[Monksdream]

ISUN new 52 week low

[Mr. Zen]

Item 1.01. Entry into a Material Definitive Agreement.



On August 30, 2023, iSun, Inc., a Delaware corporation (the “Company”), entered into a letter agreement (the “First Letter Agreement”) by and between the Company and each of Anson Investments Master Fund LP and Anson East Master Fund LP (together, the “Investors”) regarding a modification of the terms of those certain Senior Secured Convertible Promissory Notes issued to the Investors, dated November 4, 2022 (the “Notes”). The Notes are described in the Company’s Current Report on Form 8-K, filed with the Commission on November 8, 2022. Under the Notes, the Company covenanted that it meet certain EBITDA targets, including EBITDA of $500,000 for the quarter ended June 30, 2023. The Company had an EBITDA loss of $617,000 during the quarter ended June 30, 2023. Under the Notes, a failure to fulfill the EBITDA financial covenant is defined as an Event of Default. For such an Event of Default, the Investors may accelerate all amounts due under the Notes. The Investors have agreed to a waiver of the Event of Default upon the terms set forth in the First Letter Agreement, including that the Company shall pay the Investors the aggregate amount of $1,442,307.69 of the principal amount of the Notes by wire transfer within 30 days of the date of the Letter Agreement, that the Fixed Conversion Price of the Notes shall be adjusted to $1.00, and that the Company shall issue warrants to the Investors as described in Item 3.02, below.



On August 30, 2023, the Company entered into a second letter agreement with the Investors (the “Second Letter Agreement”). The Second Letter Agreement provides that the Company may complete an Optional Redemption of all of the then outstanding principal balance due under the Notes on or before December 31, 2023, notwithstanding Section 6(a) of the Notes, which permits the Company to effect an Optional Redemption only in the absence of an existing or imminent Event of Default, and subject to certain other conditions.



Item 3.02. Unregistered Sale of Securities.



Effective August 30, 2023, in accordance with the terms of that certain Letter Agreement by and between the Company and the Investors, the Company issued warrants to acquire an aggregate of 1,000,000 shares of Common Stock (the “Warrants”) to the Investors in satisfaction of the Letter Agreement in a transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), in reliance on Section 4(a)(2) thereof and Rule 506(b) of Regulation D thereunder. Each of the Investors previously represented that it was an “accredited investor”, as defined in Regulation D, and was acquiring the Warrants and Warrant Shares for investment only and not with a view towards, or for resale in connection with, the public sale of distribution thereof. Accordingly, the Warrants and Warrant Shares have not been registered under the Securities Act and any applicable state securities laws. Pursuant to the First Letter Agreement, the Company was obligated to provide the Investors the Warrants with an exercise price of $1.00 per share and a term of 5 years.

[Monksdream]

ISUN new 52 week low

[bicep4worship]

Solid earnings report but shorts took it down. Bounced back at end of day and I stay the course. Macrosentiment still heavily negative on solar stocks so this penny stock is getting no respect. I'm long time investor and only invest in real businesses and ISUN is outstanding outlier in all the disappointing results of larger peers. Market will eventually appreciate this gem and patient investors will be rewarded especially when they turn profitable by end of 23. Profits are the mother's milk of stocks.

[Mr. Zen]

Q2 2023 revenues of $25 million, a 51.8% increase from Q2 2022, driven by higher demand and strong execution of company’s strategy

Reaffirms expectations for total revenue of $95-100 million in 2023, a 24-31% increase over 2022

iSun, Inc. (NASDAQ: ISUN) (the “Company,” or “iSun”), a leading solar energy and clean mobility infrastructure company with 50 years of experience accelerating the adoption of innovative electrical technologies, today announced final financial results for the second quarter of 2023 ended June 30, 2023.

