FTC Solar, Inc. - FTCI STOCK NEWS

FTC Solar (Nasdaq: FTCI) announces its participation at the RE+ 20th solar industry event in Anaheim, California from September 9-12, 2024. The company will showcase its Pioneer 1P tracker, which embodies the event's theme of 'Renewing What's Possible' by setting new standards for constructability and performance in solar tracking technology.

Key features of the Pioneer 1P tracker include:

• Fast and cost-effective installation with quick setup and simplified assembly
• Adaptability for any terrain or weather conditions
• Reliable energy production with zero-degree stow technology

FTC Solar's CEO, Yann Brandt, emphasizes the company's commitment to innovation and efficiency in meeting the demands of today's solar projects. The event will also feature a special presentation on 'Zero Degree Stow – A Differentiated Approach for Wind Stability' by Tyler Watson, Head of Project Engineering at FTC Solar.

FTC Solar (Nasdaq: FTCI), a leading provider of solar tracker systems, has announced an employment inducement award for its new President and CEO, Yann Brandt. The award, approved by the Board of Directors, includes 4,000,000 restricted stock units (RSUs) and 2,500,000 performance-based restricted stock units (PSUs). The RSUs will vest over three years, with 25% vesting on the grant date and the remainder vesting monthly. The PSUs will vest over four years, subject to achieving specific share value targets. This award, granted without shareholder approval, is in line with Nasdaq Stock Market Listing Rule 5635(c) for employment inducement awards. Brandt's employment with FTC Solar is set to begin on August 19, 2024, as per the agreement dated July 17, 2024.

FTC Solar (Nasdaq: FTCI) has appointed Pablo Barahona to its Board of Directors, effective August 12, 2024. Barahona replaces Isidoro Quiroga Cortes, who resigned after more than four years of service. With over 30 years of international experience, Barahona most recently served as President of Global Retail Markets West for Liberty Mutual, overseeing operations in Latin America and Europe. His expertise in global markets, corporate governance, and government relations is expected to be valuable as FTC Solar expands its served markets and capitalizes on its broadened product offering across 1P and 2P tracker configurations.

Barahona's background includes leadership roles at Liberty Seguros in Brazil and Chile, as well as serving as Chairman of the Board for several Liberty Mutual subsidiaries. He holds a master's degree in economics from Duke University and a Bachelor of Arts from Universidad De Chile.

FTC Solar (Nasdaq: FTCI), a leading provider of solar tracker systems, software, and engineering services, announced the resignation of Isidoro Quiroga Cortes from its Board of Directors, effective August 11, 2024. Quiroga Cortes served on the board for over four years, contributing insights on corporate strategy, governance, and organizational structure.

Chairman Shaker Sadasivam expressed gratitude for Quiroga Cortes' service and contributions. Quiroga Cortes stated his intention to remain engaged with FTC Solar as a shareholder and looks forward to watching the company's progress. The announcement highlights the amicable nature of the departure and suggests continued support from the outgoing board member.

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.