Sunworks, Inc (SUNW) saw its loss widen to $2.90 million, or $0.14 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $0.38 million, or $0.02 a share. Revenue during the quarter dropped 26.14 percent to $14.35 million from $19.43 million in the previous year period. Gross margin for the quarter contracted 938 basis points over the previous year period to 19.36 percent. Operating margin for the quarter stood at negative 18.24 percent as compared to a positive 0.48 percent for the previous year period.
Operating loss for the quarter was $2.62 million, compared with an operating income of $0.09 million in the previous year period.
Adjusted EBITDA for the quarter stood at negative $2.34 million compared to negative $0.06 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 16.31 percent for the quarter compared to negative 0.32 percent in the last year period.
"The first quarter marked an important transition for Sunworks," said Chuck Cargile, Sunworks chief executive officer. "The unusually rainy weather limited the number of days our teams could spend installing, particularly in the ACI part of our business. As a result, our revenue was relatively low and we incurred a loss for the quarter. However, our new sales more than doubled and our backlog is at a record level. In addition, as drier weather returns to California, we expect our installation revenue to increase significantly in the second quarter."
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