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Looks like a good value at these prices.
FYI, the 1x revenue market cap is at share price of $2.72.
There are currently 19,762,844 shares outstanding. The 2015 revenue was $53,713,000. If you divide revenue by shares, you get 2.7178.
The profitability news is slowly spreading.
We could also talk about how in November, the owner(s) (that was just Danny Mitchell, right?) of MDE converted the full amount of purchase notes that then became exercisable (1/3 of total). Acquired $883,000 worth of common shares at $2.60.
Ha, here is some simplicity. We basically just had major insider buying by the sunworks crew. This month they went from holding mere interest-bearing loans to SUNW to holding a bunch more common stock (albeit purchased at reduced price as part of the payment for their company).
I'm surprised nobody is talking about that.
Price appears to be hanging in there pretty well today. Hope I didn't just jinx it.
Also, on those notes that were extended, they reduced the interest rate from 10% to zero.
So, here are some other interesting tidbits from today's filing:
Fully diluted shares was approx. 22.5M previously. It is now at 23,709,210 (see pg F-9).
At pg F-13:
Why today? They gave the $100M 2016 forecast quite a while back. Did today's filing legitimize their claim, or were you just unfamiliar with the company before?
We finally have a valid (non-negative) P/E ratio. Cowen's report calculates our 2015 P/E at 76.3x and our forward P/E for 2016 at 14.5x. That is based on today's close at $3.05.
Edit:
Check out this short piece about valuations of microcaps. http://www.perrittcap.com/wp-content/uploads/Skewed-Distribution.pdf
Basically, the graph shows it is common for a 60+ P/E for a company just transitioning to profitability.
Jim was clearly holding back news during the Q&A section of the conference call. He basically said as much. I suspect he intends to bring that out to support the share price. Maybe even this week yet?
Breaking news? Just got the PR email from Sunworks. ...just a little tardy there folks.
I see SUNW just "followed" another Cali installer on twitter today. Anyone follow SUNW's twitter account close enough to know whether they commonly do this? Just wondering if it is an acquisition target.
https://twitter.com/sunworkssolar
http://www.theunitedsolar.com/main/ (Huntington Beach, CA)
Maybe the PPS will turn around, maybe it won't. However, this is what people have been looking at previously: "EPS (TTM, GAAP) -0.58" I just copied and pasted that from one of my brokerage account SUNW summary pages.
That ugly number is what has changed from the past six months... but hasn't changed yet for the uninformed. So, until after that has updated everywhere, I am sticking with my position that it is too early to say we should expect nothing but more of the same.
One day isn't enough to make a pattern. Let's see where this is by the end of the week. At the very least, we need another day.
It usually takes a few days for the numbers to update in all the brokerages, etc. If you look now, we still show a big trailing-twelve-months loss, rather than the TTM profit that we just announced. Same thing with the market cap, for example. Since the share count has updated, our market cap is now higher. So, even if we close flat today, our valuation will have moved up, closer to that 100M mark. But it won't show right away.
Also, I received some small-cap promo emails about SUNW this morning before the open. I think that probably didn't help, as the price shot up too fast too early at the open, and then shorts jumped in. I expect we will slowly tick higher as the news filters out and this morning's new shorts cover. IMO, it would be foolish to further short sell this in the $3 range or lower now.
Sunworks Exceeds 2015 Revenue Guidance With $53.7 Million in Revenues, a 166% Increase; Reports Profit With Diluted EPS of $0.05
Healthy Backlog of Over $47 Million to Start 2016; New Corporate Identity Reflects Company's Operational Focus and Profitable Growth Strategy
ROSEVILLE, CA--(Marketwired - March 14, 2016) - Sunworks, Inc. (NASDAQ: SUNW), a provider of solar power solutions for commercial and residential markets, today announced financial results for the fourth quarter and full year ended December 31, 2015.
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
Q4 2015 Highlights:
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
"We delivered record financial results for 2015 and have entered 2016 with strong momentum with a backlog of $47.5 million, representing nearly half of our revenue guidance for 2016," stated Jim Nelson, Chief Executive Officer of Sunworks, Inc. "Our results reflect the success of our strategy to grow our business profitably and put our customers first by delivering cost effective solutions in a reliable and dependable manner. Recent positive regulatory developments, including California's decision to maintain 'net metering' and the extension of the federal solar investment tax credit, have created a healthy business environment for our products. As the country continues to embrace solar energy as a cost-effective alternative to traditional power sources, we see an opportunity to expand our market share and grow profitably. Our focus on encouraging user ownership, rather than leasing, continues to resonate with consumers and businesses alike, as we strive to do what is best for our customers."
