Solar Alliance Records 98% Revenue Increase in Q2 Financial Results

Solar Alliance Records 98% Revenue Increase in Q2 Financial Results

VANCOUVER, British Columbia and KNOXVILLE, Tenn., Aug. 26, 2020 (GLOBE NEWSWIRE) — Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR, OTC: SAENF) is pleased to announce the Company’s 2020 second quarter and six-month periods results, with the following highlights:
Revenue for the three months ended June 30, 2020 was $1,361,937 compared to $686,873 in the same period in 2019.Revenue for the six months ended June 30, 2020 was $1,987,225 compared to $900,420 in the same period in 2019.The Company’s gross profit was $529,350 for the six months ended June 30, 2020 compared to $190,943 in the comparative period in 2019 or 27% and 21% respectively.Operating and selling expenditures, excluding non-cash depreciation and share-based compensation, were $921,885 in the six months ended June 30, 2020 compared to $1,602,786 in the comparative period, a decrease of 43%.“The Solar Alliance team continues to deliver value to customers during the COVID crisis and this has been positively reflected in the significant increase in revenue over the same period last year,” said CEO Myke Clark. “Solar Alliance has been focused on increasing our top line revenue growth and we have experienced positive results in the second quarter, illustrating the resilience of our solar sales model and the long-term strength of the solar industry. Year to date, Solar Alliance has almost equaled our total revenue from 2019 and we anticipate continued growth during the second half of 2020. Solar energy is well positioned as an industry to emerge from the current economic crisis stronger than ever as consumers take control of their electricity generation, save money and contribute to reduction of fossil fuel use.”Solar Alliance has been focused on reducing overhead at the corporate level to ensure the Company’s resources are appropriately allocated to driving new business and moving projects through the pipeline. The Company has also increased its focus on developing strategic partnerships that allow for expansion in a cost-effective manner, increasing profit margins on individual projects and driving towards overall company profitability.Myke Clark, CEOAbout Solar Alliance Energy Inc. (www.solaralliance.com)
Solar Alliance is an energy solutions provider focused on residential, commercial and industrial solar installations. The Company operates in California, Tennessee, North/South Carolina and Kentucky and has an expanding pipeline of solar projects. Since it was founded in 2003, the Company has developed $1 billion of wind and solar projects that provide enough electricity to power 150,000 homes. Our passion is improving life through ingenuity, simplicity and freedom of choice. Solar Alliance reduces or eliminates customers’ vulnerability to rising energy costs, offers an environmentally-friendly source of electricity generation, and provides affordable, turnkey clean energy solutions.
Statements in this news release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, constitute Forward-looking statements. The words “would”, “will”, “expected” and “estimated” or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different than those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related to the ability to raise sufficient capital, changes in economic conditions or financial markets, litigation, legislative or other judicial, regulatory and political competitive developments and technological or operational difficulties. Consequently, actual results may vary materially from those described in the forward-looking statements.“Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”

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