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Sunworks, Inc. (NASDAQ: SUNW) is a leading provider of high-performance solar power and battery storage solutions. With a robust commitment to quality and business practices that surpass industry standards, Sunworks excels in delivering reliable, clean energy solutions across various sectors including residential, agricultural, commercial, industrial, federal, and public works.
Sunworks is dedicated to providing exceptional customer service and adherence to the highest ethical and safety standards. Since its inception, the company has expanded its presence nationwide, supported by regional and local offices that ensure proximity and personalized service to its customers.
Noteworthy achievements of Sunworks include the acquisition of Solcius in 2021, which significantly enhanced its national footprint and broadened its market reach. The company has successfully installed over 200 MW of solar and battery storage systems, a testament to its expertise and capability in the renewable energy sector.
Sunworks' product offerings are designed to meet the diverse needs of clients from various industries. With a 25-year warranty, the company's solutions are backed by a solid commitment to quality and customer satisfaction. The team comprises seasoned professionals, including distinguished veterans who bring discipline and pride to their work, ensuring alignment with the company's guiding principles every day.
Sunworks is also a proactive member of the Solar Energy Industries Association (SEIA), contributing to the advancement of the renewable energy industry. The company has been recognized by Solar Power World as a leading solar supplier, further cementing its reputation as a top-tier provider of solar energy solutions.
Recently, Sunworks announced a definitive agreement with an ESG-focused institutional investor for the purchase of 3,300,000 shares of its common stock, aimed at raising $3.3 million for working capital and general corporate purposes. The company also unveiled its financial results for the second quarter of 2023, reporting a total revenue of $34.6 million and highlighting significant growth in its commercial solar segment despite challenges in the residential market.
As Sunworks navigates the evolving landscape of the solar industry, it remains focused on empowering customers with clean, reliable, and cost-effective energy solutions that reduce dependence on traditional energy sources. The company continues to innovate and adapt, positioning itself for future growth and long-term success in the renewable energy sector.
Sunworks, Inc. (NASDAQ:SUNW) reported a 69.3% increase in fourth-quarter revenue for 2022, reaching $53.6 million, compared to $31.7 million in 2021. The gross profit also rose by 60.7% to $22.0 million. The Residential Solar segment saw a significant growth of 70.2%, generating $44.4 million in revenue. However, the company faced a net loss of $7.0 million, an improvement from a $13.5 million loss in the previous year. For the full year 2022, total revenue was $161.9 million, up from $101.2 million in 2021, with a total net loss of $28.2 million. Sunworks aims to enhance its direct sales channel and leverage the Inflation Reduction Act for future growth.
Sunworks, Inc. (Nasdaq:SUNW) announced it will release its fourth quarter and full-year 2022 results on March 10, 2023, before market opening. A conference call is scheduled for the same day at 1:00 P.M. ET to review the financial results and address investor questions. The event will be accessible via a live webcast on the Investor Relations section of Sunworks' website. The company, a prominent player in solar power and battery storage solutions, aims to democratize renewable energy and has installed over 200 MW of systems since its inception in 2000.
Sunworks, Inc. (NASDAQ:SUNW) reported a strong third quarter for 2022, with total revenue of $40.7 million, a 30.4% increase year-over-year. Gross profit also rose 49.3% to $19.5 million. The Residential Solar segment saw significant growth, with revenue up 57% to $36.7 million, while Commercial Solar revenue declined 48%. Total backlog surged 116% to $110 million, driven by robust demand. Despite a net loss of $5.4 million, the company maintained a solid cash position with $14.5 million and no debt, positioning itself for future growth.
Sunworks (NASDAQ:SUNW) will announce its third quarter 2022 results on November 8, 2022, before the market opens. A conference call is scheduled for 1:00 PM ET on the same day to discuss the financial results and recent developments. Investors can submit questions starting October 25, 2022, through a designated portal. The conference call will be available via webcast on the Investor Relations section of Sunworks' website. The company highlights its expansion following the acquisition of Solcius and its commitment to renewable energy solutions.
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