iSun Inc. Announces 2022 Revenue Guidance of $165 Million

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 its earnings outlook for FY2022.

Highlights:

• iSun’s execution of its Strategic Plan projected to generate $165 million in revenue across its four segments.
• Residential Division forecasts $45 million, with gross margins between 25% and 30%.
• Commercial Division forecasts $15 million, with gross margins between 16% and 20%.
• Industrial Division forecasts $55 million, with gross margins between 15% and 18%.
• Utility Division forecasts $50 million, with gross margins between 15% and 18%.

“In 2022, we will begin to transition from the development of our platform to its deployment,” commented iSun Chief Executive Officer Jeffrey Peck. “As we do, we will begin providing guidance on each of these four distinct segments for the first time. While the practice is new for us, the principle is not. We have a 50-year legacy of delivering complex, technologically advanced projects on-time and on budget; we have earned a reputation as a reliable, trusted partner accordingly. We’re proud to extend the legacy of serving our customers to our shareholder base.”

iSun forecasts 2022 revenues of $165 million across its Residential, Commercial, Industrial and Utility segments, with an aggregate gross margin between 18% and 21%. iSun anticipates achieving these targets through a combination of organic growth, geographic expansion, continued execution of its project backlog and consumer demand.

Residential.

SunCommon, iSun’s Residential Brand, forecasts $45 million in revenue with gross margins between 25% and 30%. Contributing factors to this guidance include:

• Current demand of $22.1 million. SunCommon maintains current customer demand (projects expected to be completed within the next 4-6 months) of $22.1 million.
• SunCommon’s low cost of customer acquisition (CAC). SunCommon’s reported CAC of $0.36 / Wdc are less than half than the industry average of $0.75 / Wdc¹.
• Organic growth in SunCommon’s core Vermont and Hudson Valley NY markets.
• Expansion growth across the East Coast. SunCommon anticipates expanding into complementary markets across the East Coast.

Commercial.

iSun’s Commercial Division forecasts $15 million in revenue, with gross margins between 16% and 20%. Contributing factors to this guidance include:

• Current demand of $9.6 million. SunCommon maintains current customer demand (projects expected to be realized within the next 4-6 months) of $9.6 million.
• Accelerated consumer demand for EVs. iSun anticipates accelerating consumer demand for EVs to increase adoption of both solar and EV charging solutions for destination consumer businesses.
• Organic growth in SunCommon’s core Vermont and Hudson Valley NY markets.
• Expansion growth across the East Coast. SunCommon anticipates expanding into complementary markets across the East Coast.

Industrial.

iSun’s Industrial Division forecasts $55 million in net revenue, with gross margins between 15% and 18%. Contributing factors to this guidance include:

• Current backlog of $80.7 million. iSun currently maintains an $80.7 million backlog of projects expected to be completed within the next 12-18 months.
• Organic expansion in iSun’s core Northeast territory.
• Strategic expansion into new markets with development partners. iSun expects to enter new geographic markets through its long-standing relationships with select development partners.
• Realization of projects provided through iSun’s Development and Professional services pipeline. iSun maintains the rights to EPC work for 118MW of projects currently in development through agreements structured through iSun’s Development and Professional services team.

Utility.

iSun’s Utility Division forecasts $50 million in revenue with gross margins between 15% and 18%. Contributing factors to this guidance include:

• Accelerating demand for solar resulting from EV adoption. Increasing solar energy demand across all sectors is driving utility scale development and demand for iSun’s EPC services.
• Realization of projects provided through iSun’s Development and Professional Services pipeline. iSun maintains EPC rights for 448MW of projects in Alabama, the first of which is expected to commence in Q3 2022.

iSun continues to explore strategically relevant, immediately accretive M&A opportunities. This guidance does not account for any such opportunities or transactions. iSun will provide updated guidance in the event of a transaction accordingly.

“We went public in 2019 to realize our vision of creating a platform capable of accelerating adoption for solar across all segments of the marketplace – residential, commercial, industrial, and utility,” continued Peck. “We’ve created a platform that does just that. In addition, our platform will also help accelerate the adoption of EVs. Not every EV owner will be able to install a charger at their home or have access to chargers at the places they work, or the businesses they frequent. By improving access to EV charging at scale across all segments, iSun is helping ensure that members of all communities will have access to EV adoption.”

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.

Forward Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.

The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.

All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.

¹ US RESIDENTIAL PV CUSTOMER ACQUISITION COSTS AND TRENDS 2021, Wood Mackenzie Power & Renewables, October 2021

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