Solar Alliance reports profitable Q1 result supported by 70% year-over-year revenue increase
May 31 2024 - 8:00AM
Solar Alliance Energy Inc. (‘Solar Alliance’ or the
‘Company’) (TSX-V: SOLR, OTC: SAENF), a leading solar
energy solutions provider focused on the commercial and utility
solar sectors, announces it has filed its unaudited financial
results for the three months ended March 31, 2024. The Company’s
Financial Statements and related Management’s Discussion and
Analysis are available under the Company’s profile at
www.sedarplus.ca.
“Solar Alliance delivered 70% year-over-year
quarterly growth during the first quarter of 2024 and achieved
profitability for the quarter,” said CEO Myke Clark. “Our
purposeful transition to larger commercial and utility solar
projects continues to generate consistent revenue growth and
combined with ongoing cost discipline, has resulted in a profitable
first quarter of 2024. Solar Alliance continues to see strong
demand for commercial solar projects, and we remain focused on
larger, higher margin commercial solar projects to support our
growth. In addition to executing on larger projects, we are also
experiencing increasing demand for solar projects for small and
medium-sized businesses in rural communities. Looking ahead, we
will continue to target full year profitability for 2024 as we
focus on high margin opportunities in the Southeast U.S commercial
solar sector,” concluded Clark.
Key financial highlights for Q1, 2024
- Revenue for the three months ended
March 31, 2024, was $1,664,857 compared to $974,577 in the
comparative period in 2023, an increase of 70% as the company
continued to expand its commercial and utility solar business.
- Net income of $201,834 (Q1, 2023:
-$1,421,387).
- Cost of sales of $1,018,394 (Q1,
2023: $1,239,775) resulting in a gross profit of $646,463 (Q1,
2023: -$265,198).
- Cash balance of $12,260.
- Total expenses of $451,188 (Q1,
2023: $878,928), a 48% reduction.
Key business highlights and outlook
Small and medium-sized project growth
accelerates. A key component for small businesses wanting
to reduce utility costs are Rural Energy for America Program
(“REAP”) grants and loans from the United States Department of
Agriculture (“USDA”). Supported by funding from the U.S. Inflation
Reduction Act, REAP promotes lower energy costs and resilience
while opening new income opportunities for the rural small
businesses and agri-businesses the USDA serves. Solar Alliance has
dedicated sales resources to supporting the increased demand
created by the REAP program and has signed several small and
medium-sized projects as a result. These projects are in addition
to the sales funnel of larger projects the Company continues to
pursue.
Large Project focus momentum.
The Company continues to target larger customers for third-party
solar system sales and installations, specifically for commercial
and industrial customers. Solar Alliance’s strategy is to design,
engineer and install commercial solar systems ranging in size up to
several megawatts.
BC Call for Power. In British
Columbia, Canada, the utility BC Hydro formally launched the 2024
Call for Power on April 3, 2024. The Company has maintained the
development rights, wind resource data and environmental data for a
potential 77-megawatt legacy wind project in the province and will
be reviewing the RFP and any opportunities to participate.
Corporate growth opportunities.
Solar Alliance continues to source and assess acquisition
opportunities that meet the Company’s criteria of profitability,
market opportunity and strong management teams. The Company is also
pursuing corporate opportunities to expand through partnerships,
joint ventures or other initiatives.
Myke Clark, CEO
For more information: |
Investor RelationsMyke Clark,
CEO604-359-5178mclark@solaralliance.com |
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 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 customers.
The technical and operational synergies from this combined business
model supports sustained growth across the solar project value
chain from design, engineering, installation, ownership and
operations/maintenance.
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 in this press release include, but is not limited to
focus on larger, higher margin commercial solar projects, the
assessment of acquisition opportunities and pursuit of corporate
opportunities, the ability to scale, increasing project margins,
targeting profitability and the Company offering a unique
investment opportunity in the renewables sector space.
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: 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 US solar industry, the ability to convert the backlog of
projects into revenue, the expected timing of the construction and
completion of the Company’s solar projects, the targeting of larger
customers, 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."
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