Sunworks, Inc. (NASDAQ:SUNW) Q4 2022 Earnings Conference Call March 10, 2023 1:00 PM ET
Company Participants
Jason Bonfigt - Chief Financial Officer
Gaylon Morris - Chief Executive Officer
Conference Call Participants
Donovan Schafer - Northland Capital Markets
Philip Shen - ROTH
Tim Moore - EF Hutton
Operator
Greetings, and welcome to Sunworks, Inc. Fourth Quarter and Full Year 2022 Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.
It is now pleasure to introduce your host, Jason Bonfigt, Chief Financial Officer. Thank you. You may begin.
Jason Bonfigt
Thank you, operator. I'm Jason Bonfigt, Chief Financial Officer of Sunworks. On behalf of our entire team, I'd like to welcome you to our fourth quarter and full year 2022 results conference call. Leading the call with me today is our President and CEO, Gaylon Morris.
Today's discussion contains forward-looking statements about future business and financial expectations. Actual results may differ significantly from those projected in today's forward-looking statements due to various risks and uncertainties, including the risks described in our periodic reports filed with the Securities and Exchange Commission. Except as required by law, we undertake no obligation to update our forward-looking statements. Following the prepared remarks, we will open the line for questions.
With that, I'd like to turn the call over to Gaylon.
Gaylon Morris
Thank you, Jason, and welcome to those joining us today. During 2022, we continued to build a leading integrated solar solutions platform across our core regional markets, while continuing to advance our business transformation strategy. Last year, we continued to drive an improved velocity of installation, ensuring improved customer retention between project originations and installations.
We continued to reweight origination toward our direct sales channel, thereby reducing customer acquisition expense. We expanded our procurement relationships with an emphasis on increased access to domestically sourced materials. And we moved further towards a centralized operating model, one that further positions us to move quickly in support of individual customer requirements.
In summary, it was a year of significant organizational change and transformation, one that culminated in strong fourth quarter revenue growth of more than 70% versus the prior year period, given sustained market share gains across both our residential and commercial segments.
Our Residential Solar segment, which represented 83% of total fourth quarter revenue, delivered strong year-over-year growth in revenue, new installations, originations and backlog as recent investments in our direct sales force have contributed significant ongoing market share gains.