iSun Inc. (ISUN), a provider of solar EPC services, bore a decrease of 1.75% in its share price on Thursday, and as a result, ISUN stock closed the day at $9.54. The company’s share price has increased some 6.39% after that decrease. Consequently, ISUN stock currently stands at $10.15.
Accolade for company
The company, on the 21st of July, announced that the Solar Power World, the leading news platform for tech, development, and installation-related news, has ranked ISUN as one of the top solar contractors in the US. The company’s overall ranking was 38th, and it was 3rd in the list for leading commercial and industrial EPC contractors in the United States.“We expect this growth to continue as we deploy our strategy across the residential, commercial, industrial, utility, and solar EV charging segments of our business”, said Jeffrey Peck, iSun’s Chief Executive Officer.
Selection for EPS services
On 23rd of June, iSun’s administration announced that it was selected by the Fusion Renewables for the trunkey development services and for EPC services, which is subjected to competitive tendering. The contract represents the construction of solar power projects at 8 sites in North and South Carolina, having a total power output of 118 Megawatt. Alongside that, the contract also represents initial developmental financing of $1.25 million. The investment is the first renewable energy investment for both of the companies in the US.“The iSun Team is well equipped to deliver turnkey projects to help propel the energy transition”, said Jeffery Peck.
Induction into Russell Microcap Index
In early June, the company was inducted into the Russell Microcap® Index at the conclusion of 2021 Russell indexes annual reconstitution. The induction would have to become effective from 28th of June. The membership of Russell Microcap® Index remains in place for one year. The membership of it means automatic inclusion in the appropriate growth and value style indexes.” We are very proud to be included in the Russell Microcap Index as recognition that our growth efforts since 2019 have been producing positive results”, said the CEO OF iSun.
ISUN Stock Q1 financial results
In late May, the company announced the quarterly results for first quarter of year 2021. According to the details, the company recorded the revenue of $7.3 million during the quarter, which is 82.2% higher when compared with the equivalent period of 2020, mainly due to the strong project awards in second half of 2020 and early part of 2021. The cash balance at the end of quarter stood at $20 million. The gross profit was $0.1 million, as compared to the $0.3 million in equivalent period of 2020. The operating loss during the quarter stands at $2.6 million, as compared to the $0.5 million in equivalent period of 2020.
