ISUN - iSun Non-GAAP EPS of -$0.19 revenue of $17.4M; reaffirms FY23 guidance

2023-05-15 08:04:30 ET

• iSun press release ( NASDAQ: ISUN ): Q1 Non-GAAP EPS of -$0.19.
• Revenue of $17.4M (+15.3% Y/Y).
• Gross margin of 20.5%, down slightly from 21% in 2022’s first quarter.
• Total backlog was $178.8 million as of March 31, 2023.
• Adjusted EBITDA for the first quarter of 2023 was a loss of $1.5 million, compared to a loss of $0.1 million in 2022’s first quarter.
• Outlook: iSun’s continuing success in winning new business, from solar projects to EV infrastructure and project origination and development services, along with its sizable and growing backlog, is expected to enable the company to produce total revenue of $95-100 million for the full year 2023 vs. consensus of $97.45M, representing a 24-31% increase over total revenues of $76.5 million in 2022. With the early, positive results from its focus on efficiency, iSun also anticipates continued gross margin expansion and adjusted EBITDA profitability by the end of 2023.

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