Yahoo Finance Solar Alliance 2021 financial results show revenue increase and strong backlog growth during transformative year
Backlog of solar projects under contract exceeds $4 million, Q4 revenues increase 44% year over year
TORONTO and KNOXVILLE, Tenn., May 03, 2022 (GLOBE NEWSWIRE) -- Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR, OTCQB: SAENF) announces it has filed its audited financial results for the quarter and year ended December 31, 2021. The Company’s Financial Statements and related Management’s Discussion and Analysis are available under the Company’s profile at www.sedar.com.
“2021 was a transformative year for Solar Alliance, as we continued to successfully transition our focus to larger, higher revenue solar projects in addition to owning and operating the Company’s own solar assets,” said CEO Myke Clark. “We experienced a strong revenue increase in the fourth quarter as our strategic transition to larger solar projects began to show tangible results and our backlog of contracted projects grew to $4,200,000. This growing revenue stream, in addition to building a portfolio of solar projects we own and operate, has positioned Solar Alliance to take advantage of the expanding solar market in the U.S.”
Key financial and business highlights
Revenue grew to $3,666,383 (2020 - $3,500,747) for the year ended December 31, 2021, as the company successfully transitioned its business to larger, higher revenue solar projects.
Revenue for the three months ended December 31, 2021, was $1,410,923 (2020 - $983,138), an increase of $427,785, or 44%.
Contracted project backlog grew to approximately $4,200,000. The Company attributes this increase in backlog to the strategy of targeting larger projects and increased contract signings in the last half of 2021.
Cash balance of $2,169,258 provides a strong balance sheet to continue pursuing larger project sales opportunities and a stable platform for growth.
A net loss of $448,864 (2020 - $1,370,472) as the Company continued to make investments in its growing team and project portfolio. During 2021, the Company undertook a review of certain outstanding trade and other payables, of which $1,822,504 was derecognized. These outstanding account payables exceeded the applicable statute of limitation period and therefore expired by statute.
Solar Alliance announced the appointment of Mr. Rob Roberti as the Company’s new Chief Financial Officer and Mr. Brian Timmons as a new independent member of the Board of Directors. Mr. Timmons was appointed Chair of the Board of Directors subsequent to year end.
Completed the acquisition two projects in New York State (one completed subsequent to year end) totalling 687 kilowatts. Solar Alliance will own and operate both projects under 30-year power purchase agreements and will contribute recurring revenue once they achieve commercial operations in 2022.
Solar Alliance is targeting the New York solar market for additional growth opportunities in 2022. Including the two projects Solar Alliance now owns, the Company is targeting a total of 1.7 megawatts (“MW”) of projects under ownership and operation by the end of 2022, more than double current levels. These projects represent a fundamental advancement of the Company’s strategy given their recurring revenue and asset value.
“Solar Alliance has pursued a balanced strategy – the high growth of building for third party customers combined with recurring revenue from solar assets we own – that is scalable and supports our goal of becoming a leading commercial and industrial solar provider in the U.S. In 2021, we increased our contracted backlog, improved our balance sheet and added several key employees to accelerate growth moving forward,” concluded Clark.
Myke Clark, CEO
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About Solar Alliance Energy Inc. (www.solaralliance.com)
Solar Alliance is an energy solutions provider focused on residential, commercial and industrial solar installations. The Company operates in Tennessee, Kentucky, North/South Carolina and Illinois and has an expanding pipeline of solar projects. Since it was founded in 2003, the Company has developed $1 billion of renewable energy projects that provide enough electricity to power 150,000 homes. Our passion is improving life through ingenuity, simplicity and freedom of choice. Solar Alliance reduces or eliminates customers' vulnerability to rising energy costs, offers an environmentally friendly source of electricity generation, and provides affordable, turnkey clean energy solutions.
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: uncertainties related to the ability to raise sufficient capital, changes in economic conditions or financial markets, litigation, legislative or other judicial, regulatory and political competitive developments and technological or operational difficulties. Consequently, actual results may vary materially from those described in the forward-looking statements.
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