VANCOUVER, British Columbia, May 24, 2022 (GLOBE NEWSWIRE) -- SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) ("SHARC Energy" or the “Company”) announces it has filed financial results for the first quarter ended March 31, 2022. All figures are in Canadian Dollars unless otherwise stated and in accordance with IFRS.
First Quarter Financial Highlights:
- Revenue for the three months ended March 31, 2022 (“Q1 2022”) was $0.88M, representing an increase of 365% or 0.69M from the three months ended March 31, 2021 (“Q1 2021”).
- As of May 24, 2022, the Company has Sales Pipeline1 of $7.5M. This represents a 25% growth from previous disclosure on April 18th, 2022. Furthermore, the Company has Sales Order Backlog2 of $0.84M, which represents a 50% increase from previous disclosure on April 18th, 2022. The aggregate Sales Pipeline and Sales Order Backlog increased by 27% from the previous disclosure indicating continued growth of our pipeline.
- The Company reported an Adjusted EBITDA3 loss of $0.52M in Q1 2022 which represents a 2% or $0.01M increase over the Q1 2021. Adjusted EBITDA loss. The Company spend has increased by approximately 25% from the comparative quarter with increased investment into headcount within Sales, Marketing and Operations and advertising and promotion spend.
- Loss for Q1 2022 was $0.84M, representing a decrease of $0.01M from Q1 2021. This decrease in loss in Q1 2022 is driven by increased headcount, travel and marketing expense offset by an increase in gross margin compared to Q1 2021.
- The Company has $1.68M of working capital as of March 31, 2022. Management anticipates it has sufficient working capital to maintain its activities for the subsequent 12 months.
“By diligently executing on our business strategy this past year, SHARC Energy has demonstrated a tremendous increase in sales performance and our ability to capture market share. Our current sales forecast indicates a consistent upward revenue trend because of the positive economic and environmental benefits of turning wastewater into energy. We are focused on leading the industry transition to cleantech while driving immediate and long-term profitable growth,” says Lynn Mueller, Chief Executive Officer of SHARC Energy. “We have the competitive advantage; our team, our innovative products and solutions and our commitment to rapidly scale will positively impact shareholder value.”
Q1 2022 Highlights and Subsequent Events
For complete financial information for the first quarter ended March 31, 2022, please see the Condensed Consolidated Interim Financial Statements and Management Discussion and Analysis (“MD&A”) filed on SEDAR at www.sedar.com.
About SHARC Energy
SHARC International Systems Inc. is a world leader in energy recovery from the wastewater we send down the drain every day. SHARC Energy's systems recycle thermal energy from wastewater, generating one of the most energy-efficient and economical systems for heating, cooling & hot water production for commercial, residential and industrial buildings.
SHARC Energy is publicly traded in Canada (CSE: SHRC), the United States (OTCQB: INTWF) and Germany (Frankfurt: IWIA) and you can find out more on our SEDAR profile.
Learn more about SHARC Energy: Website | Investor Page | LinkedIn | YouTube | PIRANHA
ON BEHALF OF THE BOARD
Lynn Mueller
Chairman and Chief Executive Officer
| For investor inquiries, please contact: | For media inquiries, please contact: |
| Hanspaul Pannu | Kamran Shaikh |
| Chief Financial Officer | Account Director |
| SHARC Energy | PR Associates |
| Telephone: (604) 475-7710 ext. 4 | Telephone: 778-846-5406 |
| Email: kshaikh@prassociates.com | |
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified using words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. SHARC Energy’s actual results could differ materially from those anticipated in this forward-looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Company. SHARC Energy believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company’s expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether because of new information, future events or otherwise, except as required by applicable securities legislation.
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1 Sales Pipeline is a Non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the Q1 2022 MD&A.
2 Sales Order Backlog is a Non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the Q1 2022 MD&A.
3 Adjusted EBITDA is a Non-IFRS measure. Please see discussion and reconciliation of Alternative Performance Measures and Non-IFRS measures in the Q1 2022 MD&A.
