Sunworks, Inc. (NASDAQ: SUNW) reported $10 million in new commercial and agriculture projects signed in Q3 2020, the strongest quarterly booking since the COVID-19 pandemic began. This includes $3.2 million for modular home sites, a $1.8 million follow-on project for a large agriculture customer, and a $0.7 million parking canopy project with EV charging stations. The company optimistically anticipates continued momentum into Q4, especially as they work on the proposed business combination with The Peck Company, which could enhance their financial position and market reach.
The Peck Company Holdings (NASDAQ: PECK) is acquiring Sunworks (NASDAQ: SUNW) in an all-stock deal, with Sunworks' shareholders receiving 0.185171 shares of Peck for each share owned. The merger will create a national leader in solar energy, with a combined revenue of $88 million as of 2019 and a backlog of $76.8 million. Anticipated annual cost synergies are estimated at $6 million. The transaction is expected to close in Q4 2020, subject to shareholder approvals. This strategic move aims to enhance market reach and operational efficiencies in the growing solar industry.
Sunworks, Inc. (SUNW) reports a strong cash balance of $8.2 million, an increase from $5.9 million in Q1 2020, attributed to effective cash collection and a $2.8 million Paycheck Protection Program loan. The gross margin improved to 17.1% on $9.7 million revenue, up from 7.7% previously. The company announced a merger agreement with The Peck Company, receiving approximately 36.54% of Peck's shares post-merger. Sunworks has also regained compliance with NASDAQ's bid requirements. Management changes include Chuck Cargile stepping down as CEO, replaced by Steven Chan.
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