National solar contractor Sunworks files for bankruptcy

National solar contractor Sunworks files for bankruptcy

Sunworks, a residential and enterprise photograph voltaic developer headquartered in Provo, Utah, and three of its subsidiaries filed for Chapter 7 chapter on Monday, consistent with a document the company submitted to the US Securities and Change Charge (SEC). Beneath the Chapter 7 chapter, and as acknowledged throughout the submission, Sunworks’ property “might be liquidated” and all executives have transferred agency authority to the chapter courtroom docket.

In line with public stock knowledge, Sunworks’ stock valuation has steadily decreased since mid-July 2023. From its Q3 2023 outcomes, Sunworks reported a just about 30% revenue decline from the prior 12 months, with an revenue of $28.7 million in 2023 compared with $40.7 million in 2022.

Following that report, two executives resigned from the company. Jason Bonfigt, chief financial officer, submitted a resignation on Jan. 5, and Christopher Monahan, chief approved officer, on Dec. 6, 2023.

Sunworks was based mostly in 2002, and throughout the last twenty years had developed 224 MW of photograph voltaic initiatives in 15 states spanning two U.S. coasts. The company expanded its nationwide footprint by shopping for residential contractor Solcius in 2021. Sunworks ranked eightieth on the 2023 Prime Picture Voltaic Contractors Guidelines and reported that it put in 33.4 MW of photograph voltaic in 2022. In line with its entry, Sunworks employed 640 of us.


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