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Sunworks narrows Q4 losses in 2017, expects to post a profit in 2018

Sunworks Inc. on March 28 reported a fourth-quarter 2017 net loss of $3.4 million, or a loss of 15 cents per share, compared with a net loss of $3.7 million, or a loss of 16 cents per share, in the same quarter of 2016.

The California-based provider of solar power systems generated $19.3 million in fourth-quarter 2017 revenues, an increase from $18.4 million in the prior-year quarter. Operating expenses were down to $4.4 million, from $6.2 million in the fourth quarter of 2016.

Fourth-quarter gross profit slipped to $1.0 million in 2017, compared with $2.7 million a year earlier.

On a full-year basis, Sunworks posted net losses for 2017 of $7.2 million, or 32 cents per share, compared with net losses of $9.4 million, or 46 cents per share, in 2016.

Revenues for the full year totaled $77.4 million, a decrease $86.4 million a year earlier, while gross profit was down to $13.7 million from $22.1 million in 2016.

"For the last several years Sunworks, along with the overall solar industry, experienced significant top-line growth. In 2017, this trend reversed as industry-wide photovoltaic installed capacity declined as did Sunworks revenue," said Sunworks CEO Chuck Cargile. "In response to the challenges in 2017, we significantly decreased our cost structure, improved our internal controls and processes, and positioned the company for profitability and enhanced cash generation in 2018."

Looking ahead, the company expects full-year 2018 revenue to increase in the range of 10% to 20% year over year, based on backlog and the momentum of new sales.

New projects booked in the first quarter are expected to exceed $30 million, with the majority of those bookings expected to convert into installation revenue in 2018, the company said.