Sunworks Reports Third 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
Company Narrows Quarterly Net Loss and Achieves Positive Adjusted EBITDA ROSEVILLE, Calif., Nov. 07, 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 third quarter and nine months ended September 30, 2018. Third Quarter 2018 Summary: Revenue of $18.3 million for the third quarter of 2018.Net loss of $0.4 million versus a $2.0 million loss in the prior year third quarter; and positive earnings before interest, taxes, depreciation, amortization and stock compensation (“Adjusted EBITDA) of $0.1 million for the third quarter of 2018.Gross margin was 18.4% for the third quarter of 2018, marking the highest level in five quarters.Backlog of projects scheduled for installation in the next 12 months as of September 30, 2018 was $52.4 million. Cash balance at September 30, 2018 was $3.6 million. Chuck Cargile,
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