ISUN - Earnings call transcript Q2 2022

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Operator

Good morning, ladies and gentlemen, and welcome to the iSun Second Quarter 2022 Earnings Conference Call. At this time, all participants have been placed on a listen-only mode, we will open the floor for your questions and comments after the presentation. It is now my pleasure to turn the floor over to your host, Tyler Barnes. Sir, the floor is yours.

Tyler Barnes

Thank you and good morning.

welcome financial iSun's the and XXXX. to we call second pleased discuss will operating are you conference to where quarter We results for Peck, future platform shareholders. and provide how it value Officer, deployment Jeffrey for organization iSun's solar illustrate Chief for marketplace the on creates the of solar update the the will completed recently prepares and Chairman of an Executive and an operating overview XXXX Sullivan, of second will Chief John year-to-date and Financial quarter financial provide results performance. Officer, and the prepared our will the After today, remarks open your line we of any questions. to address

As this will the uncertainties made found I to Comments obligation forward-looking that results. management's that, update will these a and forward-looking to date of CEO, refer under include are subject should expectations. includes to or reminder, reconciliations Jeff it differ is now risks the iSun's disclosures our as call analyze you the and earnings are statements predictions. release, no of actual Peck. that over answers which can financial These and With results expectations measures to could statements help management's on to be for They cause questions to in call future financial statements non-GAAP the from website, management turn future. that and during

Jeffrey Peck

mission We to earnings the That to call. Good progress we accelerate with said, the of are There's provide that value believe I've conference been so and Thank long you, our this our term conversation discuss communicating updates that you the adoption to quarter we'll strategy. term our we throughout being and everyone. shareholders with our our adequate provided you made towards on morning, few material updates of long solar. quarter last progress second we've eager results. quarter, Thank share when drive today much Tyler. for we committed joining about this our since have to recognize

our from to commitments their all a our quality year. comes organization take team like begin, I of moment of members team thank for of this the members. efforts strength outstanding I'd Before individual and the of The

iSun of the in deploying All built XXXX. have at at work platform been hard us we

tremendous continue we energized to We are have integration. our and progress made

to demand pipeline allow and backlog and and in As preparation effective our the active our to will see hard continue an projects, we meet to project of increasing the transition efficient team us manner. work

thank today, the future evolving us positions you for on and – perfectly remarks energy the one everyone made that you'll we've So recurring of the iSun strategic to marketplace. team. the theme my In initiatives hear investments

place industry. solar drive industry assembled. we've Our value, in shareholder positions to This from the uniquely teams dynamics comes confidence of better the and to the the center capabilities the we prepared of of are us to react long-term the

diversify Our diversify the experience, XXXX, to investments transform number In and improve streams of cash revenue serving backlog. revenue and timing flows. of accelerate of our capable of segment the of capabilities we we've investments stream make to a marketplace. each our in strategic growth strategic order you company solar and the These pipeline the made our made and

Our prepares accelerating diversified to meet better approach the demand for also us solar.

shop translate as we're and team energy services customers all needs. one our for ease sales our development the evolving for time to transaction installation These divisions. between their business across shortens of internal of synergies a Our stop an

wherever pivot that demand proven we've we meet it to Additionally, can occurs.

deploy coming its with towards been quarters its proceed. projects industrial previously especially across move and projects they when labor scale scale and to important iSun As labor residential and This will as notice within stalled, delayed in and iSun redeploy large resources able segments. have projects utility be to scale to industrial commercial the has the

involved with than us specifically designed which a investments EPC. strategic traditional made also projects secure We earlier gets pipelines, to project

early future construct. power, secure projects maintaining buying and of and flows better Our to aligns our us our a will by serves allows This like us needs model with customers our the many things cash we of combine mission both do schedules, our retained the flex involvement customers. interest in

this perfectly ready solar over we to dynamics and a With entire along and and preparation, solar. legislation, front recent of accelerate XX% increase average commitment a our for batteries by us. commitments the with been industry energy energy. the by than the increases in to a and and XXXX. strategic and of first clean will the significant opportunities on excellent solar America year transition the This optimistic spur term Our drive attachment investments. A execute industry's The is study iSun's value It the I've higher dirty price been XX-year XXXX strategy. XX% are I've positioned rates adoption for utility news of REPEAT new provides And more on the levels tenfold plan ever industry. and financial the our embracing seize increase is installation. legislation stability mission projects win the solar of credit will Washington The the also extension legislation standalone This to Project massive from predicts, XXXX, tax of per to to XXX% solar increase by our the ITC from validate iSun's half the Princeton's the will pipeline. regarding a ability long commitment, necessary climate The in of on storage of accelerate opportunity.

