US solar and electric mobility infrastructure firm iSun Inc’s (NASDAQ:ISUN) net loss widened to USD 5.1 million (EUR 4.5m) in the first three quarters of 2021 from USD 3 million a year ago in spite of a 56% rise in revenue.
Net loss expanded as operating expenses also increased substantially, while gross profit came in at USD 786,933, up slightly from USD 558,493 in the same period of 2020. Revenue grew to USD 18.3 million on continued execution of the company’s commercial and industrial (C&I) project backlog, the addition of a professional services revenue stream and continued deployment of EV infrastructure.
The company said on Monday that project margins in the first half of the year were affected by industry-wide material and component price rises, as well as labour shortages. In the third quarter, however, margins returned to normal pre-Covid levels as the firm started performing contracts agreed in 2021. Margins also benefited from revenues coming from owned solar assets in the peak production period of the third quarter and the new professional services revenue stream which is not affected by material costs.
iSun, which provided some preliminary figures in October, saw its third-quarter net loss shrink to USD 655,821 from USD 1.3 million a year ago, while gross profit improved to USD 1.3 million from USD 237,698. Revenue rose 34% to USD 6.7 million.
At the end of September the company’s C&I project backlog stood at USD 80.7 million. This excludes the C&I backlog of USD 9.6 million secured through the acquisition of SunCommon, which also brings residential customer orders of USD 22.1 million.
The firm is optimistic on 2022 revenue growth. It will provide a revenue forecast for 2022 on Thursday.
(USD 1 = EUR 0.880)
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