SUNW - Earnings call transcript Q1 2018

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Operator

Greetings. And welcome to the Sunworks’ First Quarter 2018 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. to of conference Hayden like host, to now Fink Rob IR. would turn over the your I

Rob Fink

Thanks operator. call. Good Paul -- joining call the Controller, afternoon are McDonnel, everyone and first today Radmilovic, XXXX thank CFO; quarter excuse and earnings Corporate Cargile, me. conference Chuck Participating Phil the Sunworks’ on CEO; you Council for

and the of may Actual statements certain materially everyone that and Reform of call, the could the changes management’s in this additional strategy, we I general, Litigation which factors retain subject not during Act session. and Before Securities attract are during limited requirements. the plans, start, development personnel, Private management business business ability changes forward-looking of in XXXX. would claims in Therefore, that like Safe statements to uncertainties, factors, to forward-looking statements forward-looking the and regulatory statements risks conditions, contain to Harbor contained or for make the to competitive forward-looking because contemplated results and by the remind economic, differ from Q&A legal those is remarks protection company qualified

Chuck encourage XX-Q. company performance like provided over press as to Cargile. In CEO, a to financial in May to on addition, as company’s quarterly management’s now I as We both you issued as call. market no the the future today, to would with to release information This the Chuck? any call commentary the this as and the review Sunworks' their turn estimates augment update change. of information well XXth, future afternoon, assumes projections Sunworks projections XXXX. represent obligations these may conditions

Chuck Cargile

believe is our an you appropriate for we afternoon outlook Rob. you, The headquarters our at metaphor California in sun here everyone Good Thank and at for shining Sunworks. that's thank joining and call.

believe the XXXX. quarter the Today, the results quarter transformation From in seasonally of on appreciate shining our sun the Phil our We quarter Sunworks. with We in the of the I slow surprises having a and in the will quarter no After our second is with at of a we in business there revenue profit. of minutes. of first point fiscal my Paul midway are and few highlight discuss of the indeed efforts already cleanup half first XXXX, year. continue no significant several details and a second reported We advantage the perspective, financial expectation took opportunities to terms of were of surprises. quarter. for

during March financing it ROTH our call was at presentation Conference on webcasted, announced on we of spoke XXth. XXth, April our our new Capital when we then on earnings also the and Specifically, on March lastly, XXth, QX which

in wet season California, categories. our by activity were first I'll other slowed successes in was installation the rainy several Although we three fronts. different these successful discuss quarter in

First, progress we and of the made for new project and on I'll revenue financial other outlook terms metrics. touch in bookings

on the and And in specifics Board we in part to changes I'll continued Second, information focus address of in our April internal our of I improvement provide our success latter business financing related on announced Directors. the processes. third, to controls and more will

new scheduled new had new million win backlog when entered the We for $XX.X robust projects is the the we add of an year. projects impressive Much booked at this in projects to quarter. already installation continue we pace. of first These to First, in we XXXX.

in currently XXXX. backlog scheduled fact, have for more installation million In $XX than of we

four quarters. often are and subject uncertainty, three scheduled of visibility good we Although over to the next delays have the growth installations revenue to

in position believe remainder we result revenue year-over-year. a than of the which our in we're in to in more good year, noted the in would a generate $XX double-digit As release, increase press million

our structure structure. offset prior reduce revenue. in year to lower amount continued the despite QX cost with compared narrowed lower We the The the puts solid in We the and of profit year. a XXXX position to also XXXX of XXXX in loss, QX loss the cost positive to us full the a report remainder for adjusted the EBITDA resulting enough probably for of

Second, and to internal implement we controls. better continue processes

for make the if on Specifically, thought project customer, because when means to to proposals new want of our are project, we that well sure estimated profit lose the that. new expense regard. short, is at revenue we focus I'm make has of and a reporting. to execution and on the oversight and an and we management been estimate. making project profitable not adequate by that team once cash to we've growth encouraged our In focus project we and Then costs want Sunworks. proposal including margin Even a progress pricing, have we ensure a heighten this continue discipline the profit We flow. growth managerial do a won in our

in our increase In margin that new lead the margin gross was our remainder margins, to drag quarter, in still the throughout we and lower first margins the sequentially work-in-progress profitability backlog some our resulting will of and that a will relatively have second last record gross but Although the adjustments have near-term resulting us proposals projects year. for believe year. low of we number from reason will inaccurate compared is large forward, didn't expect rebound to to low we it half rebounded what the margins The estimates. from the abnormally going of

