- Solar Alliance Energy (TSXV:SOLR) has filed its financial results for Q1 2024, highlighting 70 per cent year-over-year quarterly revenue increase
- In total, revenue increased to C$1,664,857 up from $974,577 compared to Q1 2023
- The company also continues to target larger customers for third-party solar system sales and installations
- Shares of Solar Alliance Energy are unchanged at C$0.05
Solar Alliance Energy (TSXV:SOLR) has filed its financial results for Q1 2024, highlighting a 70 per cent year-over-year quarterly revenue increase.
The company stated in a news release Friday that in total, revenue increased to C$1,664,857 up from $974,577 compared with Q1 2023, leading to achieved profitability for Q1 2024.
“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,” Myke Clark, CEO of Solar Alliance Energy, said in a statement. “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.”
The company stated it will continue targeting full-year profitability for 2024 as it focuses on high-margin opportunities in the southeast U.S. commercial solar sector.
Other financial highlights include net income of $201,834 and cost of sales totalling $1,018,394, representing a gross profit of $646,463.
Solar Alliance Energy also remains focused on targeting larger customers for third-party solar system sales and installations, specifically for commercial and industrial customers.
Solar Alliance Energy is an energy solutions provider focused on the commercial, utility and community solar sectors.
Shares of Solar Alliance Energy (TSXV:SOLR) are unchanged at C$0.05.
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