- SHARC International Systems Inc. (SHRC) reports a 2,564 per cent increase in fourth-quarter revenue versus Q4 2020
- 2021 was the largest revenue year in SHARC’s history at $2.7 million
- The company was able to replenish what has been recognized in revenue to date
- SHARC has $3.35 million in working capital as of the end of 2021
- Management said it has enough financing to maintain its activities for 2022
- SHARC International Systems Inc. (SHRC) is up 6.67 per cent and is trading at $0.32 per share as of 11:26 a.m. ET
SHARC International Systems Inc. (SHRC) reports a 2,564 per cent increase in fourth-quarter revenue compared to Q4 2020.
Revenue for the quarter was $980,000. Revenue for fiscal year 2021 was $2.7 million, an increase of 328 per cent. This is the largest revenue year in SHARC’s history.
The company has a sales pipeline of $6.02 million and a sales order backlog of $560,000. The aggregate decrease in sales pipeline and sales order backlog indicates the company was able to replenish what has been recognized in revenue to date.
Losses for Q4 2021 and 2021 overall were $780,000 and $3.06 million. The increase in losses during 2021 compared to 2020 is largely driven by a gain on settlement of debt and revaluation of warrants on debt settlement reported in 2020.
SHARC has $3.35 million in working capital as of the end of, 2021. Management anticipates it has sufficient working capital to maintain its activities for the rest of this year.
SHARC is a world leader in wastewater heat recovery.
Lynn Mueller, Chairman and CEO of SHARC, commented
“While we have delivered outstanding performance this past year, our new targets indicate we have many more opportunities to increase revenue as more people become aware of the economic and environmental benefits of turning wastewater into energy… We are continuing to dynamically manage our business while remaining focused on executing against our business strategy to drive long-term profitable growth.”
SHARC International Systems Inc. (SHRC) is up 6.67 per cent and is trading at $0.32 per share as of 11:26 a.m. ET.