- Solar Alliance Energy (SOLR) has filed its unaudited financial results for the three months ended March 31, 2022
- Results show continued revenue increase and backlog growth
- Q1 revenue grew to $663,269 compared to $582,223 in Q1, 2021
- Solar Alliance provides energy solutions focused on residential, commercial and industrial solar installations
- Solar Alliance Energy Inc. (SOLR) remains unchanged, trading at C$0.085 per share as of 12:20 pm ET
Solar Alliance Energy (SOLR) has filed its unaudited financial results for the three months ended March 31, 2022.
Results show continued revenue increase and backlog growth.
Myke Clark, CEO of Solar Alliance commented on the report.
“The Solar Alliance team continues to execute on our growth strategy as we start to build out the large backlog of projects we have developed over previous quarters. The transition to larger, higher revenue projects is paying dividends as our backlog now exceeds $4,900,000 of contracted projects. Construction on several of these is now underway and we anticipate completing the construction of this current backlog this year.”
Financial highlights:
- Contracted project backlog grew to approximately $4,900,000. The company expects to construct this backlog in 2022.
- Q1 revenue grew to $663,269 compared to $582,223 in Q1, 2021.
- Cost of sales for the period was $531,567, resulting in a gross profit of $131,702 or 20%. This represents strong margin improvement compared to the same period in 2021, with cost of sales of $582,223, and gross margin of $12,924.
- Q1 operating loss was $693,267 compared to $553,401 for the same period last year.
- Cash used in operating activities decreased from $1,323,352 in Q1 2021 to $927,620, an improvement of 30%.
Business highlights:
- On February 22, 2022, Solar Alliance signed a contract with Knoxville Utilities Board for the design and installation of a 1 megawatt (“MW”) solar project in Knoxville, Tennessee. The company expects to complete this project in August 2022.
- On February 2, 2022, Solar Alliance completed the acquisition of a 389-kW project in New York State from Abundant Solar Power Inc. The company now owns a total of 687-kW of solar projects.
- On January 27, 2022, Solar Alliance signed a contract with AESSEAL for a 526-kW roof mount solar system at AESSEAL’s U.S. headquarters in Rockford, Tennessee. Solar Alliance will design, engineer and install the project, and is targeting for completion by the end of October 2022.
- The company’s common shares will commence trading today on the OTCQB under the symbol “SAENF.” The Company’s common shares will continue to trade on the TSX Venture Exchange.
Solar Alliance provides energy solutions focused on residential, commercial and industrial solar installations. The company sells and installs rooftop solar systems. It operates in Tennessee, Kentucky, North/South Carolina and Illinois and has an expanding pipeline of solar projects.
Solar Alliance Energy Inc. (SOLR) remains unchanged, trading at C$0.085 per share as of 12:20 pm ET.
