Work With Us

Next2Sun and iSun build first vertical agrivoltaics system in the USA

DILLINGEN, Germany–(BUSINESS WIRE)–The US solar company iSun, Inc. (NASDAQ: ISUN) (“iSun”) and the German agrivoltaics pioneer Next2Sun Mounting Systems GmbH (“Next2Sun”) have been cooperating since the beginning of 2023 to jointly establish Next2Sun’s vertical agrivoltaics system in the USA. Construction of the first agrivoltaics plant with Next2Sun system will begin in Vermont in early 2024.

For 50 years, iSun has enabled the important transitions of our world by accelerating the adoption of proven technological innovations that improve our lives. From the clean rooms that enabled silicone chip production, to the telecommunication installation services that connected industries and consumers to the internet, iSun has enabled the most important technological transformations of the last century. While these technologies and our capabilities have changed over the years, our commitment to accelerating the adoption of proven, world-changing technologies has remained steadfast. Today, iSun believes that clean renewable solar energy is the most important investment we can make. We are driven to use our capabilities to accelerate the transition from dirty to clean energy.

Next2Sun is the inventor, innovation and technology leader in vertical bifacial photovoltaics. The basic concept of vertically installed, bifacial solar modules shifts solar power production to times of usually low availability and avoids the overbuilding of agricultural land. For the success of the energy transition, this means fewer conflicts of use, better coverage of electricity demand and lower storage requirements. Next2Sun has developed a wide range of products based on the vertical bifacial system technology and the patented frame system developed for it, and brought them to market maturity, in particular the vertical bifacial agrivoltaics system and the bifacial solar fence. As a result, Next2Sun today offers solutions for a variety of applications for the agricultural, public, commercial and private sectors as a multi-award-winning market and technology leader.

The first common agrivoltaics project of Next2Sun and iSun will be realised in Vermont at the beginning of 2024. On an area of 3.7 acres, 69 vertical rack elements, each with 2 bifacial solar modules, will be installed at a distance of 30 ft. Vegetables such as carrots and beetroot as well as saffron will be planted between the rows.

“The Next2Sun system is an excellent supplement to our product portfolio,” says iSun CEO Jeffrey Peck, “Thanks to the vertical mounting of the modules and the adaptability of the installation to the needs of the farmer, the valuable land is almost completely preserved for agriculture.”

Next2Sun AG CEO Heiko Hildebrandt is also looking forward to the collaboration: “In iSun, we have found a partner who, like us, wants to accelerate the energy transition. With our vertical bifacial agrivoltaics system, we can make an important contribution to this, especially in areas such as the north-east of the USA. The vertical Next2Sun system always produces electricity when conventional PV systems are producing less.”

This project is supported by the German Federal Ministry for Economic Affairs and Climate Action as part of the Renewable Energy Solutions Programme of the German Energy Solutions Initiative.

German Energy Agency (dena)

The German Energy Agency (dena) is a centre of excellence for the applied energy transition and climate protection. dena studies the challenges of building a climate-neutral society and supports the German government in achieving its energy and climate policy objectives. Since its foundation in 2000, dena has worked to develop and implement solutions and bring together national and international partners from politics, industry, the scientific community and all parts of society. dena is a project enterprise and a public company owned by the German federal government. dena’s shareholder is the Federal Republic of Germany. www.dena.de/en

German Energy Solutions Initiative

With the aim of positioning German technologies and know-how worldwide, the German Energy Solutions Initiative of the Federal Ministry of Economics and Climate Action (BMWK) supports suppliers of climate-friendly energy solutions in opening up foreign markets. The focus lies on renewable energies, energy efficiency, smart grids and storage, as well as technologies such as power-to-gas and fuel cells. Aimed in particular at small and medium-sized enterprises, the German Energy Solutions Initiative supports participants through measures to prepare market entry as well as to prospect, develop and secure new markets. www.german-energy-solutions.de/GES/Navigation/EN/Home/home.html

Renewable Energy Solutions Programme (RES Programme)

With the RES programme, the Energy Export Initiative of the Federal Ministry of Economics and Climate Action (BMWK) helps German companies in the renewable energy and energy efficiency sectors enter new markets. Within the framework of the programme, reference plants are installed and marketed with the support of the German Energy Agency (dena). Information and training activities help ensure a sustainable market entry and demonstrate the quality of climate-friendly technologies made in Germany. www.german-energy-solutions.de/GES/Redaktion/EN/Basepages/Services/dena-res.html

Contacts

Next2Sun AG
Tanja Göller
Franz-Meguin-Straße 10a
66763 Dillingen

Phone: 0049 3222 18090
E-Mail: info@next2sun.de
www.next2sun.com

iSun, Inc.
Kyle Kiser
400 Ave D, Suite 10
Williston, VT 05495

Phone: 802-658-3378
Email: info@isunenergy.com
www.isunenergy.com

iSun Inc. Secures $8.0 million Term Loan

$8.0 million debt instrument with 48-month amortization

Retire existing Senior Secured Convertible Notes

WILLISTON, VT, December 14, 2023–(BUSINESS WIRE)–iSun, Inc. (NASDAQ: ISUN) (the “Company,” or “iSun”), a leading solar energy and clean mobility infrastructure company with 50-years of experience accelerating the adoption of innovative electrical technologies, today announced the closing of an $8.0 million senior secured loan with Decathlon Capital Partners, the country’s largest revenue-based funding investor, to refinance in full the prior senior secured convertible facility which had become overly dilutive.

The transaction, which carries a 48-month term, is a straight debt instrument, thus avoiding any equity dilution. Debt service payments begin at a smaller initial level and increase over the course of the loan in several step-ups, tracking the Company’s revenue growth. Along with Decathlon’s collaborative approach and covenant-light terms, these features make this an ideal funding instrument for iSun at this stage of the company’s life.

Funds will be utilized as follows:

“This is a huge milestone for iSun, and I want to say ‘thank you’ to our new financing partners at Decathlon and to our employees for all their hard work in getting this across the finish line.” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun. “This debt facility validates our commitment to accelerating the transition to clean energy as we continue our fight against climate change while providing an opportunity to strengthen our balance sheet. After careful consideration of all available financing options, the terms negotiated with Decathlon were the most favorable for the iSun shareholders. As we continue to grow our geographic footprint and establish new customer relationships, we believe our ability to drive value across all aspects of the solar life cycle will create meaningful, long-term value for our shareholders.”

