Sharc Energy Announces 2024 Year End Financial Results

Core Insights - SHARC International Systems Inc. reported a strong growth year in 2024, with revenues increasing by 36% from $1.59 million in 2023 to $2.17 million in 2024, and anticipates continued growth with a Sales Order Backlog of nearly $3.0 million for 2025, representing a potential 38% increase over 2024 revenue [1][2] Financial Performance - Revenue for the year ended December 31, 2024, was $2.17 million, a 36% increase from $1.59 million in 2023 [2] - The company reported a loss of $3.72 million for the year, which is a 5% decrease from the loss of $3.9 million in 2023 [2] - Adjusted EBITDA loss for the year was $2.57 million, which increased by 5% compared to $2.45 million in 2023 [2] - Gross margins for the year were 42%, slightly down from 43% in 2023 [2] Sales Pipeline and Order Backlog - As of April 30, 2025, the company has a Sales Pipeline of $16.8 million and a Sales Order Backlog of $3.0 million, reflecting a 20% growth in Sales Order Backlog since November 2024 [2] - The Sales Order Backlog is expected to convert to revenue within an average of 12 months, indicating a solid platform for revenue consistency and growth [2] Project Developments - The company is involved in several Thermal Energy Network (TEN) projects, which are gaining traction across North America, including municipal and utility-supported systems in the Greater Vancouver area [1][3] - SHARC Energy is expanding into new sectors such as wastewater treatment facilities, universities, and water utilities, which are expected to provide fewer regulatory hurdles and shorter sales cycles [3] Leadership Changes - Michael Albertson was appointed as the new CEO, President, and Director on December 12, 2024, succeeding Lynn Mueller, who remains as Executive Chairman [4] - Fred Andriano joined the Board of Directors, bringing experience from his previous role as CFO at WaterFurnace International [4] Financing Activities - The company closed a non-brokered private placement of debenture units, raising $2 million at an 8.0% interest rate [4] - Insider ownership represents 16% of the current outstanding float, with management and directors purchasing 5,653,396 common shares during the year [5] Market Position - SHARC Energy is recognized as a leader in energy recovery from wastewater, providing energy-efficient systems for heating, cooling, and hot water production [6] - The company is publicly traded in Canada, the United States, and Germany, enhancing its visibility and market reach [7]