|Over a month ago|
Sunworks secures $2.8M loan under PPP of CARES Act » 08:3704/3004/30/20
Sunworks announced that…
Sunworks announced that it received a $2.8 million loan under the Paycheck Protection Program a provision within the Coronavirus Aid, Relief, and Economic Security Act, signed into law on March 27, 2020. The PPP allows businesses with fewer than 500 employees to obtain a loan of up to $10 million, incentivizing companies to maintain consistent headcount as they manage through the operational disruptions caused by the COVID-19 pandemic. As a U.S. Small Business, Sunworks qualifies for the PPP and is confident the loan will allow the Company to continue steady operations. The loan was obtained from Tri Counties Bank, one of Sunworks longtime banking partners. The unsecured loan has a term of two years, bears interest at a fixed rate of one percent per annum, and is guaranteed by the Small Business Administration. The SBA has agreed to forgive a portion or all of the loan if, among other criteria, at least 75% of the proceeds are used for payroll costs, the Company maintains its average headcount and compensation levels from February 2020 and June 2020, and the forgiven payroll expenses are incurred within the eight-week period following the loan funding date. The portion of the loan that is not forgiven, including interest, will be deferred six months after the funding date. Earning this loan enables the company to continue operations, benefiting its employees, customers, and stakeholders.
Sunworks downgraded to Neutral from Buy at Roth Capital » 05:5404/0204/02/20
Roth Capital analyst…
Roth Capital analyst Philip Shen downgraded Sunworks to Neutral from Buy with a price target of 38c, down from $2.20. The company delivered a Q4 miss with results negatively impacted by legacy low-margin projects and operational inefficiencies, Shen tells investors in a research note. The analyst believes Sunworks' "challenged" outlook for earnings is complicated by the complexity caused by COVID-19.
Sunworks CEO, board members suspend receiving compensation » 09:0003/2303/23/20
Nine other leaders of…
Nine other leaders of Sunworks agreed to temporarily reduce their salaries by at least 50%.
Sunworks terminates, temporarily lays off 59 employees » 08:5903/2303/23/20
Reduced an additional 23…
Reduced an additional 23 employees to part time, with commensurate reduction in pay.
Sunworks expects Q1, Q2 revenue to be impacted by current business environment 08:5903/2303/23/20
Sunworks implements temporary cost reduction measures » 08:5803/2303/23/20
Sunworks provided an…
Sunworks provided an update on the current impact of the COVID-19 pandemic. The company provided the following update related to the impact resulting from the Virus: No Sunworks employees have been infected by the Virus. Sunworks continues to serve customers based on its qualification as an "Essential Business" as defined by county agencies "shelter-in-place" directives. As an essential business, Sunworks employees are allowed to leave their residence to continue working. Sunworks operates in the energy industry, which is federally identified as a critical infrastructure sector. Therefore, Sunworks is able to continue conducting business despite the California Department of Public Health mandate that all individuals living in the State of California must stay at their place of residence. Sunworks has implemented temporary cost reduction measures resulting in expected savings of $400,000 per month, or 30% of total operating expenses. The company expects first and second quarter revenue to be impacted by the current business environment and near-term uncertainty. The company noted a number of proactive steps taken to protect the business, including: Established an internal leadership committee to manage overall response to the ongoing issues resulting from the Virus. terminated or temporarily laid off 59 employees, representing a 33% reduction from the beginning of the year headcount. Reduced an additional 23 employees to part time, with commensurate reduction in pay. The CEO and all other board members have suspended receiving any compensation. Nine other leaders of Sunworks agreed to temporarily reduce their salaries by at least 50%.
Eight option delistings on March 23rd » 08:3003/2303/23/20
BBI, HUSA, LIQT, SUNW
Option delistings effective March 23rd include AAC Holdings Inc (AACH), Alta Mesa Resources Inc (Class A Stock) (AMRQQ), Brickell Biotech (BBI), First Trust REIT Index (FRI), Houston American Energy (HUSA), LiqTech (LIQT), Pioneer Energy Services Corporation (PESXQ), and Sunworks (SUNW).
|Over a quarter ago|
Sunworks amends term loan agreement, agrees to pay down $1.5M in debt » 08:2001/2901/29/20
Sunworks announced that…
Sunworks announced that the company has agreed to an amendment to its loan agreement with CrowdOut Capital, LLC, whereby the company will reduce the outstanding balance of its $3.0 million senior note due January 31, 2021 by $1.5 million. As part of this amendment, CrowdOut has waived its right to appoint a board member to the company's board of directors; provided, Sunworks continues to comply with the remaining obligations under the loan. As a result, Josh Schechter has announced his resignation from the board, effective immediately and the board of directors will be reduced from six directors to five. In addition, the four remaining independent directors have named Chuck Cargile, Sunworks Chief Executive Officer, as the Company's new Chairman.
Sunworks wins $11.5M in new commercial projects in December » 08:4401/0801/08/20
Sunworks announced that…
Sunworks announced that the company has been awarded commercial project wins of $11.5M in new commercial projects during the final month of 2019. The company noted that more than 40 new ACI contracts were signed in December bringing the fourth quarter new bookings total to more than $20M. Chuck Cargile, Sunworks CEO, noted, "We closed 2019 with momentum on the new orders front and enter the year with an estimate of more than $44 million of ACI and Public Works backlog scheduled for installation in 2020. Included in the total was a $6 million project for an agricultural producer in Nevada. This solar system will substantially reduce the company's utilities costs associated with field irrigation and protect against future utility rate increases. The remaining project wins vary in size and scope and reflect the success of the year-end push by our sales team. Our bookings growth is encouraging. However, we are expecting our fourth quarter 2019 revenue, gross margin and Adjusted EBITDA to decline sequentially from the third quarter of 2019, primarily as a result of delays related to PG&E approvals and permits. Prior to these delays, our expectations were that revenue and gross margin would increase sequentially from the third quarter of 2019 and that our Adjusted EBITDA would be positive. Importantly, we anticipate lower sequential operating expenses in the fourth quarter of 2019, and we expect our cash balance as of December 31, 2019 to be higher than the third quarter of 2019."
Sunworks to commence construction of $5M public works project » 08:0611/2611/26/19
Sunworks announced it has…
Sunworks announced it has received approval to commence construction of a public works project for a state-sponsored institution in Northern California. This project was secured through an established Sunworks development partner. As part of this multi-megawatt project Sunworks will construct multiple carports and parking canopy systems that will directly reduce energy costs and advance sustainability goals for our customer.