Quarterly Highlights

Q2 2023 revenue of $25.0 million, up 51.8% from Q222, as continued commercial and industrial execution drives growth
YTD revenue of $42.4 million, up 34.2% over first half of 2022
Gross profit of $5.9 million, up 58.2% from Q222
Gross margin of 23.7%, up 90 basis points from 22.8% in 2022’s second quarter, as expected synergies taking hold
Awarded $8.0 million in new solar and EV infrastructure contracts in Q2 2023, with a total of $40.0 million in first half of 2023
Continuing successful execution of growth strategy, leveraging tailwinds

Management Commentary

“We are continuing to benefit from positive momentum, especially in our commercial and industrial segment, as we generated 51.8% higher revenue in the 2023 second quarter compared to last year. Our team is focused on executing our growth strategy, leveraging the positive tailwinds from climate legislation and higher customer interest in alternative energy solutions,” said Jeffrey Peck, Chief Executive Officer of iSun. “I am very pleased by our continued success in achieving new contract wins, as we added $8 million in the second quarter, for a total of $40 million in the first half of this year, a record pace for iSun. Our improved synergies as we scale, along with higher productivity, enabled us to increase our margins by 90 basis points in the second quarter to 23.7%. We have increased our labor utilization this year, as part of our ongoing efficiency efforts that included the consolidation of our commercial and industrial divisions, which offsets the continuing challenges we experience from supply chain constraints, even as they are lessening compared to last year. All these efforts provide us the confidence to reaffirm our annual revenue guidance for 2023, as we work diligently to implement and complete our many projects.”

Second Quarter and Year to Date Results

iSun reported second quarter 2023 revenue of $25.0 million, up 51.8% from $16.5 million in the same period in 2022. YTD revenue was $42.4 million, representing a $10.8 million or 34.2% increase over the same period in 2022. Revenue growth was driven primarily by the fulfillment of commercial and industrial projects across multiple states receiving notice to proceed as well as our residential backlog; total backlog was $161.8 million as of June 30, 2023. iSun also generated new future demand by adding $8 million in new business during the second quarter and a total of $40 million in the first half of 2023, primarily driven by strong demand for commercial and industrial services as well as for focused project origination and design services for partners on large national carport projects.

Divisional highlights as of June 30, 2023, include:

Residential division generated revenue of $9.3 and $16.2 million in the second quarter and YTD respectively. Customer orders of approximately $13.1 million are expected to be completed within three to five months.
The commercial and industrial division, which were consolidated as of January 1, 2023, generated revenue of $15.6 and $25.9 million in the second quarter and YTD respectively; the division has a contracted backlog of approximately $140.7 million expected to be completed within 10-18 months.
Utility and development division generated revenue of $0.1 and $0.3 million in the second quarter and YTD respectively. The Utility division has a contracted backlog of approximately $8.0 million and 1.6 GW of projects currently under development expected to achieve NTP in 2023 and early 2024.

Gross profit in the second quarter was $5.9 million, up 58.2% from $3.8 million in the second quarter of 2022. Gross margin for the quarter was 23.7%, up 90 basis points from 22.8% in the same period in 2022. YTD gross profit was $9.5 million, up 37% compared to $6.9 million during the same period in 2022. YTD gross margin was 22.4%, up 50 basis points compared to 21.9% during the same period in 2022. Margin is expected to continue to expand in the second half of 2023 consistent with scaling of operations and planned increase in residential implementations, as part of the strategy to expand gross margin each year as synergies among the company’s segments grow.

The operating loss in the second quarter was ($1.8) million, a 68.8% improvement compared to a loss of ($5.6) million in 2022’s second quarter, primarily reflecting the higher revenues and lower operating expenses as part of the company’s efficiency focus. YTD operating income was a loss of ($4.4) million, a 61.1% reduction compared to a loss of ($11.3) million during the same period in 2022. Non-cash depreciation and amortization expenses were $0.8 million in the second quarter of 2023, compared to $1.8 million in prior year period. YTD non-cash depreciation and amortization expenses were $1.5 million compared to $3.5 million in the same period in 2022.

iSun reported a net loss of ($2.5) million, or ($0.13) per share, in the second quarter of 2023, compared to a net loss of ($5.7) million, or ($0.40) per share, in the same period in 2022. YTD net loss was ($5.5) million or ($0.31) per share compared to a net loss of ($8.6) million or ($0.64) per share in the same period in 2022.

