A Cincinnati-based solar startup that won an award in an online pitch competition featuring "Shark Tank" investor Kevin O'Leary, aka "Mr. Wonderful," reached an all-time high in sales last year.
GoSun, which sells solar-powered outdoor gear, posted a record-setting revenue of nearly $5.9 million in 2021, up 50% year over year. However, the company also posted a net loss of $31,000, which officials attributed to increased investments in research, development and marketing. In 2020, GoSun posted a net gain of $2,783.
Peter Harten, the company's chief operations officer, told me last year's numbers are "pretty amazing for a company that started in a small Cincinnati garage."
The Northside-based company's big 2021 was due, in part, to people "rediscovering their love of nature," said Patrick Sherwin, GoSun's founder and CEO, noting the effects of the Covid-19 pandemic and quarantines. Additionally, climate change – which he said was "probably the biggest mega trend humanity has ever seen" – is leading to more interest in GoSun's solar products.
"We've seen more and more people contacting us and buying our products for the purpose of resilience and improving their personal or household energy independence," he said. "Our vision as a company is being further validated as we witness the whole world moving away from fossil fuels."
GoSun's products range from on-the-go coolers and ovens to water purifiers and coffee brewers. Beyond recreation, officials said, the devices are popular for emergency preparedness because with solar, there is no need for fuel, creating "potentially critical alternatives to cook, purify water, and more during power outages and other emergencies."
“GoSun basically has boxed in a ring far above its weight class, bringing in some real solutions to help people build a more independent life and more resilient life,” Sherwin told me.
The company's executives expect to keep trending upward. Harten said GoSun had the best May on record this year, an "exciting indication that our projections are on the right course."
As supply chain issues continue and economists fear a recession, the company is "cognizant," Harten said, but not necessarily worried about how a tough economy will affect the startup.
For one, GoSun has a "good amount" of inventory, avoiding some of the supply chain issues in the 2022 market, Harten said. Furthermore, the startup is focused on "growing in a healthy way," allowing it to "not only be present in the conversation but be positioned to take full advantage of the opportunities that come up, even in a downturn economy."
"With the trends that we saw during 2020, a lot of companies shuttered their doors had some down months," he said. "We continued strong all through 2020 and 2021, and we anticipate to continue strong in 2022."
For the rest of the year, the company is focusing on "continuing to build a brighter, more sustainable future," according to a news release. One of GoSun's top goals is to become carbon neutral through efficiency measures, electric vehicles and solar power.
The company has continued to raise money through its equity crowdfunding campaign on StartEngine, which allows anyone to invest in the startup for as little as $250. GoSun raised more than $1.6 million, further boosting its growth, officials said.
GoSun was founded in 2016 and has become the first consumer solar appliance manufacturer to break into mainstream markets, according to officials. The company — which is supporting nonprofit organizations on disaster relief and humanitarian work for Ukrainian refugees — has established partnerships with REI, Home Depot, Ace Hardware, the United Nations and more.
