iSun Inc. Provides Preliminary Full Year 2022 Revenue

Rhea-AI Summary

iSun announced preliminary revenue for 2022 of $74-76 million, representing a 63%-68% increase from 2021's $45.3 million. This aligns with prior forecasts. The company projects 2023 revenues of $95-100 million, indicating a 27%-33% growth over 2022. The backlog remains robust at approximately $164 million. iSun will release final results on March 30, 2023, followed by an investor call at 8:30 AM ET. Despite industry challenges, iSun's management expressed confidence in ongoing growth and productivity improvements.

Positive

• 2022 revenue surged to approximately $74-76 million, a 63%-68% increase from 2021.
• Projected 2023 revenue is estimated at $95-100 million, a 27%-33% rise over 2022.
• Strong backlog of approximately $164 million.

Negative

• None.

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.--(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:

• Preliminary total revenue for full year 2022 of approximately $74-76 million, 63-68% higher than $45.3 million reported in full year 2021, and at the high end of the range forecasted in November 2022.
• Anticipates approximately $95-100 million in revenue for full year 2023, a 27%-33% increase over preliminary total revenues for full year 2022
• Backlog remains strong at approximately $164 million
• Company plans to announce final results for the fourth quarter and full year 2022 on March 30, 2023.

“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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230228005922/en/

iSun Investor Relations

IR: IR@isunenergy.com

Source: iSun, Inc.