Pineapple Energy Q1 revenue $13.2M (-40% YoY); adj. EBITDA loss $1.5M; net loss to common $10.1M

SUNation Energy, Inc.

2024-Q1 EPS reported -$0.26 vs consensus -$30600.00 ▲ beat (+100.0%)

Revenue $13.2M, down 40% YoY; gross profit $4.8M, down 40% YoY.
Operating loss $2.2M (+2% YoY); net income $1.2M but net loss attributable to common shareholders $10.1M due to $11.3M deemed dividends.
Adjusted EBITDA loss $1.5M vs prior year positive $0.4M; CEO cites toughest operating conditions since going public.
Residential kW installed down 18% QoQ, kW sold down 7% QoQ; backlog fell to $30M from $36M at year-end 2023.
Cash and investments $3.3M, down from $7.6M a year ago; includes $1.5M restricted for contingent value rights.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SUNation Energy, Inc. reported the first quarter ended March 31, 2024 results: revenue $13,219,197, net income $1,202,651, EPS ($0.26).

Period: the first quarter ended March 31, 2024
Revenue: $13,219,197
Net income: $1,202,651
EPS: ($0.26)
Result: preliminary results

Exact text from the filing

declined to $30M as of May 1, 2024, down from $36M as of December 31, 2023 First Quarter 2024 Results from Continuing Operations 1 1 st Quarter 2024 1 st Quarter 2023 Revenue $13,219,197 $22,065,424 Gross Profit $4,805,448 $8,006,315 Operating Expense $6,988,402 $10,155,841 Operating Loss $(2,182,954) ($2,149,526) Other Income (Expense) $3,391,767 ($444,414)

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SUNation Energy, Inc. filing history →

Source: SEC EDGAR

accession 0000897101-24-000166

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