This The labor prices, has presented that chain commodity rising unique supply continued very quarter surging delays, and interest set deliver. rates. industry constraints of challenges industrywide seen a our team entire to

specifically projects us slowed extensions our receiving second permitting to provided This our quarter. to saw proceed. impacted notice division backlog the we that in industrial in Additionally,

a While several we projects their have canceled, dates. project start not caused push this issue seen to specific out single

customer to our been demand saw continue over we million. over Despite exceptional quarter, efficiency the demand by have prior to currently customers benefit industry immune iSun's a $XXX.X tripling million to from diverse growth and year. in resulting increased margin advantage bringing within with division our second of grew adding our our approximately to of X service with of peers. accelerate chain these top $XX.X we the under our our development revenue in the a to the offerings shortages, challenges We We XX% see projects our fourth our competitive quarter While utility to We not total number dynamics, to are quarter line expansion. supply We backlog straight the a and product our labor year-over-year. backlog increased residential gigawatt. continue

that first current quarter, which in large this in initiatives a very additional begun the contract is the we announced EV results just and generating sector have Again, of We marketplace, to delivered challenges industry. against executing solar excited even the We during strategic our address in industry. of long to made of our capable as are infrastructure opportunities the the as dynamic for time want what built emphasize term. the iSun we more growth. the is platform over a the platform performance, to Happy in we XXXX demonstrate we're with the investments that

that, integration teams our revenue improvements, for reestablishing and EBITDA. growing John. I'll efficiency With things focused turn continues leadership to are cost Our to and over opportunities on divisional and positive now process reveal

John Sullivan

Jeff. you, Thank

turning residential statement have into $XX.X quarter sheet. growth our XXXX. to representing period a provide of period segments second or I'll details our revenue increase before in continued demand second of backlog. ISun on $XX.X to and XXX% consumer excited quarter of trajectory in was over increase operations, million million, the reported revenue continued over an XXXX. same of our our XXX% industrial same million XXXX balance or are our million, We overview of execution the driven Year-to-date the was our $XX.X Revenue the XXXX. by representing of and $XX.X fulfillment commercial growth

months. segment, revenue to million the and expected While million million $XX.X $X.X our year-to-date, new orders also we approximately we backlog, adding in execute $XX.X respectively. are and against second within continue new to quarter. by demand second six residential division generated are the and three to quarter generated during Customer existing completed of in million business our be $XX.X By

$X.X and to expected of $XX.X division $X.X in respectively, revenue quarter contracted months. be commercial of approximately completed and six second generated Our backlog million year-to-date, to million and a eight has within the million

of generated and million $X be has second within XX completed backlog division XX contracted year-to-date, of a and $XX.X revenue quarter respectively, approximately million to expected to in the months. and industrial Our million $XXX.X

Our $X.X and utility revenue quarter million the division of generated and million second $X.X year-to-date in respectively.

Year-to-date late period during same to projects which $X.X million was and XXXX XXXX. compared during XXXX. a Our period margin under the XX.X% loss margin quarter gross Year-to-date loss $X.X $X.X XX.X% Gross compared $X.X XX.X% utility improvement was profit for in second quarter margin consecutive same fourth the the had in quarter to negative same our profit margin XXXX. early XXX to million was project X.X% division negative has achieving was the megawatts Gross over XXXX. in second quarter the in of also gross NTP The with the represents development, during of the compared million compared of XXXX. a improved. million in period a currently

