Sunworks Reports Financial Results for the First Quarter of 2020
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., May 07, 2020 (GLOBE NEWSWIRE) -- Sunworks, Inc. (Nasdaq: SUNW), a provider of solar power solutions for agriculture, commercial and industrial (ACI), public works and residential markets, announced financial results for the first quarter of 2020 and provided an update on the impact from the COVID-19 pandemic. First Quarter 2020 Summary: Revenue of $12.4 million for the first quarter of 2020 versus $9.3 million in the first quarter of 2019.Net loss of $6.7 million, including a $4.0 million goodwill impairment charge. Loss of $2.7 million excluding the goodwill impairment compares to a net loss of $4.5 million in the first quarter of 2019.Total backlog of projects as of March 31, 2020 was $41.8 million.Cash balance at March 31, 2020 was $5.9 million versus $3.5 million at the end of the first quarter of 2019. The company noted that first quarter results historically are negatively impacted by wet weather in California, particularly for agriculture-rel
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