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Share Name | Share Symbol | Market | Type |
---|---|---|---|
(MM) | NASDAQ:SLTD | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.44 | 0 | 01:00:00 |
Delaware
|
000-49805
|
01-0592299
|
(State or other jurisdiction of incorporation or organization)
|
(Commission File Number)
|
(IRS Employer
Identification No.)
|
1010 Winding Creek Road, Suite 100
Roseville, CA
|
95678
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
SUNWORKS, INC.
|
|||||
Date: March 14, 2016
|
By:
|
/s/ James B. Nelson
|
|||
Name: James B. Nelson
|
|||||
Title: Chief Executive Officer
|
|
Full-Year 2015 Highlights:
|
·
|
Revenue of $53.7 million, up 166%, compared to $20.2 million in the prior year
|
‒
|
Organic revenue growth was approximately $25.0 million, or 124%, while $8.5 million, or 16% of growth, was acquisition related
|
·
|
Gross margin of 31.7% of total revenue compared to 27.8% in the prior year
|
·
|
Operating income of $2.4 million, up 660%, compared to $312,000 in the prior year
|
·
|
Net income of $1.1 million compared to a net loss of $24.9 million in the prior year
|
·
|
Cash and cash equivalents of $12.0 million as of December 31, 2015 compared to $414,000 the prior year
|
·
|
Backlog of $47.5 million as of December 31, 2015 compared to $3.1 million a year earlier
|
·
|
Revenue of $17.3 million, up over 230%, compared to $5.2 million in the fourth quarter of 2014
|
·
|
Gross margin of 36.5% of total revenue for the fourth quarter of 2015 compared to 29.9% in the fourth quarter of 2014
|
·
|
Operating income of $1.5 million, up 271%, compared to $417,000 in the fourth quarter of 2014
|
·
|
Net income of $1.2 million compared to a net loss of $7.3 million in the fourth quarter of 2014
|
·
|
Completed acquisition and integration of Elite Solar
|
|
·
|
Cash and cash equivalents were $12.0 million as of December 31, 2015.
|
|
·
|
As of December 31, 2015, the Company had $3.9 million of debt outstanding.
|
|
·
|
Stockholders' equity increased to $23.5 million, up from $2.0 million at the end of 2014.
|
Q4-2014 | Q4-2015 |
% change
|
||||||||||
Beginning sales back log - $M
|
$ | 2.7 | $ | 29.5 | 1,112 | % | ||||||
Total new sales - $M
|
$ | 5.7 | $ | 35.2 | 619 | % | ||||||
Total sales back log - $M
|
$ | 8.3 | $ | 64.7 | 776 | % | ||||||
Total Earned Revenue- $M
|
$ | 5.2 | $ | 17.2 | 328 | % | ||||||
Ending Back Log - $M
|
$ | 3.1 | $ | 47.5 | 1,532 | % | ||||||
Beginning Back log - MegaWatts
|
1.1 | 9.5 | 830 | % | ||||||||
Total new - MegaWatts Sold
|
1.9 | 11.7 | 619 | % | ||||||||
Total - MegaWatts Installed
|
1.7 | 5.7 | 328 | % | ||||||||
Ending Back Log - MegaWatts
|
1.3 | 15.5 | 1,199 | % |
2015
|
2014
|
|||||||
Assets
|
||||||||
Current Assets
|
||||||||
Cash and cash equivalents
|
$ | 12,040 | $ | 414 | ||||
Restricted cash
|
37 | - | ||||||
Accounts receivable
|
7,023 | 2,023 | ||||||
Inventory
|
1,269 | 23 | ||||||
Cost in excess of billing
|
2,130 | 1,277 | ||||||
Other current assets
|
220 | 281 | ||||||
Total Current Assets
|
22,719 | 4,018 | ||||||
Property and Equipment, net
|
745 | 84 | ||||||
Other Assets
|
||||||||
Other deposits
|
36 | 20 | ||||||
Goodwill
|
10,864 | 2,599 | ||||||
Other Intangible Assets
|
500 | |||||||
Total Other Assets
|
11,400 | 2,619 | ||||||
Total Assets
|
$ | 34,864 | $ | 6,721 | ||||
Liabilities and Shareholders' Equity
|
||||||||
Current Liabilities:
