Higher Interest Rates, Residential Solar Economics in California Dampen Sunworks Second Quarter, Stock Falls
Portfolio Pulse from Anusuya Lahiri
Sunworks, Inc (NASDAQ:SUNW) reported a Q2 FY23 revenue decline of 4.8% YoY to $34.64 million, missing the consensus of $43.60 million. The company's EPS loss of $(0.34) also missed the consensus loss of $(0.16). The company's residential solar segment revenue was down by 16.3% YoY, while its commercial solar energy segment revenue was up 91.7% YoY. The company's total backlog stood at $84.1 million, down by 13.1% YoY. The company's gross profit declined from $16.59 million a year ago to $11.44 million. The company's CEO attributed the decline to higher interest rates, less favorable residential solar economics in California, and utility permitting delays.
August 14, 2023 | 5:02 pm
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Sunworks reported a decline in Q2 FY23 revenue and EPS, missing consensus estimates. The company's residential solar segment revenue was down, while its commercial solar energy segment revenue was up. The company's total backlog and gross profit also declined.
Sunworks reported a decline in Q2 FY23 revenue and EPS, missing consensus estimates. This is likely to negatively impact the company's stock price in the short term. The company's residential solar segment revenue was down, which could indicate challenges in this segment. The company's total backlog and gross profit also declined, which could indicate broader challenges for the company.
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IMPORTANCE 80
RELEVANCE 100