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Sunworks Reports First Quarter 2017 Results

Record Backlog of $59.8 Million; Wet Weather Impacts Quarterly Revenues

ROSEVILLE, CA --(Marketwired - May 11, 2017) - Sunworks, Inc. (NASDAQ: SUNW), a provider of solar power solutions for agriculture, commercial and industrial (ACI) and residential markets, today announced financial results for the quarter ended March 31, 2017.

/EINPresswire.com/ -- Q1 2017 Summary:

  • Revenue of $14.4 million, compared to $19.4 million in the year-ago quarter
  • Gross margin of 19.4% compared to 28.7% in the year-ago quarter
  • Net loss of $2.9 million compared to net loss of $0.4 million in the year-ago quarter
  • New sales of $25.7 million compared to $9.9 million in the year-ago quarter
  • Backlog of $59.8 million compared to $39.8 million in the year-ago quarter

"The first quarter marked an important transition for Sunworks," said Chuck Cargile, Sunworks' Chief Executive Officer. "The unusually rainy weather limited the number of days our teams could spend installing, particularly in the ACI part of our business. As a result, our revenue was relatively low and we incurred a loss for the quarter. However, our new sales more than doubled and our backlog is at a record level. In addition, as drier weather returns to California, we expect our installation revenue to increase significantly in the second quarter."

Mr. Cargile added, "We continued to transition our business to a more variable cost model to be more nimble in responding to variability in revenue. We expect to benefit from this improved cost structure and return to profitability as we convert our record backlog to revenue."

The company's cash balance was $4.2 million as of March 31, 2017. Total debt outstanding (including convertible debt) was $2.2 million at the end of the first quarter of 2017.

Backlog:

                Q1' 17 - Q4 '16   Q1' 17 - Q1 '16
    Q1 2017   Q4 2016   Q1 2016   % Change   % Change
(in Millions USD)                    
Beginning backlog   $48.5   $42.7   $49.3   13.6%   -1.6%
New sales   25.7   24.2   9.9   6.2%   159.6%
Revenue   (14.4)   (18.4)   (19.4)   -21.7%   -25.8%
Ending backlog   $59.8   $48.5   $39.8   23.3%   50.3%
(In Megawatts)                    
Beginning backlog   15.8   13.8   16.1   14.5%   -1.9%
New sales   12.5   8.1   3.2   54.3%   290.6%
Revenue   (4.7)   (6.1)   (6.3)   -23.0%   -25.4%
Ending backlog   23.6   15.8   13.0   49.4%   81.5%
                     
                     

Adjusted EBITDA:

Adjusted EBITDA is a supplemental non-GAAP financial measure that the Company believes is an important measure of operating performance.

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of revenues and expenses during the reporting period.

The following is a non-GAAP measure of cash flow, or adjusted EBITDA, which adds back non-cash items including interest, taxes, stock based compensation and depreciation.

   
(in Thousands USD)             Q1' 17 - Q4 '16   Q1' 17 - Q1 '16
Adjusted EBITDA Q1 2017   Q4 2016   Q1 2016   $ Change   $ Change
Net (loss) $(2,905)   $(3,660)   $(378)   $755   $(2,527)
Add back:                  
Interest 244   294   266   (50)   (22)
Taxes 0   0   0   0   0
Stock based compensation 217   277   28   (60)   189
Depreciation 103   105   21   (2)   82
Adjusted EBITDA (loss) $(2,341)   $(2,984)   $(63)   $643   $(2,278)
                   

Conference Call Details:

Management will host a conference call to discuss these results today, Thursday May 11, 2017 at 10:00 a.m. ET. To access the call, please dial 1- (866) 682-6100 (toll free) or 1- (862) 255-5401 (international). The conference call will also be broadcast live over the Internet, which can be accessed via the Investor Relations section of Sunworks' web site at http://ir.sunworksusa.com. All participants should call or access the website approximately 5 minutes before the conference begins.

The webcast will be available for replay for at least 90 days. A telephonic replay of this conference call will also be available by dialing 1- 877-481-4010 (toll free) or 1- 919-882-2331 (International) using Replay ID 10362, until 11:59 p.m. ET on May 25, 2017.

About Sunworks, Inc.

Founded in 1983, Sunworks, Inc. is a premier provider of solar power solutions for both consumers and businesses. We're committed to quality construction practices that always exceed industry standards and uphold our ideals of ethics and safety.

Today, Sunworks continues to grow its presence, expanding nationally with regional and local offices. We strive to consistently deliver high quality, performance oriented solutions for the agriculture, commercial, federal, public works, residential, and utility industries. Our dedication to excellence is reflected in our 25-year warranty, a benchmark that we stand by in order to support our customers above and beyond their expectations.

