iSun Announces Preliminary Fourth Quarter and Year End Results

Rhea-AI Summary

iSun, a solar energy and clean mobility infrastructure company, announced preliminary Q4 2021 results indicating projected revenues of approximately $24.5 million to $27.0 million, marking their largest quarter in 50 years. The company anticipates exceeding 2021 revenue guidance with year-end revenues between $42.8 million and $45.3 million. Despite these milestones, iSun foresees a net loss of about $1.8 million for Q4 and $6.9 million for the year, primarily due to one-time expenses from the acquisition of Solar Communities, Inc. iSun aims for nearly 400% revenue growth in 2022.

Positive

• Q4 2021 projected revenues of $24.5 million to $27.0 million, highest in company history.
• Year-end revenues estimated at $42.8 million to $45.3 million, exceeding 2021 guidance.
• Recent $29.3 million contract for electric vehicle infrastructure enhances growth prospects.
• Projected nearly 400% revenue growth in 2022 with guidance of $165 million.

Negative

• Anticipated net loss of approximately $1.8 million for Q4 2021.
• Estimated net loss of around $6.9 million for the year, impacted by one-time expenses from acquisition.

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 construction experience in solar, electrical and data services, today released certain preliminary operating results for the fourth quarter and year ending December 31, 2021.

Q4 2021 marked iSun's first opportunity to deploy its recently completed solar and EV infrastructure platform. It did not disappoint. Preliminary Q4 results suggest iSun will deliver its biggest quarter in the company's 50-year, history and exceed previously released 2021 revenue guidance. The news follows iSun's recent $29.3 million contract award for electric vehicle infrastructure, and well-positions the organization to deliver on its guidance of nearly 400% revenue growth in 2022. (Graphic: Business Wire)

Highlights:

• Record quarter highlights successful implementation of 2021 growth strategy
• Fourth quarter revenues estimated at approximately $24.5 million to $27.0 million
• Fourth quarter gross margins estimated at approximately 19% to 21%
• Year-end revenues estimated at approximately $42.8 million to $45.3 million, exceeding 2021 revenue guidance
• Year-end gross margins estimated at approximately 13% to 15%
• Q4 execution of strategic platform positions iSun to deliver on 2022 guidance of $165m

Based on preliminary unaudited results for the fourth quarter of 2021, iSun estimates fourth quarter revenues at approximately $24.5 million to $27.0 million, gross margins at approximately 19% to 21% and net loss will be approximately $1.8 million. iSun estimates year end revenues at approximately $42.8 million to $45.3 million, gross margins at approximately 13% to 15% and net loss will be approximately $6.9 million. The largest contributors impacting the net loss for the fourth quarter are one-time expenses attributable to expenses related to the acquisition of Solar Communities, Inc.

“The fourth quarter was iSun’s first opportunity to deploy the platform built by our team throughout 2021,” commented Jeffrey Peck, iSun’s Chief Executive Officer. “The anticipated revenue results have exceeded our expectations on a quarterly and annual basis. With these anticipated results, we were able to deliver the biggest quarter in company history and exceed our previously released 2021 revenue guidance. We are excited to continue our growth trajectory and remain confident in our previously announced revenue guidance of $165 million for 2022. We continue to be a trusted partner for solar solutions for new and existing customers, as evidenced by our recent $29.3 million contract for electric vehicle infrastructure support. We appreciate the ongoing support of our shareholders and remain focused on building long-term value for investors.”

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 has provided solar EPC services across residential, commercial & industrial, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220201005831/en/

IR Contact:

Tyler Barnes

IR@isunenergy.com

802-289-8141

Source: iSun, Inc.

FAQ

What are iSun's estimated revenues for Q4 2021?

iSun estimates Q4 2021 revenues between $24.5 million and $27.0 million.

What is iSun's revenue guidance for 2022?

iSun aims for nearly 400% revenue growth in 2022, targeting $165 million.

What caused iSun's net loss in Q4 2021?

The net loss of approximately $1.8 million in Q4 2021 was primarily due to one-time expenses related to the acquisition of Solar Communities, Inc.

How much revenue did iSun generate in 2021?

iSun's estimated year-end revenues for 2021 are between $42.8 million and $45.3 million.

What was the impact of the $29.3 million contract for iSun?

The recent $29.3 million contract for electric vehicle infrastructure enhances iSun's growth prospects significantly.