VANCOUVER, British Columbia, April 29, 2024 (GLOBE NEWSWIRE) -- SHARC International Systems Inc. (CSE:SHRC) (FSE: IWIA) (OTCQB:INTWF) ("SHARC Energy" or the "Company") announces it has filed financial results for the year ended December 31, 2023. All figures are in Canadian Dollars and in accordance with IFRS unless otherwise stated. Fourth Quarter and Year-end Financial Highlights: As of April 29, 2024, the Company has a Sales Pipeline1 of 16.9 million (M) and Sales Order Backlog2 of $3.1M. This represents a $2.3M increase or 288% growth in Sales Order Backlog. Sales Pipeline saw a marginal decrease of 5% since November 28, 2023, disclosure reflecting the deliberate efforts by the Company to refill the pipeline once projects convert to the order book. The combined pipeline showed an aggregate growth of 8% or $1.4M from the previous disclosure on November 28, 2023. Entering 2024, the $3.1M Sales Order Backlog, which historically converts to revenue within an average of 12 months from disclosure, marking a historic milestone for the Company. This figure represents a 15% improvement compared to the previous highest revenue year in Company history, recorded in the 2021 fiscal year. Working capital is $2.5M, which includes $1.2M of cash, as of December 31, 2023. The Company no longer holds any debt, except for standard operating payables and liabilities, due to the 100% conversion to equity of $3.95M in maturing convertible debt during the year ended December 31, 2023 ("YE 2023"). The leadership team is currently in discussions with multiple working capital facility lenders to utilize the expanding Sales Order Backlog as a strategic tool to facilitate the funding required for the Company's ongoing growth initiatives. During the three months ended December 31, 2023 ("Q4 2023"), the Company reported revenues of $(0.1M), a loss of $0.6M and an Adjusted EBITDA3 loss of $0.9M. In the same period in the prior year ("Q4 2022") the company reported revenue of $0.8M and an Adjusted EBITDA loss of $0.7M, however the loss improved 53% from $1.3M in comparison. During YE 2023, the Company reported revenues of $1.6M, a loss of $3.9M and an Adjusted EBITDA loss of $2.4M. Revenue decreased 18% versus year-end 2022 ("YE 2022") of $1.9M, the loss improved 19% versus YE 2022 of $4.8M and Adjusted EBITDA loss improved 7% versus 2022 comparative of $2.6M. Gross margin for YE 2023 improved to 43% compared to 29% for YE 2022. The improvement can be attributed to a shift to a supply and service revenue mix versus general contracting in 2022. Sales mix and gross margin in 2023 is reflective of what management expects going forward. Hanspaul Pannu, CFO and COO of SHARC Energy, said, "We entered 2023 poised for what we anticipated to be the most prosperous revenue year in the Company's history. While we acknowledge that our pipeline is susceptible to external factors like fluctuating interest rates and construction delays, which are beyond our direct influence, we remain optimistic. With the ongoing expansion and maturation of our pipeline, we foresee a gradual mitigation of these risks and a corresponding smoothing out of revenue volatility." Pannu added, "We now enter into 2024 with a Sales Order Backlog, or expected revenue, of $3.1M, which is roughly $500,000 shy of the Company's total revenue reported in the 2022 and 2023 fiscal years combined. This represents a 15% increase from the largest revenue year reported in the Company's history in 2021. There are several projects indicating signs of conversion from Sales Pipeline to Sales Order Backlog which would further grow the Company's order book and revenue in 2024. These positive forward-looking signals indicate the Company's pipeline has reached a maturity where its Sales Pipeline to Sales Order Backlog conversion rate is accelerating. The Company continues to increase the overall pipeline with a strong outlook and opportunity to accelerate growth." Pannu concluded, "As we continue to balance our working capital and our Sales Pipeline, the Company is now able to leverage its accelerating conversion to Sales Order Backlog to gain access to working capital facilities that will support the growth of SHARC Energy in the near and long term. Securing these solutions will provide the Company with necessary balance sheet flexibility while reducing the reliance on equity investment. SHARC Energy is currently in the process of reviewing and soliciting term sheets from lenders." Lynn Mueller, CEO and Chairman of the Company, says, "To augment the growing pipeline and support sustainable long-term growth for shareholders, we hired Michael Albertson, a 40-year veteran to our executive team as the President of SHARC Energy US. Michael comes with extensive industry experience and a proven track record. The addition of Michael has already begun to pay off, highlighted by the continued growth of our pipeline. Michael has brought credibility to SHARC Energy that is immeasurable as we continue to ...