Sunworks Provides Preliminary Q2 2023 Business Update; Sees Q2 Revenue $33M-$35M Vs $43.6M Est.
Portfolio Pulse from Happy Mohamed
Sunworks, Inc. (NASDAQ:SUNW) has released preliminary Q2 2023 results, with total revenue between $33.0 and $35.0 million, lower than the estimated $43.6 million. The company also reported a total adjusted EBITDA range between ($10.0) and ($11.5) million, and a total backlog of approximately $84 million. The company's CEO, Gaylon Morris, attributed the lower than expected results to softened demand conditions in several markets, including California, and the rise in interest rates.
August 04, 2023 | 11:21 am
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Sunworks' Q2 2023 revenue is lower than expected, which could negatively impact the company's stock price in the short term.
Sunworks' lower than expected Q2 2023 revenue indicates a potential decrease in the company's profitability, which could lead to a decrease in its stock price. The softened demand conditions and rising interest rates mentioned by the CEO could further impact the company's financial performance.
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