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Sunworks bags commercial projects worth USD 11.5m in December

Solar array. Author: h080.

January 10 (Renewables Now) - US solar installer Sunworks Inc (NASDAQ:SUNW) secured agriculture, commercial and industrial (ACI) contracts worth a total of USD 11.5 million (EUR 10.35m) in December.

The over 40 new contracts signed last month brought the new bookings total for the final quarter of the year to over USD 20 million, the highest level in seven quarters.

The company has over USD 44 million of ACI and public works backlog due for installation this year.

However, CEO Chuck Cargile said that revenue, gross margin and adjusted EBITDA in the fourth quarter of 2019 would be lower than in the previous quarter because of delays related to PG&E approvals and permits. Still, operating expenses would be lower in the period, while the company's cash balance at the end of 2019 would be higher than in the previous quarter.

(USD 1.0 = EUR 0.900)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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