- Correlate posts significant increase in Q2 revenue from $1,584 in 2021 to $236,690 in 2022
- Customer deposits have also increased, from $0 during the same period in 2021 to $1,114,154 in Q2 2022, while operating expenses have grown from $4,937 to $1,444,794
- Correlate has attributed the growth to the increased emphasis on commercialization, a shift from previous quarters that focused on product development
- The company hopes to maintain the current trajectory in performance, mainly banking on helping its commercial customers increase their NOI while also maturing its aggressive acquisition strategy
Correlate Infrastructure Partners (OTCQB: CIPI), earlier released its results for the 2021 financial year, where CEO Todd Michaels expressed his optimism for 2022, mainly banking on the learnings from 2021 and building on the company’s focus toward more revenue-generating initiatives.
“In 2022, we anticipate revenues to increase with the expansion of operations, sales channels, and repeat business from our 2021 portfolio of national accounts,” Mr. Michaels noted.
“The post-pandemic U.S. commercial and industrial market has approximately 6.8 million facilities capable for our solution to increase building owner net income. With only about 3% of those facilities currently being addressed, demand is very high. We couldn’t be more confident and excited about our position for tremendous growth,” he added (https://ibn.fm/P1RJ2).
Correlate has since released its financial results for the second quarter (“Q2”) ended June 30, 2022, and the year to date ended June 30, 2022, noting a significant increase in revenue from $1,584 for the same period in 2021 to $236,690. In addition, customer deposits for Q2 totaled $1,114,154, up from $0 for the same period in 2021 (https://ibn.fm/GkrJX).
Correlate attributed this significant growth in performance to the shift in the business to commercialization, compared to previous quarters where there was significant product development. In addition, customer deposits accounted for approximately 32% of revenue from contracts with three key customers whose projects are under installation.
Operating expenses for Correlate saw an increase from $4,937 over the same period in 2021 to $1,444,794 in Q2 2022. This was credited to higher professional fees associated with acquisition activities and higher wage expenses associated with bringing on board new personnel to support growth.
Correlate currently has project opportunities valued at $74 million from recent awards at different stages, including projects that have been awarded agreements in development and contracts that have been executed under installation. In addition, it remains committed to growing as a full-service energy optimization service provider, and its management is confident that it will maintain its current performance trajectory.
“By helping commercial customers increase net operating income (“NOI”) through our clean energy solutions, the benefits of our innovative full-service platform becomes a more integral part of real estate asset management,” noted Mr. Michaels.
“We are also actively maturing our aggressive acquisition strategy by identifying targets that complement our technology stack or provide fulfillment capabilities in key regions,” he added.
So far, Correlate has achieved its revenue forecasts for the 2022 financial year. It looks to maintain its current performance by further focusing on commercialization and growing its customer numbers, ultimately growing its revenue and creating value for its shareholders.
For company information, visit the company’s website at www.CorrelateInfra.com, including the following:
- Breaking Down Barriers To Your ESG Goals While Generating Additional Net Operating Income: www.CorrelateInfra.com/our-process
- Platform Generates New Rent And Operating Income, Allowing You To Meet Your ESG Goals: www.CorrelateInfra.com/program
NOTE TO INVESTORS: The latest news and updates relating to CIPI are available in the company’s newsroom at https://ibn.fm/CIPI
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