Announcement • Sep 25
First Motion for Exclusivity Period Extension Filed by iSun, Inc. iSun, Inc. filed a motion in the US Bankruptcy Court seeking the extension of its exclusivity periods on September 24, 2024. As per the motion, the debtor seeks to extend its exclusivity periods for both, to file a plan and to solicit votes on a plan, by 60 days i.e. up to November 30, 2024 and January 29, 2025, respectively. The debtor’s current exclusivity period and solicitation period would expire on October 1, 2024 and November 30, 2024, respectively. Announcement • Sep 17
Joint Liquidation Plan and Disclosure Statement Filed by iSun, Inc. iSun, Inc., along with its affiliates, filed a joint plan of liquidation with related disclosure statement in the US Bankruptcy Court on September 16, 2024. As per the plan filed, administrative claims, professional fee claims, priority tax claims, statutory fees, and other priority claims shall be paid in full in cash. DIP facility claims have been satisfied pursuant to the terms of the sale order. Secured tax claims and other secured claims are of $0. Prepetition loan claims of $9.58 million shall be recovered 47% i.e., $4.5 million shall receive, to the extent not yet distributed, sale proceeds to the extent of the prepetition loan secured claim, less the decathlon trust funding amount, the committee budget supplement, the cedar advance settlement amount and the additional cash contribution and class A beneficial trust interests on account of prepetition loan deficiency claim, provided that the liquidating trust agreement shall provide that the class A beneficial trust interests shall be entitled to 25% of all distributions of liquidation trust assets until such time as the decathlon trust funding amount is repaid in full, and thereafter, their pro rata share of all distributions of liquidation trust assets along with the class B beneficial trust interests. General unsecured claims shall not receive any distribution. Intercompany claims and subordinated claims shall be cancelled. Interest holders will receive no distribution under the plan. The plan shall be funded by the liquidation trust claims reserve or the professional fee claim reserve. On the effective date, the debtors shall fund the liquidation trust claims reserve, and professional fee claim reserve in full in cash. Announcement • Jun 10
iSun, Inc. Appoints Rob Vanderbeek to Serve as Chief Restructuring Officer Effective June 3, 2024, the Board of Directors of iSun, Inc. appointed Rob Vanderbeek to serve as Chief Restructuring Officer of the Company. Mr. Vanderbeek will not receive any direct compensation from the Company other than indirectly in connection with the fees paid by the Company to Novo Advisors, LLC in connection with Mr. Vanderbeek’s services as the Company’s Interim Chief Financial Officer. Announcement • Jun 08
Nasdaq Files a Form 25 with SEC to Delist Common Stock of iSun As previously disclosed, The Nasdaq Stock Market, LLC suspended trading in the Common Stock of the iSun, Inc. on May 23, 2024, due to noncompliance with Nasdaq Listing Rule 5550(a)(2). On June 3, 2024, Nasdaq filed a Form 25 Notification of Delisting with the Securities and Exchange Commission to complete the delisting. The delisting becomes effective ten days after the Form 25 is filed. Beginning on May 23, 2024, the Company’s Common Stock had been trading over the counter on the OTC Pink Market under its current trading symbol “ISUN”. Announcement • Jun 05
iSun, Inc. Filed for Bankruptcy iSun, Inc., along with its nine affiliates, filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the District of Delaware on June 3, 2024. The debtor listed both its assets and liabilities of less than $0.05 million. The debtor is represented by Amy D. Brown, Michael G. Busenkell and Michael Van Gorder of Gellert Scali Busenkell & Brown, LLC as its legal counsels. England & Company is appointed as investment banker. Rob Vanderbeek is appointed as Chief Restructuring Officer. Announcement • May 24
iSun, Inc.(OTCPK:ISUN) dropped from NASDAQ Composite Index iSun, Inc. removed Announcement • May 23
iSun, Inc. announced that it has received $0.05 million in funding On May 22, 2024, ISUN, INC. closed the transaction. The transaction included participation from a single investor. Announcement • May 21
iSun, Inc. Receives Second Non-Compliance Letter from the Nasdaq Regarding Listing Rule 5550(a)(2) As previously disclosed in iSun, Inc.’s Current Report on Form 8-K filed on May 19, 2023, the Company received notice from The Nasdaq Stock Market (“Nasdaq”) indicating that the Company did not satisfy Nasdaq Listing Rule 5500(a)(2), insofar as the bid price for the Company’s Common Stock was less than $1.00 per share for the previous 30 consecutive business days, and in accordance with the Nasdaq Listing Rules, the Company had been provided a 180-day grace period within which to regain compliance with that requirement, through May 13, 2024. On May 14, 2024, the Company received a second letter from the Nasdaq Listing Qualifications Staff indicating that, based upon the Company’s continued non-compliance with Nasdaq Listing Rule 5550(a)(2), the Company’s securities would be subject to delisting from The Nasdaq Capital Market unless the Company timely requests a hearing before a Nasdaq hearings panel. The Company does not intend to request a hearing before that panel in regards to non-compliance with Nasdaq Listing Rule 5500(a)(2) and, as a result, trading of the Company’s Common Stock on The Nasdaq Capital Market will be suspended at the opening of business on May 23, 2024. The Company anticipates pursuing the trading of its Common Stock on the OTC market. The Company can provide no assurance that the Common Stock will commence or continue to trade on this market, whether broker-dealers will continue to provide public quotes of the Common Stock on this market, whether the trading volume of the Common Stock will be sufficient to provide for an efficient trading market or whether quotes for the Common Stock will continue on this market in the future. Announcement • May 17