$X.X net same expected share compared the million $X.XX or was $X.X in same $X.X the per $X.X million second million the same compared or the in per $X.X $X.X the compared million same of a share share $X.X million depreciation or XXXX. per Year-to-date in cents negative $X.XX of the million segments, As income $X.X $X.XX a Operating depreciation was amortization to or of amortization the to of period million was over expenses loss the million $X.XX million $X.XX the Year-to-date income a net loss we second $X.X to in a per to million negative million same the loss Year-to-date over per same reported XXXX. $XX.X net XXXX. of our million period loss quarter for XXXX. $X.X compared grow $X.X the $X.X were of EBITDA loss our to in in continue. ISun share EBITDA million a period per in in quarter $X.XX non-cash share share XXXX. a or loss and same were margin during of $X.XX of compared compared compared million Year-to-date $X.X same period a XXXX. of loss negative in $X.X XXXX. in per among a was expenses Non-cash the a or per in is period synergies quarter a $X.X strengthening in quarter share share compared or was in period to $X.XX a net second in of operating XXXX million or to period negative in to million to XXXX. loss period the a and

sheet. balance the to turning Now

our strengthening our cash sheet on efforts our focus balance to to liquidity continue ratios. We position and improve

we our the risks. the remain to to were acts invested collections our inventory and backlog strong We Our have growing supply balance need and that clean to up during recognize in customer meet chain needs following positions sheet closed XXXX. the multiple successfully mitigate of

that to active quarter. facility continue provide our restructure turn collateralize Jeff. and opportunity the from existing We capital of debt provide to trajectory. growth I'll and the end assets investments will new conversations We to prior provide the the are anticipate to acquisitions, the properly in third a back debt, to it our now closing our necessary

Jeffrey Peck

today of my executed initiatives Thank on of strategic XXXX. that I discussing much in spent time the benefits you, the we John.

on focus of to all we've is next. exciting, what While what's like accomplished I'd

very calculated, have strategic very set pipeline our goal these growing a solidifying and investments Our have exciting up been And the for us our with backlog. of investments future.

the almost with our infrastructure companies. energy Over These been the XX a million team legacy projects at foundation X of in building gigawatt work last capital development project development establishing has of and origination led for This to eight has partnerships comprehensive iSun's and $X and our provided partnerships states. services. strategic through hard months, development origination

notice XXXX, these projects, achieve As status, late in from of these as to projects well each to XXXX the these retains ownership proceed NTP. as early operating of we transition minority the first for will By the iSun see begin development of projects to assets. each rights and EPC

iSun strategic by This development capital development in our quarter, and raised project will services. an capital. This revenue origination for utilizing additional generate iSun's partnerships million accelerating $XX development services comprehensive

project as state for and municipalities, identified For phase, and XX as governments have as targets we project states, well this non-profits schools, acquisition. greenfield development next

term respected projects minority of strategic over solar the energy be backlog As key operating with XXX of additional B our help estate rights reclaiming areas. that has and EPC our Renewable a And retains project what all them and which ownership investment, creating, as storage in projects XXnd shares agreements, communities. iSun financing with partner prior in named Best Encore project well size $XX of the such Energy. that, Corp, building well backlog. Currently, assets. values. have we're long their secured into with a build expand decade. on and been construct Encore pipeline. an we've is operating were the proud of Since investment that firm, development located also team term our generation one the firm, but will We're clean gigawatts. of has drive rights allowed recently a Consistent successful first and our X.XX ranked Encore their in developers. raised a in refusal in has revitalize that of as for pipeline, Encore the Encore made we They to we megawatts has been To real to they in our to specializing nationally double million with US projects best-in-class for medium also and undervalued partnered investment strategy, their project near among a to World a pipeline

of to markets, a have expand be marketing ahead backlog our service improvement pipeline of inflation will throughout our digital a maximizing secured costs. efficiencies to a growing the recognition the Now us, focus and to projects increasing and with our constant sales operations leveraging increasing to embracing and all by customers, down collaboration of brand provide project world by of that culture services and all in drive new massive by and sales we by our shared timelines efficiencies class to on to years organization, our decreasing of

