iSun Energy Reports Strong Second-Quarter Performance and Positive Outlook

iSun Energy recently held its second-quarter 2023 earnings conference call to discuss financial and operating results. The company reported a strong performance in the quarter, with revenues up more than 50% year over year, exceeding market expectations.

CEO Jeffrey Peck provided an update on the company’s operating performance and outlook for 2023. He highlighted the success of iSun’s commercial and industrial group, which accounted for more than 62% of revenue in the second quarter. The residential segment also performed well, despite a slowdown in demand due to higher interest rates on home improvement loans. iSun expects increased installation activity in the coming quarters as it expands into new states.

Peck emphasized iSun’s platform approach, which encompasses the full life cycle of providing solar energy solutions. This approach has been a competitive advantage for the company and has enabled significant year-over-year revenue growth. iSun’s backlog as of June 30, 2023, totaled $161.8 million, reflecting strong customer demand and the success of its strategic initiatives.

During the conference call, CFO John Sullivan provided an overview of the second-quarter financial results. Revenue increased by 51.8% to $25 million, and gross margins rose by 90 basis points to 23.7%. iSun’s efficiency efforts have contributed to improved margins, and the company is confident that it will continue to expand margins as it scales and drives synergies.

Overall, iSun Energy is optimistic about its future prospects. The company’s success in winning significant contracts in the solar and electric vehicle infrastructure sectors, along with its ongoing efforts to expand its project pipeline, positions it for continued growth. iSun remains committed to its mission of accelerating the adoption of solar energy and achieving its annual financial targets for revenue and profitability.