is gross in in XX%. XXXX margin is the for non-residential we delivers normally we've ACI and non-residential residential that mid-XX% proposals gross worth also gross And our project noting our estimated business works. public range. presented business on higher about on low than in to margins The margin it's the won addition XXXX In projects

supporting we profit short, to evidence lead have procedures in should improvement So, our controls in that margins. and continued

like of that changes million. mention the XXth, On Board loan is our to a for The third we'd I April financing we our item $X.X would in Directors. and announced secured

we million of balance press the equivalents, and end the cash in to cash. restricted see had sheet attached first $X the at can release, you approximately As cash, this quarter, of

time on had ensure Although $X, was the share agreement, raise cash financing a in that At to non-starter. the A a XX% equity where adequate wanted liquidity we would year, signed for backlog. involving it cash dilutive is would have below X was we generating today. the it we warrants below million anticipate my XXXX of positive our and been was a execute our From price this remainder large agreed were issued offering perspective, I that level. us contributed the have million; CrowdOut we share lending cost our our In President contributed to two this of leadership loan, contributed believe will position Capital. $X at anticipating. reprice participate give Commercial $XXX,XXX; and projects group Operations price us We on option. Such to extreme to currently dilutive continue of to execute secure CrowdOut cash with cushion to was from the order the on a and we're the Short, Kirk team viable growth the $XXX,XXX. not dilution us to

XXXX. greater we dilutive offering In of are to long addition, with February for warrants which future any provides at it equity avoid security outstanding is believe us as as least the

with our former by investor our and Chairman retired was and of a Chairman of that We million and the Directors, also Board Resch have a of further internal Sunworks a shares changes will severing Stan structuring, Speer to and preferred of Board Rhone of announcement the both Daniel capital in contributed that as shares Board cleanup complete. Jim business total return by Member controls devoted Frank shareholders with Directors. company the X:X long to announced years. with since development, appreciate many and our Directors. a the both all that from public experience Hunt, Boards. great experience for shareholders our last a the company announced on such industry from we of Board and Audit And at Committee. part individual public same provide X.X joined announced to U.S. are Board our XXXX, Board. serve common and converting our independent support are capital and change to had our Nelson, to structure Schechter, very XXX% our and Board The our At time, an fortunate reorganizations to a expertise expertise Josh's ratio. strong and we a solar Joshua added yesterday, of compliment We the Gross. to Frank history we of Sunworks The Board Jim board Stan's

is to announced last Before will see I all the XXXX. beginning followed greenhouse on be positive states. mandate will California first in if a new action turn Energy require in similar the of is for solar California week, emissions. state position the in Paul, to over gas action steps panels California their which the I'd the to Commission to interesting It other the installation almost in call like by fight against homes applaud such

results expected off-late, I'll not series material is the the after With a for provide see to our action And quarter. for that, this a in to for positive residential industry Sunworks. our it's is headwinds more the industry industry step a macro the about as refreshing near-term, a a of absolutely for such specifics step Although ask solar whole. positive it business impact have and to Paul on

Paul McDonnel

Thank Good afternoon everyone. you, Chuck.

to Philip the for projects it we participating have the of acknowledge and to today. accurately the the improve As projects, Corporate first new the the better our he's monitor improvements big decision-making, track on operational financial Radmilovic results booked. and margins Sunworks' to call team's costs, systems estimate financial played our reporting efforts and processes. glad with I'm Controller, quarter that in and XXXX, has us enhanced important discuss support more ability is on that role His performance,

revenue in was profit for $X.X completion of construction the our is actual provide works' prior in the million approximately results amount XX% for percentage $X revenue million has revenue projects separately quarter revenue not I XX% ACI public of $XX.X XXXX Public and first to or revenue XX% prior the of or compared million tracked as revenue in quarter $X.X XX% total standard the To recognized XXXX budget the cost installation of quarter revenue same public of also was explain percentage to to revenue first recognized to $X.X while a the to XXXX, previously million relative Works' the revenue a of or included reported of project total $XX.X year. at to year. revenue context beginning The old of our revenue, revenue. for completion. or year. It consists some for revenue accounting mentioned. and XXXX. became the the a to approved of reported in was accounting. as a A Residential million total of project's was important Sunworks' For a new remaining The that percentage $X.X by recognized quarter to Public of method $XX.X million for just note complete quarter million $X.X of want our quarter the method the that replaced and XX% for XXXX compared ACI million of of of the and approximately compared known effective quarter Works' of ASC the revenue revenue comparing XXX ACI works' $X.X second incurred our considering recognition of prior project. the estimated was million until the decrease during total the first revenue million, completion

