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Solar Integrated Roofing Corp. (OTC:SIRC), an integrated, single-source solutions provider for solar power, roofing systems installation and EV charging company, today reported its financial and operational results for the third quarter ended September 30, 2022.
Single-source integrated solar power solutions provider Solar Integrated Roofing Corp was in the news earlier on in the week on November 21 when it announced its financial results for the third fiscal quarter that had ended on November 21, 2022. It could be a good move for investors to consider taking a closer look at some of the highlights from the financial results. In the third quarter, Solar Integrated managed to bring in revenues of as much as $57.3 million, and that worked out to a year-on-year rise of as much as 333% when compared to the $13.2 million that it had generated in the prior year period.
On the other hand, Solar Integrated managed to generate net income to the tune of $6.2 million for the quarter which worked out to $0.01 per diluted share. That was a major turnaround for the company considering the fact that in the prior year period it had suffered a net loss of $1.7 million. However, that was not all. The company also announced that as on September 30, 2022, the revenues that it expected from the residual performance obligations tied to commercial solar contracts made up as much as $291.6 million.
Last but certainly not least, Solar Integrated also announced that during the third quarter it had also filed a Form 10 Registration Statement with the United States Securities and Exchange Commission for the purpose of registering its common stock under the provisions of the Securities Exchange Act of 1934.