England & Company acted as exclusive advisor and placement agent for the financing and Merritt & Merritt acted as the Company’s legal counsel.

About iSun Inc.

Since 1972, iSun has accelerated the adoption of innovations in energy transition and electrification technology. iSun has been the trusted service provider to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 600 megawatts of solar systems. The Company currently provides a comprehensive suite of solar services across residential, commercial, industrial & municipal, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.

Forward Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as “may,” “should,” “expects,” “could,” “intends,” “plans,” “anticipates,” “estimates,” “believes,” “forecasts,” “predicts” or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.

The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.

All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.

IR Contact: IR@isunenergy.com

iSun Inc. Reports Third Quarter 2023 Results

Q3 2023 revenues of $27.9 million, a 47% increase from Q3 2022, driven by higher demand in commercial and industrial division

and strong execution of company’s strategy

Reaffirms expectations for total revenue of $95-100 million in 2023, a 24-31% increase over 2022

Signs term sheet for non-dilutive $8 term loan

Williston, VT, November 14, 2023 — iSun, Inc. (NASDAQ: ISUN) (the “Company,” or “iSun”), a leading solar energy and clean mobility infrastructure company with 50 years of experience accelerating the adoption of innovative electrical technologies, today announced financial results for the third quarter of 2023 ended September 30, 2023.

Quarterly Highlights

Management Commentary

“Our commercial and industrial segment continues to respond exceptionally well to the increased demand and momentum in the market, which enabled iSun to generate 47% higher revenue and a 45 basis point improvement in margins in the 2023 third quarter compared to last year. Our team is focused on executing our growth strategy, leveraging the positive tailwinds from climate legislation and higher customer interest in alternative energy solutions, despite challenges associated with higher interest rates for residential customers,” said Jeffrey Peck, Chief Executive Officer of iSun. “I am very pleased by our continued success in achieving new contract wins, as we added $27 million in the third quarter, for a total of $67 million in the first nine months of this year, a record pace for iSun. The continued focus on solar energy and clean mobility provides critical support to our marketing efforts, and we intend to leverage our existing relationships, as well as our most recent partnership with Cleantech Industry Resources, to drive increased business opportunities. I am also pleased by the reduction in our operating costs even as we increase revenues, as we continuously improve our operations as we scale, through efficiency, innovation and collaborations, all of which offset challenges we experience from supply chain and macroeconomic constraints. Our strong progress so far this year provides us with the confidence to reaffirm our annual revenue guidance for 2023, as we implement and complete our many projects.”

Third Quarter and Year to Date Results

iSun reported third quarter 2023 revenue of $27.9 million, up 47% from $19.0 million in the same period in 2022. YTD revenue was $70.3 million, representing a $19.7 million or 39% increase over the same period in 2022.  Revenue growth was driven primarily by the fulfillment of commercial and industrial projects across multiple states receiving notice to proceed as well as our residential backlog; total backlog was $161.8 million as of September 30, 2023. iSun also generated new future demand by adding $27 million in new business during the third quarter and a total of $67 million in the first nine months of 2023, primarily driven by strong demand for commercial and industrial services as well as for focused project origination and design services for partners on large national carport projects.

Divisional highlights as of September 30, 2023, include:

Gross profit in the third quarter was $5.4 million, up 50% from $3.6 million in the third quarter of 2022. Gross margin for the quarter was 19.45%, up 45 basis points from 19.0% in the same period in 2022. YTD gross profit was $14.9 million, up 41% compared to $10.5 million during the same period in 2022. YTD gross margin was 21.2%, up 40 basis points compared to 20.8% during the same period in 2022.

The operating loss in the third quarter was ($1.8) million, a $3 million or 64% improvement compared to a loss of ($4.9) million in 2022’s third quarter, primarily reflecting the higher revenues and lower operating expenses as part of the company’s efficiency focus. YTD operating income was a loss of ($6.2) million, a $10 million or 62% reduction compared to a loss of ($16.2) million during the same period in 2022. Non-cash depreciation and amortization expenses were $0.8 million in the third quarter of 2023, compared to $1.8 million in prior year period. YTD non-cash depreciation and amortization expenses were $2.3 million compared to $5.3 million in the same period in 2022.

iSun reported a net loss of ($2.2) million, or ($0.07) per share, in the third quarter of 2023, compared to a net loss of ($4.9) million, or ($0.36) per share, in the same period in 2022. YTD net loss was ($7.8) million or ($0.35) per share compared to a net loss of ($13.5) million or ($0.98) per share in the same period in 2022.

Adjusted EBITDA for the third quarter of 2023 was a loss of ($0.5) million or ($0.02) per share, compared to a loss of ($2.5) million or ($0.18) per share in 2022’s third quarter. YTD Adjusted EBITDA was a loss of ($2.3) million or ($0.10) per share compared to a loss of ($5.9) million or ($0.43) per share in the same period in 2022.

Outlook

iSun’s continuing success in winning new business, from solar projects to EV infrastructure and project origination and development services, along with its sizable backlog, is expected to enable the company to produce total revenue of $95-100 million for the full year 2023, representing a 24-31% increase over total revenues of $76.5 million in 2022. With the positive results from its focus on efficiency so far this year, iSun also anticipates improved sequential adjusted EBITDA in the fourth quarter of 2023; operating profitability and margin expansion each quarter remains a goal, although they remain impacted by revenue mix in any quarter.

Added Mr. Peck, “We continue to make substantial progress towards the targets we set for iSun’s performance this year, as we execute on our strategy and fulfill our commitments to investors. We remain confident that our expanded capabilities effectively address the needs of more customers and position us to accelerate our growth in the evolving alternative energy sector. Our continued success in winning significant contracts with existing and new customers reflects the appeal of our platform approach that delivers a suite of services to meet the needs of diverse customers. This year, we are also benefiting from the expertise of our team in executing efficiently on our backlog to address our customers’ needs and leveraging the relationships and partnerships we have established. Now that our country’s energy policy has been established for the next 10 years through the IRA legislation passed in 2022, we expect those factors to help us scale our operations significantly in the next few years, no matter what macroeconomic challenges may persist, and thus enable us to generate steadily higher revenue and reach operating profitability in the years ahead.”

