10:45 AM EDT, 05/31/2024 (MT Newswires) -- Solar Alliance Energy Inc. ( SAENF ) reported Friday a first quarter swing to profit as revenue jumped 70%.

The company said net income was $0.2 million, or $nil per share, compared with a net loss of $1.4 million, or $nil per share, last year. Revenue increased 70% to $1.7 million from $0.98 million, as the company continued to expand its commercial and utility solar business.

"Our purposeful transition to larger commercial and utility solar projects continues to generate consistent revenue growth and combined with ongoing cost discipline, has resulted in a profitable first quarter of 2024," said Myke Clark, chief executive officer.

The company continues to see strong demand for commercial solar projects. Solar Alliance is also experiencing increasing demand for solar projects for small and medium-sized businesses in rural communities.

"Looking ahead, we will continue to target full year profitability for 2024 as we focus on high margin opportunities in the Southeast U.S commercial solar sector," Clark said.