This is Solar Alliance Energy (SOLR) first profitable quarter in history. They also have $5,400,000 revenue in backlog for the coming next 2 quarters. Thus, reassuring investors they can generate their own financial lifeline. Once trading at almost $1.00 / share on fundamentals only, we could see a spike coming early January. Once we have the tax sell off season out of the way. Very Exiting Times!
The third quarter of 2023 was transformative for Solar Alliance they delivered net income of $975,000 through responsible growth in the U.S. commercial solar sector,” said CEO Myke Clark. “Our strategic focus on larger, higher margin commercial solar projects, combined with diligent cost control, has resulted in stronger gross margins and the first profitable quarter in the Company’s commercial solar history. Solar Alliance has been clear in our signal to the market that our key focus was targeting profitability, and we are pleased to have achieved this significant milestone in Q3.”
Financial highlights - Net income for the three months ended September 30, 2023, of $975,712, compared to a net loss of $220,529 in the comparable prior year period.
- Revenue for the three months ended September 30, 2023, was $2,410,725 compared to $2,753,628 in the same period in 2022 reflecting the Company’s disciplined focus on larger, higher margin projects in its construction pipeline.
- Cost of sales of $922,934 (Q3, 2022: $2,185,366) resulting in a gross profit of $1,487,791 (Q3, 2022: $568,262).
- Total expenses for the period were $600,316, a reduction from $1,240,250 in the comparable period in 2022, as the Company continues to identify and implement overhead efficiencies.
- Cash balance of $400,923 as of September 30, 2023.
- Contracted project backlog of approximately $5,400,000 supports expected continued revenue growth into 2024.