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Sunworks' net loss narrows in Q2'19

Sunworks Inc. on Aug. 2 booked second-quarter adjusted EBITDA of $356,000, compared to a loss of $4.1 million in the prior-year period.

The company recorded a net loss of $77,000, or zero cents per diluted share, in the second quarter, compared to a net loss of $1.8 million, or a loss of 7 cents per diluted share, in the comparable quarter of 2018.

Revenue totaled $18.7 million during the most recent quarter, a decrease from $20.0 million a year ago. Gross profit was $3.6 million, compared to $2.9 million in the second quarter of 2018. Total operating expense decreased to $3.5 million, from $4.5 million in the prior-year period.

As of June 30, Sunworks' backlog of projects scheduled for installation in the next 12 months was $45.9 million.

"Our second quarter 2019 results reflect a solid rebound from the seasonally weak financial results in the first quarter of 2019. Our positive operating income and adjusted EBITDA for the second quarter of 2019 marks the third time in the last four quarters that we have reported a positive result," Sunworks CEO Chuck Cargile said in an earnings release. "Our gross margin reached its highest level in two years and our cash balance increased during the quarter, as a result of the positive operating results we achieved as well as our ability to access liquidity from our shelf registration."