to of not been profit. a be have job working is cash designed the and recognize contract with excluded Sunworks' a business stronger ASC better goods to months, practice. site is obtains several a promised Materials Sunworks' the processes materials they flow, incurring to of the the past. the delivered disciplined The active consistent a finance control more uninstalled Sunworks' approach capital, of of past a from XXX. that with or as construction has customer in revenue progress correlation in team measure and requirements use recognition the implemented of as cost are a of services Over to cost are considered to better

detailed progress you of notes the the monitored explanation customers revenue is to included with a the The now minimum detailed I and team also members at more construction, persons these filed. just from from consisting meets data. from contracts a of The by XX-Q in of project. job changes, includes knowledge financial by a direct expertise. consolidated team those financial and each For operational, note job refer three; of a Operationally, statements condensed firsthand monthly cost combination is supported to with team

as was working history. impact So, $X.X why important? Sunworks' balance material of recognition, a highest in This inventory because is of that is job has of reviewing of will anticipation operations, vast balance over for by million will and the construction inventory sheet inventory modules This tariff is profit the important inventory. majority site, in the remainder not inventory or expected the is The solar of larger its March result announced of jobs required this needed is XXst, this for this capital. panels then year. Sunworks it then, ship over in It's this its the purchasing to inventory In we on until XXXX, accounting only Procedurally, at definition of which and revenue. January. is become start

However, are profit. materials recognition site of shipped excluded the to our from

This although XXXX, the that the better over accounting and of process, XXXX the of XX% and emphasis will to a XXXX. quarter a overhead for profit implemented profit budget from consistent embraced the profit as has with X.X% revenue, excluding XX.X% and and and the continues decline, several ability customer with Total the rules million compensation XXXX. quarter from costs of quarter's have gross will but gross quarters, next several compromising Gross decline against compliance margin, in the significant operating of burden gross in $X.X not practices new quarter in in quarter from profit first construction business Reducing is was million will is the the the inventory new prior $X of $X.X in of depreciation less compared an effectively margin all first of at improvement quarter services XX.X% Over the million prior stock-based or recognized but and same for the represents more as million total year. months $X.X the because the the ours. to control revenues the we of obtains $X.X This Sunworks. without million last expenses of to last first the been incurred be goods recognized, were be periods. be operate and

the of experienced. during not made of been were has XXXX, which reductions first overhead full Additional quarter benefit the yet

non-cash quarter year $X.X million retirement, fixed the compared decreased upon a of his first million resulting share the a be in further continue a reductions will on second While Stock-based the loss prior in out drive Depreciation one-time share a expense. of unnecessary comparison $X.XX year of restricted The $X.XX in second changes quarter described. overhead, $XXX,XXX far expense quarter the costs quarter. was will to get The compared $XXX,XXX or Chuck $X.X to net assets in vest in quarter the quarter the prior slightly gain as sale. the XXXX. the we of to sale result resulting of quarter. as XXXX compensation future the to into for in per of during increase or ago net less Chairman's shares to This non-cash Board loss with per was Directors we the former small

on and equivalents a and the and the quarter compared equipment the Working payments by million, decrease of primarily the ago December high $X.X infusion hand. one-time with of at decreased came million XXX end working even Cash $X.X and balance We payable was acquisition to and is us late compared to million XXst, million the million March abnormally the adoption of its decreased and XXXX in a sheet. for for our the year $X.X $X.X cash to contract Turning and critical transit liability accounts ASC prepaid cash quarter. capital deposits for assets at priority losses million balance XXXX. notes Managing to the our $X unrestricted into cash result the inventory the the inventory announced adjustment sheet, capital impact for after and year $X.XX operating by of principal net on contract in of and April.

the prepaid received impending was of to deposits first year modules end the in-transit to XXXX and inventory late solar solar modules. uncertainty was prior pursued for strategy created year purchasing at into the purchase works or the son the ruling During quarter, the tariff by the end from of committing eliminated. The the

Now the and profitable more we summer the as we as construction to eventually complete as move converted strain months, ease cash inventories are and cash on into projects. spring should active

will outstanding $X.XX in note debt no turn million our consisted call I a that at the interest. the financing to March Before related back additional in comfort April, from debt to finalized $XXX,XXX acquisition end the financing convertible of or bears $X.X million equipment now Chuck. of and

