TORONTO and KNOXVILLE, Tenn., Dec. 02, 2024 (GLOBE NEWSWIRE) -- Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR), a leading solar energy solutions provider focused on the commercial and community utility solar sectors, announces it has filed its unaudited financial results for the three, and nine-month period ended September 30th, 2024. The Company’s Financial Statements and related Management’s Discussion and Analysis are available under the Company’s profile at www.sedarplus.ca.
All figures in Canadian $
Solar Alliance continues to transition towards the delivery of higher value contracts in the Commercial and Industrial, Community Solar and USDA supported rural solar renewable market sectors in the South East US region. The board believes that this is a market with blue sky potential for the Company, in a world in which burgeoning energy demand will put security of power supply at increased risk and bring the threat of escalating energy prices. The directors believes also that the management and operations team have the capacity, skill-set and track record to deliver high value energy solutions to its target customer base and, on foot of this, significant returns to shareholders, particularly from the base of the current share price.
Financial highlights, Quarter 3 2024
- Revenue for the three months ended September 30, 2024, was $945,303, a decrease of 61% from $2,410,725 in the same period in 2023.
- Cost of sales of $505,959 (Q3 2023: $922.934) resulting in a gross profit of $439,344 (Q3, 2023: $1,487,791).
- Total expenses for the period were $590,115, a modest reduction from $600,316 in the comparable period in 2023, as the Company continues to maintain tight cost controls and implement overhead efficiencies to support its profitability and cashflow targets.
- Net comprehensive loss for the quarter of $177,009, compared to a net profit of $665,759 in the comparable prior year period.
- Cash balance of $15,512 as of Sept 30, 2024, prior to receipt of the contract proceeds referred to above.
Placing the above metrics into broader context, on October 28th, the Company announced the signing of a $3.7 million Kentucky customer contract for the provision of 1.5Ms of solar renewable energy. An initial payment of $1.7 million has been received to date in respect of this contract. The Company plans to substantially complete this project, weather permitting, within three months.
Business highlights during the quarter and subsequently.
$3.7 million contract signed for project in Kentucky. On October 28th, 2024, the Company announced it had signed a two-site contract for the design, engineering, and construction of a 1.5Mw commercial solar project for a customer in Kentucky. The project, with a $3.7 million capital cost, is scheduled to begin construction in Q4 2023 with substantial completion targeted within three months.
AESSEAL completed a Solar and Battery Storage system in Tennessee. The Company recently finalized, for Tennessee based AESSEAL Inc., a constituent company of AESEAL plc, a global leader in mechanical seal solutions, the completion of a 0.5Mw rooftop solar panel installation, which was integrated into a 500kwHrs battery, a first of its type and size in the TN region, providing the customer with reduced energy costs, increased certainty of power supply, and an attractive return on investment.
“The Kentucky contract epitomizes the larger scale of contract in the US SE region which the Company is vigorously pursuing as it also maintains tight control on costs, improves project gross margins, and targets aggressive growth from the current base of activity.
“The AESSEAL contract evidences the Company’s capacity to execute complex, parallel behind-the meter/grid connected, renewable energy contracts to meet the specific energy requirements of sophisticated corporate customers,” concluded Timmons.
Brian Timmons, CEO
About Solar Alliance Energy Inc. (www.solaralliance.com)
Solar Alliance is an energy solutions provider focused on the commercial, utility and community solar sectors. Our experienced team of solar professionals reduces or eliminates customers' vulnerability to rising energy costs, offers an environmentally friendly source of electricity generation, and provides affordable, turnkey clean energy solutions. Solar Alliance’s strategy is to ultimately build, own and operate our own solar assets while also generating stable revenue through the sale and installation of solar projects to commercial and utility community customers.
Statements in this news release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute Forward-looking statements.
The words “would”, “will”, “expected” and “estimated” or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different than those expressed or implied by such forward-looking information. Such factors include but are not limited to: the ability to complete the Company’s projects on schedule or at all, uncertainties related to the ability to raise sufficient capital; changes in economic conditions or financial markets; litigation, legislative or other judicial, regulatory, legislative and political competitive developments; technological or operational difficulties; the ability to maintain revenue growth; the ability to execute on the Company’s strategies; the ability to complete the Company’s current and backlog of solar projects; the ability to grow the Company’s market share; the high growth rate of the US solar industry; the ability to convert the backlog of projects into revenue; the expected timing of the construction and completion of the 1500 kW Kentucky solar projects; the targeting of larger customers; the ability to predict and counteract the effects, should they re-emerge, of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19, on the construction sector, capital market conditions, restriction on labour and international travel and supply chains; potential corporate growth opportunities and the ability to execute on the key objectives in 2024. Consequently, actual results may vary materially from those described in the forward-looking statements.
“Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
