Stockholder equity increase to $60 million at December 31, 2021, compared to $8 million at December 2020. The increase is attributable to numerous strategic investments made throughout 2021 as well as the four acquisitions completed during 2021. Total assets increased on December 31, 2021, to $103.7 million from $19.6 million at December 31, 2020. iSun expects the first of these projects to commence development late in the third quarter of 2022. iSun’s utility division has over 550 MW of projects currently under development.
SunCommon - iSun’s residential division – has customer orders of $19.2 million expected to be completed in the next four to six months, their commercial division has a contracted backlog of approximately $9.3 million expected to be completed within six to eight months, and the industrial and municipal division a contracted backlog of $73.8 million expected to be completed within twelve to 18 months. When adjusted for one-time expenses related to M&A transactions, adjusted EBITDA was $0.9 million. Gross Margin improvements were attributed to iSun’s diversification into new solar segments and services, and improved operating efficiencies.ĮBITDA for the fourth quarter of 2021 was a loss of $0.5 million. Gross profit for the year was $4.6 million, representing a $3.8 million or 214% increase over 2020. Gross margins for the fourth quarter were 21%, compared to 19.1% during the same period in the prior year. Gross profit in the fourth quarter was $5.6 million compared to $1.8 million during the fourth quarter in the prior year, an increase of 214%.
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Revenue growth was driven by the continued execution of iSun’s Commercial and Industrial project backlog, the addition of a new Professional Services revenue stream and continued deployment of iSun’s EV Infrastructure.
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iSun reported full year 2021 revenue of $45.2 million, a $24.3 million or 115% increase over 2020. ISun reported fourth quarter 2021 revenue of $27 million representing a $17.7 million or 190% increase over the same period in the prior year. We are excited to continue these synergies into 2022, and to seeing what we can accomplish with our platform across a full calendar year.” The fourth quarter 2021 provided our newly assembled leadership team their first opportunity to collaborate, and we are thrilled with the results. While doing so, we delivered on our promise to grow revenues by more than doubling our 2020 revenues, exceeding our revenue guidance, and increasing shareholder equity by 650%. “We successfully built a solar service platform capable of addressing the generational opportunity presented by EV adoption and decarbonization. “2021 was a milestone year for iSun,” commented iSun CEO Jeff Peck. Total assets increased to $103.7 million in 2021 from $19.6 million in 2020. (NASDAQ: ISUN) (the “Company,” or “iSun a leading solar energy and clean mobility infrastructure company with 50-years of experience accelerating the adoption of innovative electrical technologies, today announced results for the fourth quarter and full-year 2021.įull year revenue of $45.3 million representing 115% growth over 2020.įull year margin improved by 300 basis points from 2020.įourth quarter revenue of $27.0 million compared to $9.3 million in the fourth quarter of 2020, an increase of 190%.įourth quarter gross margin of 21%, an increase of 190 basis points over the same period 2020. WILLISTON, Vt.-( BUSINESS WIRE)-iSun, Inc.
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