iSun, Inc. announced delayed 10-Q filing On 05/15/2024, iSun, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Apr 02
iSun, Inc. announced delayed annual 10-K filing On 04/01/2024, iSun, Inc. announced that they will be unable to file their next 10-K by the deadline required by the SEC. Announcement • Mar 11
iSun, Inc. Announces Chief Executive Officer Changes iSun, Inc. announced the appointment of Robert J. (Bob) Zulkoski as Chief Executive Officer. Effective immediately, Bob Zulkoski is appointed as the new Chief Executive Officer of iSun, Inc. Jeff Peck will remain full-time with iSun in a strategic advisory and operational role to support the CEO. New Risk • Jan 19
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: US$8.47m This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (22% average weekly change). Shareholders have been substantially diluted in the past year (219% increase in shares outstanding). Market cap is less than US$10m (US$8.47m market cap). Announcement • Dec 15
iSun, Inc. announced that it has received $8 million in funding iSun, Inc. announced a private placement of $8 million senior secured loan on December 14, 2023. The transaction included participation from new lender Decathlon Capital Partners, LLC. The loan has 48 month term period. Reported Earnings • Nov 17
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: US$0.073 loss per share (improved from US$0.36 loss in 3Q 2022). Revenue: US$27.9m (up 47% from 3Q 2022). Net loss: US$2.25m (loss narrowed 54% from 3Q 2022). Revenue exceeded analyst estimates by 4.6%. Earnings per share (EPS) missed analyst estimates by 75%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Construction industry in the US. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 10 percentage points per year, which is a significant difference in performance. Announcement • Nov 15
iSun, Inc. Provides Revenue Guidance for the Full Year 2023 iSun, Inc. provided revenue guidance for the full year 2023. The company expects to produce total revenue of $95 million to $100 million for the full year 2023, representing a 24% to 31% increase over total revenues of $76.5 million in 2022. Announcement • Nov 07
iSun, Inc. to Report Q3, 2023 Results on Nov 14, 2023 iSun, Inc. announced that they will report Q3, 2023 results Pre-Market on Nov 14, 2023 New Risk • Oct 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 14% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Shareholders have been substantially diluted in the past year (130% increase in shares outstanding). Market cap is less than US$10m (US$5.41m market cap). Price Target Changed • Aug 17
Price target decreased by 21% to US$1.92 Down from US$2.42, the current price target is an average from 3 analysts. New target price is 481% above last closing price of US$0.33. Stock is down 91% over the past year. The company is forecast to post a net loss per share of US$0.30 next year compared to a net loss per share of US$3.82 last year. Announcement • Aug 12
iSun, Inc. Reaffirms Earnings Guidance for the Year 2023 iSun, Inc. reaffirmed earnings guidance for the year 2023. 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. New Risk • Aug 12
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next year. Trailing 12-month net loss: US$51m Forecast net loss in 1 year: US$4.8m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (US$6.88m market cap). Minor Risks Currently unprofitable and not forecast to become profitable next year (US$4.8m net loss next year). Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (34% increase in shares outstanding). Reported Earnings • Aug 11
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: US$0.13 loss per share (improved from US$0.40 loss in 2Q 2022). Revenue: US$25.0m (up 52% from 2Q 2022). Net loss: US$2.51m (loss narrowed 56% from 2Q 2022). Revenue exceeded analyst estimates by 23%. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Construction industry in the US. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 45 percentage points per year, which is a significant difference in performance. Announcement • Aug 01
iSun, Inc. to Report Q2, 2023 Results on Aug 10, 2023 iSun, Inc. announced that they will report Q2, 2023 results Pre-Market on Aug 10, 2023 Announcement • May 22
iSun Receives Delisting Notice from Nasdaq Regarding Minimum Bid Price Requirement On May 16, 2023, iSun, Inc. received notice (the ‘Delisting Notice’) from The Nasdaq Stock Market (‘Nasdaq’) that it is no longer in compliance with Listing Rule 5550(a)(2) (the ‘Bid Price Requirement’), which requires listed securities to maintain a minimum bid price of $1 per share over a period of 30 consecutive business days. Pursuant to Listing Rule 5810(c)(3)(A), the Company has a period of 180 calendar days following the receipt of the Delisting Notice to regain compliance with the Bid Price Requirement, with the possibility of extension at the discretion of Nasdaq. The Company can regain compliance with the Bid Price Requirement if at any time during the 180 calendar day cure period, the closing bid price of the Company’s security is at least $1 for a minimum of ten consecutive business days. The Delisting Notice does not affect the Company’s business operations or its Securities and Exchange Commission reporting requirements. Announcement • May 13
