iSun Inc. Publishes Second Quarter 2021 Earnings Call Transcript

Rhea-AI Summary

iSun, Inc. (NASDAQ: ISUN) reported strong second quarter results with a year-to-date revenue of $11.6 million, marking a 71.9% increase year-over-year due to new contracts. The backlog stood at $77 million, reflecting stability and significant growth compared to the previous year. The company maintains a robust balance sheet with $20 million in cash. Future plans include a $75 million expansion into residential and commercial sectors and ongoing evaluations of 5 GW of utility-scale projects.

Positive

• Revenue for the quarter increased by 71.9% year-over-year to $11.6 million.
• Backlog remains stable at $77 million, showing significant growth compared to the previous year.
• Strong balance sheet with $20 million in cash at quarter end.
• Contracts secured for off-grid solar carports and EV charging stations.
• Plans to create a $75 million residential and commercial division through M&A.

Negative

• None.

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, released today an edited transcript from its second quarter 2021 earnings conference call.

Highlights

• iSun reported YTD quarter revenue of $11.6 million, up 71.9% year-over-year, driven by new contract wins and solid market fundamentals.
• Second quarter 2021 backlog of $77 million, stable quarter-over-quarter, with significant increase over second quarter 2020.
• Balance Sheet remains strong with $20 million in cash on hand at quarter end.
• Secured contracts for branded iSun Roam off-grid solar carport and EV charging stations to be installed at remotely located park locations across the United States.
• GreenSeed is currently reviewing of 5 GW of Utility Scale projects and has begun performing exclusive due diligence against 4 such projects.
• Announced plans to create a $75 million residential and commercial division through the expansion of iSun residential via accretive M&A.

Second Quarter 2021 Conference Call Details

An edited transcript of the conference call, recorded on Tuesday, August 17, 2021, at 8:30 AM EDT is available on the Investor Relations section of the iSun website at investors.isunenergy.com, under the Events Calendar. An archived audio replay will also be available through August 31, 2021, at 877-481-4010, Conference ID# 42507.

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/20210819005453/en/

FAQ

What were iSun's earnings results for the second quarter of 2021?

iSun reported a year-to-date revenue of $11.6 million, which is a 71.9% increase compared to the same period last year.

How much is iSun's current backlog?

As of the second quarter of 2021, iSun's backlog is $77 million, stable and with significant growth over last year's quarter.

What are iSun's future plans for business expansion?

iSun plans to create a $75 million residential and commercial division and is reviewing 5 GW of utility-scale projects.