Solar company iSun posted preliminary third-quarter results, and said it expects to post a net loss of between $1.2-$1.5 million on revenues of $6.7-$7.2 million.
Year-to-date, the firm said it expected to post revenues of $17.8 million to $18.8 million.
The Vermont-based company said it has a backlog of commercial and industrial (C&I) projects estimated at $80.7 million. To date, iSun has an installed portfolio of more than 400 MW of solar, including residential, C&I, and utility scale.
Gross margins were between 18-20% in the third quarter, which ended September 30. Year-to-date margins are between 4-6%. The company said it expected its margins to return to more pre-pandemic levels as it works through its project backlog.
Commenting on the preliminary results, Jefferey Peck, CEO, said the backlog does not include a recently announced $30 million commitment secured for Development Services by iSun’s utility division or the project backlog secured by its residential division.
iSun has been active in recent months. In September, it purchased solar installer SunCommon in a combination of cash and shares of common stock. The deal included $24 million in cash and $15 million in stock, plus $2.5 million in stock-based compensation to SunCommon employees.
Days later, the company said it secured a contract to develop 448 MW of solar, which outsizes the company’s total installed capacity to-date. The solar capacity would be sited at three Alabama locations, and would make up a large portion of the state’s solar capacity once completed.