Solar array. Author: Som Energia Cooperativa. License: Attribution 2.0 Generic.
US solar company Sunworks Inc (NASDAQ:SUNW), formerly known as Solar3D, reported a first-quarter 2016 net loss of USD 378,000 (EUR 330,900) on revenues of USD 19.6 million.
Net loss narrowed from USD 1.4 million a year ago, while revenue grew by 246% year-over-year and 13% quarter-over-quarter. CEO Jim Nelson said strong operational execution and market demand from both residential and commercial customers continue to drive solid financial results.
Sales to the commercial market, including the agricultural market, and to the residential market accounted for 67% and 33% of total revenue, respectively.
The company confirmed its guidance for 2016 revenues of over USD 100 million and continued profitability. Nelson noted that with the backlog of USD 39.8 million at the end of March, it is possible to even exceed the forecast.
"We expect organic growth initiatives to continue to be the primary driver of our growth for 2016. In parallel, we continue to evaluate potential accretive acquisitions [..]” the CEO said.