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Sunworks, Inc. (NASDAQ:SUNW) reported a 69.3% increase in fourth-quarter revenue for 2022, reaching $53.6 million, compared to $31.7 million in 2021. The gross profit also rose by 60.7% to $22.0 million. The Residential Solar segment saw a significant growth of 70.2%, generating $44.4 million in revenue. However, the company faced a net loss of $7.0 million, an improvement from a $13.5 million loss in the previous year. For the full year 2022, total revenue was $161.9 million, up from $101.2 million in 2021, with a total net loss of $28.2 million. Sunworks aims to enhance its direct sales channel and leverage the Inflation Reduction Act for future growth.
Sunworks, Inc. (Nasdaq:SUNW) announced it will release its fourth quarter and full-year 2022 results on March 10, 2023, before market opening. A conference call is scheduled for the same day at 1:00 P.M. ET to review the financial results and address investor questions. The event will be accessible via a live webcast on the Investor Relations section of Sunworks' website. The company, a prominent player in solar power and battery storage solutions, aims to democratize renewable energy and has installed over 200 MW of systems since its inception in 2000.
Sunworks, Inc. (NASDAQ:SUNW) reported a strong third quarter for 2022, with total revenue of $40.7 million, a 30.4% increase year-over-year. Gross profit also rose 49.3% to $19.5 million. The Residential Solar segment saw significant growth, with revenue up 57% to $36.7 million, while Commercial Solar revenue declined 48%. Total backlog surged 116% to $110 million, driven by robust demand. Despite a net loss of $5.4 million, the company maintained a solid cash position with $14.5 million and no debt, positioning itself for future growth.
Sunworks (NASDAQ:SUNW) will announce its third quarter 2022 results on November 8, 2022, before the market opens. A conference call is scheduled for 1:00 PM ET on the same day to discuss the financial results and recent developments. Investors can submit questions starting October 25, 2022, through a designated portal. The conference call will be available via webcast on the Investor Relations section of Sunworks' website. The company highlights its expansion following the acquisition of Solcius and its commitment to renewable energy solutions.