Sunworks' Q4 Revenue Tops Street View Aided By Acquisition Synergies

Sunworks Inc SUNW reported a fourth-quarter FY21 revenue growth of 268.6% year-on-year to $31.7 million, beating the consensus of $31.4 million.
The revenue of the solar power and battery storage solutions provider included $26.1 million in residential revenue from Solcius, which it acquired in April 2021.
The gross margin improved by 2,240 bps to 47.4%, reflecting the positive contribution from Solcius.
EPS loss of $(0.47) widened from last year's $(0.27).
Adjusted EBITDA loss was $(4.44) million versus $(4.62) million last year.
Sunworks held $20 million in cash and equivalents.
"We delivered sequential revenue growth in the quarter, adeptly navigating ongoing supply chain issues, permitting delays, labor challenges, and other COVID-related challenges," commented Gaylon Morris, CEO. "Our residential business gained traction in Q4, with both sequential revenue and backlog growth," added Morris.
Price Action: SUNW shares traded lower by 1.16% at $3.12 in the premarket on the last check Friday.