SHARC Energy announces a 2564% increase in Fourth Quarter Revenue and 328% increase for Fiscal 2021

Vancouver – (April 19, 2022) – SHARC International Systems Inc.  (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) (“SHARC Energy” or the “Company”) announces it has filed financial results for the fourth quarter and the year ended December 31, 2021. All figures are in Canadian Dollars unless otherwise stated and in accordance with IFRS. 

Fourth Quarter and Year End Highlights: 

  • Revenue for the three months ended December 31, 2021 (“Q4 2021”) was $0.98M, representing an increase of 2564% or 0.94M from the three months ended December 31, 2020 (“Q4 2020”).  
  • Revenue for the year ended December 31, 2021 (“YE 2021”) was $2.70M, representing an increase of 328% or $2.07M from the year ended December 31, 2020 (“YTD 2020”). This represents the largest revenue year in the Company’s history
  • The Company reported an Adjusted EBITDA1 loss of $0.40M in Q4 2021 which represents a 28% or $0.15M improvement over the Q4 2020 Adjusted EBITDA loss.  The Company also reported an Adjusted EBITDA loss of $1.46M in YE 2021 compared to $1.86M in YTD 2020, representing an improvement of 21% or $0.40M from YE 2020.  
  • As of April 18, 2022, the Company has Sales Pipeline2 of $6.02M. This represents a 15% growth from previous disclosure on November 15th, 2021. Furthermore, the Company has Sales Order Backlog3 of $0.56M, which represents a 62% decrease from previous disclosure on November 15th, 2021. The aggregate Sales Pipeline and Sales Order Backlog decreased by 2% from the previous disclosure which indicates the Company was able to replenish what has been recognized in Revenue to date. The Company continues to see growth in its leads and opportunities and anticipates continued growth of these figures over 2022. 
  • Loss for Q4 2021 and YE 2021 was $0.78M and $3.06M, representing a decrease of $0.17M from Q4 2020 and an increase of $0.15M from YE 2020. This increase in loss YE 2021 compared to YTD 2020 is largely driven by a gain on settlement of debt and revaluation of warrants on debt settlement reported in YE 2020 which improved the loss by $0.41M.                                                                           
  • The Company has $3.35M of working capital as of December 31, 2021. Management anticipates it has sufficient working capital to maintain its activities for the subsequent 12 months. 

“While we have delivered outstanding performance this past year, our new targets indicate we have many more opportunities to increase revenue as more people become aware of the economic and environmental benefits of turning wastewater into energy. We are continuing to dynamically manage our business while remaining focused on executing against our business strategy to drive long-term profitable growth,” says says Lynn Mueller, Chief Executive Officer of SHARC Energy. “We have a promising future ahead as we take Sharc Energy’s performance to the next level and drive significant shareholder value.” 

YE 2021 Highlights and Subsequent Events 

  • National Western Center. The National Western Center is pioneering the largest scale wastewater district-energy innovation in North America to date.  The National Western Center will rely on two SHARC™ wastewater recovery systems placed in the heart of its 3.8-megawatt (MW) district energy system, creating a low-carbon campus that is sustainable and regenerative. The first phase of development is expected to recover the thermal energy from 3,000 gallons of wastewater every minute, preventing 2,600 metric tons of carbon dioxide annually from being emitted into the atmosphere.  
  • Congresswoman Marcy Kaptur visit to DC WaterU.S. House Representative Marcy Kaptur, Chairwoman of the House Appropriations Subcommittee on Energy and Water Development, toured the U.S. capital’s DC Water Headquarters (“DC Water HQ”) on March 9, 2021. “I have never seen a technology that could have as positive of an impact on energy as what I have seen at the DC Water HQ,” said Congresswoman Kaptur after her visit. 
  • WashOut Laundry Retrofit. The Company completed a retrofit installation of a PIRANHA T15 into WashOut Laundry, representing the first PIRANHA retrofit approved under the FortisBC Custom Performance Program. WashOut is projected to save over 2,100 gigajoules per year of natural gas, saving 105 tonnes of greenhouse gas emissions annually. 
  • ELLA. A 45-suite multi-family residential project in Vancouver, B.C. seeking to reduce its energy costs and carbon footprint, while future proofing against rising carbon tax, has installed a PIRANHA T10 HC. The unit is estimated to save the project 524 tonnes of CO2 emissions reduction over its lifespan. 
  • Trico LivingWell. Calgary’s newest older adult community will be installing two PIRANHA T15’s in two thoughtfully-planned residences. The PIRANHA T15’s will reduce up to 100% of the CO2 emissions involved in the hot water production for the residences. These two units represent the 2nd and 3rd installation of a PIRANHA system in Alberta.  
  • lelǝḿ. A 1,200 residential unit master planned development’s heating and cooling needs will be met by utilizing a SHARC Energy low-carbon wastewater energy exchange system as part of a centralized energy facility. The system shipped in Q4 2021 and commissioned in Q1 2022. 
  • GEC King Edward. Vancouver’s largest student housing community in Metro Vancouver Global Education City’s (“GEC”) will be using a PIRANHA T10 in its King Edward project, a 46,000 square foot four-story rental apartment with six two-story townhouses that will accommodate approximately 180 occupants. This system shipped in Q4 2021. 
  • $3.56 Million (M) raised through capital markets and security exercises. Since the beginning of 2021 to the date of the MD&A, the Company raised $0.45M (gross) through non-brokered equity and equity unit private placements, $2.82M through the exercise of stock options and warrants and $0.29M through the exercise of debenture warrants. 
  • Conversion of Convertible Debt Face Value of $1.61M. During YE 2021 and subsequently to date, the Company has converted $1.59M of convertible debt. 

For complete financial information for the fourth quarter and the year ended December 31, 2021, please see the Audited Annual Financial Statements and Management Discussion and Analysis (“MD&A”) filed on SEDAR at

About SHARC Energy

SHARC International Systems Inc. is a world leader in energy recovery from the wastewater we send down the drain every day. SHARC Energy’s systems recycle thermal energy from wastewater, generating one of the most energy efficient and economical systems for heating, cooling & hot water production for commercial, residential and industrial buildings.

SHARC Energy is publicly traded in Canada (CSE: SHRC), the United States (OTCQB: INTWF) and Germany (Frankfurt: IWIA) and you can find out more on our SEDAR profile.

Learn more about SHARC Energy: Website | Investor Page | LinkedIn | YouTube | PIRANHA


Lynn Mueller
Chairman and Chief Executive Officer


Hanspaul Pannu
Chief Financial Officer
(604) 475-7710 ext. 4


Mike Tanyi
Director of Marketing and IT 
(604) 475-7710 ext.109

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements 

Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified using words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. SHARC Energy’s actual results could differ materially from those anticipated in this forward-looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Company. SHARC Energy believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company’s expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether because of new information, future events or otherwise, except as required by applicable securities legislation. 

[1] Sales Pipeline is a Non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the nine months ended September 30, 2021 MD&A.

[2] Sales Order Backlog is a Non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the nine months ended September 30, 2021 MD&A.

Contact Form

fullscreen pop up form that captures name, email, question type (sales, support, billing), subscribe (to zoho marketing hub list). Will need code from Zoho