SOLR rev up 95% and GP up 286% 2020-11-30 09:36 ET - News Release
Mr. Myke Clark reports
SOLAR ALLIANCE YEAR TO DATE REVENUE UP 95%, GROSS PROFIT INCREASES 286% ON STRONG Q3 RESULTS
Solar Alliance Energy Inc. has released its 2020 third quarter and nine-month-period results. The Company's September 30, 2020 Consolidated Financial Statements and Management Discussion & Analysis have been filed at www.sedar.com as well as on the Company's website.
Highlights
- Revenue for the three months ended September 30, 2020 was $530,385 compared to $388,132 in the same period in 2019, an increase of 37%.
- Revenue for the nine months ended September 30, 2020 was $2,517,610 compared to $1,288,552 in the same period in 2019, an increase of 95%.
- The Company's gross profit was $764,262 for the nine months ended September 30, 2020 compared to $197,926 in the comparative period in 2019, an increase of 286%.
- Operating and selling expenditures, excluding non-cash depreciation and share-based compensation, were $1,510,160 in the nine months ended September 30, 2020 compared to $2,188,139 in the comparative period, a decrease of 31%.
"These results illustrate our continued growth and success in 2020," said CEO Myke Clark. "Our goal for the year is to increase our top line revenue significantly and we are on track to accomplish that task. Our team has driven sales that have allowed us to exceed our 2019 revenue totals with a full quarter left in the fiscal year. With the election results in the United States, we are confident in the long-term strength of the solar industry. As we grow, we are focusing on increasingly larger projects that have the potential to deliver significant revenue increases in the near future."
Operations Update
- On November 9th, 2020 Solar Alliance signed a contract for a 500-kilowatt solar project in Kentucky. The contract also includes an option for the customer to select Solar Alliance to build an additional 500 kW system at the same location.
- On October 28th, 2020 the Company signed a Design Contract for a 4.6-megawatt solar project at a hyperscale data center in Illinois. The capital cost of the solar project is expected to be approximately $4.8 million. The project is expected to generate margins in the range of the Company's other large-scale solar projects. The final project size and capital cost will be determined as part of the design process.
- The Company is shifting additional resources into the project development side of the business, which is focused on larger micro-grid and utility requests for proposals for multi-megawatt solar projects. With a stable flow of revenue being generated through residential and small commercial solar projects, the Company is now targeting residential communities for micro-grid solutions and utilities that are issuing bids for multi-megawatt solar contracts.
- On July 15, 2020 the Company launched an innovative new solar charging station for robotic lawnmowers. Powershed is a new product that allows you to cut the cord and place a robotic mower anywhere the sun shines. Solar Alliance developed the design in cooperation with a researcher from the University of Tennessee and a provisional patent application has been filed with the U.S. Patent office, which provides intellectual property protection pending a full patent application.