Welcome to our dedicated page for Ftc Solar news (Ticker: FTCI), a resource for investors and traders seeking the latest updates and insights on Ftc Solar stock.
FTC Solar, Inc. supplies solar tracker systems supported by software and engineering services for solar power projects. Its tracker systems are designed to move solar panels during the day to maintain orientation toward the sun, and the company’s operating activity is centered on manufacturing and servicing solar tracker systems.
Company news typically covers quarterly financial results, outlook commentary, customer supply agreements, 1P and 2P tracker deployments, product and mounting-solution updates, investor conference participation, and executive or board changes. Recent commercial updates have included utility-scale tracker agreements in the United States and South Africa.
FTC Solar, Inc. (Nasdaq: FTCI) announced a net payout of approximately $22 million from selling its minority investment in Dimension Energy, LLC, with a potential additional $14 million based on performance milestones. FTC Solar invested $4 million in 2018 and received $2.1 million in dividends prior to the sale, which closed on June 24, 2021. This transaction strengthens FTC Solar's balance sheet and simplifies financial reporting, positioning the company for enhanced shareholder value.
FTC Solar reported a 103% increase in first quarter revenue to $65.7 million compared to Q1 2020. The company secured its first sales of the new SunPath software and added $280 million to its contract backlog. Despite revenue growth, FTC Solar reported a net loss of $7.4 million, or ($0.11) per share. The impact of rising costs for steel and shipping is a concern, with expected revenue for the second quarter between $41 million and $46 million. The company remains optimistic about growth in the second half of 2021.
FTC Solar (Nasdaq: FTCI) announced it will release its Q1 2021 financial results on June 8, 2021, before market opening. A conference call is scheduled for 8:30 a.m. E.T. on the same day to discuss these results and the business outlook. CEO Anthony Etnyre acknowledged rising commodity and logistics costs impacting the company, particularly steel, but noted manageable effects for Q1 2021. The company raised $181 million in its IPO and established a $100 million revolver, positioning itself for growth despite market challenges.
FTC Solar has priced its initial public offering of 19,840,000 shares at $13.00 each, set to begin trading on Nasdaq under the ticker FTCI on April 28, 2021. The offering closes on April 30, 2021, pending customary conditions. Notably, underwriters have a 30-day option to buy 2,976,000 additional shares. Proceeds will fund general corporate purposes, including purchasing shares from employees and insiders. Major banks including Barclays and BofA Securities are managing the offering, with the SEC declaring the registration statement effective on the offer date.
FTC Solar announced the launch of its initial public offering (IPO) for 18,421,053 shares, priced between $18 and $20 each. The company anticipates an additional 2,763,157 shares as part of an underwriters' option. Proceeds from the offering will be utilized for general corporate purposes, including buying back shares from employees and stakeholders. FTC has applied to list its shares on Nasdaq under the ticker symbol 'FTCI'. The IPO is being managed by Barclays, BofA Securities, Credit Suisse, and UBS Investment Bank.