Benzinga | Feb 9, 2021 04:08PM EST

Sunworks Sees Prelim. Q4 Sales ~$8.5M vs $13.2M Est.

Company enters 2021 with more than $39 million in cash and $42 million in backlog

ROSEVILLE, CA / ACCESSWIRE / February 9, 2021 / Sunworks, Inc. (NASDAQ:SUNW), a provider of solar power and battery storage solutions for agriculture, commercial, industrial, public works, and residential markets, today announced preliminary financial results for the fourth quarter and year ended December 31, 2020.

Based on the preliminary unaudited results for the fourth quarter of 2020, Sunworks estimates fourth quarter revenues will be approximately $8.5 million, gross margin will be between approximately 16% and 17%, and net loss will be approximately $5.0 million. Sunworks estimates that year-end revenues will be approximately $38 million, gross margin will be between approximately 13.5% and 14.5%, and net loss will be approximately $16 million. The largest contributors impacting the net loss for the fourth quarter of 2020 are one-time expenses totaling approximately $3.5 million, substantially attributable to expenses relating to the terminated merger with iSun, Inc. (formerly The Peck Company Holdings, Inc.). Sunworks is entering 2021 in a strong position with a cash balance of approximately $39.4 million and backlog of $42.6 million, which positions the Company to fulfill its near-term and long-term growth initiatives and strategic plans.