Utility-scale solar tracker provider FTC Solar posts loss in Q3 earnings

RYAN KENNEDY | Source: PV Magazine | Posted 11/12/2024

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The company posted a loss of $0.10 per share, coming it slightly worse than the expected loss of $0.09 per share. Revenues marginally beat consensus estimates, landing at $10.14 million, or a 5% beat.

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FTC Solar announced its Q3 2024 earnings with a loss of $0.10 per share, slightly worse than expected, while revenues slightly beat consensus estimates, landing at $10.14 million, representing a 5% beat. Revenues were down 11.3% compared to the prior quarter and 66.8% compared to the year-earlier quarter due to lower product volumes, leading to a 12% decrease in shares following the report.

The company added $18 million in new purchase orders and hired Yann Brandt as CEO in the quarter. FTC Solar inked large, long-term contracts with industry leaders and provided guidance for Q4 2024, expecting $10 million to $14 million in revenue and gross margin losses of 10.7% to 42.2%. Looking forward to 2025, the company anticipates improved revenue, margin, and adjusted EBITDA, aiming for adjusted EBITDA breakeven on a quarterly basis.

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Source Link: https://pv-magazine-usa.com/2024/11/12/utility-scale-solar-tracker-provider-ftc-solar-posts-loss-in-q3-earnings/

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Utility-scale solar tracker provider FTC Solar posts loss in Q3 earnings

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