iSun revenue jumps but Q2 performance affected by supply chain delays

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
iSun is looking to expand through additional acquisitions this this year. Image: iSun.

Solar construction firm iSun expects to double its revenue in 2021 compared to last year despite supply chain delays and labour shortages impacting its Q2 performance.

The Vermont-based EPC and electric vehicle charging solutions provider reported second quarter revenue of US$4.3 million, representing a 57% increase on the same period in the prior year.

However, the firm’s quarterly loss widened in Q2 to US$2.4 million, compared to a loss of US$900,000 in Q2 2020. The company said the ongoing challenges presented by COVID-19, such as supply chain delays and labour availability, slowed its progress in executing on its solar project backlog.

“Moving forward we are confident that we have mitigated the short-term margin deterioration, however we anticipate ongoing margin pressure related to material pricing and labour shortages on previously executed contracts,” John Sullivan, iSun CFO, said in a conference call with investors.

Solar EPC Peck changed its name to iSun earlier this year following its acquisition of solar-powered EV infrastructure provider iSun in January. The company has since entered the utility-scale solar EPC segment with the purchase of the intellectual property of Oakwood Construction Services.

Since those deals, the firm has closed a development services agreement for eight utility-scale solar projects totalling 118MW and has been awarded a contract to build 18 off-grid solar carports and EV charging stations at remote locations.

CEO Jeff Peck said that while iSun has installed nearly 3,000 residential solar systems, the company is aiming to expand its footprint in the rooftop sector through additional mergers or acquisitions. He said the firm’s additional M&A activity in the second half of 2021 “will further enable iSun to accelerate solar adoption across all sectors”.

In addition to its goal of doubling 2021 revenue on last year’s figure of US$21.1 million, iSun expects improvements in EBITDA performance through the year, driven by improved project execution compared to the first half.

Read Next

September 16, 2021
Energy engineering firm Babcock & Wilcox is to enter the US solar market through the acquisition of a majority stake in Illinois-based solar contractor Fosler Construction.
September 15, 2021
The Portuguese Renewable Energy Association (APREN) and the Portuguese Association for the Photovoltaic Industry (APESF) have joined forces to represent Portugal's PV sector.  
September 14, 2021
Polish renewables developer PAD-RES is to be acquired by a joint venture established by real estate investor Kajima and private equity firm Griffin Real Estate.
September 14, 2021
The US solar industry is set to continue breaking annual installation records in the coming years despite supply chain constraints that have led to higher prices as well as disruptions caused by the government’s withhold release order (WRO), according to new research.
September 8, 2021
Solar EPC company iSun has bolstered its presence in the US residential segment through an acquisition of installer SunCommon.
September 8, 2021
Inverter supplier SMA Solar Technology has lowered its revenue and earnings guidance for the remainder of the year due to the undersupply of electronic components.  

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
Solar Media Events
December 1, 2021