Financing Update

iSun announced today that it had signed a term sheet for an $8 non-dilutive term loan that will amortize over four years. John Sullivan, Chief Financial Officer, said, “We see this new non-dilutive financing as a strong validation of our long-term value and look forward to completing the agreement shortly.”

Third Quarter 2023 Conference Call Details

iSun will host a conference call today, Tuesday, November 14, at 8:30 AM ET to review the Company’s financial results and discuss its operations and outlook. Participants can access the live conference call via telephone at 1-888-506-0062 (domestic) or 1-973-528-0011 (international), using conference ID 393609 or via webcast in the Investor Relations section of the iSun website at investors.isunenergy.com. An audio replay will be available through Tuesday, November 28, 2023, and can be accessed by dialing 1-877-481-4010 (domestic) or 1-919-882-2331 (international), using conference code 49411. A webcast of the conference call will be available beginning approximately one hour after the call is completed at investors.isunenergy.com.  

iSun, Inc.

Condensed Consolidated Balance Sheets as of

September 30, 2023 (Unaudited) and December 31, 2022

(In thousands, except number of shares)

  September 30, 2023  December 31, 2022 
Assets        
Current Assets:        
Cash $5,600  $5,455 
Accounts receivable, net of allowance  13,127   8,783 
Contract assets  11,485   7,324 
Inventory  1,569   2,536 
Other current assets  1,698   1,625 
Total current assets  33,479   25,723 
Other Assets:        
Property and equipment, net of accumulated depreciation  8,297   8,440 
Operating lease right-of-use assets, net  6,479   6,960 
Captive insurance investment  629   270 
Intangible assets, net  12,839   14,038 
Investments  12,020   12,020 
Other assets  30   30 
Total other assets  40,294   41,758 
Total assets $73,773  $67,481 
Liabilities and Stockholders’ Equity        
Current Liabilities:        
Accounts payable $20,783  $12,941 
Accrued expenses  4,677   5,868 
Operating lease liability  598   588 
Contract liabilities  6,439   5,419 
Current portion of deferred compensation  8   31 
Current portion of long-term debt  8,544   5,374 
Total current liabilities  41,049   30,221 
Long-term liabilities:        
Warrant liability  178   10 
Operating lease liability, net of current portion  6,261   6,711 
Other liabilities  2,448   3,026 
Long-term debt, net of current portion  883   8,226 
Total liabilities  50,819   48,194 
Contingencies (Note 1l)      
Stockholders’ equity:      
Preferred stock – 0.0001 par value 1,000,000 shares authorized, 0 issued and outstanding as of September 30, 2023 and December 31, 2022      
Common stock – 0.0001 par value 49,000,000 shares authorized, 34,940,885 and 15,083,109 issued and outstanding as of September 30, 2023, and December 31, 2022, respectively  3   2 
Additional paid-in capital  85,492   74,070 
Accumulated deficit  (62,541)  (54,785)
Total Stockholders’ equity  22,954   19,287 
Total liabilities and stockholders’ equity $73,773  $67,481 

The accompanying notes are an integral part of these consolidated financial statements.

iSun, Inc.

Condensed Consolidated Statements of Operations

For the Three and Nine Months Ended September 30, 2023 and 2022 (Unaudited)

(In thousands, except number of shares and per share data)

  2023  2022  2023  2022 
  Three Months ended  Nine Months ended 
  September 30,  September 30, 
  2023  2022  2023  2022 
Earned revenue $27,909  $19,034  $70,274  $50,597 
Cost of earned revenue  22,481   15,417   55,360   40,057 
Income before operating expenses  5,428   3,617   14,914   10,540 
                 
Warehousing and other operating expenses  183   172   634   1,539 
General and administrative expenses  5,747   5,965   16,930   17,474 
Stock based compensation – general and administrative  494   567   1,240   2,402 
Depreciation and amortization  782   1,770   2,294   5,300 
Total operating expenses  7,206   8,474   21,098   26,715 
Operating loss  (1,778)  (4,857)  (6,184)  (16,175)
                 
Other (expense) income:                
Gain on forgiveness of PPP Loan           2,592 
Change in fair value of the warrant liability  (178)  7   (168)  98 
Loss on debt conversion        (303)   
Interest expense, net  (292)  (84)  (1,089)  (800)
Other (expense) income  (470)  (77)  (1,560)  1,890 
                 
Loss before income taxes  (2,248)  (4,934)  (7,744)  (14,285)
Tax expense (benefit)        12   (765)
                 
Net loss $(2,248) $(4,934) $(7,756) $(13,520)
                 
Net loss per share of Common Stock – Basic and diluted $(0.07) $(0.36) $(0.35) $(0.98)
                 
Weighted average shares of Common Stock – Basic and diluted  30,898,334   13,546,624   22,222,377   13,769,564 

The accompanying notes are an integral part of these consolidated financial statements.

Non-GAAP Financial Measures

Included in this presentation are discussions and reconciliations of earnings before interest, income tax and depreciation and amortization (“EBITDA”) and EBITDA adjusted for certain non-cash, non-recurring or non-core expenses (“Adjusted EBITDA”) to net loss in accordance with GAAP. Adjusted EBITDA excludes certain non-cash and other expenses, certain legal services costs, professional and consulting fees and expenses, and one-time Reverse Merger and Recapitalization expenses and certain adjustments. We believe that these non-GAAP measures illustrate the underlying financial and business trends relating to our results of operations and comparability between current and prior periods. We also use these non-GAAP measures to establish and monitor operational goals.

These non-GAAP measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute or superior to, the other measures of financial performance prepared in accordance with GAAP. Using only the non-GAAP financial measures, particularly Adjusted EBITDA, to analyze our performance would have material limitations because such calculations are based on a subjective determination regarding the nature and classification of events and circumstances that investors may find significant. We compensate for these limitations by presenting both the GAAP and non-GAAP measures of our operating results. Although other companies may report measures entitled “Adjusted EBITDA” or similar in nature, numerous methods may exist for calculating a company’s Adjusted EBITDA or similar measures. As a result, the methods that we use to calculate Adjusted EBITDA may differ from the methods used by other companies to calculate their non-GAAP measures.

