Sunworks Inc. on May 15 reported a net loss for first-quarter 2018 of $1.7 million, or a loss of 7 cents per share, compared with a net loss of $2.9 million, or a loss of 14 cents per share, in the first quarter of 2017.
The S&P Capital IQ normalized consensus EPS estimate for the quarter was a loss of 7 cents.
"Our first quarter 2018 financial results were consistent with our expectations — marked by low seasonal installation revenue but also reflected lower operating expenses for the third straight quarter and a near 50% increase in new project bookings compared with the first quarter of 2017. We are confident that the new project bookings secured in the first quarter will drive higher quarterly revenue and operating profit in subsequent quarters," Sunworks CEO Chuck Cargile said.
The company's revenue for the first quarter decreased to $13.4 million, from $14.4 million, due primarily to continued weakness in the overall market for residential solar installations.
For the three months ending March 31, gross profit was $2.4 million, compared to $2.8 million in the first quarter of 2017. Gross margin was 17.9% for first-quarter 2018, compared with 19.4% for the prior-year period.