Sunworks, Inc. (SUNW) experienced a decrease of 5.03% in the premarket because of the release of third-quarter 2021 results. However, the last trading session closed at $5.77 with an incline of 4.15%.
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Third Quarter 2021 Results
SUNW reported third-quarter 2021 financial results on 11th November 2021. The company recorded cash balance of $11.2 million, and also paid $51.8 million to buy Solcius, which contributed to a reduction in cash balance in the third quarter of 2021. During the quarter ended September 30, 2021, the firm invested about $11.0 million in operational working capital to take advantage of material procurement reductions and acquire crucial commodities to address industry-wide supply chain concerns proactively.
Moreover, the revenue was $31.2 million, $7.3 million more in the third quarter last year. In addition, general and administrative expenditures were $7.7 million compared to $3.2 million. This hints towards the improved operational efficiency, somewhat offset by investments to support a rising platform. Lastly, the company lost $6.5 million as compared to $2.9 million.
Senior Leadership Team – Worth it?
On 7th October 2021, SUNW announced about two major appointments to the senior management team. These two new hires are seasoned executives who will aid in profitable expansion and operational efficiency. Following the merger with Solcius, these appointments strengthen Sunworks’ management team as it aims to achieve faster and more lucrative development. Mr. Bonfigt comes to Sunworks after serving as Chief Financial Officer and Treasurer at Broadwind, Inc.
Broadwind is a maker of clean-tech and other specialty buildings, equipment, and components. He formerly held the positions of Corporate Controller and Chief Accounting Officer, as well as other financial, accounting, and operational positions. Prior to joining Solcius, Mr. Tomlinson worked for Devcon Security as Vice President of Account Administration and Monitoring, where he oversaw key operations such as customer service, collections, tracking, account mergers, system and corporation implementation methods, business improvement, and project planning.
SUNW continues to strengthen its leadership team in order to achieve profitable and long-term growth, and Jason and Wayne will play crucial roles in this process being the Chief Executive Officer. Jason brings to Sunworks a wealth of operational and financial experience, as well as a foundation in clean technology.
At Solcius, Wayne has established himself as a leader and strategic thinker. SUNW sees security as a critical component of its long-term strategy, and as CIO, Wayne will be in charge of implementing policies and technology solutions to defend our systems, preserve client data, and reduce any outages. As the company develops, technology will play a bigger role in our capacity to scale, which necessitates a high level of attention to ensure long-term viability and performance.