Solar Integrated Roofing Corporation (OTCMKTS:SIRC) is trading with a mild fall in the opening session on Thursday. The stock has soared almost 34% over the past month.
Market Action
In the opening session, SIRC stock is down by 4% at $0.6050. The stock has traded 196K shares compared to its average volume of 2.53 million shares. The stock opened at $0.6470 and moved in a range of $0.6000 – 0.6470.
Major Trigger:
Solar Integrated Roofing Corp. Reports Record Fiscal Year 2021 Financial Results
Key Highlights:
- Revenue for fiscal year 2021 increased 87% to a record $17.1 million, as compared to $9.1 million in fiscal year 2020.
- Gross profit increased 44% to $3.5 million, or 20% of total revenues, in fiscal year 2021, compared to $2.4 million, or 26% of total revenues, in fiscal year 2020.
- Operating expenses totaled $7.8 million in fiscal year 2021, as compared to $5.9 million in fiscal year 2020. As a percentage of sales, operating expenses decreased in fiscal 2021 from 65% to 46%.
- Net loss for fiscal year 2021 totaled $5.9 million, or $(0.03) per share, as compared to $4.6 million, or $(0.04) per share, in fiscal year 2020.
Key Quote:
‘The start of fiscal 2022 was highly focused on executing upon our significant acquisition pipeline of complementary solar, roofing and battery companies,” said David Massey, Chief Executive Officer of Solar Integrated Roofing Corporation. “Our success has transformed our company into a national brand with services now spanning solar, battery backup, EV charging, roofing installation, HVAC work, electrical contracting and back-office technology support.
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