The increase was mainly due to increased contributions from the Residential segment.
Residential Solar segment revenue of $44.4 million, up by 70.2% Y/Y. Commercial Solar Energy segment revenue totaled $9.2 million, up 65.2% Y/Y.
Gross profit of $22 million was up 60.7% Y/Y, attributable to the increase in revenue in both segments.
EPS loss of $(0.20) missed the consensus loss of $(0.12).
Adjusted EBITDA loss was $(5.6) million versus $(4.4) million last year.
Sunworks held $8.1 million in cash and equivalents.
CEO Gaylon Morris said, “During the fourth quarter, our Residential Solar segment delivered strong year-over-year growth in new installations, revenue, originations, and backlog, as recent investments in our direct sales force have contributed to significant, ongoing market share gains.”
“While long-term demand fundamentals remain intact, our fourth quarter originations were negatively impacted by rising interest rates and economic uncertainty, conditions which persisted into early Q1,” added Morris.
Price Action: SUNW shares traded lower by 6.23% at $1.77 on the last check Friday.
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