VANCOUVER, British Columbia and KNOXVILLE, Tenn., Aug. 26, 2020 (GLOBE NEWSWIRE) -- Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR, OTC: SAENF) is pleased to announce the Company’s 2020 second quarter and six-month periods results, with the following highlights:
- Revenue for the three months ended June 30, 2020 was $1,361,937 compared to $686,873 in the same period in 2019.
- Revenue for the six months ended June 30, 2020 was $1,987,225 compared to $900,420 in the same period in 2019.
- The Company’s gross profit was $529,350 for the six months ended June 30, 2020 compared to $190,943 in the comparative period in 2019 or 27% and 21% respectively.
- Operating and selling expenditures, excluding non-cash depreciation and share-based compensation, were $921,885 in the six months ended June 30, 2020 compared to $1,602,786 in the comparative period, a decrease of 43%.
“The Solar Alliance team continues to deliver value to customers during the COVID crisis and this has been positively reflected in the significant increase in revenue over the same period last year,” said CEO Myke Clark. “Solar Alliance has been focused on increasing our top line revenue growth and we have experienced positive results in the second quarter, illustrating the resilience of our solar sales model and the long-term strength of the solar industry. Year to date, Solar Alliance has almost equaled our total revenue from 2019 and we anticipate continued growth during the second half of 2020. Solar energy is well positioned as an industry to emerge from the current economic crisis stronger than ever as consumers take control of their electricity generation, save money and contribute to reduction of fossil fuel use.”
Solar Alliance has been focused on reducing overhead at the corporate level to ensure the Company’s resources are appropriately allocated to driving new business and moving projects through the pipeline. The Company has also increased its focus on developing strategic partnerships that allow for expansion in a cost-effective manner, increasing profit margins on individual projects and driving towards overall company profitability.
Myke Clark, CEO