iSun Inc. Provides Preliminary Second Quarter 2023 Revenue
31 Juli 2023 - 3:00PM
Business Wire
Continues to expect full year 2023 revenues of
$95-100 million, a 24% to 31% increase over 2022
Plans to report final Q2 2023 results on August
10, 2023
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 that preliminary revenue
for the second quarter of 2023 ended June 30, 2023, was
approximately a record $25 million, an increase of over 50% from
the $16.5 million reported for the second quarter of 2022. The
year-over-year increase reflects effective execution of the
company’s strategy, with sustained strength in its commercial and
industrial division, which has been performing robustly in 2023
responding to increased customer demand.
iSun continues to expect that total revenues for the full year
2023 will be $95-100 million, a 24%-31% increase over full year
2022 total revenues, reflecting the new business awards the company
continues to secure across its business and its strong execution in
working through its growing backlog.
HIGHLIGHTS:
- Preliminary total revenue for second quarter of 2023 of
approximately $25 million, a record and an increase of over 50%
from the $16.5 million reported for the second quarter of
2022.
- Reaffirms guidance of $95-100 million in revenue for the full
year 2023, a 24%-31% increase over total revenues for full year
2022.
- C&I division continues to outpace market growth, responding
to higher customer demand and better execution on its growing
backlog.
- Company plans to announce final results for the second quarter
and first half of 2023 on August 10, 2023.
“We are delighted by the momentum we are demonstrating this
year, as we execute effectively on our growth strategy and respond
to the increased demand for solar power solutions, especially in
our consolidated commercial and industrial division. As we continue
to secure new business awards across our markets, we’re confident
that our sustained improved performance this year will enable us to
achieve our full-year revenue and profitability targets,” said
Jeffrey Peck, Chairman and Chief Executive Officer of iSun.
Final Second Quarter 2023 Results Timing
iSun plans to issue final second quarter and first half 2023
results before the market opens on Thursday, August 10, 2023.
A conference call to discuss the results will take place at 8:30
AM ET. To participate in the call, please dial 1-888-506-0062
(domestic) or 1-973-528-0011 (international), using conference ID
246871. The live webcast can be accessed through the Company’s
Investor Relations website at investors.isunenergy.com.
A webcast replay of the call will be available at the same
location beginning approximately one hour after the call’s
completion. A telephonic replay will be available through August
24, 2023, and can be accessed by dialing 1-877-481-4010 (domestic)
or 1-919-882-2331 (international), using conference code 48846.
About iSun Inc.
Since 1972, iSun has accelerated the adoption of proven
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. The Company currently
provides a comprehensive suite of solar services across
residential, commercial, industrial & municipal, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230731309935/en/
iSun Investor Relations IR: IR@isunenergy.com
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