- Solar Alliance Energy (SOLR) reported $252,352 in revenue for the third quarter and $2.2 million for the first three quarters of 2021
- The focus was on investing in new sales channels to improve long-term growth
- The company is on track to complete 2.2 megawatts of contracted projects by the end of 2021
- Solar Alliance is an energy solutions provider focused on residential, commercial, and industrial solar installations
- Shares in Solar Alliance Energy Inc. (SOLR) are steady, trading at $0.17 per share
Solar Alliance Energy (SOLR) has set the stage for long-term growth after a productive third quarter.
The company invested in new sales channels this quarter, hoping to improve the long-term sales pipeline of larger solar projects as its backlog of large projects continues to grow.
Renewed business development resulted in another 1.7 megawatts of solar projects for third-party customers.
With 0.7 megawatts of projects expected to be completed in the third quarter, the company will have completed a total of 2.2 megawatts of contracted projects in 2021, a significant increase over the 0.74 megawatts completed in 2020.
Myke Clark, Solar Alliance CEO, commented on the productive quarter.
“These most recent contract signings have positioned Solar Alliance for a strong end to 2021 and an even stronger beginning to 2022, with a growing backlog of contracted projects.”
Renewed investment in new business opportunities meant lower financial results for the company compared to last year. Revenue for Q3 was $252,352, compared to $530,385 in Q3 2020.
Overall, the company remains on track on reported revenue for the first three quarters of 2021 so far, bringing in $2.2 million compared to $2.5 million in 2020.
The company believes that this quarter represents an “inflection point” as it focused on long-term growth despite lower financials for the quarter.
This focus resulted in the signing of two larger projects after the end of Q3 and the addition of several other large projects to its sales pipeline. The contracts will positively impact revenues in Q4 and moving forward.
In addition, cash and cash equivalents of nearly $3.2 million provide a strong balance sheet to continue pursuing larger project sales opportunities and provide a stable platform for growth.
Solar Alliance is an energy solutions provider focused on residential, commercial, and industrial solar installations.
Shares in Solar Alliance Energy Inc. (SOLR) are steady, trading at $0.17 per share as of 9:39 am EST.