SHARC Energy Reveals Financial Results for End of 2023

SHARC Energy, a leading energy recovery company, has recently announced its financial results for the year ended December 31, 2023. The company reported significant growth in its Sales Order Backlog, reaching $3.1 million, representing a 288% increase from the previous period. This milestone marks a historic achievement for SHARC Energy, with the Sales Order Backlog historically converting to revenue within an average of 12 months.

Moreover, the company’s working capital stands at $2.5 million, including $1.2 million in cash, as of December 31, 2023. SHARC Energy has successfully converted all its debt to equity, positioning itself for future growth and expansion. The leadership team is currently in discussions with working capital facility lenders to support the company’s ongoing initiatives.

Despite reporting a loss in revenue during the fourth quarter of 2023, SHARC Energy remains optimistic about its future prospects. The company’s gross margin for the year improved to 43%, reflecting a shift towards a supply and service revenue mix. This strategic move has positioned SHARC Energy for sustainable growth in the coming years.

Additionally, SHARC Energy has made significant strides in expanding its reach and securing new projects. The company received purchase orders for various installations across North America, including in New York, California, and Colorado. These projects highlight the growing demand for SHARC Energy’s innovative Wastewater Energy Transfer technology.

With a strong outlook and a robust pipeline of projects, SHARC Energy is well-positioned to capitalize on the increasing demand for sustainable energy solutions. The company’s recent appointments to its executive team and board of directors further demonstrate its commitment to driving growth and innovation in the renewable energy sector.