iSun Reports First Quarter 2021 Results
iSun, Inc. (NASDAQ: ISUN) reported a record revenue of $7.3 million for Q1 2021, reflecting an 82.2% increase year-over-year, driven by new contracts and market growth. The company ended Q1 with a cash balance of $20 million and a backlog of $81 million. However, it recorded a net loss of $3.1 million and EBITDA of ($1.4 million), attributed to increased administrative expenses and project costs influenced by COVID-19. iSun is optimistic about its 2021 outlook, expecting to double revenue and improve EBITDA margins.
- Record Q1 2021 revenue of $7.3 million, up 82.2% YoY.
- Acquisition of iSun Energy, LLC, enhancing industry relations and e-mobility market access.
- Increased backlog to $81 million, nearly double YoY.
- Strong cash position with $20 million at quarter-end.
- Net loss of $3.1 million compared to $0.8 million in Q1 2020.
- EBITDA loss of $1.4 million, worsened from $0.34 million YoY.
- Lower gross margin at 1.6% due to increased costs and COVID-related impacts.
iSun, Inc. (NASDAQ: ISUN) (“iSun” or the “Company”), a leading solar energy and clean mobility infrastructure company with 50 years of construction experience for solar, electrical and data services, today announced results for the first quarter of 2021 and provided an update to its full year 2021 outlook.
Highlights
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Record first quarter revenue of
$7.3 million , up82.2% year-over-year, driven by new contract wins and solid market fundamentals. - Acquired iSun Energy, LLC in January 2021, providing deep relationships in solar industry and expansion into e-mobility market; subsequently rebranded company under the iSun name.
- Enhanced e-mobility exposure with investments in Gemini and AmpUp.
- Expanded presence into utility-scale solar market through the acquisition of the Intellectual Property of OCS, significantly expanding the company’s total addressable market.
- Continued executing on organic geographic expansion strategy, including our largest solar contract win to date in Tennessee.
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Ended first quarter 2021 with a record cash balance of
$20 million . -
First quarter 2021 backlog of
$81 million , up33% quarter-over-quarter, and nearly double first quarter 2020.
For the first quarter 2021, iSun reported a net loss of
Management Commentary
“We had a solid start to the year with record first quarter revenue and continued strong backlog growth, building on the momentum we experienced late in 2020,” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun. “Despite several COVID shutdowns on a specific project, the overall operating environment continues to strengthen, and we are well positioned to take advantage of these trends given the strategic actions we have taken over the past year, which should drive solid growth in 2021 and beyond.”
“Demand for solar-energy remains robust and we continue to solidify our position as a market leader in supporting the transition from dirty energy to clean energy,” continued Peck. “Our geographic expansion continues with our largest project to date, a
“Over the last several months, we have worked to build iSun into one of the largest pure-play solar companies in the United States,” stated Peck. “Following the January acquisition of iSun Energy, LLC, in March, we made strategic investments in Gemini and AmpUp, bolstering our presence in the e-mobility space with high-quality partners and experienced management teams, and building on our internal expertise in iSun’s legacy business. With
First Quarter 2021 Results
The Company reported revenue of
Gross profit was
The operating loss in the first quarter 2021 was (
Total backlog increased to
Strategic Investments and Acquisitions
iSun Energy, LLC was acquired in January 2021, and the company subsequently rebranded under the iSun, Inc. name. iSun enhanced the company’s position in the solar energy market by bringing deep relationships in the solar industry and providing the Company exposure to the e-mobility infrastructure market, with iSun’s Energy & Mobility, a highly innovative solar charging solution for electric vehicles. Additionally, as part of the acquisition, Sass Peress, the Founder and Chief Executive Officer of iSun Energy, LLC joined the company as Chief Innovation and Experience Officers.
In March 2021, iSun made a
In April 2021, iSun acquired all of the intellectual Property of Oakwood Construction Services, Inc., and its affiliates (“OCS”), a utility-scale solar EPC company. Total consideration for the transaction was
Liquidity Update
At the end of the first quarter 2021, iSUN had total cash of
During the first quarter 2021, the Company received cash proceeds of approximately
2021 Outlook
iSun expects to see continued strong demand for its solar energy and e-mobility infrastructure services in 2021, supported by the global transition toward clean energy and the resulting growth in investments in new PV solar installations and electric vehicle charging infrastructure.
With a robust backlog of
Restatement
On May 20, 2021, the Company concluded that, because of a misapplication of the accounting guidance to its public and private placement warrants, the Company’s previously issued financial statements for the periods ended December 31, 2020 and 2020 and the quarters ended September 30, 2020, June 30, 2020, March 31, 2020, September 30, 2019, and June 30, 2019 should no longer be relied upon. As such, the Company is restating its unaudited financial statements for these periods. Please see the Company’s Form 10-Q for the period ended March 31, 2021 on file with the SEC for additional disclosure on this topic. As of April 12, 2021, all of the company’s public outstanding warrants were either exercised or redeemed, and no public warrants remain outstanding. All figures in this press release have been adjusted accordingly to reflect the restatement.
First Quarter 2021 Conference Call Details
iSun will host a conference call on Tuesday, May 25, 2021 at 8:30 AM EDT to review the Company’s financial results, discuss recent events, and conduct a question-and-answer session. Participants can access the live conference call via telephone at 877-407-8133, using Conference ID #41255. An archived audio replay will be available through June 1, 2021 at 877-481-4010, Conference ID# 41255.
Interested parties may also listen to the live audio of the conference call by visiting the Investor Relations section of the iSun website at, investors.isunenergy.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download, and install any necessary audio software.
iSun, Inc. |
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Condensed Consolidated Balance Sheets |
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March 31, 2021 (Unaudited) and December 31, 2020 |
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March 31, 2021 |
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December 31, 2020
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Assets |
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Current Assets: |
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Cash |
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Accounts receivable, net of allowance |
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7,442,640 |
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6,215,957 |
Inventory |
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1,534,859 |
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- |
Costs and estimated earnings in excess of billings |
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2,601,682 |
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1,354,602 |
Other current assets |
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241,205 |
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214,963 |
Total current assets |
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32,027,164 |
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8,484,676 |
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Property and Equipment, net of accumulated depreciation |
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6,114,584 |
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6,119,800 |
Captive insurance investment |
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233,487 |
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198,105 |
Intangible assets |
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3,007,033 |
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- |
Investments |
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7,220,496 |
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4,820,496 |
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10,461,016 |
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5,018,601 |
Total assets |
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