“The third quarter of 2023 was transformative for
“The combination of revenue to date, the contracted backlog of projects that is expected to be built before the end of the year and significant work-in-process support another strong year of growth. We have managed our contracted backlog, which is approximately
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 ofSeptember 30, 2023 . - Contracted project backlog of approximately
$5,400,000 supports expected continued revenue growth into 2024.
Business highlights
Contracted project backlog of
- Construction commenced on a 565 kilowatt (“kW”) commercial solar project for a manufacturing client in
Tennessee announced onMay 31, 2023 . The project is currently targeted for completion by the end of 2023. - Construction commenced on an 872-kW solar project in
Tennessee announced onFebruary 13, 2023 , with a$1.8 million capital cost. Design and engineering on the project began in Q2 2023 with completion targeted by the end of 2023. - Two projects, 250-kW and 299-kW, for a
Tennessee client announced onJuly 10, 2023 . The two projects, with a capital cost of$1.58 million , are scheduled to begin construction in Q4 2023 and are currently targeted for completion in Q1 2024.
Affiliate Program launched. In support of the Company’s organic growth strategy in the
Large solar system sales. 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.
Corporate growth opportunities.
For more information: |
Investor Relations 604-359-5178 mclark@solaralliance.com |
About
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 of the Company to build and complete its backlog of solar projects, 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, including but not limited to those solar projects discussed in this news release,; the targeting of larger customers; the ability to predict and counteract the effects 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 2023. Consequently, actual results may vary materially from those described in the forward-looking statements.
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Source:
2023 GlobeNewswire, Inc., source