Solar array. Author: Som Energia Cooperativa. License: Attribution 2.0 Generic.
US solar installer Sunworks Inc (NASDAQ:SUNW) today reported a third-quarter net loss of USD 6.1 million (EUR 5.6m), against a USD-1.4-million net profit a year ago, on lower revenue.
The result was impacted by sales and marketing investments, as well as USD 3.9 million in non-cash charges related to the issuance of stock-based compensation.
Revenue in the third quarter fell to USD 17.6 million from USD 19.7 million a year earlier due to about USD 15 million of projects that were expected to be completed in the third quarter but shifted to the fourth quarter and into 2017.
The company also lowered its full-year revenue guidance to between USD 95 million and USD 105 million from USD 110 million-115 million previously. At the same time, it expects to return to profitability on a quarterly basis in the fourth quarter.
In the first nine months of the year, revenue rose 87% to USD 68 million. Net loss widened to USD 5.7 million from USD 123,000.
Backlog at the end of the period was 31% higher than a year ago, at USD 42.7 million.