The reconciliations of EBITDA and Adjusted EBITDA to net loss, the most directly comparable financial measure calculated and presented in accordance with GAAP, are shown in the table below:

  Three Months Ended
September 30,
  Nine Months Ended
September 30,
 
  2023  2022  2023  2022 
Net income (loss) $(2,248) $(4,934) $(7,756) $(13,520)
Depreciation and amortization  782   1,770   2,294   5,300 
Interest expense  292   84   1,089   800 
Stock based compensation  494   567   1,240   2,402 
Loss on conversion of debt – – 303 –                
Change in fair value of warrant liability  178   (7)  168   (98)
Income tax (benefit)        12   (765)
EBITDA  (495)  (2,520)  (2,650)  (5,881)
Other costs(1)     10   350   10 
Adjusted EBITDA $(495) $(2,510) $(2,300) $(5,871)
                 
Weighted Average shares outstanding  30,898,334   13,546,624   22,222,377   13,769,564 
                 
Adjusted EBITDA per share  (0.02)  (0.18)  (0.10)  (0.43)
(1)Other costs consist of one-time legal expenses related to the settlement of a lawsuit.

About iSun Inc.               

Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted service provider to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 600 megawatts of solar systems. The Company currently provides a comprehensive suite of solar services across residential, commercial, industrial & municipal, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.

Forward Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as “may,” “should,” “expects,” “could,” “intends,” “plans,” “anticipates,” “estimates,” “believes,” “forecasts,” “predicts” or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.

The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.

All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.

For more information contact:

Investor Relations

IR@isunenergy.com

iSun Inc. Announces Timing for Third Quarter 2023 Conference Call and Webcast

Williston, VT, November 6, 2023 – iSun, Inc. (NASDAQ: ISUN) (the “Company,” or “iSun”), a leading solar energy and clean mobility infrastructure company with 50-years of experience accelerating the adoption of innovative electrical technologies, today announced that it will issue financial results for the third quarter and nine months ended September 30, 2023, before the market opens on Tuesday, November 14, 2023.

A conference call to discuss the results will take place that day at 8:30 AM ET. To participate in the call, please dial 1-888-506-0062 (domestic) or 1-973-528-0011 (international), using conference ID 393609. The live webcast can be accessed through the Company’s Investor Relations website at investors.isunenergy.com.

A webcast replay of the call will be available at the same location beginning approximately one hour after the call’s completion. A telephonic replay will be available through November 28, 2023, and can be accessed by dialing 1-877-481-4010 (domestic) or 1-919-882-2331 (international), using conference code 49411.


About iSun Inc.
Since 1972, iSun has accelerated the adoption of proven innovations in electrification technology. iSun has been the trusted service provider to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 600 megawatts of solar systems. The Company currently provides a comprehensive suite of solar services across residential, commercial, industrial & municipal, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.

For more information contact:
iSun Investor Relations
IR: IR@isunenergy.com

iSun Inc. Reports Significant Stock Purchases by Senior Management

Company re-affirms full year revenue guidance of $95-100 million, a 24-31% increase over 2022

WILLISTON, Vt.–(BUSINESS WIRE)–iSun, Inc. (NASDAQ: ISUN) (the “Company,” or “iSun”), a leading solar energy and clean mobility infrastructure company with 50 years of experience accelerating the adoption of innovative electrical technologies, today announced that Jeffrey Peck, Chairman and CEO, and John Sullivan, Chief Financial Officer, have each purchased 50,000 shares of iSun common stock on the open market, thus together buying 100,000 shares at a total price of $52,808, or an average cost of $0.53 per share, reinforcing their confidence in the company’s progress and opportunities ahead.

Said Mr. Peck, “Building on the transformational year of 2022, we’re thrilled that 2023 is off to a strong start for iSun, with first quarter revenue growth of 15% and a 30% reduction in operating expenses – all supporting our targets of increasing our revenue this year by 24-31% and attaining adjusted EBITDA profitability. John and I believe that iSun is performing very well across our market segments, and we view the current stock price as not reflecting our current or potential value.”

He continued, “With the power of the Inflation Reduction Act providing 10-year support for alternative energy tax treatment, we anticipate that the best is yet to come for iSun. In the first quarter this year, we’ve already won $32 million in new contracts for both solar and EV infrastructure projects. Our teams are reaching peak productivity, with a backlog of $178.8 million as of March 31, 2023, and that provides us with confidence that we will achieve our outlook for 2023. iSun is indeed well positioned to generate sustainable, profitable long-term growth, for the benefit of its customers, shareholders and employees.”

About iSun Inc.

Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted service provider to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 600 megawatts of solar systems. The Company currently provides a comprehensive suite of solar services across residential, commercial, industrial & municipal, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.

Forward Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as “may,” “should,” “expects,” “could,” “intends,” “plans,” “anticipates,” “estimates,” “believes,” “forecasts,” “predicts” or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.

The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.

All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.

Contacts

For more information contact: Investor Relations at ir@isunenergy.com

iSun Inc. Reports First Quarter 2023 Results

Q1 2023 revenues of $17.4 million, a 15% increase from Q1 2022, driven by increased demand and strong execution

Reaffirms expectations for total revenue of $95-100 million in 2023, a 24-31% increase over 2022

WILLISTON, Vt.–(BUSINESS WIRE)–iSun, Inc. (NASDAQ: ISUN) (the “Company,” or “iSun”), a leading solar energy and clean mobility infrastructure company with 50 years of experience accelerating the adoption of innovative electrical technologies, today announced financial results for the first quarter 2023.

Quarterly Highlights

Management Commentary

“Our momentum as we begin 2023 is strong, as evidenced by our 15% increase in revenues for the first quarter driven by commercial and industrial execution, as well as our $32.0 million in new contract wins,” said Jeffrey Peck, Chief Executive Officer of iSun. “Our business development teams are engaging with more potential customers, and their efforts are gaining us opportunities across the alternative energy spectrum. We are already seeing the results of our focus on higher efficiency this year, as our operating expenses declined by $2.7 million from last year’s first quarter. All these efforts provide us the confidence to reaffirm our annual revenue guidance for 2023, as we work diligently to implement and complete our many projects.”