execute We preparation thoughtfully the work to our and this we been on runway building the incoming pipeline have strategic backlog. team and available plan of of and is so created. much and we've that preparing great our have execute appropriate ahead capital Part us, the to having on

with several last needs the process our the plan. liquidity Over to quarters, been a company the running out we've it execute on provide strategic to

working always will in existing meaningful a Throughout generation a embraced about provide and impactful path John close consumption is transitioning sheet we signed fund passionate as solar XX-year As have closing to of refinance discussed, that have built our innovation leader there's in our expand as team and support our clean never capital current facility is fight a has quarter. and facilities. will we capital adequately flexible growth to change. innovative debt have American This term we a the this towards been complete needs the plans. and our history, And the that climate Most to to process well diligence debt change. or more help energy. power iSun be time to a expect the

are executive large, creates our I'll the clearer, it our look for United a are better. save policy be little installers as inflation. help our finance year as And mission. the we is are hardworking of team, time XX future heads our families, will our money Today, and us ground, aligning us accelerate interest climate the value. the if legislation small public runaway the and ability division see in transition though It forward our values, that, most will we our and and we what We mission energy is proof our know exciting building, we the for you to energy. to be solar execute, our for roofs success on leave journey our Thanks has for begun. little the businesses impact the legislation be to will sharing a we sense have feels shareholder to planet we to water a against project you. With just lines focused helps questions. to of think open the back Even and legacy you encouraging focused the to seen, passionately both your support accelerate how for witnessing energy and help your this and it adoption impactful we the with our operator which team States with that, team, and ever listening. For in on it has air urgency managers, thank and turn the of, of long-term who today. cleaner, success proud building over to little the our as keeps for Thank we importance a This on

Operator

[Operator Instructions].

from Clare Partners. Your first is Justin from ROTH coming Capital question

Justin Clare

guidance. to I I guess the off wanted ask about here, first

$XXX had you of previously provided So, guidance XXXX revenue million.

Given the QX update seen, QX, in can your here? on in project QX delays and in how you've and XXXX things you revenue the trend us for experienced might challenges just expectations

Jeffrey Peck

our half Historically, a half. XX/XX first has mix of been revenue sort split to second

have additional we services didn't years. really that XXXX Now have in prior our we and EV from revenue streams in coming in development infrastructure

first pretty supply the a said, our And we the long lead industrial we're being confident and on and the to the while in of light, half the times look that group may pipeline some our little larger achieve based chain. [indiscernible] projects goals. That so, have personnel

sure. we have and execute we're it But and achieve personnel So, our the dynamic that backlog the goals. the and a is to the market certainly for pipeline confident

Justin Clare

permitting Just chain. are those have because are QX now, being of of challenges supply one wondering, number from right mentioned a largest things, you what that evolved them, the How you experiencing? different

stands wondering, module is just all enforcement out for there together? UFLPA that them Or of is is others? it more And there is the then, that just ongoing supply. one So the than

right modules of accessibility now. the about talk just you if wondering was I So

Jeffrey Peck

that take a back developers what CPG specifically us projects really second Vermont Looking to allowed there impacted I more of extension a most wait the moving NTP. was back, was think if see the to approach we and quarter, in to at look

because Some QX a hitting take if those wait commodity projects see on like that they had could anticipated and or prices were delayed down to really like due we extension. see came QX and inflation

that had be some utility also lead anticipated early really that projects times we long past start We caused to on saw there. delayed equipment would in QX

times, time to More for have seeing than a backlog They're there have on available inventories large on. our of We've spent panels. the also So, lot building now are in been. available. long we working residential execute on lead they we certainly,

being some for addressing So, half. inventory the building issues we're and of in second installation supply the prepared up the chain by

Justin Clare

Just the division, opportunities XXX your utility turning megawatts to pretty you significantly, of expanded pipeline under here development.

So, NTP XXXX expected and XXXX. late is

wondering for Just So when what XXXX, all those revenue reached, is revenue is once NTP the And XXXX that megawatts, the expectation could could your construction recognized for entire XXX for of projects? see recognized? we be be and timeline?

