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Sharc Intl Sys Inc (INTWF) delivers innovative energy management solutions through advanced HVAC integration and utility service technologies. This news hub provides investors and industry professionals with essential updates on the company's technical advancements and market position.
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Key updates include technology licensing announcements, HVAC solution enhancements, and operational performance metrics. The content maintains focus on factual reporting of engineering achievements and verified partnership developments within the energy sector.
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On May 16, 2024, SHARC Energy (OTCQB: INTWF) reported its Q1 2024 financial results.
Key highlights include a Sales Pipeline of $17M and a Sales Order Backlog of $2.3M. Revenue for Q1 2024 was $0.8M, up 6% YoY, with a gross margin of 38%.
The company holds $2M in working capital and is debt-free. Important projects include PIRANHA pilot sites in Massachusetts, a mixed-use development in California, the False Creek NEU Expansion, a retrofit project in Yonkers, and a major Brooklyn redevelopment.
SHARC Energy is positioning for growth, leveraging its Sales Order Backlog for funding and expanding its footprint in North America.
SHARC Energy, a leader in wastewater energy transfer, received unanimous approval from the Massachusetts Board of State Examiners of Plumbers and Gas Fitters for ten PIRANHA pilot sites. The approval aims to showcase the effectiveness of WET systems across various sectors. SHARC Energy's collaboration with Eversource Energy and UA signifies strong industry support for WET technologies. Massachusetts' focus on decarbonization and promotion of Thermal Energy Networks (TENs) aligns with SHARC Energy's expansion strategy. The legislative support for TENs in Massachusetts and other states sets a favorable environment for SHARC Energy's growth. The company's systems are eligible for investment tax credits, further incentivizing adoption. Overall, SHARC Energy anticipates significant growth and profitability in the WET sector.
SHARC Energy announced its 2023 year-end financial results, with a Sales Pipeline of 16.9M and Sales Order Backlog of $3.1M, showing significant growth. The company reported revenues of $1.6M for YE 2023, with an improved gross margin of 43%. Despite challenges like fluctuating interest rates, SHARC Energy remains optimistic about future revenue growth.
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