FTC Solar, Inc. - FTCI STOCK NEWS

FTC Solar (Nasdaq: FTCI) reported Q2 2024 financial results with revenue of $11.4 million, down 64.7% year-over-year. The company faced challenges, posting a GAAP net loss of $12.2 million or $0.10 per diluted share. Key highlights include:

- Appointment of Yann Brandt as new CEO, effective August 19
- Contracted backlog of $505 million
- Non-GAAP gross loss of $1.9 million (16.8% of revenue)
- Adjusted EBITDA loss of $10.5 million

FTC Solar expects Q3 2024 revenue to be flat to slightly down compared to Q2, with a significant revenue increase projected for Q4. The company now anticipates reaching adjusted EBITDA breakeven on a quarterly basis in 2025.

FTC Solar (Nasdaq: FTCI), a leading provider of solar tracker systems, software, and engineering services, has announced it will release its second quarter 2024 financial results before market open on Thursday, August 8, 2024. The company will host a conference call for investors at 8:30 a.m. E.T. on the same day to discuss the results, outlook, and other business items.

The call will be webcast and accessible through the Investor Relations section of FTC Solar's website at investor.ftcsolar.com. A replay of the conference call will be available on the website for 30 days following the webcast.

FTC Solar (Nasdaq: FTCI) has appointed Yann Brandt as its new President and CEO, effective August 19, 2024. Brandt, a solar industry veteran with over 18 years of experience, joins from FlexGen where he served as Chief Commercial Officer. The Board of Directors selected Brandt after a competitive search process, citing his strategic leadership and deep industry knowledge as key factors.

Brandt's experience includes roles at FlexGen, Quick Mount PV, and Conergy, where he demonstrated strong growth and operational expertise. He is also a Board Member for the Solar Energy Industries Association (SEIA). FTC Solar, known for its single-axis trackers and engineering services, aims to leverage Brandt's expertise to capture market opportunities and focus on execution and recovery.

FTC Solar (Nasdaq: FTCI) has launched its Automated Hail Stow Solution to protect solar panels from hail damage. This innovative solution integrates advanced technology with meteorological data to automatically adjust solar panel positions, reducing the risk of hail-related damage. Given the average insurance claims of $58.4 million per hail incident in the US, this solution is a significant advancement. Developed in collaboration with VDE Americas, the solution uses a hail stow strategy that positions solar modules at optimal angles to minimize hail and wind impacts. Key features include integration with FTC's SUNOPS management platform, real-time meteorological data updates, customizable stow thresholds, and both auto-stow and manual stow options. FTC Solar continues to focus on innovation and sustainability, aiming to enhance operational efficiency and asset protection in the renewable energy sector.

FTC Solar (Nasdaq: FTCI) has announced new leadership appointments to enhance customer experience and support global growth. The changes include Patrick Cook as Senior VP of Capital Markets and Business Development, Alberto Echeverria as Senior VP of International Sales, and Tamara Mullings as Senior VP of North American Sales. Cook, formerly Chief Commercial Officer and CFO, brings experience from Dot Foods, SunEdison, and Bank of America. Echeverria, a veteran in the tracker industry, has held senior roles at STI Norland and Nextracker. Mullings, a former FTC Solar board member, has a background with AFARA Governance, MetLife, SunEdison, and IBM. Chairman Shaker Sadasivam stated these appointments will help the company better serve customers and achieve strategic growth.

FTC Solar, Inc. announced its first quarter 2024 financial results, with revenue of $12.6 million and a total backlog of $1.8 billion. The company remains focused on profitability, operational efficiencies, and customer service. Despite a decrease in revenue compared to previous quarters, the company is working on improving business processes and driving customer engagement.

FTC Solar, Inc. (Nasdaq: FTCI) will announce its first quarter financial results on May 10, 2024. The company is a leading provider of solar tracker systems, software, and engineering services. An investor call will be held to discuss the results and business outlook.

FTC Solar, Inc. (FTCI) is set to present at the 36th Annual Roth Conference on March 18, 2024, at 9:00 a.m. Pacific Time. The company will engage in investor meetings and offer a live webcast accessible on its website.

FTC Solar, Inc. reported fourth-quarter revenue of $23.2 million, with an addition of approximately $213 million to backlog since November 8. The company aims to lower the breakeven revenue level and improve gross margin potential. They are actively searching for a new CEO. Fourth-quarter financial results showed a decrease in revenue compared to the prior quarter. The company expects revenue to be lower in the first quarter of 2024 but anticipates sequential growth for the rest of the year, aiming for profitability in the fourth quarter.