Sunworks’ Revenue by Segment (2017-2021)

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This statistic highlights Sunworks’ Revenue by Segment, split across Commercial, Public works and Residential, reported on a quarterly basis from Q1 2017 onwards.
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This statistic highlights Sunworks’ Revenue by Segment, split across Commercial, Public works and Residential, reported on a quarterly basis from Q1 2017 onwards.

Sunworks is a solar power system based corporation in Seal Beach, California. The company produces concentrator photovoltaic (CPV) products intended for installation in sunny and dry climates. CPV products transform sunlight into electrical energy similar to what conventional solar photovoltaic technology does.

Sunworks’ Revenue by Segment

Revenue by Segment Q3 2020 Q2 2021 Q3 2021 Contribution in Q3 2021
Commercial $3.68 $6.22 $4.80 15.4%
Public works $1.63 $0.94 $1.84 5.9%
Residential $1.99 $24.93 $24.58 78.7%
Total $7.30 $32.09 $31.22 100.0%

(All figures are in millions, except percentages)

Sunworks’ total revenue stood at $31.22 million in Q3 2021. It increased from $7.30 million earned in Q3 2020 to $31.22 million earned in Q3 2021, marking a 327% growth on a year-on-year basis. However, it declined by 2.7% on a quarter-on-quarter basis, from $32.09 million earned in Q2 2021 to $31.22 million in Q3 2021. Majority of Sunworks’ revenue is generated by the Residential segment, contributing 78.7% to the total revenue in Q3 2021. This is followed by the Commercial segment contributing 15.4% and the Public Works segment contributing 5.9%. 

Sunworks’ Revenue is further bifurcated into the following segments:

Commercial

Commercial installations include installations at office buildings, manufacturing plants, churches, storerooms, and agricultural lavatories such as wineries, farms, and dairies. The company provides an all-inclusive range of installation facilities to its solar energy customers including structure, product engineering, attaining, authorizing, construction, grid connection, warranty, system observing, and maintenance.

Sunworks’ Revenue from the Commercial segment increased by 30.43%, from $3.68 million earned in Q3 2020 to $4.80 million earned in Q3 2021, on a year-on-year basis. Although, it decreased by 22.82% on a quarterly basis, when compared to $6.22 million earned in Q2 2021. This segment contributed 15.4% to the company’s total revenue in Q 2021.

Public works

Public works installations include school districts, local districts, centralized facilities, and higher education bodies.

In Q3 2021, Sunworks’ Public works revenue stood at $1.84 million. It increased by 12.88% on a yearly basis when compared to $1.63 million earned in Q3 2020. It also witnessed an increment of  95.74% on a quarter-on-quarter basis when compared to $0.94 million earned in Q2 2021. This segment accounted for 5.9% of the company’s total revenue in Q3 2021.

Residential

In the residential business, it is growing its marketing and internal methods of gaining customers, which consists of collaborating with excellent third-party residential sales companies. It provides first-class operations and customer services, as well as an economical product warranty, which increases demand for its branded installations.

The majority of Sunworks’ revenue is generated through the Residential segment, accounting for 78.7% of the company’s revenue in Q3 2021, amounting to $24.58 million. It grew $22.59 million, indicating a massive growth of 1,135% on a year-on-year basis when compared to $1.99 million earned in Q3 2020. However, it decreased by 1.4% on a quarterly basis when compared to 24.93 million earned in Q2 2021.

About Sunworks

It provides photovoltaic (“PV”) based power structures for the agricultural, commercial, industrial (“ACI”), public works, and residential marketplaces in California, Nevada, Massachusetts, Oregon, New Jersey, and Hawaii. It has direct sales and/or actions personnel in California, Massachusetts, and Oregon. Through its operating subsidiaries, it designs, arranges to finance, integrates, installs, and manages systems ranging in size from 2kW (kilowatt) for residential ventures to multi MW (megawatt) systems for larger ACI and public works ventures. ACI installations consist of installations at office buildings, manufacturing plants, warehouses, service stations, churches, and agricultural facilities such as farms, wineries, and dairies.

Its strategy for growth is concentrated on organic development through continued expansion in California, amplified by growth in other U.S. geographies. It believes that the competitors in the solar industry will fuse and that it will be able to augment its growth and scale through accretive procurements. With scalable organizational and operational infrastructure, it believes its existing approach for organic evolution will lead to effectiveness and positive cash generation. It anticipates taking benefit of the growth in the solar market as well as the acquisition of market share relative to competitors. Additionally, it continues to evaluate many synergistic acquisitions. The company’s stock is listed by the symbol ‘SUNW’ and is listed on the NASDAQ stock exchange.

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