Ftc Solar, Inc. - FTCI STOCK NEWS

AUSTIN, Texas, March 10, 2023 (GLOBE NEWSWIRE) -- FTC Solar, a top provider of solar tracker systems, will present at the 35^th Annual Roth Conference on March 13, 2023, at 3:30 PM PT. A live webcast will be available on FTC Solar’s website. The company will also hold investor meetings on the same day. Founded in 2017, FTC Solar specializes in solar tracker technology that optimizes panel orientation to enhance energy production. Their innovative designs offer robust performance and an industry-leading cost advantage for installations.

FTS Solar, Inc. (Nasdaq: FTCI) reported fourth-quarter 2022 financial results with revenue of $26.2 million, marking a 58% increase quarter-over-quarter but a 74% decline year-over-year. The gross margin improved significantly, yielding a GAAP gross loss of $1.9 million (7.3% of revenue), compared to a $9.5 million loss in the previous quarter. The company achieved a record project backlog of $1.2 billion and a project pipeline of 110GW. Looking ahead, FTC Solar expects first-quarter revenue growth of 37%-53% and positive gross margin. The joint venture for U.S. manufacturing aims to leverage domestic steel for enhanced competitive positioning and compliance with the Inflation Reduction Act.

FTC Solar, Inc. (Nasdaq: FTCI) has announced it will report its fourth quarter and full year 2022 financial results on February 28, 2023, before market open. A conference call will follow at 8:30 a.m. E.T. to discuss the results and outlook, accessible via their website. Founded in 2017, FTC Solar specializes in solar tracker systems, technology, software, and engineering services, enhancing energy production through optimized solar panel orientation. The company aims to provide an industry-leading installation cost-per-watt advantage.

FTC Solar, Inc. (Nasdaq: FTCI) has entered into a joint venture with Taihua New Energy to form Alpha Steel LLC. This partnership focuses on manufacturing steel components for utility-scale solar projects, enhancing the company's domestic supply chain. The new facility in Sealy, Texas is set to begin production in mid-2023, utilizing U.S. steel to bolster the U.S. solar market. CEO Sean Hunkler noted that the initiative will accelerate their market presence while supporting clean energy growth.

FTC Solar, Inc. (Nasdaq: FTCI) announces key leadership changes: T.J. Rodgers steps down after five years as Chairman, while Shaker Sadasivam is appointed as the new Chairman. Rodgers, a founding investor, will remain a shareholder and advisor. Sadasivam has been a director since 2017 and is credited with guiding the company through market disruptions. Additionally, Tamara Mullings transitions from Board Observer to Director, bringing experience from MetLife and SunEdison. These changes aim to strengthen leadership as FTC Solar continues to lead in solar tracker systems and services, poised for future growth.

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.