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Press Release iSun Inc. Reports Third Quarter 2023 Results

Written: November 14, 2023 | Read Time: 33 minute read

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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

  • Q3 2023 revenue of $27.9 million, up 47% from Q322, as continued strong commercial and industrial execution drives growth
  • YTD revenue of $70.3 million, up 39% over first nine months of 2022
  • Gross profit of $5.4 million, up 50% from Q322
  • Gross margin of 19.45%, up 45 basis points from 19.0% in 2022’s third quarter, as benefits from synergies were offset by mix
  • Awarded $27.0 million in new solar and EV infrastructure contracts in Q3 2023, with a total of $67.0 million in first nine months of 2023
  • Continuing successful execution of growth strategy, leveraging tailwinds

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:

  • Residential division generated revenue of $8.3 and $24.5 million in the third quarter and YTD respectively. Customer orders of approximately $15.0 million are expected to be completed within three to five months.
  • The commercial and industrial division, which were consolidated as of January 1, 2023, generated revenue of $18.8 and $44.7 million in the third quarter and YTD respectively; the division has a contracted backlog of approximately $140.3 million expected to be completed within 10-18 months.
  • Utility and development division generated revenue of $0.9 and $1.2 million in the third quarter and YTD respectively. The Utility division has a contracted backlog of approximately $6.5 million and 1.6 GW of projects currently under development expected to achieve NTP in early 2024.

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.


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 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  

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 
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 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

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