Sunworks, Inc. Announces Preliminary Financial Results for the Fourth Quarter and Full Year Ended December 31, 2016; Provides Revenue Guidance for the Full Year 2017
March 13, 2017 at 07:00 am EDT
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Sunworks, Inc. announced preliminary financial results for the fourth quarter and full year ended December 31, 2016. For the full year 2016, based on preliminary, unaudited financial information, the company expects revenue of approximately $86.5 million, an increase of 61% compared to $53.7 million in 2015, and adjusted EBITDA loss of approximately $1.6 million compared to adjusted EBITDA of $2.6 million in 2015.
For the fourth quarter, based on preliminary, unaudited financial information, the company expects revenue of approximately $18.5 million, compared to $17.3 million for the three months ended December 31, 2015, and adjusted EBITDA loss of approximately $2.9 million, compared to positive EBITDA of $1.5 million for the three months ended December 31, 2015.
For the full year 2017, the company expects full year 2017 revenue to increase more than 30% versus 2016 and anticipates the company’s will be profitable for the full year. Current order backlog expected to be approximately $60 million, reflecting an all-time record in secured, future revenue.
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. Announces Preliminary Financial Results for the Fourth Quarter and Full Year Ended December 31, 2016; Provides Revenue Guidance for the Full Year 2017
SUNWORKS, INC. 
