iSun, Inc (ISUN) Reports Q4 EPS of $0.32 on Revenues of $9.3M

iSun, Inc (NASDAQ: ISUN) reported Q4 EPS of $0.32, versus $0.07 reported last year. Revenue for the quarter came in at $9.3 million, versus $6.34 million reported last year.

Highlights

• Record fourth quarter revenue of $9.3 million, up 47.1% year-over-year, driven by new contract wins
• Strong revenue growth and scale benefits drove improvement in EBITDA margins to 6.9%
• Strengthened balance sheet provides increased financial flexibility to support strategic growth initiatives, including $21M cash balance prior to the warrant redemption notice
• Continued executing our organic regional expansions with new contract wins in Vermont, Maine, Rhode Island, and Connecticut
• Fourth quarter 2020 backlog of $61 million positions iSun for robust revenue growth in 2021

For the fourth quarter 2020, iSun reported net income of $1.7 million, or $0.32 per share, compared to $0.3 million, or $0.07 per share, in fourth quarter 2019. Fourth quarter 2020 net income included a $1.5 million pre-tax benefit related to loan forgiveness under the Payroll Protection Program (“PPP). Fourth quarter 2020 EBITDA was $2.1 million, compared to $0.1 million in fourth quarter 2019. The year-over-increase in EBITDA was driven by higher revenue and better overall project performance as a result of scale and solid project execution.

Management Commentary

“During 2020, we successfully navigated pandemic-related disruptions to our business, while laying a foundation for growth within our core markets,” stated Jeff Peck, Chairman and CEO of iSun. “The operating environment improved during fourth quarter, as projects were able to return to a more normalized pace of work, momentum which we look to build on in 2021.”

“In January, we acquired iSun Energy LLC, a clean mobility infrastructure company, further positioning our company as a leading participant in the clean energy transition,” continued Peck. “Following the acquisition, we executed a comprehensive rebranding campaign from The Peck Company to iSun, while executing on a wide array of integration initiatives that position us to realize on commercial opportunities across the businesses. Importantly, we have already begun to realize revenue synergies through our combined, value-added service offerings.”

“We see significant opportunities for growth across our solar energy and clean mobility infrastructure markets over a multi-year period,” continued Peck. “Over the last several months, we continued to execute on our regional growth strategy with key wins in new states, including a $7.3 million solar installation EPC contract in Rhode Island, a $2.3 million solar EPC contract in Maine and the $2.2 million contract with Meriden Housing Authority in Connecticut to provide solar energy and electric vehicle charging infrastructure, and ongoing services. These wins are a testament to our strong position in the solar infrastructure market and our ability to execute on our growth strategies going forward.”

For earnings history and earnings-related data on iSun, Inc (ISUN) click here.

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