SUNW - Sunworks plunges on widening Q4 net loss amid inflationary pressures

Sunworks (SUNW -11.6%) reported Q4 revenue of $31.7M compared to $8.6M in year ago quarter; Q4 revenue included $26.1M in residential revenue from Solcius. Gross margin stood at 47.4% compared to 25% in year ago quarter, led by positive contribution from Solcius' business model and operational improvements across the business, including increased focus on accuracy in estimating, quoting and improved execution. Net loss stood at $13.5M or $0.47/share compared to net loss of $4.9M or $0.27/share in year ago quarter. Adj. EBITDA was a loss of $4.4M compared to adj. EBITDA loss of $4.6M. The company backlog touched $58M amid overcoming seasonal weather and supply chain disruptions; "Our residential business gained traction in Q4, with both sequential revenue and backlog growth," CEO Gaylon Morris commented. As of Dec.31, 2021, cash balance and restricted cash stood at $20M compared to $39.3M as of Dec.31, 2020 and $8.5M from Sep.30, 2021. "Overall, we

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Sunworks plunges on widening Q4 net loss amid inflationary pressures