Sunworks Reports First Quarter of 2019 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., May 14, 2019 (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 2019 and provided its outlook for the second quarter of 2019. First Quarter 2019 Summary: Revenue of $9.3 million for the first quarter of 2019,Net loss of $4.5 million,Backlog of projects scheduled for installation in the next 12 months as of March 31, 2019 was $47.2 million,Cash balance at March 31, 2019 was $2.0 million. As expected, and previously conveyed, first quarter 2019 revenue and profitability were negatively impacted by seasonally rainy conditions in California, which prohibited installation activity for many of the larger agriculture and commercial projects. In addition, during the first quarter of 2019, the company experienced a number of negative impacts to gross profit including, unexpected rework on project
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