iSun, Inc.

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, and 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.

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 second 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 it prepares the organization for the future of the solar marketplace and creates value for shareholders. John Sullivan, Chief Financial Officer, will provide an overview of the second quarter and year-to-date 2022 financial results and operating performance. After our prepared remarks today, we will open the line to address any of your questions. As a reminder, the earnings release, which can be found on ISM'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.

Thank you, Tyler. Good morning, everyone. Thank you for joining our conversation today about our second quarter earning results. There is so much to discuss since our last conference call. We recognize that we have provided few updates throughout this quarter, and we are committed to communicating with our shareholders when we believe it will drive long-term value and provide adequate material updates on the progress of our long-term strategy. That being said, I've been eager to share with you the progress we've made this quarter towards our mission to accelerate the adoption of solar. Before I begin, I'd like to take a moment and thank our team members for their outstanding efforts this year. The strength of our organization comes from the quality and commitments of all of the individual team members. All of us at ISUN have been hard at work deploying the platform we built in 2021. We have made tremendous progress and we are energized to continue our integration. As we continue to see our project pipeline and backlog transition to active projects, the hard work and preparation of our team will allow us to meet the increasing demand in an effective and efficient manner. So thank you to everyone on the ISUN team. In my remarks today, you'll hear one recurring theme. That the strategic initiatives and investments we've made perfectly positions us for the future of the evolving energy marketplace. Our place in the center of the industry uniquely positions us to drive long-term shareholder value, and we are better prepared to react to the dynamics of the solar industry. This confidence comes from the capabilities of the teams we've assembled, our experience, the strategic investments we've made to diversify our revenue streams and accelerate the growth of our pipeline and backlog. In 2021, we made a number of strategic investments in order to transform the company and make you capable of serving each segment of the solar marketplace. These capabilities diversify our revenue stream and improve timing of cash flows. Our diversified approach also better prepares us to meet the accelerating demand for solar. Our internal development services team shortens the time between sales and installation across all of our divisions. These synergies translate to an ease of business transaction for our customers as we are a one-stop shop for their evolving energy needs. Additionally, we've proven that we can pivot to meet demand wherever it occurs. As large-scale projects across the industrial and utility-scale projects have stalled, ISUN has been able to redeploy its resources and labor within its commercial and residential segments. This will be especially important in the coming quarters when ISUN will scale and deploy labor to previously delayed industrial projects as they move towards notice to proceed. We also made strategic investments designed specifically to secure project pipelines, which gets us involved with projects earlier than a traditional EPC. Our early involvement allows us to do things like flex schedules, combine our buying power, better serves our customers and will secure future cash flows by maintaining a retained interest in many of the projects we construct. This model aligns us both with our mission and the needs of our customers. Our preparation, along with the excellent news from Washington on climate legislation, has made me more optimistic than I have ever been regarding Iceland's ability to execute on our strategic plan and the massive opportunities in front of us. This legislation is a significant win for the solar industry. It provides the long-term commitments and stability necessary to accelerate the energy industry's transition from dirty to clean energy. The 10-year extension of a 30% ITC increases the value of our entire pipeline. The standalone 30% tax credit on storage will increase the attachment rates for batteries on solar projects and will drive the average price higher per installation. This commitment will spur new investments. A recent study by Princeton's REPEAT project predicts by 2024, a 500% increase over 2020 levels of utility solar and a tenfold increase by 2030. With this legislation and financial commitment, America is embracing Iceland's mission to accelerate the adoption of solar. We are perfectly positioned and ready to seize the opportunity. The dynamics of the solar industry in the first half of the year also validate our strategy. This quarter presented a very unique set of industry-wide challenges that our team continued to deliver. The entire industry has seen supply chain delays, surging commodity prices, labor constraints, and rising interest rates. Additionally, we saw permitting extensions provided to projects in our backlog that slowed us receiving notice to proceed. This specifically impacted our industrial division in the second quarter. While we have not seen a single project canceled, this specific issue caused several projects to push out their start dates. While we have not been immune to the challenges resulting from supply chain labor shortages, our diverse product and service offerings are a benefit to our customers and a competitive advantage over our peers. Despite these industry dynamics, We continue to see exceptional top line growth with the tripling of our revenue in the second quarter over the prior year. We saw customer demand continue to accelerate, adding $35.7 million to our backlog in the quarter, bringing our total backlog to $147.9 million. We grew the number of projects currently under development within ISUN's utility division to approximately one gigawatt. We increased our efficiency with our fourth straight quarter of margin expansion. we increased our residential demand by 46% year over year. And we have just begun to execute against our large EV infrastructure contract that we announced in the first quarter, which is generating additional opportunities in this sector of the industry. Again, our strategic initiatives address the challenges of the current solar marketplace and deliver the results during a very dynamic time in the industry. Happy as we are with such performance, we're even more excited to demonstrate what the platform is capable of over the long term. We want to emphasize that the investments we made in 2021 built iSun as a platform for growth. Our integration process continues to reveal opportunities for cost and efficiency improvements, and now our divisional leadership teams are focused on growing revenue and reestablishing positive EBITDA. With that, I'll turn things over to John.