Welcome to our dedicated page for Sunworks news (Ticker: SUNW), a resource for investors and traders seeking the latest updates and insights on Sunworks stock.
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 (NASDAQ:SUNW) has secured a $2 million contract with the Colusa Unified School District in California to install solar power systems across three schools, totaling 555 kWdc. Construction is set to commence in November 2021. These installations aim to reduce energy costs and provide renewable energy while also enhancing STEAM education. CEO Gaylon Morris emphasized the company's expertise in solar solutions as a key factor in winning the project, which is expected to yield significant savings for the district.
Sunworks, Inc. (NASDAQ:SUNW) announced that its Annual Meeting of Stockholders will be held virtually on June 16, 2021, at 9 a.m. MDT (11 a.m. EDT) due to the ongoing COVID-19 pandemic. Stockholders are encouraged to vote by proxy as detailed in the proxy materials. The meeting can be accessed via a toll-free number or a webcast link. Sunworks is a provider of solar power systems and continues to grow its market presence, offering solutions across various sectors.
Sunworks, Inc. (NASDAQ:SUNW) will join the Russell Microcap® Index effective June 28, 2021, following the annual reconstitution. This membership, lasting one year, will enhance visibility to institutional investors and diversify its shareholder base. The Russell indexes benchmark about $10.6 trillion in assets, indicating the significance of this inclusion. CEO Gaylon Morris emphasized that this accomplishment reflects their hard work and aims to improve liquidity and market presence.
Sunworks, Inc. (NASDAQ:SUNW) has announced combined financial results following its acquisition of Solcius on April 8, 2021. The pro forma data revealed a revenue of approximately $30.8 million and operating loss of $4.2 million for Q1 2021. The full-year 2020 results show combined revenue of about $131.4 million with a net loss of $20.3 million. The CEO projects 15% growth in residential revenue for 2021 and plans for further market expansion. A cash balance of $32 million was reported as of March 31, 2021.
Sunworks, Inc. (NASDAQ:SUNW) has appointed Judith Hall as the new Chairperson of the Board, succeeding Charles Cargile. Hall, who has over 25 years of experience in the power industry, joined the board in October 2019. This leadership change follows a significant merger with Solcius and aims to leverage the company's strong cash position of $82.6 million. Cargile continues as a board member until June 2021. Hall's expertise is expected to guide Sunworks through its next growth phase in the expanding solar market.
Sunworks has announced a definitive agreement to acquire Solcius for $51.8 million in an all-cash transaction. This acquisition will create a national solar power provider operating across 12 states. The combined entity generated approximately $131.5 million in revenue in 2020 and expects to be profitable within the first year post-integration. The deal aims to leverage operational synergies, enhance economies of scale, and drive cash flow. The integration is anticipated to improve customer satisfaction and operational efficiency in the rapidly growing residential market.
Sunworks, Inc. (NASDAQ:SUNW) reported preliminary financial results for Q4 and year-end 2020. Estimated Q4 revenues are approximately $8.5 million with a gross margin between 16% and 17%, leading to a net loss of about $5 million. Year-end revenue was around $38 million, with a net loss of $16 million, impacted significantly by one-time expenses of $3.5 million from a terminated merger. Sunworks enters 2021 with $39 million in cash and a backlog of $42.6 million, positioning the company for future growth.
Sunworks, Inc. (NASDAQ: SUNW) has appointed Gaylon Morris as its new CEO, effective immediately. Morris brings over 20 years of experience in the engineering and construction sectors. His previous roles include Business Strategist at Rosendin Electric and Senior Vice President at Cupertino Electric, where he led growth strategies in various divisions, including renewable energy. The company raised over $34 million in cash during the last quarter of 2020, providing a strong financial foundation. Morris is set to focus on optimizing operations and exploring new growth opportunities.
Sunworks, Inc. (NASDAQ: SUNW) has successfully raised approximately $20 million through an 'at the market' offering, selling about 3.8 million shares of common stock. This financial boost allowed the company to pay off $2.7 million in debt to CrowdOut Capital. Chairman Chuck Cargile indicated that this move strengthens the company's balance sheet and working capital to better navigate COVID-related challenges. Furthermore, Sunworks is in the process of recruiting a permanent CEO, anticipated to be appointed in Q1 2021, to support its ongoing operational objectives.
Sunworks, Inc. (NASDAQ: SUNW) announced that its merger proposal with Peck Company failed to secure stockholder approval during a special meeting on November 12, 2020. Only 26% of total outstanding shares voted, falling short of the required quorum. This led to the termination of the merger agreement with Peck Company, which Sunworks considered a strategic opportunity for growth. The Chairman expressed disappointment but hinted at potential future collaborations to leverage synergies identified during discussions.
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