ISUN - iSun reports mixed Q2 earnings; reaffirms FY23 outlook

2023-08-10 08:11:25 ET

• iSun press release ( NASDAQ: ISUN ): Q2 GAAP EPS of -$0.13 misses by $0.01 .
• Revenue of $25M (+51.5% Y/Y) beats by $4.67M .
• Adjusted EBITDA for the second quarter of 2023 was a loss of -$0.6 million or -$0.03 per share, compared to a loss of -$3.2 million or -$0.23 per share in 2022’s second 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 vs. consensus of $97.01M for the full year 2023, representing a 24-31% increase over total revenues of $76.5 million in 2022. With the positive results from its focus on efficiency so far this year, iSun also anticipates continued gross margin expansion and adjusted EBITDA profitability by the end of 2023.

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