Sunworks Registers Mixed Q4 Performance; Warns On Negative Impact From Rising Interest Rates & Economic Uncertainty

  • Sunworks, Inc SUNW reported fourth-quarter FY22 revenue growth of 69.3% year-on-year to $53.6 million, beating the consensus of $40.4 million
  • The increase was mainly due to increased contributions from the Residential segment.
  • Residential Solar segment revenue of $44.4 million, up by 70.2% Y/Y. Commercial Solar Energy segment revenue totaled $9.2 million, up 65.2% Y/Y.
  • Gross profit of $22 million was up 60.7% Y/Y, attributable to the increase in revenue in both segments.
  • EPS loss of $(0.20) missed the consensus loss of $(0.12).
  • Adjusted EBITDA loss was $(5.6) million versus $(4.4) million last year.
  • Sunworks held $8.1 million in cash and equivalents.
  • CEO Gaylon Morris said, "During the fourth quarter, our Residential Solar segment delivered strong year-over-year growth in new installations, revenue, originations, and backlog, as recent investments in our direct sales force have contributed to significant, ongoing market share gains."
  • "While long-term demand fundamentals remain intact, our fourth quarter originations were negatively impacted by rising interest rates and economic uncertainty, conditions which persisted into early Q1," added Morris.
  • Price Action: SUNW shares traded lower by 6.23% at $1.77 on the last check Friday.
  • Photo Via Company
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