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
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
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
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
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.
For more information contact:
iSun Investor Relations at IR@isunenergy.com
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) | ||||||||
| 2022 | 2021 | |||||||
| Assets | ||||||||
| Current Assets: | ||||||||
| Cash | $ | 5,455 | $ | 2,242 | ||||
| Accounts receivable, net of allowance | 8,783 | 14,337 | ||||||
| Costs and estimated earnings in excess of billings | 6,841 | 4,004 | ||||||
| Contract assets | 483 | – | ||||||
| Inventory | 2,536 | 2,480 | ||||||
| Other current assets | 1,625 | 1,071 | ||||||
| Total current assets | 25,723 | 24,134 | ||||||
| Property and equipment: | ||||||||
| Building and improvements | 481 | 967 | ||||||
| Vehicles | 3,824 | 2,908 | ||||||
| Tools and equipment | 2,152 | 3,127 | ||||||
| Software | 310 | 234 | ||||||
| Construction in process | – | 3 | ||||||
| Solar arrays | 6,708 | 6,859 | ||||||
| 13,475 | 14,098 | |||||||
| Less accumulated depreciation | (5,035 | ) | (3,056 | ) | ||||
| 8,440 | 11,042 | |||||||
| Other Assets: | ||||||||
| Operating lease right-of-use asset | 6,960 | – | ||||||
| Captive insurance investment | 270 | 270 | ||||||
| Goodwill | 37,150 | 36,907 | ||||||
| Intangible assets | 14,038 | 18,906 | ||||||
| Investments | 12,020 | 12,420 | ||||||
| Other assets | 30 | 49 | ||||||
| 70,468 | 68,552 | |||||||
| Total assets | $ | 104,631 | $ | 103,728 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | 12,941 | $ | 13,188 | ||||
| Accrued expenses | 5,868 | 7,628 | ||||||
| Billings in excess of cost and estimated earnings on uncompleted contracts | 4,255 | 2,389 | ||||||
| Operating lease liability | 588 | – | ||||||
| Contract liabilities | 1,164 | – | ||||||
| Line of credit | – | 4,468 | ||||||
| Current portion of deferred compensation | 31 | 31 | ||||||
| Current portion of long-term debt | 5,374 | 6,694 | ||||||
| Total current liabilities | 30,221 | 34,398 | ||||||
| Long-term liabilities: | ||||||||
| Deferred compensation, net of current portion | – | 28 | ||||||
| Deferred tax liability | – | 772 | ||||||
| Warrant liability | 10 | 148 | ||||||
| Operating lease liability | 6,711 | – | ||||||
| Other liabilities | 3,026 | 3,375 | ||||||
| Long-term debt, net of current portion | 8,226 | 5,149 | ||||||
| Total liabilities | 48,194 | 43,870 | ||||||
| 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, respectively | 2 | 1 | ||||||
| Additional paid-in capital | 74,070 | 60,863 | ||||||
| Accumulated deficit | (17,635 | ) | (1,006 | ) | ||||
| Total Stockholders’ equity | 56,437 | 59,858 | ||||||
| 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) | ||||||||
| 2022 | 2021 | |||||||
| Earned revenue | $ | 76,453 | $ | 45,312 | ||||
| Cost of earned revenue | 60,481 | 38,921 | ||||||
| Gross profit | 15,972 | 6,391 | ||||||
| Warehouse and other operating expenses | 1,765 | 378 | ||||||
| General and administrative expenses | 22,411 | 13,330 | ||||||
| Stock based compensation – general and administrative | 2,981 | 2,315 | ||||||
| Depreciation and amortization | 7,071 | 982 | ||||||
| Total operating expenses | 34,228 | 17,005 | ||||||
| Operating loss | (18,256 | ) | (10,614 | ) | ||||
| Other expenses | – | |||||||
| Gain on forgiveness of PPP loan | 2,592 | 2,000 | ||||||
| Change in fair value of warrant liability | 138 | 976 | ||||||
| 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 diluted | 14,089,499 | 9,264,919 | ||||||
| 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, | ||||||||
| 2022 | 2021 | |||||||
| Net loss | $ | (16,629 | ) | $ | (6,241 | ) | ||
| Depreciation and amortization | 7,071 | 982 | ||||||
| Interest expense | 1,351 | 518 | ||||||
| Stock compensation | 2,981 | 2,315 | ||||||
| Change in fair value of warrant liability | (138 | ) | (976 | ) | ||||
| Income tax (benefit) | (752 | ) | (1,915 | ) | ||||
| EBITDA | (6,116 | ) | (5,317 | ) | ||||
| Other costs(1) | 514 | 1,418 | ||||||
| Adjusted EBITDA | $ | (5,612 | ) | $ | (3,899 | ) | ||
| Weighted Average shares outstanding | 14,089,499 | 9,264,919 | ||||||
| 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
Contracts with existing industrial customer expand backlog by 6MW
WILLISTON, Vt., March 29, 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 that it had secured two contracts covering 6.0 MW and valued at $4.9 million in Maine, with a single developer, to provide expanded solar energy capabilities at two industrial sites.
