March 25 (Renewables Now) - US solar installer Sunworks Inc (NASDAQ:SUNW) has cut 59 jobs and taken cost reduction measures to lower by 30% its operating costs due to the COVID-19 fallout.
The company said on Monday it expects the market uncertainty to have a negative effect on its first-half revenues as many of its clients, suppliers and business partners are “significantly disrupted” amid the outbreak of the coronavirus. “We have taken aggressive steps to minimise our cash spend, while continuing to fulfill our obligations to customers and generate revenue and cash,” said CEO Chuck Cargile.
The California-based company has cut its headcount by 33% from the start of 2019 by letting go or temporarily laying off 59 workers, while moving 23 to part-time positions.
Meanwhile, the company’s CEO and all board members have stopped getting any compensation, and nine other leaders within Sunworks have temporarily trimmed their salaries by at least 50% as part of a package with proactive measures to address the crisis. Sunworks noted that none of its employees have been diagnosed with COVID-19.
The cost reduction steps will bring USD 400,000 (EUR 369,300) of monthly cost savings, it estimates.
(USD 1.0 = EUR 0.923)