- 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.
Get all your news in one place.
100’s of premium titles.
One app.
Start reading
One app.
Get all your news in one place.
100’s of premium titles. One news app.
Sunworks' Q4 Revenue Tops Street View Aided By Acquisition Synergies
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member?
Sign in here
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member?
Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member?
Sign in here
Our Picks