Solar Alliance Year to Date Revenue up 95%, Gross Profit increases 286% on Strong Q3 Results
VANCOUVER, British Columbia and KNOXVILLE, Tenn., Nov. 30, 2020 (GLOBE NEWSWIRE) — Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR, OTC: SAENF) is pleased to announce the Company’s 2020 third quarter and nine-month periods results. The Company’s September 30, 2020 Consolidated Financial Statements and Management Discussion & Analysis have been filed at www.sedar.com as well as on the Company’s website.
HighlightsRevenue for the three months ended September 30, 2020 was $530,385 compared to $388,132 in the same period in 2019, an increase of 37%.Revenue for the nine months ended September 30, 2020 was $2,517,610 compared to $1,288,552 in the same period in 2019, an increase of 95%.The Company’s gross profit was $764,262 for the nine months ended September 30, 2020 compared to $197,926 in the comparative period in 2019, an increase of 286%.Operating and selling expenditures, excluding non-cash depreciation and share-based compensation, were $1,510,160 in the nine months ended September 30, 2020 compared to $2,188,139 in the comparative period, a decrease of 31%.“These results illustrate our continued growth and success in 2020,” said CEO Myke Clark. “Our goal for the year is to increase our top line revenue significantly and we are on track to accomplish that task. Our team has driven sales that have allowed us to exceed our 2019 revenue totals with a full quarter left in the fiscal year. With the election results in the United States, we are confident in the long-term strength of the solar industry. As we grow, we are focusing on increasingly larger projects that have the potential to deliver significant revenue increases in the near future.”Operations UpdateOn November 9th, 2020 Solar Alliance signed a contract for a 500-kilowatt solar project in Kentucky. The contract also includes an option for the customer to select Solar Alliance to build an additional 500 kW system at the same location.On October 28th, 2020 the Company signed a Design Contract for a 4.6-megawatt solar project at a hyperscale data center in Illinois. The capital cost of the solar project is expected to be approximately $4.8 million. The project is expected to generate margins in the range of the Company’s other large-scale solar projects. The final project size and capital cost will be determined as part of the design process.The Company is shifting additional resources into the project development side of the business, which is focused on larger micro-grid and utility requests for proposals for multi-megawatt solar projects. With a stable flow of revenue being generated through residential and small commercial solar projects, the Company is now targeting residential communities for micro-grid solutions and utilities that are issuing bids for multi-megawatt solar contracts.On July 15, 2020 the Company launched an innovative new solar charging station for robotic lawnmowers. Powershed is a new product that allows you to cut the cord and place a robotic mower anywhere the sun shines. Solar Alliance developed the design in cooperation with a researcher from the University of Tennessee and a provisional patent application has been filed with the U.S. Patent office, which provides intellectual property protection pending a full patent application.Webinar to Discuss Q3 2020 Financial Results & Corporate UpdateSolar Alliance CEO Myke Clark provides an overview of the financial results and a corporate update in this on-demand webinar.To access the webinar visit: www.solaralliance.com/investors/webinarsMyke Clark, CEOAbout 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 California 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.“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.”
