Solar Integrated Roofing Corp (OTCMKTS:SIRC) continues to see heavy buying interest as the stock has soared 65% over the past week. Moreover, the stock has gained 825% over the past six months.
Market Reaction:
As of 10.59, SIRC stock moved up 17% to $0.84 with more than 3.57 million shares, compared to its average volume of 2.54 million shares. The stock has moved within a range of $0.7305 – 0.8399 after opening the trade at $0.7440.
Major Trigger:
Solar Integrated Roofing Corp. Closes Future Home Power Acquisition, Adding $1 Million per Week in Expected Near-Term, High-Margin Revenue
Key Highlights:
- announced the closing of its acquisition of Future Home Power, a solar, roofing and battery storage sales company.
- Founded in late 2020 by Jason Newby, San Diego-based Future Home Power specializes in the sales of residential solar panels, roofing as well as battery storage – partnering with local installers, chiefly SIRC portfolio companies going forward, to finalize on-site installation.
- Future Home Power has earned a strong reputation for providing customers a smooth, simple process for solar panel and battery storage consultation and installation. The Company expects 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.
Key Quote
The quick close of our acquisition of Future Home Power is timely for us, as they are on track to reach 60 sales representatives by the end of May with further growth planned after that point,” said David Massey, Chief Executive Officer of Solar Integrated Roofing Corporation. “The additional workforce and lead generation capabilities will allow us to rapidly scale the acquisition to an estimated $1 million plus per week of sustainable, incremental sales as early as next month – for example, Future Home Power drove $1.4 million in the last week of May alone and is likely to reach $2.0 million in weekly revenue in the near-term.
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