iSun Inc. Provides Preliminary Second Quarter 2023 Revenue

Rhea-AI Summary

iSun, Inc. (NASDAQ: ISUN) announces preliminary revenue for Q2 2023 of $25 million, a record and over 50% increase from Q2 2022. Expects full year 2023 revenues of $95-100 million, a 24%-31% increase over 2022.

Positive

• iSun reports record Q2 2023 revenue of $25 million, a 50% YoY increase. Expects strong full year 2023 revenues of $95-100 million, reflecting new business awards and backlog execution.

Negative

• None.

Continues to expect full year 2023 revenues of $95-100 million, a 24% to 31% increase over 2022

Plans to report final Q2 2023 results on August 10, 2023

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 second quarter of 2023 ended June 30, 2023, was approximately a record $25 million, an increase of over 50% from the $16.5 million reported for the second quarter of 2022. The year-over-year increase reflects effective execution of the company’s strategy, with sustained strength in its commercial and industrial division, which has been performing robustly in 2023 responding to increased customer demand.

iSun continues to expect that total revenues for the full year 2023 will be $95-100 million, a 24%-31% increase over full year 2022 total revenues, reflecting the new business awards the company continues to secure across its business and its strong execution in working through its growing backlog.

HIGHLIGHTS:

• Preliminary total revenue for second quarter of 2023 of approximately $25 million, a record and an increase of over 50% from the $16.5 million reported for the second quarter of 2022.
• Reaffirms guidance of $95-100 million in revenue for the full year 2023, a 24%-31% increase over total revenues for full year 2022.
• C&I division continues to outpace market growth, responding to higher customer demand and better execution on its growing backlog.
• Company plans to announce final results for the second quarter and first half of 2023 on August 10, 2023.

“We are delighted by the momentum we are demonstrating this year, as we execute effectively on our growth strategy and respond to the increased demand for solar power solutions, especially in our consolidated commercial and industrial division. As we continue to secure new business awards across our markets, we’re confident that our sustained improved performance this year will enable us to achieve our full-year revenue and profitability targets,” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun.

Final Second Quarter 2023 Results Timing

iSun plans to issue final second quarter and first half 2023 results before the market opens on Thursday, August 10, 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 246871. 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 August 24, 2023, and can be accessed by dialing 1-877-481-4010 (domestic) or 1-919-882-2331 (international), using conference code 48846.

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.

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/20230731309935/en/

iSun Investor Relations

IR: IR@isunenergy.com

Source: iSun, Inc.

FAQ

What is iSun's preliminary revenue for Q2 2023?

iSun's preliminary revenue for Q2 2023 is $25 million, a record and over 50% increase from Q2 2022.

What are iSun's full year 2023 revenue expectations?

iSun expects full year 2023 revenues to be $95-100 million, a 24%-31% increase over 2022.

When will iSun announce final results for Q2 and H1 2023?

iSun plans to announce final results for Q2 and H1 2023 on August 10, 2023.

How can I participate in the conference call to discuss the results?

To participate in the call, please dial 1-888-506-0062 (domestic) or 1-973-528-0011 (international), using conference ID 246871.