Sunworks, Inc. (NASDAQ:SUNW) Q3 2023 Earnings Call Transcript

Mark Trout: Yes. So I think what we’re looking at right now is our fall-off is stabilized, and we’re actually operating on a month over month that seems pretty consistent. So I would assume, and I don’t want to bring weather into the occasion here, but I would assume that we see stable through the rest of Q4 and maybe a little bit of uptick as we add some more TPO offerings. And then, I think Q1 will be stable in California, and we’ll see something tick up in Q2. A lot of that is due to, I think, the rush to get signatures before NEM 3.0 came out is over, of course. And now, the consumers are back to normal, so to speak. We saw some of this in the NEM 1.0 to NEM 2.0 transition, where it took a couple of quarters for, frankly, the consumers to return to normal. And that’s what we’re seeing right now.

Philip Shen: Got it. And storage attach rates for the originations you have today, are you at that 85% level, or do you think it’s more like 30%? Is storage basically the ticket to these originations now?

Mark Trout: In California, that’s going to continue. So we are looking at – yes, for California, that’s pretty normal.

Philip Shen: Okay. Great. I could keep on going, guys. I know I’ve monopolized a lot of the time. Hopefully it’s helpful for people and for you guys. I’ll pass it on, but I have a few others. If there’s nobody else, I might jump back in. Thanks.

Operator: There are no other questions in the queue. I’d like to hand the call back to Mark Trout for closing comments.

Mark Trout: Great. Well, thanks, everybody. And once again, thanks for joining the call today. Should you have any questions, please feel free to contact us. Our email address is ir@sunworksusa.com. A member of our team will follow up with you. And this will conclude our call today. You may now disconnect.

Operator: Ladies and gentlemen, this does conclude today’s teleconference. Thank you for your participation. You may disconnect your lines at this time. And have a wonderful day.