iSun, Inc.

Good morning, my name is Laura and I will be your conference operator today. At this time, I would like to welcome everyone to the iSUN's earnings conference call for the fourth quarter 2020. All lines have been placed on mute to prevent any background noise. If you should need assistance during the call, please press star, then zero, and an operator will come back online to assist you. I would now like to turn this call over to Mr. Chase Jacobson, ISUN's Investor Relations Advisor and Managing Director with Ballum Advisors. Please go ahead. You may begin, sir.

Thank you and good morning. We are pleased to welcome you to ISUN's conference call where we will discuss financial and operating results for the fourth quarter and full year of 2020. Jeffrey Peck, Chairman and Chief Executive Officer, will provide an update on ISUN and key highlights from the year. and John Sullivan, Chief Financial Officer, will provide an overview of the fourth quarter and full year 2020 financial results. In addition, management will provide its outlook for 2021 and beyond and discuss in more detail ISUN's unique position in the market and its long-term growth strategy. After our prepared remarks today, we'll open the lines to address any of your questions. As a reminder, the earnings release, which can be found on ISUN's website, include financial disclosures and reconciliations for non-GAAP financial measures that should help you analyze results. Comments and answers to questions during the call will include forward-looking statements that refer to management's expectations or future predictions. These statements are made as of the date of this call and management is under no obligation to update these forward-looking statements in the future. They are subject to risks and uncertainties that could cause actual results to differ from management's expectations. With that, I will now turn it over to our CEO, Jeff Peck.

Good morning and thanks to everyone who dialed in. I'm excited to be talking with you today and I'm looking forward to having a more regular cadence of quarterly results conference calls going forward. There is a lot to discuss on today's call. We had exceptional fourth quarter 2020 results with record fourth quarter revenues and strong earnings performance. We recently transformed the company through the acquisition of ISUN and rebranded our business under the ISUN name, which combined with a robust market outlook and a number of strategic initiatives in the pipeline positioned us well for meaningful growth in 2021 and beyond. First, I would like to set the stage and talk about the ISUN acquisition and provide an overview of where our company stands today. In January, we acquired ISUN Energy LLC, a provider of innovative solar power and electric mobility solutions and services for government, commercial, retail, academic, and data center customers. While the core of our company has strong roots in construction markets over our 50-year history, we are also a company that embraces innovation in new markets. In the late 1980s, we built on our experience as an electrical contractor and moved into telecom and data. About 10 years ago, we saw an opportunity in the solar energy infrastructure and moved into the market. It was beginning to more meaningfully evolve in our core geographic markets. Our acquisition of ISUN is another example of the company embracing innovation and positioning itself for success and growth in the future. ISUN's flagship solution is the ISUN Energy and Mobility Hub, an electric vehicle carport charging system that incorporates solar panels to charge electric vehicles. This product line meshes well within our core EPC business and provides revenue synergies from the standpoint of us being able to develop and install these solutions and expand our geographic and customer footprint in areas where ISUN has established relationships. Additionally, Iceland's operating system provides us with another differentiator in the solar energy infrastructure market. The Iceland OS provides owners the ability to monitor and analyze key operating metrics of their solar assets, allowing for more efficient operations and cost savings over time, which we believe we can leverage across many projects in our portfolio, especially as we look to develop projects through our green bond partnerships. With this, I would like to publicly welcome SAS Perez to our management team as Chief Innovation and Experience Officer. SAS was the founder and CEO of ISUN prior to the acquisition and brings over 30 years of experience in solar energy infrastructure markets. His relationships, knowledge of the solar industry, and an eye for innovation are already proving valuable to the combined company. As it stands today, We believe ISEN offers the most comprehensive packages of services to the solar energy and e-mobility infrastructure markets. We are well positioned to take advantage of what we expect to be continued positive trends in renewable energy infrastructure investment in North America over the near, medium, and long term. Turning to a few key highlights for the fourth quarter and full year 2020. It is well known that 2020 was a unique year for ISEN and most companies globally. While we started the year out strong, the COVID-19 pandemic caused delays at a number of our projects in the second quarter and much of the third quarter. However, as states began to open back up, we started to see a return to work late in the third quarter and throughout the fourth. As such, we had strong financial performance in the fourth quarter. Revenue was $9.3 million, up 47% compared to the fourth quarter of 2019, and normalized EBITDA increased to $0.4 million, up 453% from the fourth quarter of 2019. These results exclude the one-time gain on forgiveness of our PPP loan of $1.5 million. Including the gain on the PPP loan, fourth quarter 2020 EBITDA would have been $2.1 million, and full year 2020 EBITDA is $0.4 million. We welcome the return. to a more normal operating environment and believe our ability to quickly ramp up work at existing installations is a testimony to the dedication of our workforce in delivering high-quality solar energy infrastructure solutions for our customers. Despite the pandemic, we continue to develop new business and grow our project pipeline during the last year. We ended the fourth quarter with a backlog of $61 million, up from $16 million at the end of 2019. and expect to continue our organic growth through 2021 in both our traditional solar EPC projects and in new markets. A recent example of a new market win is the $2.2 million project that we were awarded at the Meridian Housing Authority in Connecticut to provide solar EV carports combined with our traditional solar rooftop and ground run installations. The customer will also be utilizing our software to monitor these assets. The scale and expertise of our legacy EPC business, combined with ISIM's innovative solutions and relationships were critical in our successful bid for this work. We have several other projects in the new markets in our pipeline, which we hope to be able to announce in the near future. Also, we have taken a number of steps to shore up our balance sheet and improve our liquidity, which John will discuss in more detail. This improved liquidity provides us with capital to execute our projects in our backlog and prospect pipeline. It also provides us the ability to continue our growth strategy that is focused on enhancing our innovative service offerings in the solar energy and e-mobility markets and enhancing our geographic footprint throughout North America. With that, I will turn the call over to John to discuss our financials, and I will come back to discuss our go-forward strategy in 2021 outlook in more detail.