Sunworks fields a diverse, seasoned workforce that includes distinguished veterans who are devoted to providing the very best customer experience. All of our employees, from technicians to executives, uphold our company's guiding principles each day. Sunworks is a member of the Solar Energy Industries Association (SEIA) and is a proud advocate for the advancement of solar power. For more information, visit www.sunworksusa.com

Safe Harbor Statement

Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These risks include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, products, and prospects for sales, failure to commercialize our technology, failure of technology to perform as expected, failure to earn profit or revenue, higher costs than expected, persistent operating losses, ownership dilution, inability to repay debt, failure of acquired businesses to perform as expected, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.

 
SUNWORKS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2017, DECEMBER 31, 2016 AND MARCH 31, 2016
(in thousands, except share and per share data)
(unaudited)
    Three months ended
    March 31, 2017     December 31, 2016     March 31, 2016
                 
Sales $ 14,350   $ 18,440   $ 19,428
                 
Cost of Goods Sold   11,572     15,695     13,845
                 
Gross Profit   2,778     2,745     5,583
                 
Operating Expenses                
Selling and marketing expenses   1,747     3,191     2,561
General and administrative expenses   3,329     2,592     2,880
Stock based compensation   217     277     28
Depreciation and amortization   103     105     21
                 
Total Operating Expenses   5,396     6,165     5,490
                 
(Loss) Income before Other Income/(Expenses)   (2,618)     (3,420)     93
                 
Other Income/(Expenses)                
Other income (expenses)   (43)     54     (205)
Interest expense   (244)     (294)     (266)
                 
Total Other Income/(Expenses)   (287)     (240)     (471)
                 
(Loss) before Income Taxes   (2,905)     (3,660)     (378)
                 
Income Tax Expense   -     -     -
                 
Net (Loss) $ (2,905)   $ (3,660)   $ (378)
                 
LOSS PER SHARE:                
Basic $ (0.14)   $ (0.18)   $ (0.02)
Diluted $ (0.14)   $ (0.18)   $ (0.02)
                 
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING                
Basic   21,264,046     20,853,921     18,811,871
Diluted   21,264,046     20,853,921     18,811,871
   
SUNWORKS, INC. 
CONDENSED CONSOLIDATED BALANCE SHEETS 
AS OF MARCH 31, 2017 AND DECEMBER 31, 2016 
(in thousands, except share and per share data) 
  
    March 31, 2017     December 31, 2016  
    (Unaudited)        
Assets            
Current Assets            
Cash and cash equivalents   $ 4,196     $ 11,069  
Restricted cash     37       37  
Accounts receivable, net     11,541       9,665  
Inventory     3,980       3,394  
Costs in excess of billings     3,735       4,307  
Other current assets     255       117  
                 
Total Current Assets     23,744       28,589  
                 
Property and Equipment, net     1,612       1,674  
                 
Other Assets                
Other deposits     61       53  
Goodwill     11,364       11,364  
                 
Total Other Assets     11,425       11,417  
                 
Total Assets   $ 36,781     $ 41,680  
                 
Liabilities and Shareholders' Equity                
Current Liabilities:                
Accounts payable and accrued liabilities   $ 9,152     $ 12,979  
Billings in excess of costs     6,221       4,997  
Customer deposits     277       64  
Loan payable, current portion     222       218  
Acquisition convertible promissory notes, net of beneficial conversion feature of $590 and $807, respectively     1,177       959  
                 
                 
Total Current Liabilities     17,049       19,217  
                 
Long Term Liabilities                
Loan payable     438       496  
Warranty liability     131       116  
Convertible promissory notes     384       654  
Total Long Term Liabilities     953       1,266  
Total Liabilities     18,002       20,483  
                 
Shareholders' Equity                
Preferred stock Series B, $.001 par value; 5,000,000 authorized shares; 1,506,024 shares issued and outstanding, respectively     2       2  
Common stock, $.001 par value; 200,000,000 authorized shares; 22,440,664 and 20,853,921 shares issued and outstanding, respectively     22       21  
Additional paid in capital     70,803       70,317  
Accumulated Deficit     (52,048 )     (49,143 )
                 
Total Shareholders' Equity     18,779       21,197  
                 
Total Liabilities and Shareholders' Equity   $ 36,781     $ 41,680  

Investor Relations Contact:
Rob Fink/John Roginski
Hayden IR
646-415-8972 / 570-569-2479
rob@haydenir.com / john@haydenir.com

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