Sunworks boosted by Solcius deal as residential revenue jumps

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Sunworks now has a presence in 12 US states following the acquisition of Solcius. Image: Solcius/Twitter.

US solar and storage installer Sunworks has seen its second quarter revenue surge following its acquisition of peer Solcius earlier in the year.

In the three months to the end of June, Sunworks posted revenue of US$32.1 million, up from US$9.9 million recorded in the same quarter last year, reflecting a US$22.8 million contribution from Solcius.

While Sunworks recorded gross margin of 47.2%, compared to 24.9% in Q2 2020, reflecting the contribution from Solcius as well as “operational improvements”, the company posted a net loss of US$1.9 million, compared to a net loss of US$1.5 million in the same quarter last year.

“With the integration of Solcius largely completed, we have made meaningful progress in improving all facets of our organisation,” said Gaylon Morris, who became Sunworks CEO in January.

When Sunworks announced its US$51.8 million deal acquisition of Solcius in April, the company said the deal would create a solar provider with a presence in 12 US states.

As a result of the transaction, the portion of Sunworks’ revenue from residential installations has increased significantly. While the residential market represented 19% of revenues in Q2 2020, it increased to 78% in the most recent quarter.

Sunworks management revealed in the company’s results announcement that the uncertain macroeconomic environment created by the COVID-19 pandemic will continue to have a “significant, adverse impact” on the business.

Revenue and gross profit in Q2 were both negatively impacted by governmental responses to the COVID-19 pandemic, Sunworks said, which delayed pre-construction approvals and installation activity for some solar projects.

“Of concern is how the COVID-19 pandemic continues to spread and could continue to adversely impact our ability to source materials used in our operations or affect our ability to complete ongoing installations in a timely manner,” the company said.

15 June 2022
Consumers are turning to residential renewables in significant numbers, driven by a desire to be environmentally conscious and a wave of high power prices. But turning green requires easy-to-use and, above all, safe technologies that meet expectations. Huawei is committed to building efficient, safe, reliable and grid-supporting smart PV plants that also provide smart services to consumers, and its Residential Solution has been tailored to meet consumer demand. This webinar will demonstrate the full suite of technologies offered within the Huawei Residential Solution, including a smart energy controller, smart AC charger, and AI-powered energy storage solution, and detail how it can place power back in the consumer’s hands.

Read Next

May 25, 2022
Supply chain woes, spiralling energy prices and the COVID-19 pandemic have reversed the downward trend in average business interruption (BI) claims for renewables developers, with sector-wide average business downtime days up by 38% on 2016.  
May 24, 2022
The European Union’s solar strategy has established a 740GWdc deployment target and a raft of supportive measures, but what does it and the REPowerEU plan mean for the industry? PV Tech Insights will answer all of your questions in our upcoming webinar.
May 23, 2022
Australia’s new prime minister, Anthony Albanese, has pledged to make the country a renewables “superpower” following his Labor Party’s victory in Saturday’s federal election, which ousted predecessor Scott Morrison’s conservative coalition.
May 18, 2022
US solar EPC company iSun doubled its Q1 revenue year-on-year but has lowered its 2022 guidance as a result of module procurement challenges within its utility-scale unit.
May 18, 2022
The European Union (EU) has significantly ramped up and brought forward its solar deployment targets as part of its updated REPowerEU strategy, redesigned to combat the bloc’s reliance on fossil fuels, and in particular Russian gas.
May 18, 2022
Shoals Technologies has become the latest solar manufacturer to adjust its guidance for the year, blaming an “increasingly challenging environment” caused by the US AD/CVD investigation.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 7, 2022
Leonardo Royal London City, London, UK
Solar Media Events
June 14, 2022
Napa, USA
Solar Media Events
June 22, 2022
Sheraton Austin Hotel at the Capitol, Austin, Texas