iSun posts 115% revenue growth in full year 2021 financial results

Vermont-based iSun posted its fourth-quarter and full-year 2021 financial results, reporting on what CEO Jeff Peck called a “milestone year.” The solar PV and EV charging engineering, procurement, and construction (EPC) firm works in the residential, commercial, industrial and utility-scale sectors. 

Full year revenue for 2021 came in at $45.3 million, representing growth of 115% over 2020. The fourth quarter was particularly strong for iSun, in which it achieved $27 million in revenues, a growth of 190% over Q4 2020 revenues. 

Peck said the strong fourth quarter was due in part to the newly assembled leadership team at iSun getting the first opportunity to collaborate. 

Total assets increased markedly for iSun in 2020, leaping from $19.6 million to $103.7 million through 2021. The company made four acquisitions through 2021. 

“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%.” said Peck. 

Gross margins increased slightly, improving from 19.1% to 21% year-over-year. 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 a gain of $0.9 million.

One such acquisition was the iSun taking minority interest in Vermont-based solar developer Encore Renewable Energy, which has a history of reclaiming real estate landfills, brownfields, rooftops, and carports for community-scale solar PV and large-scale energy storage systems.

Encore Renewables gained attention for its novel project with London-based Highview Power to develop a long-duration, liquid air energy storage system in northern Vermont.

iSun’s residential division, SunCommon, has $19.2 million in customer orders expected to be completed in the next six months. The commercial division has $9.3 million in project backlog expected to be completed within eight months, and the industrial division has a contracted backlog valued at $73.8 million that is planned to be complete within 18 months. Its utility division has over 550MW in the project pipeline, with projects expected to commence development in Q3 2022. 

Stockholder equity increased to $60 million at the end of 2021, up from $8 million at year end 2020. At the time of writing, iSun stock is down about 5%, has fallen 58% in six months, 66% in a year. The company hit a high of $26 per share in January 2021 and has now fallen 86% to about $3.60 per share. 

This January, the company won a $29 million order for the development of its solar parking canopy/EV charging solution. The company received an order for 1,780 off-grid canopies, and said it expects to deliver 450 in 2022.

“iSun has built a platform capable of addressing the needs of each segment of the solar industry, which includes serving the EV infrastructure demands of our new and current customers,” said Peck.