taking today, stronger, call. the of the results of for and nature a to fourth reported necessary are thank you as to detailed Thank you, Rob. the ensure afternoon, viable Sunworks Good and positioned for more emerge we unprecedented survive and is we current company. we the joining the XXXX actions quarter environment our aggressive and Earlier everyone,
of our or it’s important results address of the into the challenged quarter, to getting Before COVID-XX effects Coronavirus. fourth the
changes both cash we’ve to months, $XX of will $XX during the Over the while from allow substantial new couple which organizational buoyed of and made backlog, effectively operating by of was the quarter. our to million business installing continue fourth past million flow project perspective us wins that an
As we authorized business we continue essential government county essential. customers an as identified agencies the federal in noted or directives defined is our by press shelter-in-place. about are release, as to to energy critical as industry by The serving
to Health’s abiding although We Department by interaction. are protecting and of client-facing carefully others oneself California during continue work conducting we employees internal are business the our Public and guidance on and
negatively of may Therefore, That business. and our may not a they subcontractors deemed similar an impact at capacity, our customers said, which are activities. be near-term essential and operating not some suppliers
faced questions about And immediate are us how can you impacted what are are going the directly? it? from So we What forward? we we doing expect
provide Over of questions. hope the I those this we’ll answers course to call,
anyone First, interact are employees our and protecting we they with.
that the the thankful has are team of none Sunworks Coronavirus. We
recommendations quarantine washing work risk of if are the and vehicles and We’ve any in bodies locations of need of virus. all symptoms they employees the the our importance follow our diligent minimize hands, disinfect exposure. of and/or instructed reinforcing to the to remind sick to of and We’ve employees show been their
our them how additional have field other on job Sunworks provided with the We exercise field We’ve instructions to gloves our customers appropriate and social and distancing provided personnel sites, safely with and interact with teams trainings, in sanitizers, and safety at offices. both masks. in
instructed considerate on is our not who of their done teams to outside, Although we be work be at premises. prefer perform locations the majority customers the of we’ve customer we
also our with flexible being teams. office are We
working remotely. are to authorized continue are Although we many internal employees operations, our of
to We safety our our within the and chain. and team and will have our prioritize value of continue partners of all health
Earlier the we that an our COVID-XX are promptly. of financial we in we this month, developed viability We the the communication when steps uncertainty press action of future, Second, team realized internal the the acted that release a response the protecting established and plan, week. our we company. structured disruption severity and identified implementing of last
delayed, activity acknowledge We our residential installation some side of the of that be would especially business. our on
or proactively XX made considered called back and conditions employees when decision allow. retain quickly to can layoffs a are to of our the conserve strategically difficult lay-off cash, temporary that people. and health we work To the about third business be These their insurance workforce
to We QX. from spend and also expenses, these our reducing SG&A impact positions reductions reduced operating of QX in full-time XX part-time. majority The our
team reduction in leadership pay. our recognizes can above actions families. the have Our leadership, these directors XX% impact at all their team and taken Therefore, devastating members and least have on a
in reduction of XX% a near-term Board Paul our a for clarity. pay Additionally, reduction seize monthly taken Directors payments. to in have taken has instructed XXX% their I until the we and have greater me pay
Combined, proactively these pursue our an in out of an other actions reached to month. $XXX,XXX In a to expected to save cost us landlords additional and rates $XX,XXX. various result are or are rent expected savings savings abatement which negotiated attempt to reduced measures, we
a allocates stimulus realities prior the Cares applied recent to as trillion by Separately, government to the became the has immediately which has then forgivable business but loan. presented and COVID-XX billion small we soon the broadly plan, related, for loans. Act This small approval the approved reported $XXX association $X.X as business of evident, economic
banks of program. a optimistic about in he the is representative to Sunworks. weekend lending call one our past can the partnering provide support they This I And had conference be a partnering who will with from
program being the the cash this on infusion expect application within many could we a will Although and we weeks. details are of an conversation, the of update finalized, based week potential
how our and of Board field the there inflow Directors. team of to terms proud our and would much has be the outside of causing to control all determined, way is be the a great reacted I amount still Nonetheless, us. from uncertainty. but for our are am so The deal of impactful timing crews cash
childcare are by Perhaps distressed. their disruptions are overall employees members have about they family feeling just our daily worried in changes the lives. of Many the abnormity overwhelmed of or or
same And effectiveness business of and course goes other utility The our impacted partners. delays. agencies our for approval by is customers jurisdictional companies, in
All but is negatively understandable of this disruption impactful.
our concern our goodwill. company do any value we auditors without So our all ability million going what the and continue our and this considering they our are meaning as adjustment opinion uncertainty, for $X.X independent asset of comfortable that auditors of XXXX with filed our a we supports value the valuation know? XX-K carrying of we from have of a clean the agreed to Today
million We over of for next twelve the installation have $XX months. backlog scheduled
activity business cash uncertain, we’ve far, cancellations. aftermarket way achieved toward installation delay We that and of timing utilizing cash no we’ve the to only the profitability was need recognize reconstruct sufficient so offering. have is experienced generation. we our our to Although this ensure fully One by
of As and our our registration we cancelled week, ATM filed when shelf expired XX-K. we our last
January. million position Although it’s it equity year-end painful at from CrowdOut senior debt to in currently paying cash endure secured after the the even was dilution half is of or $X.X that sales, than higher comes our
importantly, the the of the can most invest dilution concern from future now uncertain us. without dilution And behind impact ATM. Shareholders is
sheet, Our us thankful our protected keep during our overall balance reduced coupled optimistic. breakeven cash We’ve we backlog, improved point, dramatically continue time. cost business this sustain strong taken XXXX our to with position, operations difficult to steps and have reduction be
are future our We this and are not our to managing able including financial COVID-XX in second results impact we to uncertainty. through in current our of the quarter the our fiscal business what predict or diligently will survive But cash have quarter. first
manage pay our for billings the customer satisfy our also collections will will to payroll but ensure efforts. efficient We that and to be lifeblood activity
effectively are our through the In to more confident made generate business. position, on cash will and from summary, emerge ability program, operations, the business based as our that stimulus a we and to cash funds available disruptive leaner, viable to navigate environment access we
related to to I’d results ask our Paul in the financial provide like more specifics to that, With quarter.
