Q4 2021 marked iSun's first opportunity to deploy its recently completed solar and EV infrastructure platform. It did not disappoint. Preliminary Q4 results suggest iSun will deliver its biggest quarter in the company's 50-year, history and exceed previously released 2021 revenue guidance. The news follows iSun's recent $29.3 million contract award for electric vehicle infrastructure, and well-positions the organization to deliver on its guidance of nearly 400% revenue growth in 2022. (Graphic: Business Wire)
Vermont Business Magazine iSun, Inc (NASDAQ: ISUN), a leading solar energy and clean mobility infrastructure company with 50-years of construction experience in solar, electrical and data services in Williston, on Tuesday released certain preliminary operating results for the fourth quarter and year ending December 31, 2021.
Highlights:
- Record quarter highlights successful implementation of 2021 growth strategy
- Fourth quarter revenues estimated at approximately $24.5 million to $27.0 million
- Fourth quarter gross margins estimated at approximately 19% to 21%
- Year-end revenues estimated at approximately $42.8 million to $45.3 million, exceeding 2021 revenue guidance
- Year-end gross margins estimated at approximately 13% to 15%
- Q4 execution of strategic platform positions iSun to deliver on 2022 guidance of $165m
Based on preliminary unaudited results for the fourth quarter of 2021, iSun estimates fourth quarter revenues at approximately $24.5 million to $27.0 million, gross margins at approximately 19% to 21% and net loss will be approximately $1.8 million. iSun estimates year end revenues at approximately $42.8 million to $45.3 million, gross margins at approximately 13% to 15% and net loss will be approximately $6.9 million.
The largest contributors impacting the net loss for the fourth quarter are one-time expenses attributable to expenses related to the acquisition of Solar Communities, Inc.
“The fourth quarter was iSun’s first opportunity to deploy the platform built by our team throughout 2021,” commented Jeffrey Peck, iSun’s Chief Executive Officer. “The anticipated revenue results have exceeded our expectations on a quarterly and annual basis. With these anticipated results, we were able to deliver the biggest quarter in company history and exceed our previously released 2021 revenue guidance. We are excited to continue our growth trajectory and remain confident in our previously announced revenue guidance of $165 million for 2022. We continue to be a trusted partner for solar solutions for new and existing customers, as evidenced by our recent $29.3 million contract for electric vehicle infrastructure support. We appreciate the ongoing support of our shareholders and remain focused on building long-term value for investors.”
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.
2.1.2022. WILLISTON, Vt.--(BUSINESS WIRE)--iSun, Inc