Sunlight Financial Holdings Inc.
sunlightfinancial.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q2 FY2023 10-Q, filed Aug 9, 2023. Its latest SEC filing is a SC 13G/A from Dec 8, 2023.
10-Q for Q2 FY2023, filed Aug 9, 2023
The sections below describe the company as of the FY2022 annual report.
What Did They Do?
Provides residential solar and home improvement contractors a platform to offer homeowners loans from banks and other capital providers.
10-K for FY2022, filed May 4, 2023Sunlight Financial Holdings Inc. (“Sunlight” or the “Company”) is a business-to-business-to-consumer, technology-enabled point-of-sale…View ↗
Sunlight’s core business is facilitating loans made by Sunlight’s capital providers to the consumer customers of residential solar…View ↗
Direct channel capital providers fund Sunlight-facilitated solar or home improvement loans one-by-one directly onto their balance sheet via…View ↗
In the indirect channel, Sunlight’s allocation engine directs that certain solar and home improvement loans be funded on the balance sheet…View ↗
How Did They Make Money?
Sunlight earns platform fees on loans when a bank funds them or an indirect-channel loan buyer purchases them; the fee reflects the difference between the contractor fee and the capital provider’s discount. It also earns monthly fees for managing and servicing loan portfolios.
10-K for FY2022, filed May 4, 2023Sunlight’s revenue is primarily from platform fees earned on each solar and home improvement loan facilitated through Orange®. The platform…View ↗
Revenue Recognition — Sunlight recognizes revenue from (a) platform fees on the Direct Channel Loans when the Direct Channel Partner funds…View ↗
Platform Fees, Net — Sunlight arranges Loans for the purchase and installation of residential solar energy systems on behalf of its Direct…View ↗
$98.5M
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10-K for FY2022, filed May 5, 2023
$98.5M ↗
Who Were Their Customers?
Residential solar and home improvement contractors use Orange to offer loans to homeowners. Banks can fund loans directly, while other capital providers buy loans pooled through a bank partner.
10-K for FY2022, filed May 4, 2023Sunlight Financial Holdings Inc. (“Sunlight” or the “Company”) is a business-to-business-to-consumer, technology-enabled point-of-sale…View ↗
Sunlight’s network of residential solar system installers and other home improvement contractors, supported by a differentiated set of…View ↗
Direct channel capital providers fund Sunlight-facilitated solar or home improvement loans one-by-one directly onto their balance sheet via…View ↗
In the indirect channel, Sunlight’s allocation engine directs that certain solar and home improvement loans be funded on the balance sheet…View ↗
Did Revenues Turn Into Profits?
No. It lost $315.9M in FY2022.
10-K for FY2022, filed May 5, 2023
−$559.1MView ↗
10-K for FY2022, filed May 5, 2023
−$315.9MView ↗
10-K for FY2022, filed May 5, 2023
−$28MView ↗
How Were They Changing?
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Dec 7, 2023
Completed restructuring and transferred ownership to investor consortium and Cross River Bank
The consortium and Cross River Bank own all of the company’s capital stock.
Sources
8-K, filed Dec 7, 2023
NEW YORK & CHARLOTTE, NC, December 7, 2023 – Sunlight Financial Holdings Inc. (“Sunlight Financial”, “Sunlight” or the “Company”), a…View ↗
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Sep 28, 2023
NYSE suspended trading and began delisting proceedings
The common stock and warrants began trading on OTC Pink.
Sources
8-K, filed Sep 28, 2023
On September 25, 2023, Sunlight Financial Holdings Inc. (the “Company”) received notice from NYSE Regulation, which is responsible for…View ↗
Grew. Revenue grew 42% in 2 years, from $69.6M in FY2020 to $98.5M in FY2022, about 19% a year.
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