FTC Solar, Inc. - FTCI STOCK NEWS

FTC Solar, a leader in solar tracker systems, will present at the Needham Growth Conference on January 12, 2023, at 3:00 PM ET. The event will feature a live webcast available on the company's website. FTC Solar specializes in enhancing solar energy production through innovative tracker technology that optimizes panel orientation, offering significant cost advantages in installation. Investors can also engage in virtual meetings on the same day.

FTC Solar reported its third-quarter results for 2022, revealing a revenue of $16.6 million, down 69% year-over-year due to challenges in the U.S. solar market. The total backlog reached $961 million, with $203 million added since August. Despite lower revenue expectations for Q4, the company anticipates a recovery with estimated growth of 40%-60% sequentially. The gross profit margin improved to 49.8%, and liquidity remains stable with $50 million in cash. Full-year outlook remains optimistic, focusing on long-term growth opportunities and market recovery.

FTC Solar (Nasdaq: FTCI) has launched an innovative clamping solution to enhance the rapid installation of First Solar's Series 6 and Series 6 Plus modules. This new product variant of the Voyager mounting system utilizes FTC's patented Slide and Glide methodology, allowing for a unique, hardware-free installation process. The integration of First Solar's SpeedSlot feature with FTC's technology is expected to significantly reduce installation times, addressing a market need for efficient solar module setups. This initiative underscores FTC Solar's commitment to innovation in the solar energy sector.

FTC Solar, Inc. (Nasdaq: FTCI) announced its intent to report third quarter 2022 financial results on November 9, 2022, before market open. A conference call for investors is scheduled for the same day at 8:30 a.m. E.T., discussing results, outlook, and business updates, accessible via the company's website. Established in 2017, FTC Solar specializes in solar tracker systems, optimizing energy production through innovative technology, offering a cost-per-watt advantage in installations.

FTC Solar (Nasdaq: FTCI) has been selected to supply its Voyager solar tracker technology for the 128 MW Cunderdin hybrid PV solar and battery project in Western Australia, marking it as the largest DC-coupled solar project in Australia. Owned by Global Power Generation (GPG), construction is slated to start in Q4 2022, with operations expected in Q1 2024. The integration of a Battery Energy Storage System enhances operational flexibility to support peak demand in the Wholesale Energy Market. FTC has delivered over 240 MW of trackers in Australia, with this being their largest single project to date.

FTC Solar, Inc. (Nasdaq: FTCI) announced its selection by Primoris Renewable Energy to supply a minimum of 500 megawatts of its Pioneer 1P tracker technology across several U.S. project sites. The Pioneer tracker offers a 18%-36% reduction in pile count per megawatt compared to competitors and enables significant reductions in labor and material costs, leading to enhanced energy output. Primoris emphasized the partnership's ability to add value to clients and promote increased domestic content in solar projects.

FTC Solar, Inc. (Nasdaq: FTCI) has launched the new 1P Solar Tracker Solution, named Pioneer, designed to enhance solar energy efficiency and reduce costs. Pioneer can reduce pile count by 18%-36%, leading to significant savings in labor and materials. Additionally, it enables over 5% greater energy output per installation. The company secured a multi-year agreement with Primoris Renewable Energy to supply at least 500 megawatts of solar tracker technology. The product will be showcased at the RE+ Power show in Anaheim, CA, from September 19-22, 2022.

FTC Solar reported Q2 2022 revenues of $30.7 million, a 39% decline year-over-year, attributed to solar-module constraints and a challenging market. The company added $141 million in executed contracts since May, increasing total orders to $774 million. Gross margin improved but remained negative at (21.2%). Looking ahead, FTCI anticipates Q3 to be the lowest revenue quarter, with a rebound expected in Q4 as new projects commence. The management expressed optimism about a strong recovery in 2023, driven by pent-up demand and ongoing cost reduction efforts.

FTC Solar, collaborating with AUI Partners, has launched a new offering targeting the distributed generation (DG) market for solar projects under 20 megawatts. This partnership leverages FTC's proprietary Voyager+ solar tracker, known for its reliability and high energy yields. AUI Partners will manage design, lead generation, and installation, significantly reducing project lead times to as little as 8 weeks. The DG Solutions Business Unit aims to optimize energy production for various sectors, including commercial and agricultural projects, amid the growing demand for solar energy solutions.