Sunworks, Inc. Stock Price, News & Analysis

Sunworks, Inc. (NASDAQ:SUNW) announced that its Annual Meeting of Stockholders will be held virtually on June 16, 2021, at 9 a.m. MDT (11 a.m. EDT) due to the ongoing COVID-19 pandemic. Stockholders are encouraged to vote by proxy as detailed in the proxy materials. The meeting can be accessed via a toll-free number or a webcast link. Sunworks is a provider of solar power systems and continues to grow its market presence, offering solutions across various sectors.

Sunworks, Inc. (NASDAQ:SUNW) will join the Russell Microcap® Index effective June 28, 2021, following the annual reconstitution. This membership, lasting one year, will enhance visibility to institutional investors and diversify its shareholder base. The Russell indexes benchmark about $10.6 trillion in assets, indicating the significance of this inclusion. CEO Gaylon Morris emphasized that this accomplishment reflects their hard work and aims to improve liquidity and market presence.

Sunworks, Inc. (NASDAQ:SUNW) has announced combined financial results following its acquisition of Solcius on April 8, 2021. The pro forma data revealed a revenue of approximately $30.8 million and operating loss of $4.2 million for Q1 2021. The full-year 2020 results show combined revenue of about $131.4 million with a net loss of $20.3 million. The CEO projects 15% growth in residential revenue for 2021 and plans for further market expansion. A cash balance of $32 million was reported as of March 31, 2021.

Sunworks, Inc. (NASDAQ:SUNW) has appointed Judith Hall as the new Chairperson of the Board, succeeding Charles Cargile. Hall, who has over 25 years of experience in the power industry, joined the board in October 2019. This leadership change follows a significant merger with Solcius and aims to leverage the company's strong cash position of $82.6 million. Cargile continues as a board member until June 2021. Hall's expertise is expected to guide Sunworks through its next growth phase in the expanding solar market.

Sunworks has announced a definitive agreement to acquire Solcius for $51.8 million in an all-cash transaction. This acquisition will create a national solar power provider operating across 12 states. The combined entity generated approximately $131.5 million in revenue in 2020 and expects to be profitable within the first year post-integration. The deal aims to leverage operational synergies, enhance economies of scale, and drive cash flow. The integration is anticipated to improve customer satisfaction and operational efficiency in the rapidly growing residential market.

Sunworks, Inc. (NASDAQ:SUNW) reported preliminary financial results for Q4 and year-end 2020. Estimated Q4 revenues are approximately $8.5 million with a gross margin between 16% and 17%, leading to a net loss of about $5 million. Year-end revenue was around $38 million, with a net loss of $16 million, impacted significantly by one-time expenses of $3.5 million from a terminated merger. Sunworks enters 2021 with $39 million in cash and a backlog of $42.6 million, positioning the company for future growth.

Sunworks, Inc. (NASDAQ: SUNW) has appointed Gaylon Morris as its new CEO, effective immediately. Morris brings over 20 years of experience in the engineering and construction sectors. His previous roles include Business Strategist at Rosendin Electric and Senior Vice President at Cupertino Electric, where he led growth strategies in various divisions, including renewable energy. The company raised over $34 million in cash during the last quarter of 2020, providing a strong financial foundation. Morris is set to focus on optimizing operations and exploring new growth opportunities.

Sunworks, Inc. (NASDAQ: SUNW) has successfully raised approximately $20 million through an 'at the market' offering, selling about 3.8 million shares of common stock. This financial boost allowed the company to pay off $2.7 million in debt to CrowdOut Capital. Chairman Chuck Cargile indicated that this move strengthens the company's balance sheet and working capital to better navigate COVID-related challenges. Furthermore, Sunworks is in the process of recruiting a permanent CEO, anticipated to be appointed in Q1 2021, to support its ongoing operational objectives.

Sunworks, Inc. (NASDAQ: SUNW) announced that its merger proposal with Peck Company failed to secure stockholder approval during a special meeting on November 12, 2020. Only 26% of total outstanding shares voted, falling short of the required quorum. This led to the termination of the merger agreement with Peck Company, which Sunworks considered a strategic opportunity for growth. The Chairman expressed disappointment but hinted at potential future collaborations to leverage synergies identified during discussions.