First Quarter Results

iSun reported first quarter 2023 revenue of $17.4 million, up 15% from $15.1 million in the same period in 2022. Revenue growth for the first quarter of 2023 was driven primarily by the fulfillment of our residential backlog and multiple commercial and industrial projects receiving notice to proceed; total backlog was $178.8 million as of March 31, 2023. iSun also generated new future demand by adding $32.0 million in new business during the first quarter, primarily driven by strong demand in commercial and industrial services as well as for project origination and design services.

Divisional highlights as of March 31, 2023, include:

Gross profit in the first quarter was $3.5 million up 12% from $3.2 million in the first quarter of 2022. Gross margin for the quarter was 20.5%, down 50 basis points from 21.0% in the same period in 2022. Margin is expected to recover in Q2 consistent with the planned increase in residential implementations. As synergies among the company’s segments grow, gross margin is expected to continue to strengthen each year.

The operating loss in the first quarter was ($2.7) million, a 54% improvement compared to a loss of ($5.7) million in 2022’s first quarter, primarily reflecting the higher revenues and sharply lower operating expenses as part of the company’s efficiency focus. Non-cash depreciation and amortization expenses were $0.8 million in the first quarter of 2023, compared to $1.8 million in prior year period.

iSun reported a net loss of ($3.0) million, or ($0.19) per share, in the first quarter of 2023, compared to a net loss of ($2.9) million, or ($0.23) per share, in the same period in 2022. Adjusted EBITDA for the first quarter of 2023 was a loss of $1.5 million or $0.19 per share, compared to a loss of $0.1 million or $0.01 per share in 2022’s first quarter.

Outlook

iSun’s continuing success in winning new business, from solar projects to EV infrastructure and project origination and development services, along with its sizable and growing backlog, is expected to enable the company to produce total revenue of $95-100 million for the full year 2023, representing a 24-31% increase over total revenues of $76.5 million in 2022. With the early, positive results from its focus on efficiency, iSun also anticipates continued gross margin expansion and adjusted EBITDA profitability by the end of 2023.

Added Mr. Peck, “We remain confident that our full portfolio of capabilities positions us increasingly well to accelerate our growth in the evolving alternative energy sector, as demonstrated by our continued success in winning significant contracts with existing and new customers. Our platform delivers a much-needed suite of services that meets the needs of a variety of customers and our team brings the expertise to execute efficiently on our customers’ needs. Now that our country’s energy policy has been established for the next 10 years through the IRA legislation passed last summer, we expect those macroeconomic factors to help us scale our operations significantly in the next few years, and thus generate steadily higher revenue and reach operating profitability.”

First Quarter 2023 Conference Call Details

iSun will host a conference call today, (day), May 15, at 8:30 AM ET to review the Company’s financial results and discuss its operations and outlook. Participants can access the live conference call via telephone at 1-877-545-0523 (domestic) or 1-973-528-0016 (international), using conference ID 256159 or via webcast in the Investor Relations section of the iSun website at investors.isunenergy.com. An audio replay will be available through Monday, May 29, 2023, and can be accessed by dialing 1-877-481-4010 (domestic) or 1-919-882-2331 (international), using conference code 48438. A webcast of the conference call will be available beginning approximately one hour after the call is completed at investors.isunenergy.com.

iSun, Inc.
Consolidated Balance Sheets
March 31, 2023 and 2022
(In thousands, except number of shares)
 
  March 31,
2023
  December 31,
2022
 
Assets        
Current Assets:        
Cash $7,195  $5,455 
Accounts receivable, net of allowance  9,816   8,783 
Contract assets  5,879   7,324 
Inventory  2,748   2,536 
Other current assets  1,787   1,625 
Total current assets  27,425   25,723 
Other Assets:        
Property and equipment, net of accumulated depreciation  8,148   8,440 
Operating lease right-of-use assets, net  6,796   6,960 
Captive insurance investment  270   270 
Intangible assets, net  13,638   14,038 
Investments  12,020   12,020 
Other assets  30   30 
Total other assets  32,754   33,318 
Total assets $68,327  $67,481 
Liabilities and Stockholders’ Equity        
Current Liabilities:        
Accounts payable $14,943  $12,941 
Accrued expenses  4,202   5,868 
Operating lease liability  591   588 
Contract liabilities  7,347   5,419 
Current portion of deferred compensation  23   31 
Current portion of long-term debt  6,321   5,374 
Total current liabilities  33,427   30,221 
Long-term liabilities:        
Warrant liability  4   10 
Operating lease liability, net of current portion  6,559   6,711 
Other liabilities  3,010   3,026 
Long-term debt, net of current portion  6,752   8,226 
Total liabilities  49,752   48,194 
Commitments and Contingencies (Note 8)        
Stockholders’ equity:        
Preferred stock – 0.0001 par value 1,000,000 shares authorized, 0 issued and outstanding as of March 31, 2023 and December 31, 2022      
Common stock – 0.0001 par value 49,000,000 shares authorized, 16,814,260 and 15,083,109 issued and outstanding as of March 31, 2023, and December 31, 2022, respectively  2   2 
Additional paid-in capital  76,355   74,070 
Accumulated deficit  (57,782)  (54,785)
Total Stockholders’ equity  18,575   19,287 
Total liabilities and stockholders’ equity $68,327  $67,481 

The accompanying notes are an integral part of these consolidated financial statements.

 
iSun, Inc.
Consolidated Statements of Operations
For the Quarters Ended March 31, 2023 and 2022
(In thousands, except number of shares)
 
  Three Months ended 
  March 31, 
  2023  2022 
       
Earned revenue $17,359  $15,087 
Cost of earned revenue  13,810   11,917 
Income before operating expenses  3,549   3,170 
         
Warehousing and other operating expenses  231   607 
General and administrative expenses  4,849   5,270 
Stock based compensation – general and administrative  373   1,244 
Depreciation and amortization  750   1,752 
Total operating expenses  6,203   8,873 
Operating loss  (2,654)  (5,703)
         
Other income (expenses)        
Gain on forgiveness of PPP Loan     2,592 
Change in fair value of the warrant liability  6   63 
Interest expense, net  (349)  (629)
         
Loss before income taxes  (2,997)  (3,677)
(Benefit) for income taxes     (772)
         
Net loss $(2,997) $(2,905)
Net loss per share of Common Stock – Basic and diluted $(0.19) $(0.23)
         
Weighted average shares of Common Stock – Basic and diluted  15,964,430   12,646,446 

The accompanying notes are an integral part of these consolidated financial statements.

