Sunworks Reports Fourth 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
Company Research
Source: GlobeNewswire
ROSEVILLE, Calif., March 12, 2019 (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 fourth quarter and year ended December 31, 2018. Fourth Quarter 2018 Summary: Revenue of $19.2 million for the fourth quarter of 2018.Net loss, as reported, of $1.8 million, inclusive of a $1.9 million non-cash, one-time charge to adjust the carrying value of goodwill.The company highlighted that net income would have been $51,000 without the non-cash goodwill impairment.Gross margin was 18.6% for the fourth quarter of 2018, marking the highest level in six quarters.Backlog of projects scheduled for installation in the next 12 months as of December 31, 2018 was $46.1 million.Cash balance at December 31, 2018 was $4.1 million. Chuck Cargile, Sunworks Chief Executive Officer, said, “As a result of the process improvements we have imple
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