|
||||||||
Accounts payable and accrued liabilities
|
5,033 | 1,971 | ||||||
Billing in excess of costs
|
1,990 | 892 | ||||||
Customer deposits
|
394 | 52 | ||||||
Loan payable, current portion
|
2,028 | - | ||||||
Derivative liability
|
- | 68 | ||||||
Acquisition convertible Promissory notes, net of beneficial conversion feature of $1,767 and $234, respectively
|
750 | 891 | ||||||
Convertible promissory notes, net of debt discount of $0 and $1, respectively
|
850 | 887 | ||||||
Total Current Liabilities
|
11,045 | 4,761 | ||||||
Long Term Liabilities
|
||||||||
Loan payable
|
232 | - | ||||||
Warranty liability
|
45 | - | ||||||
Total Long Term Liabilities
|
277 | - | ||||||
Total Liabilities
|
11,322 | 4,761 | ||||||
Shareholders' Income (Deficit)
|
||||||||
Preferred stock, $.001 par value;
|
||||||||
5,000,000 authorized shares;
|
2 | - | ||||||
1,506,024 and 0 shares issued and outstanding, respectively
|
||||||||
Common stock, $.001 par value;
|
||||||||
1,000,000,000 authorized shares;
|
||||||||
17,800,021 and 14,016,252 shares issued and outstanding, respectively
|
18 | 14 | ||||||
Additional paid in capital
|
63,285 | 42,765 | ||||||
Accumulated Deficit
|
(39,763 | ) | (40,819 | ) | ||||
Total Shareholders' Equity
|
23,542 | 1,960 | ||||||
Total Liabilities and Shareholders' Equity
|
$ | 34,864 | $ | 6,721 | ||||
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
December 31, 2015
|
December 31, 2014
|
2015
|
2014
|
|||||||||||||
Revenues
|
$ | 17,319 | $ | 5,234 | $ | 53,713 | $ | 20,190 | ||||||||
Cost of revenues
|
10,994 | 3,669 | 36,664 | 14,578 | ||||||||||||
Gross Profit
|
6,325 | 1,565 | 17,049 | 5,612 | ||||||||||||
Operating Expenses
|
||||||||||||||||
Selling and marketing expenses
|
2,023 | 544 | 5,941 | 1,575 | ||||||||||||
General and administrative expenses
|
2,731 | 573 | 8,633 | 3,602 | ||||||||||||
Research and development cost
|
- | 27 | 53 | 113 | ||||||||||||
Depreciation and amortization
|
25 | 4 | 51 | 10 | ||||||||||||
Total Operating Expenses
|
4,779 | 1,148 | 14,678 | 5,300 | ||||||||||||
Income before Other Income/(Expenses)
|
1,546 | 417 | 2,371 | 312 | ||||||||||||
Other Income/(Expenses)
|
||||||||||||||||
Interest and other income
|
- | - | 10 | - | ||||||||||||
Other expenses
|
- | (26 | ) | (3 | ) | (33 | ) | |||||||||
Loss on settlement of debt
|
- | (173 | ) | - | (187 | ) | ||||||||||
Gain (Loss) on change in fair value of derivative liability
|
- | (6,237 | ) | 69 | (20,770 | ) | ||||||||||
Interest expense
|
(367 | ) | (1,274 | ) | (1,391 | ) | (4,194 | ) | ||||||||
Total Other Income/(Expenses)
|
(367 | ) | (7,710 | ) | (1,315 | ) | (25,184 | ) | ||||||||
Income (Loss) before Income Taxes
|
1,179 | (7,293 | ) | 1,056 | (24,872 | ) | ||||||||||
Income Tax Expense
|
- | - | - | - | ||||||||||||
Net Income (Loss)
|
$ | 1,179 | $ | (7,293 | ) | $ | 1,056 | $ | (24,872 | ) | ||||||
EARNINGS PER SHARE:
|
||||||||||||||||
Basic
|
$ | 0.07 | $ | (0.65 | ) | $ | 0.06 | $ | (2.15 | ) | ||||||
Diluted
|
$ | 0.06 | $ | (0.65 | ) | $ | 0.05 | $ | (2.15 | ) | ||||||
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING
|
||||||||||||||||
Basic
|
17,011,114 | 11,264,452 | 16,966,921 | 11,589,412 | ||||||||||||
Diluted
|
23,753,403 | 11,264,452 | 23,709,210 | 11,589,412 |
1 Year Solar3D, Inc. Chart |
1 Month Solar3D, Inc. Chart |
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