- Sunworks, Inc (NASDAQ:SUNW) reported a first-quarter FY21 revenue growth of 405.7% year-on-year to $31.2 million, beating the consensus of $28.7 million.
- The increase was mainly due to increased contributions from the Residential segment.
- The gross margin improved by 4,351 bps to 45%, attributable to the positive contribution from Solcius' business model and operational improvements.
- EPS loss of $(0.28) missed the consensus loss of $(0.26).
- Adjusted EBITDA loss was $(5.6) million versus $(3.9) million last year.
- Sunworks held $19.5 million in cash and equivalents.
- Sunworks expects Q2 commercial backlog to increase sequentially, due to strengthening demand for commercial and public works solar projects.
- "In response to rising labor and raw materials costs, we introduced a series of price increases in the first quarter and early into the second quarter, actions that are expected to result in sequential margin expansion during the latter half of 2022," said CEO Gaylon Morris.
- Price Action: SUNW shares traded higher by 4.46% at $1.65 on the last check Monday.