iSun, Inc., Annual General Meeting, Jun 21, 2023 iSun, Inc., Annual General Meeting, Jun 21, 2023, at 14:00 Eastern Standard Time. Agenda: To elect two 2 directors to serve until the 2026 Annual Meeting of Stockholders and until their successors are duly elected and qualified; to ratify the appointment of Marcum LLP as independent public accounting firm for the fiscal year ended December 31, 2022; 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; and to transact such other business. Announcement • May 10
iSun, Inc. to Report Q1, 2023 Results on May 15, 2023 iSun, Inc. announced that they will report Q1, 2023 results Pre-Market on May 15, 2023 Reported Earnings • Apr 19
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: US$3.82 loss per share (further deteriorated from US$0.68 loss in FY 2021). Revenue: US$76.5m (up 69% from FY 2021). Net loss: US$53.8m (loss widened US$47.5m from FY 2021). Revenue exceeded analyst estimates by 7.4%. Earnings per share (EPS) also surpassed analyst estimates by 9.9%. Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Construction industry in the US. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 56 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Apr 02
Consensus EPS estimates upgraded to US$0.33 loss The consensus outlook for fiscal year 2023 has been updated. 2023 losses forecast to reduce from -US$0.70 to -US$0.33 per share. Revenue forecast steady at US$97.3m. Construction industry in the US expected to see average net income growth of 26% next year. Consensus price target of US$3.00 unchanged from last update. Share price rose 18% to US$1.03 over the past week. Major Estimate Revision • Nov 21
Consensus revenue estimates fall by 30% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from US$101.0m to US$70.5m. Forecast losses increased from -US$0.64 to -US$1.31 per share. Construction industry in the US expected to see average net income growth of 27% next year. Consensus price target down from US$6.50 to US$4.00. Share price fell 24% to US$1.77 over the past week. Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: US$0.36 loss per share (further deteriorated from US$0.072 loss in 3Q 2021). Revenue: US$19.0m (up 185% from 3Q 2021). Net loss: US$4.93m (loss widened US$4.28m from 3Q 2021). Revenue missed analyst estimates by 44%. Earnings per share (EPS) also missed analyst estimates significantly. Revenue is forecast to grow 37% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Construction industry in the US. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Recent Insider Transactions Derivative • Sep 29
CEO, President & Chairman exercised options to buy US$96k worth of stock. On the 24th of September, Jeffrey Peck exercised options to buy 43k shares at a strike price of around US$1.49, costing a total of US$65k. This transaction amounted to 1.6% of their direct individual holding at the time of the trade. Since December 2021, Jeffrey's direct individual holding has increased from 2.61m shares to 2.65m. Company insiders have collectively bought US$137k more than they sold, via options and on-market transactions, in the last 12 months. Major Estimate Revision • Aug 22
Consensus revenue estimates fall by 13% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from US$117.8m to US$102.0m. Forecast losses increased from -US$0.44 to -US$0.64 per share. Construction industry in the US expected to see average net income growth of 26% next year. Consensus price target down from US$7.25 to US$6.50. Share price fell 30% to US$3.44 over the past week. Reported Earnings • Aug 17
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: US$0.40 loss per share (down from US$0.15 loss in 2Q 2021). Revenue: US$16.5m (up 279% from 2Q 2021). Net loss: US$5.68m (loss widened 329% from 2Q 2021). Revenue missed analyst estimates by 44%. Earnings per share (EPS) also missed analyst estimates by 233%. Over the next year, revenue is forecast to grow 130%, compared to a 11% growth forecast for the Construction industry in the US. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Price Target Changed • Jun 30
Price target decreased to US$7.25 Down from US$8.50, the current price target is an average from 2 analysts. New target price is 123% above last closing price of US$3.25. Stock is down 71% over the past year. The company is forecast to post a net loss per share of US$0.44 next year compared to a net loss per share of US$0.68 last year. Reported Earnings • Nov 18
Third quarter 2021 earnings released: US$0.072 loss per share (vs US$0.13 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: US$6.68m (up 35% from 3Q 2020). Net loss: US$655.8k (loss narrowed 5.1% from 3Q 2020). Price Target Changed • Sep 15
Price target increased to US$28.00 Up from US$21.40, the current price target is provided by 1 analyst. New target price is 211% above last closing price of US$9.00. Stock is up 155% over the past year. Reported Earnings • Aug 18
Second quarter 2021 earnings released: US$0.15 loss per share (vs US$0.16 loss in 2Q 2020) The company reported a mediocre second quarter result with increased losses and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: US$4.35m (up 57% from 2Q 2020). Net loss: US$1.32m (loss widened 60% from 2Q 2020). Price Target Changed • Aug 17
Price target decreased to US$21.40 Down from US$24.00, the current price target is provided by 1 analyst. New target price is 144% above last closing price of US$8.78. Stock is up 131% over the past year.