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. YTD Adjusted EBITDA was a loss of ($1.8) million or ($0.10) per share compared to a loss of ($3.4) million or ($0.25) per share in the same period in 2022.

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 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.

Added Mr. Peck, “We are making excellent progress in tracking against the targets we set for iSun’s performance this year, as we execute on our strategy and fulfill our commitments to investors. We remain confident that our capabilities effectively address the needs of more customers and position us to accelerate our growth in the evolving alternative energy sector. Our success in winning significant contracts with existing and new customers is based upon our platform approach that delivers a suite of services to meet the needs of diverse customers. This year, we are also benefiting from the expertise of our team in executing efficiently on our backlog to address our customers’ needs. Now that our country’s energy policy has been established for the next 10 years through the IRA legislation passed last summer, we expect those macroeconomic factors to help us scale our operations significantly in the next few years, and thus enable us to generate steadily higher revenue and reach operating profitability.”

Second Quarter 2023 Conference Call Details

iSun will host a conference call today, Thursday, August 10, at 8:30 AM ET to review the Company’s financial results and discuss its operations and outlook. Participants can access the live conference call via telephone at 1-888-506-0062 (domestic) or 1-973-528-0011 (international), using conference ID 246871 or via webcast in the Investor Relations section of the iSun website at investors.isunenergy.com. An audio replay will be available through Thursday, August 24, 2023, and can be accessed by dialing 1-877-481-4010 (domestic) or 1-919-882-2331 (international), using conference code 48846. A webcast of the conference call will be available beginning approximately one hour after the call is completed at investors.isunenergy.com.

iSun, Inc.

Condensed Consolidated Balance Sheets as of

June 30, 2023 (Unaudited) and December 31, 2022

(In thousands, except number of shares)

[Gadzeno]

That was my impression as well. Started a position mid 30s and will continue to add. Thank you

[Mr. Zen]

iSun Inc. Provides Preliminary Second Quarter 2023 Revenue
July 31 2023 - 09:00AM
Business Wire

Continues to expect full year 2023 revenues of $95-100 million, a 24% to 31% increase over 2022

Plans to report final Q2 2023 results on August 10, 2023

iSun, Inc. (NASDAQ: ISUN) (the "Company," or "iSun"), a leading solar energy and clean mobility infrastructure company with 50-years of experience accelerating the adoption of innovative electrical technologies, today announced that preliminary revenue for the second quarter of 2023 ended June 30, 2023, was approximately a record $25 million, an increase of over 50% from the $16.5 million reported for the second quarter of 2022. The year-over-year increase reflects effective execution of the company’s strategy, with sustained strength in its commercial and industrial division, which has been performing robustly in 2023 responding to increased customer demand.

iSun continues to expect that total revenues for the full year 2023 will be $95-100 million, a 24%-31% increase over full year 2022 total revenues, reflecting the new business awards the company continues to secure across its business and its strong execution in working through its growing backlog.

HIGHLIGHTS:

Preliminary total revenue for second quarter of 2023 of approximately $25 million, a record and an increase of over 50% from the $16.5 million reported for the second quarter of 2022.
Reaffirms guidance of $95-100 million in revenue for the full year 2023, a 24%-31% increase over total revenues for full year 2022.
C&I division continues to outpace market growth, responding to higher customer demand and better execution on its growing backlog.
Company plans to announce final results for the second quarter and first half of 2023 on August 10, 2023.

“We are delighted by the momentum we are demonstrating this year, as we execute effectively on our growth strategy and respond to the increased demand for solar power solutions, especially in our consolidated commercial and industrial division. As we continue to secure new business awards across our markets, we’re confident that our sustained improved performance this year will enable us to achieve our full-year revenue and profitability targets,” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun.

