- 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.