Non-GAAP Financial Measures

Included in this presentation are discussions and reconciliations of earnings before interest, income tax and depreciation and amortization (“EBITDA”) and EBITDA adjusted for certain non-cash, non-recurring or non-core expenses (“Adjusted EBITDA”) to net loss in accordance with GAAP. Adjusted EBITDA excludes certain non-cash and other expenses, certain legal services costs, professional and consulting fees and expenses, and one-time Reverse Merger and Recapitalization expenses and certain adjustments. We believe that these non-GAAP measures illustrate the underlying financial and business trends relating to our results of operations and comparability between current and prior periods. We also use these non-GAAP measures to establish and monitor operational goals.

These non-GAAP measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute or superior to, the other measures of financial performance prepared in accordance with GAAP. Using only the non-GAAP financial measures, particularly Adjusted EBITDA, to analyze our performance would have material limitations because such calculations are based on a subjective determination regarding the nature and classification of events and circumstances that investors may find significant. We compensate for these limitations by presenting both the GAAP and non-GAAP measures of our operating results. Although other companies may report measures entitled “Adjusted EBITDA” or similar in nature, numerous methods may exist for calculating a company’s Adjusted EBITDA or similar measures. As a result, the methods that we use to calculate Adjusted EBITDA may differ from the methods used by other companies to calculate their non-GAAP measures.

The reconciliations of EBITDA and Adjusted EBITDA to net loss, the most directly comparable financial measure calculated and presented in accordance with GAAP, are shown in the table below:

  Three Months Ended
March 31,
 
  2023  2022 
Net income (loss) $(2,997) $(2,905)
Depreciation and amortization  750   1,752 
Interest expense  349   629 
Stock based compensation  373   1,244 
Change in fair value of warrant liability  (6)  (63)
Income tax (benefit)     (772)
EBITDA  (1,531)  (115)
Other costs(1)     10 
Adjusted EBITDA $(1,531) $(105)
         
Weighted Average shares outstanding  15,964,430   12,646,446 
         
Adjusted EBITDA per share  (0.10)  (0.01)

About iSun Inc.

Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted service provider to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 600 megawatts of solar systems. The Company currently provides a comprehensive suite of solar services across residential, commercial, industrial & municipal, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.

Forward Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as “may,” “should,” “expects,” “could,” “intends,” “plans,” “anticipates,” “estimates,” “believes,” “forecasts,” “predicts” or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.

The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.

All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.

Contacts
Investor Relations
IR@isunenergy.com

iSun Inc. Announces First Quarter 2023 Results Conference Call Date and Details

WILLISTON, Vt.–(BUSINESS WIRE)–iSun, Inc. (NASDAQ: ISUN) (the “Company”, or “iSun”), a leading solar energy and clean mobility infrastructure company with 50 years of experience accelerating the adoption of innovative electrical technologies, today announced that it will issue first quarter 2023 results before the market opens on Monday, May 15, 2023.

A conference call to discuss the results will take place at 8:30 AM ET. To participate in the call, please dial 1-877-545-0523 (domestic) or 1-973-528-0016 (international), using conference ID 256159.

The live webcast can be accessed through the Company’s Investor Relations website at investors.isunenergy.com.

A webcast replay of the call will be available at the same location beginning approximately one hour after the call’s completion. A telephonic replay will be available through May 29, 2023, and can be accessed by dialing 1-877-481-4010 (domestic) or 1-919-882-2331 (international), using conference code 48438.

About iSun Inc.

Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted electrical contractor to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 400 megawatts of solar systems. The Company currently provides a comprehensive suite of solar services across residential, commercial, industrial & municipal, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit http://www.isunenergy.com for additional information.

For more information:
Investor Relations
IR@isunenergy.com

iSun Inc. Awarded $7.7 Million Contract for 2.2MW Solar Carport in Ohio

Williston, VT, April 20, 2023 – iSun, Inc. (NASDAQ: ISUN) (the “Company,” or “iSun”), a leading solar energy and clean mobility infrastructure company with 50-years of experience accelerating the adoption of innovative electrical technologies, today announced that it has received a 2.2 MW, $7.7 million contract to provide a solar carport to one of the nation’s largest financial institutions at a single location in Ohio.

Highlights:

“We are excited to continue our strong start to 2023 with a new contract award for a solar carport for a global company,” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun. “This new project is particularly rewarding as it highlights the value creation our team can provide based upon our differentiated ability to originate solar projects. This project also underscores our flexibility in originating projects across all our segments, including EV Infrastructure, to provide our customers with the products and services they require. These business development efforts are driving our continued growth by building new customer relationships that allow us to enter new markets efficiently. We appreciate the trust and confidence of our customers in our ability to help them achieve their goals in alternative energy initiatives.”

About iSun Inc.

Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted service provider to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 600 megawatts of solar systems. The Company currently provides a comprehensive suite of solar services across residential, commercial, industrial & municipal, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.

Forward Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as “may,” “should,” “expects,” “could,” “intends,” “plans,” “anticipates,” “estimates,” “believes,” “forecasts,” “predicts” or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.

The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.

All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.

For more information contact:

iSun Investor Relations: IR@isunenergy.com

iSun Inc. To Participate in UBS Securities U.S. Solar & EV Charging Markets Conference Call

WILLISTON, Vt.–(BUSINESS WIRE)–iSun, Inc. (NASDAQ: ISUN) (the “Company,” or “iSun”), a leading solar energy and clean mobility infrastructure company with 50-years of experience accelerating the adoption of innovative electrical technologies, today announced that it will participate in an investor conference call on the US Solar & EV Charging Markets hosted by Jonathan Windham, Alternative Energy & Environmental Services Equity Research Analyst at UBS Securities, on Tuesday, April 4, 2023 at 11 am ET. iSun speakers will include Jeffrey Peck, Chairman, Chief Executive Officer, and John Sullivan, Chief Financial Officer.

