Sunworks Clocks 13.4% Revenue Growth In Q2 Backed By Residential Demand

August 9, 2022 8:56 AM | 1 min read |

Sunworks, Inc SUNW reported second-quarter FY22 revenue growth of 13.4% year-on-year to $36.4 million, beating the consensus of $31.2 million.
The increase was mainly due to increased contributions from the Residential segment.
Gross profit of $16.9 million was up 11.4% Y/Y.
EPS loss was $(0.23) versus a $(0.07) loss last year.
Adjusted EBITDA loss was $(5.7) million versus $(1.7) million last year.
Sunworks held $12.4 million in cash and equivalents.
CEO Gaylon Morris said, "Net revenue and gross profit each increased on a year-over-year basis in the second quarter, driven by strong residential demand, while both orders and backlog increased to multi-year highs."
Price Action: SUNW shares traded lower by 2.85% at $2.73 in the premarket on the last check Tuesday.

Posted In: Earnings News Penny Stocks Tech Briefs

Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.