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- Sunworks Inc (NASDAQ:SUNW) reported a fourth-quarter FY21 revenue growth of 268.6% year-on-year to $31.7 million, beating the consensus of $31.4 million.
- The revenue of the solar power and battery storage solutions provider included $26.1 million in residential revenue from Solcius, which it acquired in April 2021.
- The gross margin improved by 2,240 bps to 47.4%, reflecting the positive contribution from Solcius.
- EPS loss of $(0.47) widened from last year's $(0.27).
- Adjusted EBITDA loss was $(4.44) million versus $(4.62) million last year.
- Sunworks held $20 million in cash and equivalents.
- "We delivered sequential revenue growth in the quarter, adeptly navigating ongoing supply chain issues, permitting delays, labor challenges, and other COVID-related challenges," commented Gaylon Morris, CEO. "Our residential business gained traction in Q4, with both sequential revenue and backlog growth," added Morris.
- Price Action: SUNW shares traded lower by 1.16% at $3.12 in the premarket on the last check Friday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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