Tell this to the CEO. He was the one who guided for profitability and then posted a massive loss, mainly from stock comp that he should have known would be a factor making profitability almost impossible.
Revenues don't matter much, they really don't. Not when their overall margin is so bad they are hardly able to make a profit even in good times. They spend half their cash "investing in growth" this year, and while the first half of the year went well growth-wise, Q3 results were below last years and their own guidance.
Furthermore, and this is more important in my opinion, new sales were down something like 35%. Overall, the solar market in CA was down around 6%. Despite opening new offices and investing in their marketing system (which was listed as a reason for their 1Q loss if I recall correctly) they are making new sales at a much slower pace that last year and nobody talks about it.
Nelson listed the shift from lease to ownership as a great trend for SUNW, it could actually be their death sentence. When the big players in solar (VSLR, SCTY) were focused on leasing, they weren't competing with the same customers. Now they are, and we are seeing the results. Do you remember when SUNworks opened their Solar Design Center in Rocklin, Solar City parked about a hundred of their cars in the parking lot during their opening ceremony.
That was a declaration of war, and they are winning.
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