SUNW - Sunworks GAAP EPS of -$0.20 misses by $0.08 revenue of $53.6M beats by $13.23M

2023-03-10 09:03:23 ET

• Sunworks press release ( NASDAQ: SUNW ): Q4 GAAP EPS of -$0.20 misses by $0.08 .
• Revenue of $53.6M (+69.1% Y/Y) beats by $13.23M .
• Residential Solar segment revenue of $44.4 million, a 70.2% increase
• Commercial Solar Energy segment revenue of $9.2 million, a 65.2% increase
• Total backlog increased 50.8% to $87 million, driven by growth in Residential and Commercial demand

• "Our direct sales channel represented a record 27% of fourth quarter revenue, up from 5% in the prior-year period. Since the Solcius acquisition in 2021, we've increased our direct sales force to more than 600 representatives, positioning us to drive above-market originations growth. By year-end 2023, we expect our direct sales channel will represent approximately half of our annual sales."

• Shares -1.59% .

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