- SHARC International Systems (SHRC) announced significant revenue & pipeline growth for the first quarter ended March 31, 2022
- Revenue for the three months period was $0.88M, a 365 per cent or 0.69M increase YoY
- The aggregate sales pipeline and sales order backlog increased by 27 per cent, indicating continued growth of pipeline
- SHARC International is a world leader in energy recovery from the wastewater
- SHARC International Systems Inc. (SHRC) was down 2.94 per cent, trading at C$0.33 per share at 2:55 pm ET
SHARC International Systems (SHRC) announced significant revenue & pipeline growth for the first quarter ended March 31, 2022.
Q1 financial highlights:
- Revenue of $0.88M, a 365 per cent increase YoY
- Sales pipeline of $7.5M
- The sales order backlog is $0.84M. The sales pipeline and sales order backlog increased by 27 per cent, indicating continued growth of pipeline
- Adjusted EBITDA loss is $0.52M, a 2 per cent or $0.01M increase YoY
- Spending has increased by approximately 25 per cent from the comparative quarter
- Loss for Q1 2022 was $0.84M, representing a $0.01M decrease YoY
- Working capital as of March 31, 2022 is $1.68M. Management believes it has sufficient working capital to maintain its activities for the subsequent 12 months
Lynn Mueller, Chief Executive Officer of SHARC Energy commented on the results.
“By diligently executing on our business strategy this past year, SHARC Energy has demonstrated a tremendous increase in sales performance and our ability to capture market share. Our current sales forecast indicates a consistent upward revenue trend because of the positive economic and environmental benefits of turning wastewater into energy. We are focused on leading the industry transition to cleantech while driving immediate and long-term profitable growth.”
Q1 2022 highlights and subsequent events:
- The National Western Center is pioneering the largest scale wastewater district-energy innovation in North America. The project commissioned in Q1 2022.
- lelǝḿ – a 1,200 residential unit master-planned development’s heating and cooling system installation and commissioning completed in Q1 2022.
- The company raised $0.28M through the exercise of warrants and $0.01M through the exercise of debenture warrants.
- The company has converted $0.58M of convertible debt.
SHARC International is a world leader in energy recovery from the wastewater. The Company recycles thermal energy from wastewater, generating one of the most energy-efficient and economical systems for heating, cooling & hot water production for commercial, residential and industrial buildings.
SHARC International Systems Inc. (SHRC) was down 2.94 per cent, trading at C$0.33 per share at 2:55 pm ET.