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Sunworks Reports Fourth Quarter and Full-Year Results

Delivers Full-Year 2016 Revenue Growth of 61%; Backlog Reaches Record Levels

ROSEVILLE, CA--(Marketwired - March 29, 2017) - Sunworks, Inc. (NASDAQ: SUNW), a provider of solar power solutions for commercial and residential markets, today announced financial results for the fourth quarter and full year ended December 31, 2016.

Full-Year 2016 Summary:

  • Revenue of $86.4 million, up 61%, compared to $53.7 million in the prior year
  • Gross margin of 25.6% of total revenue compared to 31.7% in the prior year
  • Operating loss of $8.0 million compared to operating income of $2.4 million in the prior year
  • Net loss of $9.4 million, compared to net income of $1.1 million, in the prior year
  • Cash and cash equivalents of $11.1 million as of December 31, 2016, compared to $12.0 million last year
  • Backlog of $48.5 million as of December 31, 2016, compared to $47.5 million at December 31, 2015
  • Q4 2016 Summary:
  • Revenue of $18.4 million, up 6% compared to $17.3 million in the year-ago quarter
  • Gross margin of 12.4% of total revenue compared to 36.5% in the year-ago quarter
  • Operating loss of $3.6 million compared to operating income of $1.5 million in the year-ago quarter
  • Net loss of $3.7 million, compared to net income of $1.2 million, in the year-ago quarter

Jim Nelson, Sunworks' Chief Executive Officer commented, "I am proud of much of what we accomplished at Sunworks in 2016. Year over year revenue growth of 61% significantly outpaces the industry growth rate. In addition, we broadened our addressable market primarily for commercial and agriculture opportunities and have expanded into more target-rich regions -- all with the goal of continuing our rapid growth. The success of our efforts is reflected not only in the top-line growth, but also in the all-time record backlog that we bring into 2017. All of these factors lead us to be optimistic about the future."

Mr. Nelson continued, "The significant growth and aggressive investment in our initiatives challenged our organization, particularly in the second half of the year. We experienced growing pains with some of our internal processes in attempting to keep pace with the rapid acceleration of the front-end of the business. The rainy weather during our normally busy fourth quarter negatively impacted our revenue and put downward pressure on our financial results. These factors, among others created an unexpected operating loss in the fourth quarter. Some of these losses, as explained in our 10-K filing with the Securities and Exchange Commission, were non-cash adjustments that we do not expect to reoccur in 2017. In addition, we have made and are making changes to improve our back-office processes, strengthened our team, and streamline and focused our investment initiatives. We will continue to make adjustments and improve our business to ensure that we leverage our fast-growing sales into faster growing cash and profitability."

2017 Guidance

  • Management expects full year 2017 revenue to increase more than 30% versus 2016 and anticipates Sunworks will be profitable for the full year.
  • Management expects backlog at the end of Q1 2017 to increase versus both the prior year Q1 2016 backlog and the prior quarter backlog -- providing additional optimism for continued growth.

Balance Sheet

  • The company generated approximately $1.8 million of cash from operating activities for the full year of 2016 compared to $1.3 million for the prior year and finished the year with $11.1 million in cash and cash equivalents.
  • As of December 31, 2016, the Company had $2.3 million of debt outstanding.


Order backlog at December 31, 2016 was $48.5 million, up 2% compared to $47.5 million on December 31, 2015. Backlog is based on orders expected to be delivered during the next 12 months.

    Q4 2015   Q4 2016   % Change  
Backlog in Dollars ($M)                  
  Beginning sales backlog   $ 29.5   $ 42.7   45 %
  Total new sales   $ 35.2   $ 24.2   -31 %
  Total earned revenue   $ 17.2   $ 18.4   7 %
  Ending backlog   $ 47.5   $ 48.5   2 %
Backlog in Megawatts (MW)                  
  Beginning sales backlog     9.5     13.8   45 %
  Total new MW sales     11.7     8.1   -31 %
  Total MW installed     5.7     6.1   7 %
  Ending backlog     15.5     15.8   2 %

Conference Call Details

Management will host a conference call to discuss these results today, Wednesday, March 29 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 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) until 11:59PM ET on May 12, 2017.

