Sunworks, Inc. Provides Earnings Guidance for the Quarter and Full Year of 2017 and for the Full Year 2018
March 08, 2018 at 08:00 am EST
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Sunworks, Inc. provides earnings guidance for the quarter and year of 2017. For the quarter, the company announced that revenue for the fourth quarter of 2017 is expected to be slightly higher than the $18.4 million recorded in the prior year fourth quarter and net loss for the quarter is expected to be less than the $3.7 million loss in the fourth quarter of 2016.
Full year 2017 revenue is expected to decline approximately 10% from the prior year $86.4 million. Gross margin for the full year of 2017 is expected to decline because of many older projects completed in the second half of 2017 at profit levels well below original expectations. Operating expenses for the full year are expected to decline by approximately $10 million, or one-third, because of the company’s aggressive restructuring of the business during the year. Excluding stock-based compensation, the company anticipates total operating expenses to decline more than 20% year-over-year.
For the year 2018, new projects booked in the first quarter are expected to exceed $30 million, with the majority expected to result in installation revenue in 2018. Based on backlog and the momentum of new sales, the company expects full year revenue to increase in the range of 10% to 20% year-over-year. The company expects to be profitable for the full year of 2018.
Sunworks, Inc. provides photovoltaic (PV) and battery-based power and storage systems for residential and commercial markets. The Company's commercial projects include commercial, agricultural, industrial, and public works projects. It operates through three segments: Residential Solar, Commercial Solar Energy, and Corporate. Residential Solar segment designs, arrange finances, integrates, installs, and manages systems, primarily for residential homeowners. The Commercial Solar Energy segment designs, arrange finances, integrates, installs, and manages systems ranging in size from 50kW (kilowatt) to multi-MW (megawatt) systems primarily for larger commercial and public works projects. Its commercial installations include installations at office buildings, manufacturing plants, warehouses, service stations, churches, and agricultural facilities such as farms, wineries, and dairies. Its public works installations include school districts, federal facilities and local municipalities.
SUNWORKS, INC. 