In the Q3, Sunworks Inc 's corporate clients experienced a deterioration by -19.69 % in their costs of revenue, compared to a year ago, sequentially costs of revenue were trimmed by -10.44 %. During the corresponding time, Sunworks Inc saw a revenue deteriorated by -30.8 % year on year, sequentially revenue fell by -18.2 %. While revenue at the Sunworks Inc 's corporate clients fell by -20.64 % year on year, sequentially revenue fell by -11.11 %.
Customers of Sunworks Inc saw their costs of revenue deteriorate by -19.69 % in Q3 compare to a year ago, sequentially costs of revenue were trimmed by -10.44 %, for the same period Sunworks Inc revnue deteriorated by -30.8 % year on year, sequentially revenue fell by -18.2 %.
Sunworks Inc's Comment on Sales, Marketing and Customers
Currently, the majority of our revenue comes from installations in California
and Nevada with a small amount in Oregon and Washington. Approximately 68% of
our sales were in the commercial/agricultural market. Approximately 32% of revenues
was generated by residential installations. We expect that these percentages will
vary from year to year.
We install systems for the commercial market, which includes offerings to agricultural
customers, and for public works projects. We define small commercial and public
works projects as the installation of systems under 100kW, whereas large projects
involve the installation of systems greater than 100kW. Solar projects have
received limited financing from traditional lending sources, but we are encouraged
by municipal PACE programs in California which have drawn funding sources such
as Ygrene and California First into the financing of energy projects. Public
works projects are frequently financed through various PPA arrangements. Cycle
times vary from twenty weeks to more than a year, which is a common cycle for
commercial and public works projects. Larger projects typically have a longer
cycle time than smaller projects. Agricultural system sizes vary significantly
within this sector and can range from 10kW to multiple megawatts. Agricultural
loans to farmers and tax-oriented leases are the primary funding sources within
the industry. Similar to commercial installations, cycle times for agricultural
projects may commonly range from twenty weeks to more than a year depending
upon the authority having jurisdiction, the existing utility infrastructure
and the various approvals required.
Our residential operations address the needs of property owners installing
systems typically smaller than 20kW. The typical residential system installed
is about 7kW with an average cycle time of 45 days. We facilitate purchase or
lease financing and offer product options to fit the specific needs of each
customer.
Sunworks Inc’s Comment on Sales, Marketing and Customers
Currently, the majority of our revenue comes from installations in California
and Nevada with a small amount in Oregon and Washington. Approximately 68% of
our sales were in the commercial/agricultural market. Approximately 32% of revenues
was generated by residential installations. We expect that these percentages will
vary from year to year.
We install systems for the commercial market, which includes offerings to agricultural
customers, and for public works projects. We define small commercial and public
works projects as the installation of systems under 100kW, whereas large projects
involve the installation of systems greater than 100kW. Solar projects have
received limited financing from traditional lending sources, but we are encouraged
by municipal PACE programs in California which have drawn funding sources such
as Ygrene and California First into the financing of energy projects. Public
works projects are frequently financed through various PPA arrangements. Cycle
times vary from twenty weeks to more than a year, which is a common cycle for
commercial and public works projects. Larger projects typically have a longer
cycle time than smaller projects. Agricultural system sizes vary significantly
within this sector and can range from 10kW to multiple megawatts. Agricultural
loans to farmers and tax-oriented leases are the primary funding sources within
the industry. Similar to commercial installations, cycle times for agricultural
projects may commonly range from twenty weeks to more than a year depending
upon the authority having jurisdiction, the existing utility infrastructure
and the various approvals required.
Our residential operations address the needs of property owners installing
systems typically smaller than 20kW. The typical residential system installed
is about 7kW with an average cycle time of 45 days. We facilitate purchase or
lease financing and offer product options to fit the specific needs of each
customer.
Sources:
Sunworks Inc’s official press releases and regulatory filings; CSIMarket.com’s market research; and the financial filings and press releases of other companies cited in this report.
Updated on:
Focus of this report: Sunworks Inc’s corporate clients.
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