ROSEVILLE, CA--(Marketwired - June 22, 2016) - Sunworks, Inc. (NASDAQ: SUNW), a leading provider of solar power solutions, announced that its Agricultural and Commercial Divisions have collectively been awarded approximately $24 million in new commercial solar solution orders totaling more than 12MW since the Company released its first quarter 2016 earnings in May. These orders, together with a robust residential business, increased the company's backlog to a record high exceeding $50 million at the end of May with strong additional sales in June. The new sales activity provides substantial visibility for the Company's guidance for more than $100 million in revenue for the full year 2016.
"These wins demonstrate increasing demand in the agricultural and commercial markets for efficient and affordable solar solutions, and our continued ability to win market share," said Jim Nelson, CEO of Sunworks, Inc. "Commercial bookings in the month of May and early June were particularly strong, and we are encouraged by our growing backlog of business which gives us increased visibility into our full-year outlook."
Mr. Nelson added, "Our reputation for providing the best product, value and service remains paramount to winning new business in our primary markets. We look forward to extending this momentum into the second half of the year as well as strategically and opportunistically expanding our footprint into new targeted markets."
About Sunworks, Inc.
Sunworks, (formerly known as Solar3D) a leading provider of solar power solutions, is focused on the design, installation and management of solar power systems for commercial, agricultural and residential customers. Sunworks, is one of the fastest growing solar systems providers in the western United States, delivering 2.5 kilowatt to multi-megawatt commercial systems. The Company's mission is to further the widespread adoption of solar power by deploying affordable, state-of-the-art systems and developing breakthrough new solar technologies. The Company's focus is on putting the customer first, providing the best value systems in the industry, and delivering on what is promised.
To learn more about Sunworks, visit our website at http://www.Sunworksusa.com.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These risks include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, products, and prospects for sales, failure to commercialize our technology, failure of technology to perform as expected, failure to earn profit or revenue, higher costs than expected, persistent operating losses, ownership dilution, inability to repay debt, failure of acquired businesses to perform as expected, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.