Business
Sunergy Reports First Half 2023 Results
Record First Half Highlighted by Net Revenue Increase to $48.8 Million and Gross Profit Increase to $9.6 Million DALLAS and NEW PORT RICHEY, Fla., Sept. 21,
About this update from Zeo Energy Corporation
[{"type":"text","content":"Record First Half Highlighted by Net Revenue Increase to $48.8 Million and Gross Profit Increase to $9.6 Million\nDALLAS and NEW PORT RICHEY, Fla., Sept. 21, 2023 (GLOBE NEWSWIRE) -- Sunergy Renewables, LLC (“Sunergy” or the “Company”), a leading Florida-based provider of residential solar and energy efficiency solutions, today reported financial results for the 2023 fiscal first half ended June 30, 2023. First Half 2023 Operational Highlights Net revenue increased 80% to $48.8 million for the 2023 fiscal first halfGross profit increased to $9.6 million for the 2023 fiscal first halfAdjusted EBITDA increased to $4.5 million for the 2023 fiscal first halfSolar system installations increased by 65% compared to the 2022 fiscal first halfSubmitted S-4 Filing to the SEC for review. This filing is in regard to the business combination agreement Sunergy entered into with ESGEN Acquisition Corp. (“ESGEN”) (Nasdaq: ESACU, ESAC, ESACW) on April 19, 2023. Additional details can be found in the original announcement, linked here. Management Commentary“Our business has seen significant growth so far in 2023,” said Sunergy CEO Tim Bridgewater. “Driven by strength in emerging markets for Sunergy, solar system installations grew 65% in the first half, resulting in record net revenue and gross profit. Our rapid sales-to-install cycle and commitment to profitability have helped our sales team continue outpacing the industry in installs and revenue per sales pitch, insulating Sunergy from broader U.S. residential solar industry headwinds. “This week’s S-4 filing represents a significant step towards the completion of our business combination. We’re encouraged that residential solar is still in its early innings and confident that we can execute our growth strategy as we look to capture the robust market opportunity in front of us. We believe that we’re poised to enter the public markets at a time when Sunergy’s commitment to straightforward growth and sustainable profitability will be well-received, and look forward to displaying our progress over the coming quarters.” First Half 2023 Financial ResultsResults compare the 2023 fiscal first half ended June 30, 2023 to the 2022 fiscal first half ended June 30, 2022 unless otherwise indicated. Net revenue totaled $48.8 million, an 80% increase from $27.2 million in the comparable year-ago period. This...