John Sullivan

Let down The bit. little within services the division, that break services me exist utility we this just development our division. a provide, development

services study wetland do to get development to studies, all land options, be executed. done feasibility, a of topography, development permitted interconnection things like fully provide to So, the work, need that land they permitting, project and that studies, project properties, including soil

portfolio DC. than that of XXX way in that, megawatt XX up size. all there's as of smaller – megawatt gigawatt the as XX maybe this And a it's projects morning our projects from to within pipeline, bit of even megawatts So the of XX gigawatts. various are well to little actually X to a was megawatts, X.XX few There's megawatt sizes, some then

we'll ITC an I these timing. achieving larger of upgrades megawatts and see helpful ends will are medium complexities climate a with and more permitting turn there. expect, more NTP. will for availability XXXX, interconnection legislation say a the fly some into acceleration The a X that bit of and And projects sized I and as at There's lot in so, lower. projects that on projects ball smaller the the XXXX little we of be

impacts So, there. positive we should see some

throughout the So, see and into hope assets first I'm XXXX, XXXX. of NTP question. that answered thinking XXXX, late your we an see we'll some should escalation development

Justin Clare

more. one Just

on what past, expectation gross the the maybe think to scale here, margin. in that profile utility here? XX% be talked And potential? could development XX% a about the the the For Is margin still you've revenue I of

Jeffrey Peck

I how portion some how of in of on depend Yeah, our these of will and partners think break that this. versus hold down the EPC we much the projects contract

looking you utility change if $X.XX high the best scale count full scenario, On and up per project, EPC, between, the case anywhere $X watt. to you're

could potential So, gross true And in would The looking margins to that that assume to there be would some on I have a these our purchasing on panel equipment. projects. projects. purchase at and pass-through XXX these that you $XX $XXX minority just size may of likely be million of may projects. partners million Getting megawatt or be in project, other some revenue. to be retained the on a panels referenced compression would margin be these ownership exception we'll margin of there fair you XX% Also, on on a large equitable not interest, ownership a

these bring as economically to important through possible. it's partners in as So, We're our way. that with aligned

well. So that'll as be important

Operator

is Jeffrey from Your next Campbell coming from Alliance Partners. question Global

Jeffrey Campbell

gross margin how I maintained wanted noted challenges, bearing margin on your the to was you industrial in Can you good. comment quarter? mind quite ask that remained division in you,

John Sullivan

see revenue savings less, things X for and else future, Should in think available to think community solar somewhere in additional allows that get as powers, and panels it's megawatts larger mix of there as labor a the you're look I coming I more around of management certainly different there'll and buying might the than where projects. or be scale contracts. us in your power you what that much we And be purchasing as to on in allows I if us is to equipment we buying quite the would be shared diversification execution forward, reasonably asset well when or busier think efficient help the projects more our demand adjust meet assets us occurring. revenue move to and of

bill, with think, In to smaller there's able being provisions. larger projects will projects pricing, combine I made be So, them some to and climate better the leverage American scale helpful. provide

may scale are and utility and have. manufacturers, otherwise or homes industrial made to access panels that on for scale working well working not us give commercial with as we're we projects American that projects American if may so, And

So I there. think there's a lot of benefits

Jeffrey Campbell

point up utility made, unique a panels. that to although form when the I technology, factor and of think that's you First that of made, last Just of same think it's I standard Solar pick kind American as on

producers other Solar out First there that are So referring besides there you're significant to?

Jeffrey Peck

I think least will the operations significant, for vectors probably the this demand We've process perceived the there increase who key signing word that's in other of meet with at scale is but increased solar, the and bill size this spoken right? expanding to certainly climate two to help Not that. are in going come the bill. to of

Jeffrey Campbell

Will material in the any margin half affect the inventory your during building that second in gross you remarks way? articulated

Jeffrey Peck

don't I so. No, believe

Jeffrey Campbell

in When design they've the project of some bulk the increased if all about utility divisional it of related? division. suggests Is about talked industrial quarters? the is which numbers, backlog backlog million, the and quarter-over-quarter you $XX.X million is in that that it $XX residential work appears commercial Or and correct? increase done the is that I And it that prior is, compare