"Our new brand identity reflects the coalescence of our operating businesses under a unified vision, a unified name and a unified approach to the commercial and residential markets," continued Mr. Nelson. "Our brand transformation better reflects who we are as a company and provides us with a common corporate identity and broader market presence under which we can continue to grow."
2016 Guidance
The company reiterates its revenue guidance of exceeding $100 million and continued profitability for the year ending December 31, 2016. The expected 100% year-over-year increase from 2015 revenue is due to continued organic growth in its existing business plus the full year impact from the Elite Solar acquisition and a strong sales backlog.
"As part of our long-term growth strategy, we continue to evaluate and consider potential acquisitions to expand our commercial and residential coverage in our target markets," concluded Nelson. "Specifically, we are looking to acquire existing solar installation businesses that can best deliver profitable revenue growth when integrated with our existing operations."
Fourth Quarter 2015 Financial Summary
Three months of both Solar United Network and MD Energy and one month of Elite Solar operations were consolidated into the Company's financial statements for the quarter ended December 31, 2015. Three months of Sunworks United and none of the MD Energy or Elite Solar operations were consolidated into the Company's financial statements for the period ended December 31, 2014.
Revenue for the three months ended December 31, 2015 increased to $17.3 million compared to $5.2 million for the three months ended December 31, 2014. The increase was primarily due to significant, year-over-year organic sales growth at Sunworks United and, to a lesser extent, the inclusion of revenue from recent acquisitions. Sales to the commercial/agricultural markets and to the residential market represented approximately 60% and 40% of total revenue, respectively.
Gross profit was $6.3 million, or 36.5% of revenue, for the three months ended December 31, 2015 compared to $1.6 million, or 29.9% of revenue, for the three months ended December 31, 2014. The higher percentage is primarily the result of favorable margin impacts on commercial jobs closed during the fourth quarter that had been too conservative in prior periods.
Net income of $1.2 million, or $0.07 per basic and $0.05 per diluted share, for the three months ended December 31, 2015 compared to a net loss of $7.3 million, or ($0.65) per basic and diluted share, for the three months ended December 31, 2014.
Full Year 2015 Financial Summary
Revenue for the twelve months ended December 31, 2015 increased to $53.7 million compared to $20.2 million for the 12 months ended December 31, 2014. The increase was primarily due to significant, year-over-year organic sales growth at Sunworks United and, to a lesser extent, the inclusion of revenue from recent acquisitions.
Gross profit was $17.0 million, or 31.7% of revenue, for the twelve months ended December 31, 2015 compared to $5.6 million, or 27.8% of revenue, for the 12 months ended December 31, 2014.
Net income of $1.1 million, or $0.06 and $0.05 per basic and diluted share, respectively, for the 12 months ended December 31, 2015 compared to a net loss of $24.9 million, or ($2.15) per basic and diluted share, for the 12 months ended December 31, 2014.
Balance Sheet
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.
Backlog
Order backlog at December 31, 2015 was $47.5 million, up over 1,500% compared to the backlog of $3.1 million at December 31, 2014. Backlog is based on signed orders.
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 %
http://www.marketwired.com/press-release/sunworks-exceeds-2015-revenue-guidance-with-537-million-revenues-166-increase-reports-nasdaq-sunw-2105425.htm
Here is the updated link to existing SUNW analyst ratings. http://www.marketbeat.com/stocks/NASDAQ/SUNW/ (the old link was to SLTD)
However, I expect the ratings will be updated shortly, so I'm going to replace the old sticky with today's summary PR.
In my opinion, we will likely trade higher on Monday than we did today. And we will likely close at $4 or better by end of the week.
Not sure where you're selectively finding your definitions, but I haven't seen anyone here claiming they are an expert. Although, the two expert analysts have this at a current price target of $5.50 and $6, and those are based on SUNW reporting a loss both for 4th quarter and for the entire year 2015.
I googled that shit:
Scottrade just informed me my DRS transfer was terminated because ELIO is on their no - accept list since the 9th.
