Sunworks Reports Second Quarter 2018 Results
Sunworks, Inc. (SUNW)
Last sunworks, inc. earnings: 10/31 07:07 am
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US:NASDAQ Investor Relations:
ir.sunworksusa.com
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Source: GlobeNewswire
ROSEVILLE, Calif. , Aug. 08, 2018 (GLOBE NEWSWIRE) -- Sunworks, Inc. (Nasdaq: SUNW), a provider of solar power solutions for agriculture, commercial and industrial (ACI), public works and residential markets, today announced financial results for the second quarter and first half of the year ended June 30, 2018. Second Quarter 2018 Summary: Revenue of $20.0 million for the second quarter of 2018 increased 49% versus the $13.4 million for the first quarter of 2018.Net loss of $1.8 million for the second quarter of 2018 compared to $1.7 million for the first quarter of 2018. The current period net loss included a non-cash, non-recurring stock compensation expense of $0.6 million.Gross margin was 14.5% for the second quarter of 2018. The gross margin during the quarter was impacted by a high percentage of the current period revenue being generated from projects initiated in prior years at low price levels. Backlog of projects scheduled for installation in the next 12 months
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