WILLISTON, Vt.--(BUSINESS WIRE)--iSun, Inc. (NASDAQ: ISUN) (the “Company”, or “iSun”), a leading solar energy and clean mobility infrastructure company with 50-years of construction experience in solar, electrical and data services, today announced preliminary operating results for the third quarter ending September 30, 2021, of its recently acquired residential and commercial subsidiary, SunCommon.
- Acquisition brings total Commercial and Industrial backlog to $90.3 million, including $6.2 and $3.4 million of new business in Vermont and New York, respectively.
- Residential backlog of $22.1 million includes $14.9 and $7.2 million of new business in Vermont and New York, respectively.
- Diversified product mix enhances profitability
- Residential and small commercial sales cycle normalizes iSun’s revenue stream across calendar year
- Growth accelerates iSun’s expansion into new geographic markets
Residential, commercial and industrial backlog increases to $112.4 million as the acquisition of SunCommon adds $31.7 million to iSun’s existing $80.7 million as of September 30 ,2021. With this addition, iSun’s Commercial and Industrial backlog increases to $90.3 million and is anticipated to be completed over the next twelve to eighteen months, while iSun’s residential backlog of $22.1 million is anticipated to be completed over the next four to six months. Commercial and industrial backlog was $56 million for the same period in 2020 and $16 million for the same period in 2019.
“These results perfectly illustrate why SunCommon was an ideal candidate for our accretive M&A growth strategy,” commented Jeff Peck, iSun’s Chief Executive Officer. “SunCommon’s values-led business and marketing capabilities enabled them to grow at a remarkable pace and expand into new geographic markets in a challenging operating environment, all while maintaining some of the lowest customer acquisition costs in the industry. These capabilities, when coupled with the composition of their business, will not only enhance iSun’s operating margins, but also provide a platform we can use to accelerate residential and commercial solar adoption in new markets. We’re proud to have them as a partner.”
About iSun Inc.
Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted electrical contractor to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 400 megawatts of solar systems. The Company has provided solar EPC services across residential, commercial & industrial, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.
SunCommon is a market-solution to climate change. Operating in New York's Hudson Valley and as the market-leading provider of residential, community and commercial solar in Vermont -- we believe that everyone has the right to a healthy environment and brighter future – and renewable energy is where it starts. SunCommon is a Certified B Corp based on a rigorous third-party assessment of our commitment to the triple bottom line of people, planet and profit. Our 200 employees are passionate about our values-led business and the positive impact we're creating. For more information, go to https://suncommon.com or connect with us on Facebook and Twitter @suncommon.
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