Chuck Cargile

will to of progress first we're we financial summarize stages results. relentless pleased behind Thanks poised early our are that the of Paul. the quarter To acknowledge forward. and continue transformation for we slow and the us Sunworks in have better We're

difficult remaining percentage to $XX predict is the timing which revenue it million line to of with quarters XXXX. we compared double-digit sight will quarterly XXXX, increase of have generate the installation more of revenue, than full a represent Although year the in of

positive growing we to year shining for remainder cash XXXX. determined expect Sunworks. positive the by are believe generate adjusted is for started call EBITDA to it to the special. referencing we the on something of importantly, and leverage its this lastly, generate XXXX. flow we're of building More revenue sun full I I And

for your I thank thank us shareholders those you this with I we're are transformation, who've of direction and your the during the in to support you you new stayed patience confidence who For for for and Sunworks, going.

the for call on like up dedicated team, your investment. call Sunworks the open to to we're behalf the return I'd Operator? the on -- questions. now of delivering Speaking turn

Operator

Partners. of line Philip question. time, question will proceed session. Shen from Instructions] question-and-answer from [Operator conducting be this a your we Capital ROTH with the comes Please At first Our

Philip Shen

California a decision I you recently could leases -- loans? talk to your perhaps the the Can made. you believe at we thought also a occupancy. And start I installed. you for time about example to Energy this do you can how the building be passed the picture at code, because change residential this think with how certification of Hi is Commission you everyone or have Do panels time might might that questions. bigger thanks versus impact overall for think strategy? of for the speak

is but diminished the view to impact is buy the there what can well? situation becomes the as the versus if the be you I'm perhaps a actually a thinking, on lease the the before home had opportunity have you sold, see leasing -- certificate decision and So, where because want from Thanks. to have potential

Chuck Cargile

You're welcome.

So, questions that's of one involved in a topic. lot

Let on little a it. me hit bit of

First, as to I it's is that continue business our we're an of whole, the grow. XX% a residential it's industry to said, as stay and encouraging for and about area committed

into impact are So, it could -- any old, kind it's a long-term, completely as a it see I same don't it said but And news, into our positive in it it because to I were as a having that so an the a strategy. as immediate new or incremental precursor thing. we be certainly say for the see strategy we it and we the week that long-term of states on to other business, and less or than -- can't we've happy doing see was I good baked

same you were think in the will talked about as ownership, were. sweet our In we've more in to it all, others which when as position strategy been we and ownership we brief push Phil, know, has the conversations -- see a from start. question. it thing positive in terms not it So, Even that we of spot as our ownership all direct

movement there's position ownership time the for from to had positive enhances start. direct that a we've any credibility it So, the our

about decision bit that know think at I the this point do, little probably a more you than hopefully thoughts. of our a I summarizes lot but So,

Philip Shen

that's Yes, Chuck. helpful. Great

kind in XXXX. Moving thinking of -- and the there EBITDA more us of on moved something kind Is to the switch profitability guidance, just talk away anything I [Indiscernible] guys positive from specific is more prior your for there kind why marker to think that? a the statement of -- outlook you beyond to about from of you a reason general XXXX

Chuck Cargile

is that agreement reason Jim aspects of mentioned there bit Yes, subtle that Nelson a so, a vest in Paul had that for a his one remarks, there was of employment retirement. movement is the upon restricted as prepared in shares on and his

have $XXX,XXX retired about that Jim equity QX. last a when hit vesting So, month accelerated in and we'll

QX given anticipate full when didn't And we've obviously, and so year, guidance month. that for we until for last

I Because would And so expense. adjusted operating exclude mentioned share. the earnings EBITDA income the as that where normally now before, would comp we I where when focus on hadn't equity marker from move contemplated which I per I is

impact I other provide shows avoid from something that came The to in at we'll QX prefer number it's probably thing costs, but we that generally pro do that will forma all the the transaction. although a direct

would by hit it came that restricted accelerated the be then and came the shares. financing the So, those for cost equity also that the from the getting cost the in vesting

forward So, that's is continue going still without the us to allow acknowledging profitability it while about reason have basic the equity we business underlying really with to to that hit. that the talk of for

Philip Shen

the we And of terms Great. what piece is of if mentioned the in it cost talked estimate financing, the you cost recall that into the think, don't factor QX about new in but I prepared our $XX,XXX, should the remarks, of there other you line?