HIGHLIGHTS:
“We are pleased with our success in winning more solar energy contracts in the significant Maine market, building upon our success there in 2022. These new projects reflect the strengthening of our collaborative relationship with a leading developer, and we plan to begin implementing these projects this spring,” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun. “In 2023, we are focused on execution and efficiency, and we intend to work diligently to continue to earn the confidence of our existing customers so that we can help them achieve their goals in alternative energy initiatives. This award demonstrates yet again our strong commitment to accelerating the transition to solar energy for customers in New England.”
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
iSun Investor Relations: IR@isunenergy.com
Contracts with existing industrial customers expand backlog by 6.5MW
Williston, VT, March 28, 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 had secured five contracts covering 6.5 MW and valued at $5.1 million in Vermont, to provide expanded solar energy capabilities at five industrial sites.
HIGHLIGHTS:
“We are excited to start 2023 by securing more new contracts that build upon the accelerated pace of contract wins we generated in the second half of 2022. These new projects with existing customers in Vermont demonstrate the momentum within our industrial division, and we’re pleased that execution on these projects will begin this spring,” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun. “In 2023, we are focused on execution and efficiency, and we appreciate the trust and confidence of our customers in our ability to help them achieve their goals in alternative energy initiatives. This award demonstrates yet again our strong commitment to accelerating the transition to solar energy for customers in New England.”
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
WILLISTON, Vt., March 01, 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 that it will participate in the 35th Annual Roth Capital Conference to be held March 12-14, 2023 at the Ritz Carlton Laguna Niguel at Dana Point, California. Representing iSun will be 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
iSun Investor Relations
IR: IR@isunenergy.com
Expects full year 2022 revenues of $74 to $76 million, a 63% to 68% increase over 2021
Expects full year 2023 revenues of $95-100 million, a 27% to 33% increase over 2022
Plans to report final results on March 30, 2023, with investor call scheduled at 8:30 am
WILLISTON, Vt., February 28, 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 that preliminary revenue for the full year 2022 was approximately $74-76 million, 63%-68% higher than the $45.3 million reported for full year 2021, and at the high end of the revenue range of $70-75 million forecasted in November 2022.
In addition, iSun expects total revenues for full year 2023 to be approximately $95-100 million, a 27%-33% increase over preliminary full year 2022 total revenues, reflecting the increased new business awards the company secured across its business in the second half of 2022 and its progress in working through its backlog.
HIGHLIGHTS:
“We are pleased by the solid progress we demonstrated in the last quarter of 2022, as our team accelerated the awards won, and we began to work through our backlog. With the higher revenue expectations we are sharing for 2023, we are confident that this trend will continue,” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun. “While 2022 was a challenging year industry-wide due to supply chain issues, we believe our success in securing new business awards and our increased productivity and throughput position us well to continue to lead the transition to alternative forms of energy in the markets we serve. Moreover, as additional guidance on the Inflation Reduction Act of 2022 is released, we expect the positive momentum to continue in 2023 and the years ahead.”
Final Fourth Quarter 2022 Results
iSun plans to issue final fourth quarter and full year 2022 results before the market opens on Thursday, March 30, 2023.
A conference call to discuss the results will take place 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 568326. 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 April 13, 2023, and can be accessed by dialing 1-877-481-4010 (domestic) or 1-919-882-2331 (international), using conference code 47771.
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
iSun Investor Relations
IR: IR@isunenergy.com