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Solar Stock News: iSun Inc. (NASDAQ: ISUN) Reports Fourth Quarter and Full Year 2021 Results

 

Calgary, Alberta - April 18, 2022 (Newsfile Corp.) (Investorideas.com Newswire) 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 results for the fourth quarter and full-year 2021.

Management Commentary

"2021 was a milestone year for iSun," commented iSun CEO Jeff Peck. "We successfully built a solar service platform capable of addressing the generational opportunity presented by EV adoption and decarbonization. While doing so, we delivered on our promise to grow revenues by more than doubling our 2020 revenues, exceeding our revenue guidance, and increasing shareholder equity by 650%. The fourth quarter 2021 provided our newly assembled leadership team their first opportunity to collaborate, and we are thrilled with the results. We are excited to continue these synergies into 2022, and to seeing what we can accomplish with our platform across a full calendar year."

Fourth Quarter and Full-Year Results

iSun reported fourth quarter 2021 revenue of $27 million representing a $17.7 million or 190% increase over the same period in the prior year. iSun reported full year 2021 revenue of $45.2 million, a $24.3 million or 115% increase over 2020. Revenue growth was driven by the continued execution of iSun's Commercial and Industrial project backlog, the addition of a new Professional Services revenue stream and continued deployment of iSun's EV Infrastructure.

Gross profit in the fourth quarter was $5.6 million compared to $1.8 million during the fourth quarter in the prior year, an increase of 214%. Gross margins for the fourth quarter were 21%, compared to 19.1% during the same period in the prior year. Gross profit for the year was $4.6 million, representing a $3.8 million or 214% increase over 2020. Gross Margin improvements were attributed to iSun's diversification into new solar segments and services, and improved operating efficiencies.

EBITDA for the fourth quarter of 2021 was a loss of $0.5 million. When adjusted for one-time expenses related to M&A transactions, adjusted EBITDA was $0.9 million.

SunCommon - iSun's residential division – has customer orders of $19.2 million expected to be completed in the next four to six months, their commercial division has a contracted backlog of approximately $9.3 million expected to be completed within six to eight months, and the industrial and municipal division a contracted backlog of $73.8 million expected to be completed within twelve to 18 months. iSun's utility division has over 550 MW of projects currently under development. iSun expects the first of these projects to commence development late in the third quarter of 2022.

Total assets increased on December 31, 2021, to $103.7 million from $19.6 million at December 31, 2020. The increase is attributable to numerous strategic investments made throughout 2021 as well as the four acquisitions completed during 2021.

Stockholder equity increase to $60 million at December 31, 2021, compared to $8 million at December 2020.

Outlook

iSun currently remains optimistic about the long-term outlook for the solar industry and its ability to capitalize on such growth. By servicing every segment of the solar marketplace with a comprehensive suite of services and products, iSun is capable of quickly responding to demand fluctuations in any one sector, or supply chain disruptions affecting any one service. iSun continues to study the impacts of recent market developments on each of its divisions and will revise its guidance if it feels there is a need to do so.

Fourth Quarter and Full Year 2021 Conference Call Details

iSun will host a conference call on Monday at 4:30 PM EST 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 888-506-0062, using Conference ID #608529. An archived audio replay will be available through Monday, May 2, 2022, at 877-481-4010, Conference ID# 44808.

Interested parties may also listen to the live audio of the conference call via webcast. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time to register, download, and install any necessary audio software.

Non-GAAP Financial Measures

Included in this presentation are discussions and reconciliations of earnings before interest, income tax and depreciation and amortization ("EBITDA") and EBITDA adjusted for certain non-cash, non-recurring or non-core expenses ("Adjusted EBITDA") to net loss in accordance with GAAP. Adjusted EBITDA excludes certain non-cash and other expenses, certain legal services costs, professional and consulting fees and expenses, and one-time Reverse Merger and Recapitalization expenses and certain adjustments. We believe that these non-GAAP measures illustrate the underlying financial and business trends relating to our results of operations and comparability between current and prior periods. We also use these non-GAAP measures to establish and monitor operational goals.

These non-GAAP measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute or superior to, the other measures of financial performance prepared in accordance with GAAP. Using only the non-GAAP financial measures, particularly Adjusted EBITDA, to analyze our performance would have material limitations because such calculations are based on a subjective determination regarding the nature and classification of events and circumstances that investors may find significant. We compensate for these limitations by presenting both the GAAP and non-GAAP measures of our operating results. Although other companies may report measures entitled "Adjusted EBITDA" or similar in nature, numerous methods may exist for calculating a company's Adjusted EBITDA or similar measures. As a result, the methods that we use to calculate Adjusted EBITDA may differ from the methods used by other companies to calculate their non-GAAP measures.

The reconciliations of EBITDA and Adjusted EBITDA to net loss, the most directly comparable financial measure calculated and presented in accordance with GAAP, are shown in the table below:

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. Today, iSun is focused on accelerating the adoption of solar energy. The Company provides a comprehensive suite of solar services for each stage of solar development across all segments of the solar marketplace - residential, commercial, industrial & municipal, and utility. Additionally, iSun designs and installs 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 http://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.

Contacts

IR Contact:
Tyler Barnes
IR@isunenergy.com
802-289-8141

More Info:

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