Philip Radmilovic

Yes.

issuance $XXX,XXX the balance fees interest the those expense debt of interest $XXX,XXX, of made $XX,XXX and accrual for the a on and quarterly statement, about to recorded sheet, incremental principal So, going we about net the of as are about income expect amortization but against in costs debt on about the costs expect up balance that's going of of $XXX,XXX we exit $XX,XXX. and that then forward debt going issuance on the of in an be that there's QX forward

Philip Shen

That Okay. Thanks Paul. helps.

Chuck Cargile

actually Phil. was That

Philip Shen

on -- of a you think okay. in the the for I as understand QX, backlog, then sense QX, might the be us through purposes for Phil, what QX margins a kind margins, go profile the gave Can in basis and year? And you was ACI. for That modeling you. about we margin XX% as Phil, terms blended thank per of us company a help

Chuck Cargile

Sure.

of have through margin. flushing the focus, mentioned bit higher a before. projects I we the new those got deal -- change coming in we've But old And as little our actually so think So, out. at projects are I to with still flush in good a the backlog

different think today, you The or in of $XX teens are the about as are blend backlog those the of that projects scheduled we in have $XX buckets, non-residential if So, the -- say XX% projects in million that margins range. of generally projects in high gross residential high and million -- teens. the high are

So, right will range. if the margin, rate generate maybe a normal combination that's consider bit for proposals residential XX% to XX% mid-XX% what think XX% a ACI of but should a you already gross model. the outstanding you low the around have have, that I little and backlog a -- we a would in around The approximately higher, be would blended in

of year I backlog, anticipate that gradual escalation we the had in first overtime. low this the XX.X% from quarter we through as to a the flush So, XXs

Philip Shen

your you more great. accounts to that Okay you us of Last that's Chuck, how national some talked business going? quarter potential for effort the is become about on update prominent. Thanks. Can

Chuck Cargile

answer future questions total. good new of as Phil, about would specifically level thing all Maybe -- maybe the that come about might I'll part be that, the but in Yes. sales accounts as the up off well. talk Sure. makeup national headed higher maybe a from And of talk

to and new about we did ripe I've on in project canceled, in release that the they're we call. said slip bit. the of good for they news may little as uncertainty, And might talked some And about just a is put in time seldom million XXXX XXXX. that So, XXXX, the as it timing installation and projects always most again scheduled of but is so move time that from the is $XX.X with

strong confident total three We the real have of of predicting megawatt national three to about of national think had works. growth on to amount. little public quarter School quarters, we again we Unified vectors then quarter the we our asked on then more half the A in District. And to have but to we had really think strong with I a national and really including national fronts. two like accounts X project quarter good on works less works, a in And went that public booked good good we're So, accounts think the the accounts, And new accounts in of a that I -- addition we geographic aforementioned the expansion. public and I specifically projects Fresno you like good a than had visibility pipeline.

got commercial that we've whose one about with a -- projects the with world's largest have there but developers multiple We one talked probably a we've a number another with project project before with Hotel mention, to we've allowed another another done quarter. of orders not with project a name more with the wholesale in couple large National coming projects several that this chain we're a the And quarter. of developer

for accounts all us. the approach working So, well all, is I national in think out very

Philip Shen

and Okay, pass great. Thanks Chuck. One on. it I'll last one

coming coming off, on. relates the people changes, to lot As of Board it a

I leader you who's your Board. ones, Rhone added Resch new this in have three a great think on you've space

I about going well-qualified to remarks, what what's your us dynamic you changes? on spoke very you? see and serve in prepared Just this can with there talk know of how some the And ahead? but And to do this you Board

Chuck Cargile

for that. thanks Yes,

last they recommend we recently, at out it. then as know, to or quite of our eight senior part the of the So, a and year there's of a or Board most were couple lenders to large over ended of a allowed appoint loan, pieces of Directors end year, and the allowed different you change we had member. actually there's were Board year, members been appoint the -- last as first And course to the

Board propose had our upon to whoever agreed of Directors. by Now they mutually be

of is serving And so Board. Josh each was our individual Josh on him us met Josh investor and company members public they with that Schechter And Boards. supported to introduced their history a the suggestion. wholeheartedly joining our long with Board of

mentality in think short good. always boardroom, to is shareholders' I which the brings he

joined In Stan's guess announced as that won't the the has repeat so to the I addition I release we most credentials. Stan Board. yesterday, recently and we Speer Board changes had yesterday, excellent press we've now completed all our But

the members I a skill independent. that total domain complimentary of you we've solar who solar love and four combination those on value. And on now keen mentioned focus what experience A each in is combined of financial first very industry, Daniel Board of transformational now; space sets five financial late our four knowledge, Rhone other. have in a the are both the and amongst shareholder and that whom came We expertise about experts Gross great and are with quarter, of known

I think a for such shareholders, also strong have a team and we're to Board. fortunate management our as very So,

Philip Shen

pass on. Indeed great will you It’s a guys Board. Yes. Chuck. are. I it Thanks

Chuck Cargile

You're welcome.

