- Solar Alliance Energy (SOLR) filed its unaudited financial results for the three and six months ended June 30, 2022, highlighting potential growth in its balance sheet
- Contracted project backlog exceeds $4.3 million, and the backlogged projects are expected to be built and recognized as revenue by the end of 2022
- Revenue for the three months ended June 30, 2022, was $964,548, compared to $1,420,885 in Q2, 2021, as the company began constructing the large backlog of projects under contract
- Solar Alliance Energy (SOLR) is trading steady at C$0.11 as of 2:30 pm ET
Solar Alliance Energy (SOLR) filed its unaudited financial results for the three and six months ended June 30, 2022.
Contracted project backlog exceeds $4.3 million. The projects in this backlog are expected to be built and recognized as revenue by the end of 2022.
Revenue for the three months ended June 30, 2022, was $964,548, compared to $1,420,885 in Q2, 2021, as the company began constructing the large backlog of projects under contract.
Expenses were $897,775 and remained relatively stable compared to Q2, 2021 – $848,962) even as the company increased backlog and construction activity.
Solar’s CEO, Myke Clark said the company remains on track for a record year in commercial solar.
“In addition to this growing backlog and revenue stream, we commenced construction on our two company-owned solar projects in New York. These projects will generate long-term recurring revenue once they are completed by the end of September,” continued Clark. “Our strong results are further supported by the recently passed climate legislation in the United States which is expected to drive long-term growth in the solar industry and contains several provisions that will directly benefit Solar Alliance and our customers.”
The company continues construction on a 500-kilowatt solar project for a commercial customer in Kentucky. The project, with a capital cost of US$750,000, will be powered by more than 1,000 Cat solar modules and is expected to be completed by the end of 2022.
Construction also continues on several of Solar Alliance’s large projects, including the 500-kW project for Louisville Gas and Electric and Kentucky Utilities which began construction in March.
The company is assessing opportunities to partner and acquire a more extensive pipeline of development-stage projects.
Solar Alliance is an energy solutions provider focused on commercial and industrial solar installations. The Company operates in Tennessee, Kentucky, North / South Carolina and Illinois and has an expanding pipeline of solar projects in the United States.
Solar Alliance Energy (SOLR) is trading steady at C$0.11 as of 2:30 pm ET.