About Sunworks, Inc.

Founded in 1983, Sunworks, Inc. has emerged as 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

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.

(in thousands, except share and per share data)  
  2016   2015  
Sales $ 86,421   $ 53,713  
Cost of Goods Sold   64,311     36,664  
Gross Profit   22,110     17,049  
Operating Expenses            
  Selling and marketing expenses   12,330     9,344  
  General and administrative expenses   11,434     5,094  
  Stock based compensation   6,041     136  
  Research and development cost   -     53  
  Depreciation and amortization   323     51  
  Total Operating Expenses   30,128     14,678  
Loss/Income before Other Income/(Expenses)   (8,018 )   2,371  
Other Income/(Expenses)            
  Interest and other income   -     10  
  Other expense   (329 )   (3 )
  Gain (Loss) on change in fair value of derivative liability   -     69  
  Interest expense   (1,033 )   (1,391 )
  Total Other Income/(Expenses)   (1,362 )   (1,315 )
(Loss) Income before Income Taxes   (9,380 )   1,056  
Income Tax Expense   -     -  
Net (Loss) Income $ (9,380 ) $ 1,056  
  Basic $ (0.46 ) $ 0.06  
  Diluted $ (0.46 ) $ 0.05  
  Basic   20,227,239     16,966,921  
  Diluted   20,227,239     23,709,210  
AS OF DECEMBER 31, 2016 AND 2015  
(in thousands, except share and per share data)  
    December 31, 2016     December 31, 2015  
Current Assets                
  Cash and cash equivalents   $ 11,069     $ 12,040  
  Restricted cash     37       37  
  Accounts receivable, net     9,665       7,023  
  Inventory     3,394       1,269  
  Costs in excess of billings     4,307       2,130  
  Other current assets     117       220  
  Total Current Assets     28,589       22,719  
  Property and Equipment, net     1,674       745  
Other Assets                
  Other deposits     53       36  
  Goodwill     11,364       11,364  
  Total Other Assets     11,417       11,400  
  Total Assets   $ 41,680     $ 34,864  
      Liabilities and Shareholders' Equity                
Current Liabilities:                
  Accounts payable and accrued liabilities   $ 12,979     $ 5,033  
  Billings in excess of costs     4,997       1,990  
  Customer deposits     64       394  
  Loan payable, current portion     218       2,028  
  Acquisition convertible promissory notes, net of beneficial conversion feature                
  of $807 and $1,767, respectively     959       750  
  Convertible promissory notes     -       850  
  Total Current Liabilities     19,217       11,045  
Long Term Liabilities                
  Loan payable     496       232  
  Convertible promissory note     654       -  
  Warranty liability     116       45  
    Total Long Term Liabilities     1,266       277  
    Total Liabilities     20,483       11,322  
    Shareholders' Equity                
    Preferred stock, $.001 par value;                
    5,000,000 authorized shares;                
    Preferred Stock Series B, 1,506,024 and 1,506,024 issued and outstanding,                
    respectively     2       2  
    Common stock, $.001 par value;                
    1,000,000,000 authorized shares;                
    20,853,921 and 18,320,535 shares issued and outstanding, respectively     21       18  
    Additional paid in capital     70,317       63,285  
    Accumulated deficit     (49,143 )     (39,763 )
    Total Shareholders' Equity     21,197       23,542  
      Total Liabilities and Shareholders' Equity   $ 41,680     $ 34,864  

/ -- Investor Relations Contact:
Rob Fink/John Roginski
Hayden IR
646-415-8972 / 570-569-2479 /

Distribution channels: Energy Industry, Environment