Sunworks Q3 EPS Loss Misses Consensus; Clocks $41M Revenue Backed By Residential Segment

Sunworks, Inc SUNW reported third-quarter FY22 revenue growth of 30.4% year-on-year to $40.7 million, beating the consensus of $37.4 million.
The increase was mainly due to increased contributions from the Residential segment.
Gross profit of $19.5 million was up 49.3% Y/Y.
EPS loss of $(0.16) missed the consensus loss of $(0.14).
Adjusted EBITDA loss was $(3.7) million versus $(3.3) million last year.
Sunworks held $14.5 million in cash and equivalents.
Gaylon Morris, Chief Executive Officer, said, "As household electricity bills continue to rise, order rates for new residential rooftop solar installations accelerated on a year-over-year basis, contributing to robust year-over-year revenue growth in the third quarter."
Price Action: SUNW shares traded higher by 0.73% at $2.08 on the last check Tuesday.