Sunworks Inc. on March 12 reported fourth-quarter 2018 adjusted EBITDA of $467,000, compared to a loss of $2.8 million in the fourth quarter of 2017.
Net loss for the quarter totaled $1.8 million, or negative 7 cents per share, after including a $1.9 million goodwill impairment. In the same period in 2017, the company booked a net loss of $3.4 million or negative 15 cents per share.
Fourth-quarter revenue was $19.2 million, compared to $19.3 million a year ago. Gross margin during the period increased to 18.6% from 5.4% in the same quarter in 2017.
As of Dec. 31, 2018, the backlog of projects scheduled for installation in the next 12 months was $46.1 million.
For full year 2018, Sunworks recorded negative adjusted EBITDA of $1.6 million, compared to negative adjusted EBITDA of $4.7 million in 2017.
Net loss amounted to $5.7 million in 2018, compared to a net loss of $7.2 million in 2017. Full-year 2018 revenue was $71 million, a decrease from $77.4 million a year ago.
Sunworks' management said that they expect to incur a net loss for the first quarter of 2019, and the revenue during the period to be flat year over year.
Management expects revenue levels to increase and to generate positive net income for the subsequent quarters of 2019.