About iSun Inc.

Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted service provider to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 600 megawatts of solar systems. The Company currently provides a comprehensive suite of solar services across residential, commercial, industrial & municipal, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.

Contacts

For more information contact:
iSun Investor Relations at IR@isunenergy.com

iSun Inc. Reports Final Fourth Quarter and Full-Year 2022 Results

Q4 2022 revenues of $25.9 million, a 36% increase from Q3 2022, driven by increased demand and higher productivity

Full-year 2022 revenue a record $76.5 million, up 69% over 2021

Reaffirms expectations for total revenue of $95-100 million in 2023, a 24-31% increase over 2022

WILLISTON, Vt., March 30, 2023–(BUSINESS WIRE)–iSun, Inc. (NASDAQ: ISUN) (the “Company,” or “iSun”), a leading solar energy and clean mobility infrastructure company with 50 years of experience accelerating the adoption of innovative electrical technologies, today announced financial results for the fourth quarter and full-year 2022.

Quarterly Highlights

Full-Year Highlights

Management Commentary

“We are very pleased with our top-line revenue of $76.5 million in 2022, above the forecast we provided in November 2022, despite the industry-wide supply chain challenges,” said Jeffrey Peck, Chief Executive Officer of iSun. “Over the course of the year, we added $138.4 million in backlog to drive our total backlog to $164.2 million at the end of 2022. We demonstrated continuing success in winning new business contracts and began working through our backlog with higher throughput and productivity. In our utility and development segment, our pipeline reached a record 1.6GW of projects at the end of 2022, up 1.1GW from the end of 2021. Moreover, we began diversifying our business in line with our strategy of participating across the spectrum of the industry, beginning to implement an important EV carport contract and starting to participate in joint ventures of projects.

“Given the challenges we overcame to generate these results, we are really proud of the team’s hard work in effectively addressing the needs of our customers across our business segments and developing strong customer relationships for the company going forward. That dedication was manifested in our Adjusted EBITDA profitability in the fourth quarter, illustrating our path towards scaling efficiently and profitably. Now, our focus is on executing these projects efficiently this year and beyond. We are pleased with the industry stability provided in the climate change legislation enacted last summer, since it removes uncertainty and impediments to financing and developing the alternative energy solutions our country needs, which aligns perfectly with our company mission. As these rules and regulations are finalized this year, we anticipate that it will increase the value of all solar assets, those in development and under construction, including our growing pipeline.”

Fourth Quarter and Full-Year Results

iSun reported fourth quarter 2022 revenue of $25.9 million, compared to $27.0 million in the same period in 2021. Full year 2022 revenue was $76.5 million, representing a $31.2 million or 69% increase over the same period in 2021. This year’s revenue growth was driven primarily by the fulfillment of increased residential consumer demand and expanded services across all markets, as well as execution of the commercial and industrial backlog; total backlog was $164.2 million as of December 31, 2022. iSun also generated new future demand by adding $11.0 million in new business during the fourth quarter.

Divisional highlights as of December 31, 2022, include:

Gross profit in the fourth quarter was $5.4 million compared to $5.6 million in the fourth quarter of 2021. Gross margin for the quarter was 21.0%, up 30 basis points from 20.7% in the same period in 2021. Full year 2022 gross profit was $16.0 million, up $9.6 million from $6.4 million in 2021. Full year 2022 gross margin was 20.9% compared to 14.1% in 2021, up 680 basis points. As synergies among the company’s segments grow, gross margin is expected to continue to strengthen.

Operating income in the fourth quarter was a loss of ($2.1) million compared to a loss of ($3.6) million in 2021’s fourth quarter. Full year 2022 operating income was a loss of ($18.3) million compared to a loss of ($10.6) million in 2021. Non-cash depreciation and amortization expenses were $1.8 million in the fourth quarter of 2022, compared to $0.4 million in prior year period. Full year 2022 non-cash depreciation and amortization expenses were $7.1 million compared to $1.0 million in 2021.

iSun reported a net loss of ($3.1) million, or ($0.12) per share, in the fourth quarter of 2022, compared to a net loss of ($1.1) million, or ($0.07) per share, in the same period in 2021. Full year 2022 net loss was ($16.6) million or ($1.18) per share, compared to a net loss of ($6.2) million or ($0.67) per share, in 2021.

Adjusted EBITDA for the fourth quarter of 2022 was $0.3 million or $0.02 per share, compared to $0.9 million or $0.14 per share in the same period in 2021. Full year 2022 Adjusted EBITDA was a loss of ($5.6) million or ($0.40) per share, compared to a loss of ($3.9) million or ($0.42) per share in 2021.

Outlook

In the second half of 2022 and so far this year, iSun has secured significant business contracts across business segments throughout its market areas. This success, combined with the anticipated reduction of supply chain and logistics challenges that affected revenue growth in 2022, is expected to enable the company to produce total revenue of $95-100 million for the full year 2023, representing a 24-31% increase over total revenues of $76.5 million in 2022. iSun also anticipates continued gross margin expansion and adjusted EBITDA profitability by the end of 2023.

iSun’ s comprehensive platform and recent investments position the company to respond effectively to increased energy demand associated with both solar energy and automotive electrification, and make iSun an important partner to consumers, businesses, industries, and utilities as they transition to renewable energy sources. iSun expects the recent climate legislation, contained in the Inflation Reduction Act of 2022 (IRA), to provide a more favorable environment for solar development and EV infrastructure over the next 10 years, and with the expected finalization of rules this year, to increase the value of solar assets, both in development and under construction.

Added Mr. Peck, “As we move through 2023, we are confident that our full portfolio of capabilities positions us increasingly well to accelerate our growth, as demonstrated by the our continued success in winning significant contracts. Our platform delivers a much-needed suite of services that meets the needs of a variety of customers and our team brings the expertise to execute efficiently on our customers’ needs. We continue to address increased demand for alternative energy, driven by higher residential and commercial energy costs. Now that our country’s energy policy has been established for the next 10 years through IRA, we expect those macroeconomic factors to help us scale our operations significantly in the next few years, and thus generate steadily higher revenue and reach operating profitability.”

