- 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.
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