Sunworks Inc (SUNW)

Sunworks Inc Stock (SUNW) dropped by 10.1% from $0.3448 to $0.31 in the trading on Friday November 10, 2023. The reason why SUNW stock down today is due to the financial results for Q3 2023. The results figures missed the consensus, causing a sell-off and leading the SUMW stock price going down sharply today.

• Total revenue of $28.7 million, a 29.5% decline from Q3 2022, missing the consensus by $14.2M. Residential Solar segment revenue declined 44.5%, while Commercial Solar Energy segment revenue increased by 105.9%. The total backlog was $66.5 million, a 39.7% decline.
• Net loss of ($36.4) million in Q3 2023, with an adjusted EBITDA loss of $8.5 million. Q3 GAAP EPS of -$0.84, missing the consensus by $0.60.

Sunworks Inc Stock (SUNW) dropped by 12.8% from $0.47 to $0.41 in the trading on Wednesday October 18, 2023. The reason why SUNW stock down today is due to the announcement of leadership transition. Sunworks announced that CEO Gaylon Morris will step down effective immediately, and its board elected Mark Trout as its new President and CEO. Trout joined Sunworks in July 2023 as head of the company's residential segment and brings over 35 years of experience in the solar industry.

Sunworks Inc Stock (SUNW) dropped by 6.03% from $1.16 to $1.09 in the trading on Monday August 14, 2023. The reason why SUNW stock down today is due to the financial results for second-quarter 2023. Sunworks, Inc., a leading provider of solar power and battery storage solutions for residential, agriculture, commercial, industrial, and public works markets, today announced financial results for the three months ended June 30, 2023.

• Total revenue of $34.6 million, compared to $36.4 million in the prior-year period, missing the consensus by $8.96 million. The company reported a net loss of ($12.7) million in the second quarter 2023, or ($0.34) per basic share, versus a net loss of ($7.6) million in the prior-year period. GAAP EPS missed the consensus by $0.18.
• Adjusted EBITDA was a loss of $9.9 million in the second quarter 2023, compared to a loss of $5.7 million in the second quarter 2022.

Sunworks Inc Stock (SUNW) dropped by 12.3% from $1.38 to $1.21 in the trading on Wednesday August 09, 2023. The reason why SUNW stock down today is due to the announcement of stock offering. Sunworks announced an agreement with a single institutional investor for the purchase and sale of 3.3 million common shares at $1.00 per share in a registered direct offering. The company said it plans to use the net proceeds from the offering for working capital and other general corporate purposes. Roth Capital is acting as the exclusive placement agent for the offering.

Sunworks Inc Stock (SUNW) dropped by 9.68% from $1.55 to $1.40 in the trading on Thursday June 08, 2023. The reason why SUNW stock down today is due to the announcement of direct offering. Sunworks has entered into a definitive agreement for the purchase and sale of 4.05 million shares of the company's common stock at a purchase price of $1.14 per share of common stock in a registered direct offering. The gross proceeds are expected to be $4.62 million and it intends to use the net proceeds for working capital and other general corporate purposes.