- Sharc International (SHRC) provided an update on its business activity
- In 2022, the company performed 68 project assessments, or leads, representing a trend of six leads generated per month
- The company increased sales pipeline and sales order backlog more than 75 per cent in 2022 from 2021
- Since the beginning of the year, insiders have invested $332,000, purchasing 1.5 million shares through warrant exercises and public market acquisition, as well as converting $200,000 in convertible debt
- Sharc International Systems Inc. (SHRC) was up 1.92 per cent, trading at C$0.265 per share at 10:30 am ET
Sharc International (SHRC) provided an update on its business activity.
In 2022, the company performed 68 project assessments, or leads, representing a trend of six leads generated per month. Of these 68 technically qualified sales leads, 37 have requested a formal quote, or deal, representing a conversion rate of more than 50 per cent. Once a deal enters a detailed design stage, it becomes probable that the deal will convert into a purchase order (sales order backlog) within the next 24 months of entering the design stage.
The company says the growth in leads and deals has materially accelerated in the first two months of 2023, with 65 total leads created, 36 of which have already been converted into deals. Also, there are currently 36 leads pending conversion to deals which Sharc Energy expects to either convert to deals or removed from lead status within 90 days. The company believes the growth in leads and deals is due to several factors, including increasing regulation and policy supporting the adoption of Wastewater Energy Transfer (WET) technology and the dedicated work of its internal team and partners presenting Sharc Energy solutions in the market.
The company increased its sales pipeline and sales order backlog by more than 75 per cent in 2022 from 2021 and anticipates it will be able to maintain and potentially accelerate sales pipeline and sales order backlog growth during 2023.
Since the beginning of the year, insiders have invested $332,000, purchasing 1.5 million shares through warrant exercises and public market acquisition, as well as converting $200,000 in convertible debt.
“We remain committed to providing sustainable WET technology solutions and believe that our continued growth is a testament to the hard work of our team and the faith of our shareholders,” said Hanspaul Pannu, CFO of Sharc Energy.
Sharc International provides wastewater heat exchange expertise and products that reduce carbon footprint and saves on energy costs.
Sharc International Systems Inc. (SHRC) was up 1.92 per cent, trading at C$0.265 per share at 10:30 am ET.