Jeffrey Peck

None design in of backlog. work the our exists

way in unique we recognize be may backlog it. Our that the

we signed EPC only a contract proceed of a executing intent comprised to or is on contracts. a either those backlog XX% Our projects of that probability of notice or with letter a have

have in been industrial back from. specific say residential can would the and and the backlog we get our would I go look I numbers, increase that's the but backlog where most in at side. So of

our would can was back of about I don't saying a or to in I it out pipeline you the backlog. on referenced. But residential numbers. it be I overall that existed I bit. get the and $XX.X to most think categorize we million, little would want think have off as I throw and something exact there industrial increase

Jeffrey Campbell

We can take that offline.

Jeffrey Peck

we is have rights that which XXX of exists megawatts, about then have we we X through the in Encore, somewhat X.XX different, pipeline to and pipeline pipeline, gigawatt When their backlog and of about we current that talk our backlog. the none talked gigawatt

try we've where for to these was the been projects company in it retain and we've investments all us And out. to to ownership transform And within so, projects help to really creating what build the has important obviously, the efficiencies possible. longevity made that and about some company done

Jeffrey Campbell

to development well? the ask contain And between the purely that I that Does current ownership backlog. utility I pipeline? Or you. something backlog and is in point, appreciate distinction iSun interests the wanted Again, development to that's as

Jeffrey Peck

meaning we have – don't development stages, in yet. Because medium don't and categorize them we we our the early permits assets

of don't that to answer receive move these, into question, to contracts these notice once rights will we after phase projects of because EPC So permitting, most have ownership have they on proceed we your to But these. the yes.

Jeffrey Campbell

just future? provide to again sure. these which ask of just the make bit any me the current Let or backlog to that the are in In the EPC quarter-over-quarter, is that for quite it utility a backlog, improved company contracts ownership in generally and development

Jeffrey Peck

is referring think to our pipeline. I what you're

our believe between don't number right? Our of we utility grown. out in again, and pipeline I backlog. distinction backlog, a sort So, broke has that pipeline

So our pipeline has grown.

all we morning, minority of that And, I'm of X.XX was on ownership it As yes, gigawatts. have pipeline on referencing, this that projects. those rights

Jeffrey Campbell

has line be referring you have was will about what talking utility division so that's the under in development said, the achieving on just where just to that where that's XXX our also And to of release area that point, projects, a eventually currently projects to we're I we're identify NTP was – want the press – clear I megawatts ownership.

Jeffrey Peck

now gigawatts, a our all approximately into will when transition none is in of in gigawatt, my And exists our conversation our think backlog, once pipeline I we achieved backlog. which It which backlog. is about X.X is Correct. that of then permitting none that I talked discussed megawatts XXX that Correct. work

signing interconnection help, right than the seen. certainly, go in of project – these I'm hoping that, of will also in projects otherwise we have on based face, provisions We think climate I assets challenges I the – will have would on speed some and maybe to believe which I'm utilities faster the the substantially. going along gigawatts they're And all up this this assets value of will help help there X.XX bill, of these some of this

so, projects. and round we future. them optimistic partnerships, receiving existed red on a lot and and solar was executing did first percentage in ownership of incredibly there. having when large And we're of states this And where permitting a our EPC that pipeline, in the really there contracts these not were on focused of Certainly bullish minority we

the right And time part assessing employers queues, in as studying so, right that that a that we red in so few large a thought that, the We we weren't years looking in of we would high success. a level places, as coming. ago. were states pressure for we of local spent governments, that lot government, the have And transition was in of that land coming felt these from well federal historical interested state, right solar

we we're were And that assets, developing have high of we'll think as focused. success where a level with we developing. what that's so, And we

Jeffrey Campbell

And in it – just the to a the pipeline? at understanding Or My got least goal last mainly this question as goal? was essentially little past to that the the still has on that you develop more the assets was was ownership ambitious aspect. of ownership SG&A. Is mainly started offset

