iSun sees Q3 revenues of up to USD 7.2m

A solar canopy. Image source: iSun Energy LLC

October 26 (Renewables Now) - US solar and electric mobility infrastructure firm iSun Inc (NASDAQ:ISUN) expects to report third-quarter revenues of between USD 6.7 million (EUR 5.8m) and USD 7.2 million.

On Tuesday, the company posted some preliminary figures for both the third quarter of 2021 and the first nine months of the year. These are available in the table below.

Prelim figures in USD, unless otherwise noted Q3 2021 9-mo 2021
Revenues 6.2m-7.2m 17.8m-18.8m
Gross margin (%) 18-20 4-6
Net profit (loss) (1.2m)-(1.5m) (6.7m)-(7.2m)

iSun noted that its margins should return to “more normal pre-COVID pandemic levels” as the firm works through its backlog.

“We continue to see strong revenue growth within our Commercial and Industrial Divisions as well as a return to pre-COVID margin targets. We anticipate continued revenue growth in our Commercial and Industrial Divisions as evidenced by our approximately USD 80.7 million project backlog,” said chief executive Jeffrey Peck.

The CEO added that the newly announced backlog figure does not take into account the recently unveiled USD-30-million commitment secured for Development Services by the company’s Utility Division or the project backlog obtained through the acquisition of SolarCommunities Inc.

The company, previously known as The Peck Company, rebranded to iSun in January 2021 as a result of its acquisition of solar-powered electric vehicle (EV) infrastructure provider iSun Energy LLC.

(USD 1.0 = EUR 0.860)

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