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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.
Solar Alliance Energy I www.solaralliance.com
Chris LeBoeuf is Global Head of the Extreme Loads and Structural Risk division of ABS Group, based in San Antonio, Texas. He leads a team of more than 60 engineers and scientists in the US, UK, and Singapore, specializing in management of risks to structures and equipment related to extreme loading events, including wind, flood, seismic and blast. Chris has more than 20 years of professional experience as an engineering consultant, and is a recognized expert in the study of blast effects and blast analysis, as well as design of buildings. He holds a Bachelor of Science in Civil Engineering from The University of Texas at San Antonio, and is a registered Professional Engineer in 12 states.
Russ is a Director of Product Management, Decision Analytics at Copperleaf. He is an innovative leader with over 20 years of comprehensive business and technical experience in high-tech product development organizations. Russ holds a B.A.Sc. in Mechanical Engineering from the University of British Columbia and a Management of Technology MBA from Simon Fraser University.