Fourth Quarter 2022 Conference Call Details

iSun will host a conference call today, Thursday, March 30, at 8:30 AM ET to review the Company’s financial results and discuss its operations and outlook. Participants can access the live conference call via telephone at 1-888-506-0062 (domestic) or 1-973-528-0011 (international), using conference ID 568326 or via webcast in the Investor Relations section of the iSun website at investors.isunenergy.com. An audio replay will be available through Thursday, April 13, 2023, and can be accessed by dialing 1-877-481-4010 (domestic) or 1-919-882-2331 (international), using conference code 47771. A webcast of the conference call will be available beginning approximately one hour after the call is completed at investors.isunenergy.com.

iSun, Inc.
Consolidated Balance Sheets
December 31, 2022 and 2021(In thousands, except number of shares)
20222021
Assets
Current Assets:
Cash$5,455$2,242
Accounts receivable, net of allowance8,78314,337
Costs and estimated earnings in excess of billings6,8414,004
Contract assets483
Inventory2,5362,480
Other current assets1,6251,071
Total current assets25,72324,134
Property and equipment:
Building and improvements481967
Vehicles3,8242,908
Tools and equipment2,1523,127
Software310234
Construction in process3
Solar arrays6,7086,859
13,47514,098
Less accumulated depreciation(5,035)(3,056)
8,44011,042
Other Assets:
Operating lease right-of-use asset6,960
Captive insurance investment270270
Goodwill37,15036,907
Intangible assets14,03818,906
Investments12,02012,420
Other assets3049
70,46868,552
Total assets$104,631$103,728
Liabilities and Stockholders’ Equity
Current Liabilities:
Accounts payable$12,941$13,188
Accrued expenses5,8687,628
Billings in excess of cost and estimated earnings on uncompleted contracts4,2552,389
Operating lease liability588
Contract liabilities1,164
Line of credit4,468
Current portion of deferred compensation3131
Current portion of long-term debt5,3746,694
Total current liabilities30,22134,398
Long-term liabilities:
Deferred compensation, net of current portion28
Deferred tax liability772
Warrant liability10148
Operating lease liability6,711
Other liabilities3,0263,375
Long-term debt, net of current portion8,2265,149
Total liabilities48,19443,870
Commitments and Contingencies (Note 9)
Stockholders’ equity:
Common stock – 0.0001 par value 49,000,000 shares authorized, 15,083,109 and 11,825,878 issued and outstanding as of December 31, 2022 and 2021, respectively21
Additional paid-in capital74,07060,863
Accumulated deficit(17,635)(1,006)
Total Stockholders’ equity56,43759,858
Total liabilities and stockholders’ equity$104,631$103,728

The accompanying notes are an integral part of these consolidated financial statements.

iSun, Inc.
Consolidated Statements of Operations
For the Years Ended December 31, 2022 and 2021
(In thousands, except number of shares)
20222021
Earned revenue$76,453$45,312
Cost of earned revenue60,48138,921
Gross profit15,9726,391
Warehouse and other operating expenses1,765378
General and administrative expenses22,41113,330
Stock based compensation – general and administrative2,9812,315
Depreciation and amortization7,071982
Total operating expenses34,22817,005
Operating loss(18,256)(10,614)
Other expenses
Gain on forgiveness of PPP loan2,5922,000
Change in fair value of warrant liability138976
Other expense(504)
Interest expense(1,351)(518)
Loss before income taxes(17,381)(8,156)
Benefit for income taxes(752)(1,915)
Net loss(16,629)(6,241)
Preferred stock dividend(70)
Net loss available to shares of common stockholders$(16,629)$(6,311)
Weighted average shares of common stock outstanding
Basic and diluted14,089,4999,264,919
Basic and diluted$(1.18)$(0.67)

The accompanying notes are an integral part of these consolidated financial statements.

Non-GAAP Financial Measures

Included in this presentation are discussions and reconciliations of earnings before interest, income tax and depreciation and amortization (“EBITDA”) and EBITDA adjusted for certain non-cash, non-recurring or non-core expenses (“Adjusted EBITDA”) to net loss in accordance with GAAP. Adjusted EBITDA excludes certain non-cash and other expenses, certain legal services costs, professional and consulting fees and expenses, and one-time Reverse Merger and Recapitalization expenses and certain adjustments. We believe that these non-GAAP measures illustrate the underlying financial and business trends relating to our results of operations and comparability between current and prior periods. We also use these non-GAAP measures to establish and monitor operational goals.

These non-GAAP measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute or superior to, the other measures of financial performance prepared in accordance with GAAP. Using only the non-GAAP financial measures, particularly Adjusted EBITDA, to analyze our performance would have material limitations because such calculations are based on a subjective determination regarding the nature and classification of events and circumstances that investors may find significant. We compensate for these limitations by presenting both the GAAP and non-GAAP measures of our operating results. Although other companies may report measures entitled “Adjusted EBITDA” or similar in nature, numerous methods may exist for calculating a company’s Adjusted EBITDA or similar measures. As a result, the methods that we use to calculate Adjusted EBITDA may differ from the methods used by other companies to calculate their non-GAAP measures.

The reconciliations of EBITDA and Adjusted EBITDA to net loss, the most directly comparable financial measure calculated and presented in accordance with GAAP, are shown in the table below:

Year ended
December 31,
20222021
Net loss$(16,629)$(6,241)
Depreciation and amortization7,071982
Interest expense1,351518
Stock compensation2,9812,315
Change in fair value of warrant liability(138)(976)
Income tax (benefit)(752)(1,915)
EBITDA(6,116)(5,317)
Other costs(1)5141,418
Adjusted EBITDA$(5,612)$(3,899)
Weighted Average shares outstanding14,089,4999,264,919
Adjusted EPS$(0.40)$(0.42)

About iSun Inc.

Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted service provider to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 600 megawatts of solar systems. The Company currently provides a comprehensive suite of solar services across residential, commercial, industrial & municipal, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.

Forward Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as “may,” “should,” “expects,” “could,” “intends,” “plans,” “anticipates,” “estimates,” “believes,” “forecasts,” “predicts” or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.

The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.

All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.

Contacts

Investor Relations: IR@isunenergy.com