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.