Final Second Quarter 2023 Results Timing

iSun plans to issue final second quarter and first half 2023 results before the market opens on Thursday, August 10, 2023.

A conference call to discuss the results will take place at 8:30 AM ET. To participate in the call, please dial 1-888-506-0062 (domestic) or 1-973-528-0011 (international), using conference ID 246871. The live webcast can be accessed through the Company’s Investor Relations website at investors.isunenergy.com.

A webcast replay of the call will be available at the same location beginning approximately one hour after the call’s completion. A telephonic replay will be available through August 24, 2023, and can be accessed by dialing 1-877-481-4010 (domestic) or 1-919-882-2331 (international), using conference code 48846.

About iSun Inc.

Since 1972, iSun has accelerated the adoption of proven innovations in electrification technology. iSun has been the trusted service provider to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 600 megawatts of solar systems. The Company currently provides a comprehensive suite of solar services across residential, commercial, industrial & municipal, 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.

[Mr. Zen]

sorry it took so long to get back to you, I was out of the country.

Isun has had the snot shorted out of it and is sitting below cash value. I am playing this as a long term (1 year hold) because the fundamentals are good ans the shorts will soon give up on it. Personally I am looking at a 200% share price increase over the next year.

See the latest news, this is a turn around play, and I think there is some money to be made here if you are patient.

[Gadzeno]

What’s the reason this companies stock price is in the dumps?

[Mr. Zen]

8-K today was a C.Y.A. clause..

Proposal 3. To approve an amendment to the Company’s Third Amended and Restated Certificate of Incorporation to protect the Company’s officers from certain personal monetary liability in accordance with recent amendments to the Delaware General Corporation Law.

[Mr. Zen]

The number of shares of the Registrant’s Common Stock outstanding at May 8, 2023 was 18,858,923.

[Mr. Zen]

Proposal 3. To approve an amendment to the Company’s Third Amended and Restated Certificate of Incorporation to protect the Company’s officers from certain personal monetary liability in accordance with recent amendments to the Delaware General Corporation Law.


For / Against /Abstentions /Broker Non-Votes

9,532,442 / 1,786,484 / 60,137 / 3,022,601



Proposal 3 was approved.

[Mr. Zen]

Institutional Trading of iSun

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Essex Investment Management Co. LLC increased its holdings in iSun by 3.1% in the 3rd quarter. Essex Investment Management Co. LLC now owns 231,250 shares of the company’s stock worth $511,000 after acquiring an additional 7,047 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in shares of iSun during the first quarter worth about $106,000. State Street Corp raised its position in shares of iSun by 29.3% during the 3rd quarter. State Street Corp now owns 29,158 shares of the company’s stock worth $64,000 after purchasing an additional 6,600 shares during the last quarter. Jane Street Group LLC purchased a new position in iSun in the 3rd quarter valued at about $55,000. Finally, Northern Trust Corp acquired a new stake in iSun in the 2nd quarter worth about $48,000. 9.60% of the stock is currently owned by hedge funds and other institutional investors.

[Mr. Zen]

ISUN Research Notes

Market Cap July 8 2023 is 7,147,532
The number of shares of the Registrant’s Common Stock outstanding at May 8, 2023 was 18,858,923.

¦ Revenue of $17.4 million, up 15% from Q122, as commercial and industrial execution drives growth
¦ Gross profit of $3.5 million, up 12% from Q122
¦ Gross margin of 20.5%, down slightly from 21% in 2022’s first quarter
¦ Operating expenses reduced by $2.7 million with focus on efficiency
¦ Awarded $32.0 million in new solar and EV infrastructure contracts in 2023

The average one-year price target for iSun (NASDAQ:ISUN) has been revised to 2.47 / share. This is an increase of 7.41% from the prior estimate of 2.30 dated June 1, 2023.
The price target is an average of many targets provided by analysts. The latest targets range from a low of 2.02 to a high of 2.89 / share. The average price target represents an increase of 501.23% from the latest reported closing price of 0.41 / share.

iSun, Inc Announces 100K Share Insider Buy by CEO Jeffrey Peck

[Mr. Zen]

There's Blood in the Streets!, and here I am buying and stepping over carcasses of other traders... Lets see where this one is a year from now.

