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TORONTO and KNOXVILLE, Tenn., May 21, 2025 (GLOBE NEWSWIRE) — Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR, OTC: SAENF), a leading solar energy solutions provider focused on the commercial and utility solar sectors, has filed its audited financial results for the quarter and year ended December 31, 2024 (the “Financial Statements”) and related Management’s Discussion and Analysis (“MD&A”). The Financial Statements and related MD&A are available under the Company’s profile.at www.sedarplus.ca
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While Revenues in 2024 fell, from the record level of 2023, gross profits improved, and losses fell substantially as the Company approached breakeven.
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“Solar Alliance continues to see strong interest in renewable energy and strong demand for commercial solar projects. In recent years, the Company has honed its skill and laid down a track record in delivering C&I (commercial and industrial) and smaller utility projects. In the course of 2024, Solar Alliance completed 3MW from multiple smaller 100kW to 500kW projects. The Company has now moved toward a business development strategy targeting larger commercial projects in the 1MW to 5MW range, which the board believes we can deliver profitably, to support robust future growth. In recent years, overhead was decreased as we pursued a more focussed strategy. We now have the platform in place to target larger projects and we will selectively add resources to build on that and exploit the opportunities we have identified,”. said Solar Alliance CEO, Brian Timmons.
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We are well down the path to build a stable, growing company that is well positioned to take advantage of the broader shift to renewable energy. In this context, we closely monitor developments as they relate to the energy industry. We are encouraged to see an appreciation that the availability of competitively priced energy is a key factor underpinning future US economic growth. In the face of burgeoning energy demand over the next two decades the key market drivers that affect our business remain in place.
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Key financial highlights for 2024
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- Revenue decreased year-over-year to $5,446,757 (2023, $7,473,937) for the year ended December 31, 2024, as the Company focused on completion of a number of projects begun in 2023.
- Cost of sales of $3,873,917 (2023, $6,399,169) resulting in a gross profit of $1,572,840 (2023, $1,074,768).
- Net cash used in operating activities $1,830,685 (2023 – Net cash used by operating activities, $51,500)
- Net Cash provided (absorbed) by financing activities $845,000 (2023 – ($127,500))
- Net loss of $684,134 (2023 loss $1,811,861).
- Total expenses of $2,869,308 (2023 – $3,037,881), reduction of 5.5%.
- Salaries and benefits of $1,367,439 (2023 – $1,343,363), a 2% increase.
- Short-term loans and notes payable of $227,621 in 2024 (2023 – $137,500).
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Key business highlights and outlook
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Large project focus momentum. The Company continues to benefit from repeat customers while focusing on new customers’ opportunities for solar system sales and installations. Recent policy developments in our area of operations, and growing interest in community solar is increasing the number of opportunities in our target market.
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