SunCommon Acquisition Delivers on iSun’s Growth Strategy

Rhea-AI Summary

iSun, Inc. (NASDAQ: ISUN) announced strong preliminary operating results for Q3 2021, driven by the acquisition of SunCommon. This acquisition boosted the company's backlog to $112.4 million, with $31.7 million added from SunCommon. Their Commercial and Industrial backlog rose to $90.3 million, while Residential backlog increased to $22.1 million. The company anticipates completing these backlogs within the next 12 to 18 months. iSun aims to enhance profitability and expand into new markets.

Positive

• Total backlog growth to $112.4 million, with $31.7 million from SunCommon acquisition.
• Commercial and industrial backlog now at $90.3 million, showing significant growth from previous years.
• Residential backlog of $22.1 million, indicating a strong sales pipeline.
• Diversified product mix expected to enhance profitability.
• Expansion into new geographic markets anticipated.

Negative

• None.

Represents 100% backlog growth from 2020 and 600% backlog growth from 2019 .

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 announced preliminary operating results for the third quarter ending September 30, 2021, of its recently acquired residential and commercial subsidiary, SunCommon.

Highlights:

• Acquisition brings total Commercial and Industrial backlog to $90.3 million, including $6.2 and $3.4 million of new business in Vermont and New York, respectively.
• Residential backlog of $22.1 million includes $14.9 and $7.2 million of new business in Vermont and New York, respectively.
• Diversified product mix enhances profitability
• Residential and small commercial sales cycle normalizes iSun’s revenue stream across calendar year
• Growth accelerates iSun’s expansion into new geographic markets

Residential, commercial and industrial backlog increases to $112.4 million as the acquisition of SunCommon adds $31.7 million to iSun’s existing $80.7 million as of September 30 ,2021. With this addition, iSun’s Commercial and Industrial backlog increases to $90.3 million and is anticipated to be completed over the next twelve to eighteen months, while iSun’s residential backlog of $22.1 million is anticipated to be completed over the next four to six months. Commercial and industrial backlog was $56 million for the same period in 2020 and $16 million for the same period in 2019.

Remarks

“These results perfectly illustrate why SunCommon was an ideal candidate for our accretive M&A growth strategy,” commented Jeff Peck, iSun’s Chief Executive Officer. “SunCommon’s values-led business and marketing capabilities enabled them to grow at a remarkable pace and expand into new geographic markets in a challenging operating environment, all while maintaining some of the lowest customer acquisition costs in the industry. These capabilities, when coupled with the composition of their business, will not only enhance iSun’s operating margins, but also provide a platform we can use to accelerate residential and commercial solar adoption in new markets. We’re proud to have them as a partner.”

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.

About SunCommon

SunCommon is a market-solution to climate change. Operating in New York's Hudson Valley and as the market-leading provider of residential, community and commercial solar in Vermont -- we believe that everyone has the right to a healthy environment and brighter future – and renewable energy is where it starts. SunCommon is a Certified B Corp based on a rigorous third-party assessment of our commitment to the triple bottom line of people, planet and profit. Our 200 employees are passionate about our values-led business and the positive impact we're creating. For more information, go to https://suncommon.com or connect with us on Facebook and Twitter @suncommon.

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/20211029005128/en/

IR:

Tyler Barnes

IR@isunenergy.com

802-289-8141

Source: iSun, Inc.

FAQ

What were iSun's preliminary operating results for Q3 2021?

iSun reported a total backlog of $112.4 million, with $31.7 million added from the SunCommon acquisition.

How much has iSun's Commercial and Industrial backlog grown?

iSun's Commercial and Industrial backlog increased to $90.3 million as of September 30, 2021.

What is the anticipated completion timeline for iSun's backlogs?

The Commercial and Industrial backlog is expected to be completed in 12 to 18 months, while the Residential backlog is anticipated to be completed in 4 to 6 months.

What impact did the acquisition of SunCommon have on iSun?

The acquisition significantly boosted iSun's backlog and is expected to enhance profitability and market expansion.