Sunworks, a residential and industrial photo voltaic developer headquartered in Provo, Utah, and three of its subsidiaries filed for Chapter 7 chapter on Monday, based on a doc the corporate submitted to america Securities and Alternate Fee (SEC). Below Chapter 7 chapter, and as acknowledged within the submitting, Sunworks’ property “can be liquidated” and all executives have transferred firm authority to the chapter court docket.
In line with public inventory data, Sunworks’ inventory valuation had steadily decreased since mid-July 2023. From its Q3 2023 outcomes, Sunworks reported a virtually 30% income decline from the prior yr, with a income of $28.7 million in 2023 in comparison with $40.7 million in 2022.
Following that report, two executives resigned from the corporate. Jason Bonfigt, chief monetary officer, submitted a resignation on Jan. 5 and Christopher Monahan, chief authorized officer, on Dec. 6, 2023.
Sunworks was based in 2002, and within the final twenty years had developed 224 MW of photo voltaic tasks in 15 states spanning two U.S. coasts. The corporate expanded its nationwide footprint by buying residential contractor Solcius in 2021. Sunworks ranked eightieth on the 2023 High Photo voltaic Contractors Checklist and reported that it put in 33.4 MW of photo voltaic in 2022. In line with its entry, Sunworks employed 640 individuals.
