Ftc Solar, Inc. - FTCI STOCK NEWS

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.

FTC Solar (Nasdaq: FTCI) announced it will report its second quarter 2022 financial results on August 9, 2022, before market open. The investment community is invited to join a conference call at 8:30 a.m. E.T. to discuss these results and the company's future outlook. FTC Solar specializes in solar tracker systems, software, and engineering services, focusing on optimizing energy production at solar installations. The company's innovative solutions aim to provide a cost-effective advantage in solar energy.

FTC Solar, Inc. (Nasdaq: FTCI) has officially acquired HX Tracker, a China-based supplier of 1P solar tracker systems. This strategic acquisition enhances FTC Solar's international reach, especially in markets like China, the Middle East, and Africa. The deal introduces a 1P tracker solution that optimizes costs in low-labor markets, complementing FTC Solar's existing 2P Voyager solution. The company's President, Sean Hunkler, emphasized the acquisition's potential to accelerate growth and improve product offerings for customers. FTC Solar aims to leverage this acquisition to strengthen its market position in the solar energy sector.

FTC Solar, a leading solar tracker provider, announced CEO Sean Hunkler and CFO Phelps Morris will engage with investors at two upcoming conferences. The Cowen Sustainability & Energy Transition Summit is scheduled for June 7, 2022, where Hunkler will participate in a fireside chat at 9:10 a.m. Eastern Time, with a live webcast available on their website. The Roth London Conference will follow on June 22, 2022, in London. FTC Solar is recognized for its innovative tracker technology that enhances energy production and offers a cost-effective installation advantage.

FTC Solar reported first quarter 2022 revenue of $49.6 million, a 25% decline year-over-year due to a $5.0 million credit reserve. The company reached a record pipeline of 32+ Gigawatts and added $112 million in contracts recently. Despite a net loss of $27.8 million for the quarter, FTCI remains optimistic about long-term solar demand. However, it withdrew its annual guidance for 2022 due to uncertainties from the AD/CVD investigation impacting module procurement. An acquisition of HX Tracker is still on track for Q2 close.

FTC Solar, Inc. (Nasdaq: FTCI) will report its first quarter 2022 financial results on May 10, 2022, before market open. A conference call will follow at 8:30 a.m. E.T. to discuss the results and company outlook. This call will be webcast and accessible in the Investor Relations section of FTC Solar's website, with a replay available for 30 days.

FTC Solar, founded in 2017, specializes in solar tracker systems, technology, and engineering services aimed at optimizing energy production.