John Sullivan

the flow execute continue SG&A generate in Certainly, to to make all short and medium then strategy. our to that enough provide revenue if cash the after for term of and company. to we'll An goal free continues we sense is can that recurring to offset continue on company,

Jeffrey Campbell

that to new whatever comfortable again, some think provide you've multiple I may you these projects of these into take states if you of mentioned with. of just level markets you you're Can indication specificity some for iSun? alluded to kind represent development Finally, states it,

Jeffrey Peck

eight Yeah. first of In on I'll round call the we states. this, what as focused

those I think before. we've of some mentioned

and of actually But, deep plus yeah, specific we're $XX we dive things are that the nature. a done that want states. we to states towards be was non-profits, governments, will don't be we've brownfield we can directed Now, municipalities, targeting, states on those identified that opportunities, successful. areas focused but get XX raised capital on state the I in think And development million XX

Jeffrey Campbell

say here, northeast? can be ordered out might but that these some be to Not historical states your in not at of least we

Jeffrey Peck

outside be will These yeah. of areas, Absolutely, normal mostly. Correct. operating states our

Operator

[Operator Instructions].

Tuohy Parks Noel Your is next Brothers. from question coming from

is line Your live.

Noel Parks

Just had couple. a

you're are negotiating, structure it facility have debt updated behind do or facility that any of debt you priorities new conversations? your your as particular far on As the

John Sullivan

in we our capital that and to debt flexibility gives sure some make funds adequately us place to needs support get plans. of all a growth that want We facility working

Noel Parks

sensitive I covenants you just you meant rates as, to as or or…? are far particularly are

John Sullivan

Yeah.

want we we where of use want capital and minimize terms. equity of with possible as we to to can think flexible get I the low cost as

So, in conversations. we're those certainly

are discussion, of points for items those of sure. All

Noel Parks

Just general as a question.

of supply business this bigger and residential at forth. just is on price with wonder in customer's versus business, mind. point I so foremost customers, point? the than you're Just timeframe what was For point chain negotiations negotiating this at when because potential C&I a

Jeffrey Peck

understand and When There's executed. people for come to us projects tomorrow. and a that. us of most they're of timeline want these get it normal they permitted and solar, And looking Right? course, to customary

with is think of better. I sooner most them,

I think as that that we too projects rates. start extending impact long timelines can on originated sold, we've cancellation and

We that yet. haven't seen

and of take a exist. little renewable the a the climate be But, be and that all think bit I lead people levers approach always long more to understand It and times committed there'll and shorten installation. get to sale of allow that, chain energy certainly, done. will some term the to transitioning if to long and And solar that they try bill the appropriate supply challenges timeframe will time pulling that. between of supportive we're have to to

Noel Parks

with being your significant sort about of being me. labor of one planned project? where cetera, all sync check. a as of challenges, last for having sort Kind the for et is matter up about get about, you've Or a idle, crews of to it their With reality – – chain, to crews Just a visibility to talked go basically, on list, of up idle? where amount with the supply utilization a far you situation labor and talked better trying actually in being you business. just wind actual priority we all what the you to of the the know Are next you they as just

Jeffrey Peck

of priority which scale on new and to able Yeah, other down our that, up done it's most northeast, than much effectively then, up more history. and allocate over labor the how first to our But really happens the those some in scaling efficiency less they resources than there's important project we're quarter, in obviously, Being a projects is resources. to come where pretty we've And list as the go cold just as when weather. required with need contracts. and that it they're by deploying us, where

Operator

you. ahead. concludes back go Chairman session. for iSun, Please Q&A CEO our Thank and remarks. That Jeffrey of to I hand will now closing conference the Peck,

Jeffrey Peck

today and progress everybody. you. and appreciate your time us share you, your allowing our We engagement with to Thank

questions look call follow addressed, try free and we and have feel an them for to weren't response joining follow-up future. you appropriate to concludes If Thank the to a to that gentlemen. This and in event. any you, today. providing ladies with I'll you Thanks today's updates the email with up ir@isunenergy.com forward please

have may participation. wonderful You time your a this for disconnect at Thank and you day.

iSun (ISUNQ) 16 Aug 222022 Q2 Earnings call transcript