Sunworks, a residential and commercial solar developer headquartered in Provo, Utah, and three of its subsidiaries filed for Chapter 7 bankruptcy on Monday, according to a document the company submitted to the United States Securities and Exchange Commission (SEC). Under Chapter 7 bankruptcy, and as stated in the filing, Sunworks’ assets “will be liquidated” and all executives have transferred company authority to the bankruptcy court.
According to public stock records, Sunworks’ stock valuation had steadily decreased since mid-July 2023. From its Q3 2023 results, Sunworks reported a nearly 30% revenue decline from the prior year, with a revenue of $28.7 million in 2023 compared to $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 legal officer, on Dec. 6, 2023.
Sunworks was founded in 2002, and in the last two decades had developed 224 MW of solar projects in 15 states spanning two U.S. coasts. The company expanded its national footprint by acquiring residential contractor Solcius in 2021. Sunworks ranked 80th on the 2023 Top Solar Contractors List and reported that it installed 33.4 MW of solar in 2022. According to its entry, Sunworks employed 640 people.
So when these solar companies go bankrupt do they just pick a new name then keep on installing
Did a Company buy its assets?
SunWorks installed panels and a Tesla PowerWallfor me 4 years ago. It took multiple visits to get it right. We have not been having problems until recently when we had lengthy power outage and the PowerWall didn’t come on. Now that they are bankrupt, I don’t know who to call re warranty or troubleshooting. Very disappointing.
I also have a repair needed for a leak due to bad workmanship… Who is covering the warranty that I have documented? Do we even have coverage anymore???
I had Solcius install 24 panels that don’t work correctly and they were installed badly. Where do I get help in Wisconsin
Why should I keep paying for crappy service and now no service
I could use help identifying who services my warranty now. I was not notified and I have a leak under one if my panels.
I have 24 panels installed by Solcius Solar who apparently went out of business. This company failed to notify me and I am not sure where to turn for warranty and repairs if needed. Does anyone know who took over their accounts?
And even weeks before this announcement analysts had a price estimate over $5.00
Amazing how just last August Sunworks were touting “Sunworks Retains Elite Ranking on Solar Power World’s 2023 Top Solar Contractors List”.
Jason Bonfigt should change his name to “J Unfit” – what a bunch of incompetent clowns, you guys cost me $50K+
Great to we just had that company install panels on our home in November 2023. What the the hell are we supposed to do for warranty work if an issue arises?
Positive Energy Solar has a service department that can assist if you have any issues that arise in the future.
Contact Solar X for your solar service-related issues! Solar X specializes in solar operations and maintenance.
Solar X
http://www.solarxpros.com
732-992-6323
If the company is publicly traded the warranties have warrants reserves to cover them. It’s mandatory by SEC regulations. I would love to help anyone that is looking to get solar and schedule a consultation
How does someone figure out how and where to get the warranty honored? We seem to have a small leak near our solar installation, and we do not want to void any warranty by having someone not qualified messing with the system, and time is of the essence.
My name is Gloria Montoya, I have had an issue with my solar system leaking. As soon as bad weather hit where they installed the tubes and panels leak.
Hi Tommaso,
I’d love to consult with you on this, as I’m still trying to figure the warranty situation out. How does someone get a hold of you?
How is it that the stock is still trading