Large order goes through today at close, at an average price of 3.14159. Right Imp? That would be just right, closing at the 200 day.
Yeah, chill out guys. That post by Surf was to an old post that is a year old.
That would be funny. Could happen, particularly given our 200 day sma is close to that. However, I think we're going to move another big step higher by Friday. It's hard to say though, especially with the low volume so far this week.
Robinhood is amazing. It has some limitations, like no OTC, no margin/shorting, and immediate access to funds is limited to $1000 (with 4-5 days to get access to remainder of deposit). But, seriously, free trades? I sometimes buy 5-25 shares at a time just because I can. Never 1 share though; why make Robinhood incur costs for that?
I wasn't going to buy any more SUNW because I am already so heavily exposed here. But, yesterday, I couldn't take it anymore and did a quick $1000 deposit and purchase via Robinhood. Ha, maybe it's a good thing they limit impulse buys to $1000 at a time.
Them reaching out to you could very well have been stimulated by a contact from our new IR firm. I suggest you contact the new IR firm and/or JN directly and seek their input.
I opened a new scottrade account just for my Elio shares. I didn't fund the account at all, and they still initiated the transfer at the local office. However, I already have multiple brokerage accounts with them, so not sure if that mattered.
SUNW is finally trading on Robinhood now in the last 15 mins or so.
My current L2 shows:
Bid:
Nite 1,000 @ .95
Csti 1,000 @ .815
Ask:
Nite 100 @ 1.00
Cdel 500 @ 1.05
Looks like warrants are trading again.
Looks like warrants are trading again. Also, TDA is showing an account balance on them again for me.
No, it never traded at .30, or anything close. That was a fat finger that was canceled. It was $ 30.
I tried with TD Ameritrade, but that was a shit show: Not at this time. Yes, send your documentation. Sorry, we're now reviewing further. Definitely no.
Per email from Elio investor relations on Feb.29: "we are preparing a list ... I know that Schwab, e*Trade or Fidelity.com to name a few are accepting"
Mine show zero balance in TDA, but show in account balance in Scottrade.
That's interesting. Maybe they added a few days to make up for the "down time" during the switchover?
Well, I think Imp is just as likely correct, that the guy confused the SUNW and SUNWW.
But, hey, speculating is fun when good things are happening...
EnSync Energy Systems (NYSE:ESNC) has a beat-down pps / market cap, so they are an acquisition target in that respect. I know that the hard way. I've mentioned them before.
Basically, they do commercial-sized batteries / integration for renewable sources. http://www.ensync.com/#!company/cdud JN has talked about battery tech being big money in the past. They are in California, Hawaii, and international. They have large dealings with Solar Power Inc. (Nasdaq:SPI) (formerly SOPW) (which started in Roseville, CA).
One other thought since we are wildly speculating. Did you catch JN's comment in that Bloomberg intvw yesterday, that SUNW is "primarily" operating in the western U.S.? Maybe he just wanted the company to sound bigger, or ...
Me too. Found it in my spam folder after your post. Thanks.
I just opened a new Scottrade account today and read (some of) the agreement. $3 pps is minimum to use margin, but you can't short anything below $5 pps with them.
Well, then you might as well link to this info there too, which prices are based off both analysts predicting a loss this quarter and full year:
Recommendation Summary*
Mean Recommendation (this week): 2.0
Mean Recommendation (last week): 2.0
Change: 0.0
* (Strong Buy) 1.0 - 5.0 (Sell)
Price Target Summary
Mean Target: 5.75
Median Target: 5.75
High Target: 6.00
Low Target: 5.50
No. of Brokers: 2
http://finance.yahoo.com/q/ao?s=SUNW+Analyst+Opinion
Edit: and here is their predicted EPS: http://finance.yahoo.com/q/ae?s=SUNW+Analyst+Estimates
Interesting; the chair of that council is the chairman of Oracle. Oracle bought Sun Microsystems ( https://www.oracle.com/sun/index.html?PHPSESSID=8fd76773d26875481e097a4a27c7a6a1 ), which used to trade as SUNW.
Think that guy suggested the SUNW ticker to Jim Nelson?
On another note, it looks like that goofy conspiracy/connections chart will have to be updated with new connections.
Yes, we hit it once on the OTC. That was a requirement for uplisting to NASDAQ.