Solar Alliance first quarter revenue grows 47% year over year
29 Maio 2023 - 6:50PM
Solar Alliance Energy Inc. (‘Solar Alliance’ or the
‘Company’) (TSX-V: SOLR), a leading solar energy solutions
provider focused on the commercial and utility solar sectors,
announces it has filed its unaudited financial results for the
three months ended March 31, 2023. The Company’s Financial
Statements and related Management’s Discussion and Analysis are
available under the Company’s profile at www.sedar.com.
“Solar Alliance delivered 47% year-over-year
quarterly growth during the first quarter of 2023,” said CEO Myke
Clark. “This impressive level of growth occurred during what is
generally a slower quarter for solar installations and sets the
stage for a strong 2023. We have a backlog of contracted projects
exceeding $3 million dollars that we expect to convert into revenue
during 2023, in addition to other projects in our sales pipeline
that we are pursuing, supporting our favourable outlook for the
balance of the year.”
“Our purposeful transition to larger commercial
and utility projects is generating strong revenue growth and a
substantial backlog of projects under contract. Combined with the
Letter of Intent we signed recently to acquire a growing and
profitable Western Canadian solar company, announced on May 18,
2023, we believe the prospects for 2023 are very compelling for
Solar Alliance and our shareholders,” concluded Clark.
Financial highlights
- Revenue for the three months ended
March 31, 2023, was $974,577 an increase of 47% from $663,269 in
the same period in 2022 as the company continued to increase both
the number and the size of projects in its construction
pipeline.
- Cost of sales of $1,239,775 (Q1
2022: $531,567) resulting in a gross profit for the three months
ended March 31, 2023, of -$265,198 (Q1, 2022: $131,702). The
negative gross margin was the result of increased project costs
related to supply chain issues in 2022 and to costs incurred on
projects that will be completed in subsequent quarters. The Company
is confident the supply chain issues have been resolved and expects
the negative margin to be a one-time occurrence.
- Net loss for the quarter of
$1,421,387, an increase from a net loss of $970,160 in the
comparable prior year period, as the Company continued to make
investments in its growing team and project portfolio. The Company
is confident the current team size will allow for continued revenue
growth without significant additional overhead, resulting in
improving margins.
- Cash used in in operating
activities was $79,304 (Q1 2022: $927,620).
- Cash balance of $394,293 and
restricted cash balance of $470,948, as of March 31, 2023.
- Balance sheet includes non-current
assets of $1,916,575, comprised primarily of the two Company-owned
New York solar projects.
- Contracted project backlog of
approximately $3,100,000, as of May 29, 2023, with the entirety of
the backlog expected to be converted into revenue in 2023.
Business highlights
First two Company-owned solar projects
energized. On January 3, 2023, the Company announced it
has completed the construction of the Company’s first two solar
projects in New York, and both are now in operation. VC1, a
298-kilowatt (“kW”) project located in the Village of Cazenovia,
and US1, a 389-kW project located in the Village of Union Springs,
have both received permission to operate and are now generating
clean, renewable electricity under long-term power purchase
agreements with the local communities.
$1.8 million contract signed for project
in Tennessee. On February 13, 2023, the Company announced
it has signed a contract for the design, engineering, and
construction of an 872-kilowatt (‘kW”) commercial solar project for
a manufacturing company in Tennessee. The project, with a $1.8
million capital cost, is scheduled to begin construction in Q2 2023
with completion targeted by October 2023.
Solar Alliance signs Letter of Intent to
acquire Canadian solar company. Subsequent to the end of
Q1, 2023, the Company announced on May 18, 2023, that it had
entered into an arm’s length Letter of Intent dated May 16, 2023,
to acquire a growing, profitable Canadian solar company (the
“Target”) in a predominantly share-based
transaction (the “Transaction”). The Target is a
growing commercial and utility solar company based in Alberta with
more than 33 MW of commercial and utility solar projects installed.
Closing of the Proposed Transaction remains subject to a number of
conditions, including satisfactory completion of due diligence, the
execution of a binding definitive agreement, shareholder approval
and the approval of the TSX Venture Exchange. Due diligence is
continuing on the Transaction.
Myke Clark, CEO
For more information: |
Investor RelationsMyke Clark,
CEO416-848-7744mclark@solaralliance.com |
About Solar Alliance Energy Inc.
(www.solaralliance.com)Solar
Alliance is an energy solutions provider focused on the commercial,
utility and community solar sectors. Our experienced team of solar
professionals reduces or eliminates customers' vulnerability to
rising energy costs, offers an environmentally friendly source of
electricity generation, and provides affordable, turnkey clean
energy solutions. Solar Alliance’s strategy is to build, own and
operate our own solar assets while also generating stable revenue
through the sale and installation of solar projects to commercial
and utility customers. The Company currently owns two operating
solar projects in New York and actively pursuing opportunities to
grow its ownership pipeline. The technical and operational
synergies from this combined business model supports sustained
growth across the solar project value chain from design,
engineering, installation, ownership and
operations/maintenance.
Statements in this news release, other than
purely historical information, including statements relating to the
Company's future plans and objectives or expected results,
constitute Forward-looking statements. The words “would”, “will”,
“expected” and “estimated” or other similar words and phrases are
intended to identify forward-looking information. Forward-looking
information is subject to known and unknown risks, uncertainties
and other factors that may cause the Company’s actual results,
level of activity, performance or achievements to be materially
different than those expressed or implied by such forward-looking
information. Such factors include but are not limited to:
satisfactory due diligence, the ability to settle the definitive
agreement, obtain the approval of the TSX Venture Exchange and
complete the Transaction on the terms as announced or at all;
uncertainties related to the ability to raise sufficient capital;
changes in economic conditions or financial markets; litigation,
legislative or other judicial, regulatory, legislative and
political competitive developments; technological or operational
difficulties; the ability to maintain revenue growth; the ability
to execute on the Company’s strategies; the ability to complete the
Company’s current and backlog of solar projects; the ability to
grow the Company’s market share; the high growth US solar industry;
the ability to convert the backlog of projects into revenue; the
expected timing of the construction and completion of the 872 KW
Tennessee solar project; the targeting of larger customers; the
ability to predict and counteract the effects of COVID-19 on the
business of the Company, including but not limited to the effects
of COVID-19 on the construction sector, capital market conditions,
restriction on labour and international travel and supply chains;
potential corporate growth opportunities and the ability to execute
on the key objectives in 2023. Consequently, actual results may
vary materially from those described in the forward-looking
statements.
“Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.”
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