[Monksdream]

ISUN new 52/week low

[Rafa636]

Finally looks like we are going to keep moving up. We need much more volume!!! GLTA!

[randallg8]

There's a lot of analysis ( posting ) done on isun on the yahoo finance board.
It is well worth reading. We have this company figured to be as high as a 10x bagger and that may be low.

[Rafa636]

Here's a PR........https://us.etrade.com/e/t/invest/wsoddirect?wsod_page=%2Fv1%2Fnews%2Fmarketnews%2Fmarketnews.asp%3FdocKey%3D1-SN20220308009183-009183%26DMSourceID%3DDJNF%26Source%3DBW%26DisplayName%3DBusinessWire%26docDate%3D2022-03-08%252014%253A29%253A00%26headline%3DiSun%2520Inc.%2520to%2520Attend%2520the%252034%2528th%2529%2520Annual%2520Roth%2520Conference

[KevP3301]

ISUN nice little rally today! Cross that 200 ma would be $$

[Rafa636]

Something's up finally, We have volume and up today over 18%. Hopefully we hold these gains today and continue on tomorrow. Hopefully some good news coming out soon!!

[Rafa636]

No news but we're up over 6% and the market is still getting hammered. Hopefully the beginning of a move north?

[Rafa636]

Not sure what it's going to take to get this stock trending north. I guess good PR's mean nothing now adays?

[Rafa636]

FINALLY....It looks like ISUN should start the move to green again. Great PR with BIG revenue growth. I've been averaging down these last 6 months wondering when the bleeding would stop. This PR should accomplish that.

GLTA...
https://us.etrade.com/e/t/invest/wsoddirect?wsod_page=%2Fv1%2Fnews%2Fmarketnews%2Fmarketnews.asp%3FdocKey%3D1-SN20220201009319-009319%26DMSourceID%3DDJNF%26Source%3DBW%26DisplayName%3DBusinessWire%26docDate%3D2022-02-01%252014%253A25%253A00%26headline%3DiSun%2520Announces%2520Preliminary%2520Fourth%2520Quarter%2520and%2520Year%2520End%2520Results

[Rafa636]

Cmone now, this stock shouldn't be at these levels. I never understand when the MM's finally agree to let a stock run.

[Rafa636]

Market down BIG today and ISUN is up a bit. Looks like mid to high fives is the bottom so I bought some more today. 2022 should be good to ISUN!

[Rafa636]

Looks like the high 5's is the bottom finally. This stock is going to have another eventual run. They have too many nice orders in their system. Seems there was a push to short this stock. Hopefully they all get eventually burnt!

[Rafa636]

52wkhi, That would be nice for a pump and dump. This friggen stock is just an enigma to me. Changes its name and runs to the lows 30's and then does an about face and falls back to single digits with no real bad news. Yesterday is had a great PR goes up 15% then again falls back down to below where it was prior to the PR. Is it being manipulated?... who the heck knows. I am betting that with the Green energy push the patient longs here should be rewarded for the holding these shares

GLTA!

[52wkhi]

ISUN - would love to see it become a MEME stock for a couple weeks. :)

[Rafa636]

Bought another bunch this morning. 2022 looks like it should be a boom year for ISUN!

GLTA!

[Rafa636]

georgie18,

You were "partying" when we hit a little above $9.00 a few months back. This is a wonderful PR which should get us some nice upside from here. Let's wait and party until when we get back into the $20's again!

[georgie18]

ISUN...$6.98...On $30 Million range contract news...:partying_face:

[Rafa636]

I still have faith in this company. Hoping we finally have hit bottom and can see some of these deals make some money and see us rebound in 2022!

happy New Year!

[georgie18]

ISUN...$9.43...in the P/M on strong Revs...:party:

[52wkhi]

ISUN - let's have some fun. ISUN :)

[52wkhi]

ISUN - multiple month run would be nice.

