iSun looks to double 2021 revenues, but labor and supply chain issues dampen profits


Solar energy and mobility infrastructure company iSun said it expects 2021 revenues to double compared to a year ago due in part to a $77 million backlog and other business opportunities.

In its second quarter earnings statement, the company said it had revenues of $4.3 million. That was up 57% from the same quarter in 2020. Year-to-date revenue was $11.6 million, up 71% from the same time a year earlier.

The company reported a gross profit of a negative $0.6 million compared to breakeven during the second quarter in the prior year. Year-to-date gross profit was a negative $0.5 million compared to $0.3 million during the same period in 2020. It said the  declines were due to issues related to the pandemic, specifically labor shortages and industry-wide increases in material and component prices.

Total backlog reached $77 million at end of second quarter, versus $61 million and $26 million at the end of the fourth quarter 2020 and second quarter 2020, respectively. The company said awards in the quarter were driven by several projects in new markets. Management said it expects to realize revenue on nearly all its current backlog over the next 12-18 months.

Looking ahead, the company said it created a new division to focus on the residential and small commercial market. Its iSun Residential unit will consolidate multiple existing residential and commercial solar installers. The company aims to  build a portfolio of 7,500 customers generating 75 MW of power at a run rate of $75 million by the end of 2022.

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