iSun cuts guidance as module procurement struggles cause project delays

May 19, 2022 12:44 PM ET
  • United States solar EPC business iSun doubled its Q1 revenue year-on-year but has lowered its 2022 guidance as a result of module procurement challenges within its utility-scale unit.
iSun cuts guidance as module procurement struggles cause project delays
Image: iSun

Monitoring explained throughout a teleconference with capitalists that its decision to lower revenue guidance for the year to US$ 125 million is because of utility-scale projects that have actually been pushed right into 2023.

With the US Department of Commerce proceeding a circumvention examination that could lead to retroactive tariffs of 50-- 250% on solar cell as well as module imports from 4 Southeast Asian countries, US EPCs have been having a hard time to secure modules.

One EPC told PV Tech Premium previously this month that the present situation for module procurement in the US "is not existing", while 83% of respondents to a survey from profession body the Solar Energy Industries Association reported terminated or postponed module supply.

iSun uploaded first-quarter revenue of US$ 15.1 million, a 108% boost on the same quarter last year, with development driven by the proceeded fulfilment of residential consumer demand as well as execution of the firm's commercial and commercial backlog.

Having actually added around US$ 41.2 million in new client demand and also agreements during the quarter, iSun's backlog has grown to US$ 128.3 million.

CEO Jeffrey Peck claimed the residential department "has seen a tremendous boost sought after", while the business intends to leverage the sales and marketing know-how safeguarded with its acquisition last year of installer SunCommon.

In spite of the revenue growth, iSun published a Q1 bottom line of US$ 2.9 million, compared to a bottom line of US$ 3.2 million in the same quarter last year.

Teleconference transcript from Seeking Alpha.

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