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SHARC International Systems Inc., doing business as SHARC Energy, develops and sells wastewater energy transfer systems that exchange thermal energy with wastewater for heating, cooling and domestic hot water applications. Its reported product portfolio includes SHARC 880, PIRANHA and Back-Flush Only systems for commercial, residential, industrial and district energy settings.
Company news commonly covers equipment orders, project deployments, system commissioning, backlog and revenue updates, product-category expansion, and governance actions. Reported applications include district energy and thermal energy networks, wastewater treatment plant effluent, multifamily housing, airports, data centers, universities and other facilities using wastewater or hydronic sources as thermal-energy reservoirs.
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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