iSun’s earnings take a hit due to COVID-19 disruption

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Image: iSun

Solar contractor iSun’s pre-tax earnings fell further at the start of 2021 compared to the same period last year, while its gross margin took a hit due to project delays brought on by COVID-19.

EBITDA for the first three months of the year stood at -US$1.4 million, down from -US$340,000 during the first quarter of 2020.

Gross margin, likewise was 1.6% in the three months ended March 31, 2021 compared to 7.9% year-on-year. This, the company said, was driven by a “significant material issue” on one of the company’s sites, which resulted in additional modifications and higher construction costs.

Additionally, the restrictions on working and movement caused some job sites to shut down.

However, Jeffrey Peck, iSun’s chairman and CEO, said that despite the impact of COVID-19, demand for more solar capacity “remains robust” and the company will continue to focus on its expansion across the US.

iSun, which changed its name from Peck when in acquired iSun Energy at the start of the year, entered the utility-scale engineering, procurement and construction (EPC) business last month by acquiring the intellectual property rights of solar company Oakwood Construction Services. iSun Energy’s products include solar canopies for EV charging as well as smart benches for urban areas, and will be made available to Peck’s current and future client base.

The addition of new contracts and bringing iSun Energy’s portfolio into the business and breaking into utility-scale solar helped the company to boost its first quarter revenues by 82.2% to US$7.3 million. However, it also reported a net loss of US$3.1 million in the same period, compared to a US$800,000 net loss from Q1 2020. Peck said the company’s US$20 million cash balance gives it “flexibility” to continue expanding its presence in the US.

1 December 2021
Join over 500 attendees at this virtual conference on 1-2 December 2021 for expert presentations covering PV Module Technology, Supply & Site Optimisation for Utility-Scale. Delegates can access streamed presentations, session recordings and chat/messaging tools to connect with fellow delegates and speakers. Speakers include leading developers, manufacturers, testing and research institutes, including: NREL, Silicon Ranch, Sonnedix, Heliene, Powertis, LONGi Solar, JinkoSolar, PVEL, Risen Energy, Seraphim, STS, Trina Solar, Eternalsun Spire, QEERI, Fraunhofer, Estuary Capital Partners, VDE, First Solar, Longroad Energy, Powertis and DNV Energy Systems

Read Next

November 30, 2021
Solar EPC company iSun is investing in US commercial PV project developer Encore Renewable Energy as part of efforts to accelerate its geographic expansion.
November 23, 2021
Renewables developers and O&M provider RES has appointed two new chief executives to lead on its growth plans.
November 22, 2021
German energy company RWE is selling solar EPC and O&M service provider Belectric to Czech utility CEZ, Germany's federal competition authority has revealed.
November 15, 2021
German energy major RWE has entered into a transaction related to the divestment of parts of solar EPC service provider Belectric.
November 12, 2021
Array Technologies’ profits plummeted 65% amid high material and logistical costs as the solar tracker supplier claimed it was experiencing a margin "trough", weighed down by legacy orders signed at low prices.
November 12, 2021
US solar tracker supplier Array Technologies is to acquire Spanish tracker manufacturer Soluciones Técnicas Integrales Norland (STI Norland) in an acquisition that the Array said will create “the largest tracker company in the world”

Subscribe to Newsletter

Upcoming Events

Solar Media Events
December 1, 2021
Solar Media Events
February 1, 2022
London, UK
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal