Sunlight Financial Reports First Quarter 2021 Results and Affirms Full Year 2021 Outlook for Key Metrics

– Grows Year-over-Year Funded Loan Volume 133%, Revenue 90%, and Adjusted EBITDA 403% –

– Affirms Full Year 2021 Expected Funded Loan Volume Growth of 81% to $2.7 Billion –

– Affirms Full Year 2021 Expected Revenue Growth of 77% to $123 Million –

– Affirms Full Year 2021 Expected EBITDA Growth of 151% to $60 Million –

NEW YORK & CHARLOTTE, N.C.–(BUSINESS WIRE)–$SPRQ #SPRQSunlight Financial (“Sunlight” or the “Company”), a premier, technology-enabled point-of-sale financing company in the process of completing a business combination with Apollo-affiliated Spartan Acquisition Corp. II (NYSE: SPRQ) (“Spartan”), today provided select first quarter 2021 metrics and affirmed the Company’s previously provided forecasts for 2021 funded loan volume, total revenue and Adjusted EBITDA.

First Quarter 2021 Key Financial Metrics

  • Total funded loan volume of $581.1 million, a 133% increase from $249.6 million in the first quarter 2020
  • Total revenue of $24.8 million, a 90% increase from $13.1 million in the first quarter of 2020
  • Adjusted EBITDA of $11.5 million, a 403% increase from $2.3 million in the first quarter of 2020
  • Adjusted EBITDA Margin of 46.3%, nearly triple the Adjusted EBITDA margin of 17.5% in the first quarter of 2020

“We continued our strong momentum from 2020, delivering excellent first quarter top- and bottom-line results, and further validating the power and value of our proprietary technology platform, our broad and growing contractor network, and the reliability of our capital provider partnerships,” said Matt Potere, Chief Executive Officer of Sunlight. “We more than doubled our funded loan volume from the first quarter of 2020, due to steadily growing demand for residential solar and our continually expanding network of contractors, ultimately driving year-over-year revenue growth of 90%. Further, we continue to generate operating leverage as we scale, and as a result, considerably expanded our Adjusted EBITDA margin.”

“As residential solar and battery storage demand continues to grow, further supported by attractive policy tailwinds, Sunlight is well-positioned to remain the point-of-sale financing platform of choice for residential solar customers, contractors and capital providers, and we remain confident in our outlook for strong, profitable growth in full year 2021 and beyond,” added Mr. Potere. “We are excited to be combining with Spartan Acquisition Corp. II (“Spartan”) (NYSE: SPRQ) and further accelerating the transition to a clean energy future.”

2021 Outlook

Sunlight is affirming its previously provided 2021 financial forecast for funded loan volume, revenue and Adjusted EBITDA, including:

  • Expected 2021 total funded loan volume growth of 81% to $2.66 billion
  • Expected 2021 revenue growth of 77% to $123.4 million
  • Expected 2021 Adjusted EBITDA growth of 151% to $60.2 million

Webcast Information

Investors may listen to a pre-recorded webcast regarding first quarter 2021 results at 8:30 AM ET. Please visit Sunlight’s investor relations website to access the webcast; a replay will be available shortly after on Spartan’s website at

Investor Presentation

A supplemental earnings presentation is available at Additional information is available on Form S-4, which Sunlight filed with the SEC on March 22, 2021 and further amended and filed with the SEC on May 12, 2021 and June 1, 2021.

Business Combination Transaction

On January 23, 2021, Sunlight entered into a business combination agreement with Spartan. The business combination is expected to close late in the second quarter or early in the third quarter of 2021. Upon closing of the transaction, the combined public company will be named Sunlight Financial Holdings Inc. Sunlight Financial LLC will be the new public holding company’s sole operating subsidiary and Sunlight’s existing management team will continue to lead the business. Sunlight Financial Holdings Inc. expects to be listed on NYSE and has reserved the ticker “SUNL” following completion of the business combination with Spartan.

About Sunlight Financial

Sunlight Financial is a premier, technology-enabled point-of-sale finance company. Sunlight partners with contractors nationwide to provide homeowners with financing for the installation of residential solar systems and other home improvements. Sunlight’s best-in-class technology and deep credit expertise simplify and streamline consumer finance, ensuring a fast and frictionless process for both contractors and homeowners. For more information, visit

About Spartan Acquisition Corp. II

Spartan is a special purpose acquisition entity focused on the energy value chain in North America and was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Spartan is sponsored by Spartan Acquisition Sponsor II LLC, which is owned by a private investment fund managed by an affiliate of Apollo Global Management, Inc. (“Apollo”) (NYSE: APO). For more information, please visit

Non-GAAP Financial Measures

Some of the operating and financial information and data contained in this press release, such as Adjusted EBITDA, and Adjusted EBITDA Margin have not been prepared in accordance with United States generally accepted accounting principles (“GAAP”). Sunlight believes these non-GAAP measures of financial and business results provide useful information to management and the reader regarding certain financial and business trends relating to Sunlight’s financial condition and results of operations. Spartan and Sunlight further believe that the use of these non-GAAP financial and business measures provides an additional tool for use in evaluating projected operating results and trends and in comparing Sunlight’s financial and operating measures with other similar companies, many of which present similar non-GAAP financial and operating measures to their investors and potential investors. While Adjusted EBITDA, in particular, is relevant and widely used across industries and in the industries in which Sunlight participates, they may contain or exclude adjustments, exclusions and one-time items that third parties may or may not adjust for in connection with such measure, and such measure should not be considered an alternative to any GAAP measures in evaluating the profitability of an investment in, or whether to invest in or consummate a transaction involving, Sunlight. The principal limitation of the Adjusted EBITDA non-GAAP financial measure is that it excludes significant items of income and expense that are required by GAAP to be recorded in Sunlight’s financial statements. In addition, it is subject to inherent limitations as it reflects the exercise of judgment by Sunlight’s management about which items of income and expense are excluded or included in determining this non-GAAP financial measure. The Adjusted EBITDA non-GAAP financial measure and other metrics used herein, including Adjusted EBITDA Margin, should not be relied on or considered an alternative to any GAAP measures or other measures related to the liquidity, financial condition or financial results of Sunlight.

