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Sunworks reports Q2'18 net loss, misses consensus estimates

Sunworks, Inc. on Aug. 8 reported a net loss for second-quarter 2018 of $1.8 million, or a loss of 7 cents per share, compared with net income of $1.1 million, or 4 cents per share, in the second quarter of 2017.

The S&P Global Market Intelligence normalized consensus EPS estimate for the quarter was a loss of 3 cents.

The company's revenue for the second quarter decreased to $20.0 million, from $25.0 million in second-quarter 2017. The reduction in revenue was attributed by the company to weaker year-over-year residential sales, and installation delays for certain agriculture, commercial and industrial, or ACI, projects.

For the three months ending June 30, gross profit was $2.9 million, compared to $6.7 million in the second quarter of 2017. Second-quarter gross margin was 14.5%, compared to 26.9% in the year-ago period.

Sunworks said its backlog of projects scheduled for installation in the next year, as of June 30, was $52.7 million, compared to $60.5 million at March 31.