VANCOUVER, British Columbia, Aug. 29, 2024 (GLOBE NEWSWIRE) -- SHARC International Systems Inc. (CSE:SHRC) (FSE: IWIA) (OTCQB:INTWF) ("SHARC Energy" or the "Company") is pleased to announce it has filed financial results for the three and six months ended June 30, 2024. All figures are in Canadian Dollars and in accordance with IFRS unless otherwise stated.
Second Quarter and Year to Date (YTD) Financial Highlights:
Revenue for the six months ended June 30, 2024 ("YTD 2024") is $1.56M representing 98% of the full year revenue in 2023. Revenue slightly increased quarter over quarter from the three months ended March 31, 2024, of $0.778M to $0.78M during the three months ended June 30, 2024 ("Q2 2024").
As of August 29, 2024, the Company has a Sales Pipeline1 of 16.9 million (M) and Sales Order Backlog2 of $2.7M. Sales Pipeline saw a slight decrease of 1% or $0.15M while Sales Order Backlog improved by 16% since the Company's May 16, 2024 disclosure despite drawing down Sales Order Backlog by $0.78M. The Company continues to observe that the maturity of its Sales Pipeline will result in a transformative year for SHARC Energy and that future revenue to be recognized is growing.
Revenue for Q2 2024 is $0.78M, which is a 72% increase from the three months ended June 30, 2023 ("Q2 2023"). YTD 2024 revenue is $1.56M which represents a 31% increase from the six months ended June 30, 2023 ("YTD 2023").
Gross margins for Q2 2024 and YTD 2024 were 41% and 40%, respectively, demonstrating the Company's resilience despite a decrease from the impressive 49% and 45% reported in Q2 2023 and YTD 2023, respectively. Management remains optimistic that these margins align well with our expectations for the coming quarters.
Michael Albertson, President of SHARC Energy US, said, "The second quarter of 2024 continued to validate that SHARC Energy's pipeline has reached a key maturity milestone as Sales Order Backlog grew from its previous disclosure on May 16, 2024, despite recognizing quarter over quarter revenue growth in Q2 2024 compared to Q1 2024. Sales Order Backlog currently contains 10 projects which are the most projects under order at any period in the Company's history indicating the Company's future revenue to be recognized is not only growing but diversifying. Although it isn't definitive that the volatility of SHARC's maturing and growing pipeline is behind us, there are several projects indicating signs of conversion from Sales Pipeline to Sales Order Backlog which should affirm continued stability and growth of revenue in the near and long term. "
"TEN solutions for decarbonization of thermal energy loads continue to grow in awareness and acceptance in North America with SHARC learning of projects being planned across the continent. In the Greater Vancouver, British Columbia region alone, there ...
