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iSun, a prominent player in solar energy, reported a Q2 2021 revenue of $4.3 million, a 57% increase year-over-year, contributing to a YTD total of $11.6 million, up 71.9%. The company's backlog holds steady at $77 million. Despite growth, Q2 gross profit dipped to -$0.6 million due to labor shortages and rising material costs. Operational losses increased to $2.8 million in Q2. iSun is expanding into residential markets, targeting $75 million in acquisitions, and expects to double its revenue for 2021. The company has strong cash reserves of $20 million, supporting future growth and projects.
AmpUp, an electric vehicle charging provider, has secured additional funding from investment firms including Goodyear (GT) and Foothill Ventures. The capital aims to enhance AmpUp's operational capabilities to meet growing demand for charging solutions. CEO Thomas Sun highlighted the company's mission to expand accessibility to charging stations in North America. Noteworthy achievements include a project of 160 charging stations in Los Angeles and collaborations with major utilities. Past investors also include YCombinator and iSun Inc. (ISUN).
iSun, Inc. (NASDAQ: ISUN) will release its second quarter 2021 results on August 16, 2021, after market close. A conference call is scheduled for August 17, 2021, at 8:30 AM EDT, where financial results will be discussed. Investors can access the presentation materials through the Investor Relations section of iSun’s website. The company emphasizes its 50 years of experience in solar energy and clean mobility infrastructure, with over 400 megawatts of solar systems installed.
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iSun, Inc. (Nasdaq: ISUN) announced its selection by Fusion Renewables for turnkey development and EPC services, with an initial contract value of $1.25 million. The project involves the construction of 118MW of solar capacity across eight sites in North and South Carolina, financed by a joint venture between Modiin Energy and Alon Gas. This contract marks a significant step in iSun's efforts to support traditional energy companies in renewable energy investments. The company, recognized as a top solar contractor, has extensive experience in delivering integrated energy solutions.
iSun, Inc. (Nasdaq: ISUN) has been awarded a competitive bid to design and deploy grid-tied and off-grid solar-powered EV charging stations across America. CEO Jeffrey Peck highlighted the selection of iSun's ROAM and PALM systems as a significant achievement, emphasizing their scalability and reliability. This move is expected to enhance partnerships in the e-mobility infrastructure sector. iSun has installed over 400 megawatts of solar systems since entering the renewable energy market in 2012. The company remains committed to providing sustainable energy solutions.
iSun, Inc. (Nasdaq: ISUN) has announced its inclusion in the Russell Microcap® Index, effective June 28. This recognition follows their successful public market entry via a SPAC merger in 2019 and attainment of a project backlog valued at $81 million. The company aims for growth through organic strategies and acquisitions, evidenced by their acquisition of iSun Energy. The Russell Microcap® Index, utilized by investment managers and institutional investors, benchmarks $10.6 trillion in assets against Russell indexes, enhancing ISUN's visibility in the market.
iSun, Inc. (NASDAQ: ISUN) has appointed Daniel Dus as President of its utility division, effective June 2, 2021. Dus, a veteran in renewable energy, brings over 15 years of experience, having managed over $1 billion in solar assets across 1,400 projects. CEO Jeffrey Peck expressed confidence in Dus's ability to enhance shareholder value through strategic insights. Dus aims to leverage his renewable energy expertise to support iSun's ongoing growth post its SPAC acquisition in 2019.
iSun, Inc. (Nasdaq: ISUN) announced that Andy Matthy, Managing Partner at Cipactil, will join its Independent Board of Directors, replacing Daniel Dus, effective June 2nd. With nearly two decades of experience in renewable energy and corporate financing, Matthy is expected to enhance iSun's growth strategy. Jeffrey Peck, iSun’s CEO, emphasized Matthy's expertise in building high-growth companies and accessing talent and capital as critical to the company's expansion. iSun has a robust history in solar energy and has installed over 400 megawatts of solar systems since 2012.
iSun, Inc. (NASDAQ: ISUN) reported a record revenue of $7.3 million for Q1 2021, reflecting an 82.2% increase year-over-year, driven by new contracts and market growth. The company ended Q1 with a cash balance of $20 million and a backlog of $81 million. However, it recorded a net loss of $3.1 million and EBITDA of ($1.4 million), attributed to increased administrative expenses and project costs influenced by COVID-19. iSun is optimistic about its 2021 outlook, expecting to double revenue and improve EBITDA margins.
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