[52wkhi]

ISUN - take it to 20. ISUN

[georgie18]

ISUN...$9.11...Asymmetrical Triangle Break setting up here to the Upside...

Chart...https://schrts.co/AstEamqf

https://www.otcmarkets.com/stock/ISUN/news/story?e&id=1972860

CUPERTINO, Calif., Aug. 16, 2021 /PRNewswire/ -- Electric vehicle charging provider AmpUp has secured additional capital led by investment firms Goodyear (NASDAQ: GT), Foothill Ventures, and TechNexus Venture Collaborative.

Secured less than one year from AmpUp's initial seed raise, AmpUp plans to use the new capital to scale operational and technical capabilities to meet growing sales demand.

[Rafa636]

Nice accolade but hasn't moved the price much. Need some big contracts!!

Still holding for the big payoff I believe will come for all the longs.

[georgie18]

ISUN...$9.50...in the P/M...BURLINGTON, Vt., July 21, 2021--(BUSINESS WIRE)--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, announced its ranking as one of the top solar contractors in the United States by Solar Power World, the industry’s leading source for technology, development and installation news.

iSun was ranked 38th overall, and 3rd amongst all commercial & industrial EPC contractors in the United States.

[georgie18]

ISUN...$14.39...in the P/M...:party:
[9:27 AM]
georgie18 — 06/09/2021
ISUN...$11.29...added here this morning...to my core position...:party:

[georgie18]

ISUN...$12.97...in the P/M...:partying_face:

[georgie18]

ISUN...$11.30...in the P/M...https://finance.yahoo.com/news/isun-inc-selected-solar-powered-130000687.html

[Luckypennyman]

RUSSELL 2000 COMING!

GREAT OPPORTUNITY HERE IMO.


GLTA!

[Rafa636]

Moonboy1.......PLEASE STOP BUYING IT....LOL!

[Moonboy1]

Everytime I buy this stock it immediately tanks.

[Luckypennyman]

10-Q Out 5-24-21

[Luckypennyman]

Notification That Quarterly Report Will Be Submitted Late (nt 10-q)




https://www.sec.gov/news/public-statement/accounting-reporting-warrants-issued-spacs

iSun, Inc. (the “Company”) has determined that it is unable, without unreasonable effort or expense, to file its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2021 (the “Q1 2021 Form 10-Q”) by the prescribed due date for the reasons described below.

On April 12, 2021, the Acting Director of the Division of Corporation Finance and Acting Chief Accountant of the Securities and Exchange Commission together issued a statement regarding the accounting and reporting considerations for warrants issued by special purpose acquisition companies entitled “Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies” (the “SEC Statement”). As a result of the SEC Statement, the Company’s management is reevaluating the accounting treatment of (i) the 3,900,000 warrants that were included in the units issued by the Company in its initial public offering (the “Public Warrants”) and (ii) the 294,500 warrants that were issued in a private placement (the “Private Warrants”,
collectively with the Public Warrants, the “Warrants”) in accordance with Accounting Standards Codification (“ASC”) 815-40, Derivatives and Hedging: Contracts in an Entities Own Equity. ASC 815-40 states entities must consider whether to classify contracts that may be settled in its own stock, such as warrants, as equity of the entity or as an asset or liability.

The Company previously accounted for the Warrants as components of equity; however, after consideration of the guidance in the SEC Statement, the Company believes that the Warrants may need to be accounted for as a liability and measured at fair value with changes in fair value each period reported in the Company’s statement of operations. The Company is in the process of completing its final analysis of this change.

The Company is working diligently to complete the Q1 2021 Form 10-Q as soon as possible; however, given the scope of the process for determining the appropriate treatment of the Warrants in accordance with the SEC Statement and ASC 815-40, the Company is unable to complete and file the Q1 2021 Form 10-Q by the required due date of May 17, 2021 without unreasonable effort and expense. The Company does, however, expect to file such report within five calendar days thereof.