Forward-Looking Statements

The information in this press release includes “forward-looking statements” related to Sunlight Financial LLC (“Sunlight” or the “Company”) within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements may include, but are not limited to, statements regarding estimates and forecasts of operating and financial measures or metrics (and the assumptions related to their calculation) such as Sunlight’s projected revenue, expenses, market share, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, operating expenses, credit approvals, funded loan volume, and expected capital commitments for 2020-2023 or specified periods or years within such time period, projections of growth, market opportunity and market share, the impact of COVID-19 on the Company and its business and operations, the growth of the solar industry, product mix, and factors outside of the Company’s control such as macroeconomic trends, public health emergencies, natural disasters and the impacts of climate change. These forward-looking statements are not guarantees of future performance, reflect the current views and expectations of Spartan Acquisition Corp. II’s (“Spartan”) and Sunlight‘s management, are based on various assumptions, whether or not identified herein, and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from expectations or results projected or implied by such forward-looking statements. Such risks and uncertainties include, among others: changes in domestic and foreign business, market, financial, political and legal conditions; the inability of Spartan and Sunlight to successfully or timely consummate the proposed business combination, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed business combination or that the approval of the stockholders of Spartan or Sunlight is not obtained; failure to realize the anticipated benefits of the proposed business combination; the amount of redemption requests made by Spartan’s public stockholders; the ability of Spartan or the combined company to issue equity or equity-linked securities in connection with the proposed business combination or in the future; risks relating to the uncertainty of the projected operating and financial information with respect to Sunlight; risks related to Sunlight’s business and the timing of expected business milestones or results; the effects of competition and regulatory risks, and the impacts of changes in legislation or regulations on Sunlight’s future business; the expiration, renewal, modification or replacement of the federal solar investment tax credit, rebates and other incentives; the effects of the COVID-19 pandemic on Sunlight’s business or future results; the Company’s ability to attract and retain the Company’s relationships with third parties, including the Company’s capital providers and solar contractors; changes in the retail prices of traditional utility generated electricity; the availability of solar panels, batteries and other components and raw materials; and such other risks and uncertainties discussed in the “Risk Factors” section of Spartan’s Annual Report on Form 10-K for the year ended December 31, 2020 as filed with the United States Securities and Exchange Commission (the “SEC”) on March 11, 2021, as amended on May 11, 2021, and Registration Statement on Form S-4 as filed with the SEC on March 22, 2021, as amended on May 12, 2021 and June 1, 2021, and other documents of Spartan filed, or to be filed, with the SEC. All forward-looking statements used herein speak only as of the date they are made and are based on information available at that time. Neither Spartan nor Sunlight assumes any obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

Important Information for Investors; Participants in Solicitation

In connection with the transactions (the “Transactions”) contemplated by that certain Business Combination Agreement, dated as of January 23, 2021, by and among Sunlight, Spartan and their subsidiaries and affiliates party thereto, Spartan has filed a Registration Statement on Form S-4, as amended (which includes a proxy statement/prospectus of Spartan) and other relevant documents with the SEC. This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. In addition, nothing contained herein should be construed as legal, financial, tax or other advice. SECURITY HOLDERS OF SPARTAN AND SUNLIGHT ARE URGED TO READ (1) THE REGISTRATION STATEMENT, (2) THE PROXY STATEMENT/PROSEPCTUS (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO), (3) OTHER DOCUMENTS RELATING TO THE TRANSACTIONS THAT WILL BE FILED WITH THE SEC BY SPARTAN, AND (4) ADDITIONAL PRESS RELEASES FROM SUNLIGHT AND SPARTAN FOUND ON THEIR RESPECTIVE WEBSITES, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE, BECAUSE SUCH DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTIONS. Spartan’s and Sunlight’s stockholders can obtain a free copy of the proxy statement/prospectus, as well as other filings containing information about Spartan, Sunlight and the Transactions, without charge, at the SEC’s website located at Spartan and its directors and executive officers and other persons may be deemed to be participants in the solicitations of proxies from Spartan’s stockholders with respect to the proposed business combination and the other matters set forth in the proxy statement/prospectus. Information regarding Spartan’s directors and executive officers is available under the heading Item 10. “Directors, Executive Officers and Corporate Governance” included in its Annual Report on Form 10-K filed with the SEC on March 11, 2021 and regarding the combined company’s proposed directors and executive officers after the Transactions are consummated, as well as a description of their direct and indirect interests, by security holdings or otherwise is available under the headings “Management After the Business Combination”, “Interests of Certain Persons in the Business Combination” and “Beneficial Ownership of Securities” included in its Registration Statement on Form S-4/A as filed with the SEC on May 12, 2021 and June 1, 2021, and other relevant documents that may be subsequently filed with the SEC.


Media Contacts:
Investor Relations
Lucia Dempsey, Sunlight Financial

Garrett Edson, ICR

Public Relations
Doug Donsky / Brian Ruby, ICR

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