 45% gross margin profile, capturing value across the full customer lifecycle.Closed acquisition of Balance, LLC, a Business Process Outsourcing (BPO) firm - finalizing the buildout of the Company's unified back-office capabilities to support all recent and future acquisitions.Closed acquisition of Pacific Lighting Management, a diversified energy services and electric vehicle (EV) charging solutions provider to large commercial and government customers, to help grow its dedicated EV charging solutions division.Closed acquisition of Cornerstone Construction, a leading provider of roofing and solar solutions in South Carolina and adjacent markets, completing the Company's transition to a national brand.Closed acquisition of Enerev, a southern California residential solar installer, after successful joint venture pilot which is expected to add up to $2 million per month revenue run rate.Appointed respected technology expert Muthla AlSayer, and accomplished executive and management consultant Donald Pierce to the Board of Directors.Selected Coinbase Commerce as a cryptocurrency partner and has completed the technical and financial integrations to begin testing the acceptance of cryptocurrency payments from customers at its subsidiary Cornerstone Construction.Engaged investor relations specialists MZ Group to lead a comprehensiv...