iSun, Inc.

Good day, ladies and gentlemen, and welcome to the ISON Inc. Q1 2022 Earnings Conference Call. At this time, all participants have been placed on a listen-only mode, and the floor will be open for questions and comments after the presentation. It is now my pleasure to turn the floor over to your host, Tyler Barnes, Investor Relations at ISON. Sir, the floor is yours.

Thank you, and good morning. We are pleased to welcome you to ISON's conference call where we will discuss financial and operating results for the first quarter 2022. Jeffrey Peck, Chairman and Chief Executive Officer, will provide an update on the deployment of ISON's recently completed solar platform and illustrate how the platform both addresses opportunities within the solar marketplace and creates value for shareholders. John Sullivan, Chief Financial Officer, will provide an overview of the first quarter 2022 financial results and operating performance. After our prepared remarks today, we will open the lines to address any of your questions. As a reminder, the earnings release, which can be found on ISUN's website, includes 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, everyone.

It's a pleasure to be speaking with all of you today. I always appreciate the opportunity to share Iceland's progress with our shareholders and the investment community. I'm encouraged and excited by the progress we are making towards our mission to accelerate the nation's adoption of solar energy. We've made exceptional progress in creating a platform capable of providing our full suite of services, development and design services, engineering, procurement, installation, storage, monitoring, and maintenance to the entire solar market. We're excited about how quickly our individual teams have embraced a culture of collaboration as we learn from our diverse backgrounds. We remain focused on building long-term value for our shareholders and confident that our team will execute on our mission. We continue to see exceptional growth with the doubling of our revenue in Q1 over the same period in the prior year. We expect to see this growth continue into Q2 as we transition out of the seasonality of the Northeast. Our customer demand continues to accelerate, evidenced by the growth of our overall backlog totaling 128.3 million with new demand of 41.2 million generated in the quarter. I'm also very happy with our progress to return to profitability by delivering an approximate break-even EBITDA in Q1. I'm pleased with the execution of our strategic plan so far. We created a platform capable of servicing customers in every segment of the marketplace. Our comprehensive suite of solar services provides an opportunity to create value for our customers across the residential, commercial, industrial, and utility segments. The demand for EVs is accelerating the need for new infrastructure to support consumers at home and on the road. Our commercial and industrial customers are adapting to this transition. ISM is uniquely positioned to utilize the skills and expertise of our divisions to serve these customers. This was evident with our recent $30 million contract award to provide EV infrastructure support across the United States. We are in a rapidly evolving energy market, and we are prepared to accelerate the adoption of solar and meet the demand as it occurs in each segment. Our residential division has seen a tremendous increase in demand in Q1, with a 37% increase in customer orders from December 31st, 2021. Equally important, these orders maintained a 30% attachment rate for storage. In addition, storage sales to existing customers increased 40%. This illustrates how our people first customer service culture creates value for the customer and will provide us multiple opportunities to service residential customers as innovations improve and their needs change. Our commercial and industrial divisions have seen an increase in demand in Q1 with a 23% increase in backlog from December 31, 2021. The sales and marketing expertise acquired through Sun Common and the digital marketing tools will be leveraged to continue to grow our backlog. This combined with the installation efficiency of our existing teams will drive profitable growth. Our utility division provides an expertise in development and professional services that has led to the execution of an $8.25 million contracts that will generate solar project assets requiring procurement and installation services. Currently, we have 120 megawatts of projects in development that we will retain the installation services of our commercial and industrial divisions, and 550 megawatts of projects in development that we will retain the installation services of for our utility division. We expect to see increasing demand for our development and professional services going forward. This multi-segment strategy positioned us to meet the evolving demand as well as diversifying our revenue stream, which insulates us from challenges created by economic and political uncertainty impacting the global energy market. While we are insulated, we are not immune from industry dynamics. And based on the current environment, we are adjusting our 2022 revenue guidance to $125 million. We remain committed to our mission in returning the company to profitability and cash flow positive in 2022. With that, I'll turn things over to John.