Operator

the Jim [Operator from Instructions] from Capital. Please proceed. Chardan of comes line McIlree Our next question

Jim McIlree

Thanks. little was The on special revenue than Good account there bit a for to afternoon. lighter that? was going residential prior quarters, anything

Chuck Cargile

outside it California. of residential going than we've months don't frankly, thought last lot what with this on Jim, year at team -- a talked don't over our and residential is lot, we a we I about in time. six much, think slower much think industry it's the I a focused slower the about that. overall anything it here Yes I on certainly and It's see in here been was ago

the last the been been that's bad. pretty because Energy think area was Commission I has news especially from So, week beaten up an it why heartening that's

revenue, even to we we a made the group that made the had we're quarter. profit a lower with in seen better pleased financial and still stable I'm course this changes over bookings to of So, XXXX that model we're able have generate because the the

versus will continue in that think I we'll So, and the this hopefully months. revenue quarter see QX escalation through summer

Jim McIlree

Okay. bid $XX that And changes that down can is the greater from revenue you you the the prior of recognize coming of than that have were how million the for place? the of expect year, break that that remainder to much projects in taken into to

Chuck Cargile

of that's that maybe not that's there's exactly -- exactly. And close already it. the the one know million backlog Not in I exactly, but today. $XX Yes, million to is $XX in do pretty

when second some exactly of to So, prior have $XX know of is. would but making changes, these half much I of year don't started the that that million we how last been

Jim McIlree

enough. All that's close right. Well,

that's in you accounting goals inventory that changes the was when into what think? think treatment. in achieve turns I articulate receivable the looking I And Can for. And your for you account might think in are take the you outstanding? what then days

Paul McDonnel

But supply obviously will is quarter like of that goals inventory what the sure a construction end initial to our the hand the various the projects. we modules XX% they're of upon There on engineer the have of some with or process would are the approval to begin as readiness second that roughly go The need and to at. that and and shipment to inventories see we depending we toward balances the that projects of to have make specified currently secure consistent inventories we products and through. are reduce

$X run turn unable could if case, my rate, So, to inventories we top inventories and calculation between normally the would be into the sitting to I'd In have run our have here. million to up the and do earlier. at current sometimes that ideal. tie that $X.X back off a million that head

As or far of to a the revenue to point the as XX process associated day area somewhere sales align we days outstanding, would estimate that at XX to the dropped milestones with with time. the possible. are we this rough in in the each that if contract, as That's like billing see

Jim McIlree

All right.

Paul McDonnel

up at days -- cash significantly. days XXX Our to and converging XXX cycle that cut over need been to we has times

Jim McIlree

didn't lot And you? then Chuck, geographic a expansion. Would talk about really you

Chuck Cargile

Sure.

our Massachusetts started is we've direct that's that I'm in of the put areas resources our in, -- big the noteworthy one and for QX most first item win has to had most that the the we So, show promise.

we've dollars and I XXX booked project really good got So, opportunities million there the for think we've there. some over other kilowatt a

pleased I'm with Massachusetts. So,

We disappointing been that we that haven't ground one in That's gained little put in. Florida. the bit first because a someone was

I of we've have number scratch heads in on, of differently more what year New that a proposals in And mentioned ago long to we Mexico. which order to wasn't when our see in the the done end successful. And outstanding have that in the think we do to we so that State then call I need be

Texas. are in New Mexico to faster and going now So, the Florida Massachusetts me and that like we've to than it looks move made progress

Jim McIlree

very with helpful. that's Good luck much. Thank you Okay, everything.

Chuck Cargile

you. Thank

Operator

I the Chuck we back the session. question-and-answer Ladies turn to have and of gentlemen, to call the remarks. reached end would like for closing

Chuck Cargile

Thank to and you works drive dedication heights the to all. efforts today our Sun of achievement. your for Thank especially joining us to for you all thank employees and greater and company of interest for your works sun in you

Operator

conference. today's concludes This

Thank lines may at your your participation. disconnect time. You you this for

Sunworks (SUNWQ) 15 May 182018 Q1 Earnings call transcript