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 has unveiled a groundbreaking dual-row configuration for its 1P Pioneer Tracker™, featuring the industry's highest East-West slope tolerance of 17.5% for linked trackers. The new system offers configurable 4x4, 3x3, and 2x2 modular setups, increasing power density by up to 23% while optimizing land usage.
The innovation delivers superior cost efficiency through streamlined components and a shared drive tube design, reducing installation complexity and material requirements. The system enables developers to integrate both independent and dual-row trackers within the same site, optimizing site design while lowering CAPEX.
According to Yann Brandt, President and CEO, this advancement provides developers with enhanced flexibility in site design and cost efficiency, maximizing energy production while minimizing installation complexity and capital costs.
FTC Solar (FTCI) reported Q4 2024 revenue of $13.2 million, up 30.2% quarter-over-quarter but down 43.1% year-over-year. The company posted a GAAP net loss of $12.2 million ($0.96 per share) and an Adjusted EBITDA loss of $9.8 million.
Key developments include: a 5-gigawatt supply arrangement with Recurrent Energy, a 330+ megawatt project in Australia from GPG Naturgy, and a 280-megawatt project from Rosendin. The company's contracted backlog stands at $502 million.
FTC Solar secured additional financing through an upsized promissory note offering of $10-$15 million expected to close in Q2, following a previous $15 million placement. The company received a $3.2 million earn-out from its Dimension Energy investment. Management expects Q1 2025 revenue to increase approximately 44% from Q4 and aims to achieve adjusted EBITDA breakeven within 2025.
FTC Solar (FTCI), a provider of solar tracker systems, software, and engineering services, has scheduled its fourth quarter and full year 2024 financial results announcement for Monday, March 31, 2025, before market open.
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 matters. The webcast will be accessible through the Investor Relations section of FTC Solar's website at investor.ftcsolar.com, with a replay available for 30 days following the presentation.
FTC Solar (FTCI) has appointed Kent James as Chief Commercial Officer for North America, effective January 6, 2025. James, a solar industry veteran with over 20 years of commercial experience, will lead FTC's North American commercial strategy and report to CEO Yann Brandt.
James' track record includes serving as SVP of Sales and Development at Primoris Renewable Energy, where he helped grow the company from a small EPC to a top 5 industry leader with revenues exceeding $1 billion. During his six-year tenure, he secured and completed more than 7 gigawatts of utility-scale solar projects. His previous roles include Executive Vice President at Northern Energy and Power, and various executive positions at Martifer Solar, EyeOn Energy, and other companies.
FTC Solar (Nasdaq: FTCI) has completed a private placement of senior secured promissory notes worth $15 million, along with warrants. The notes carry an 11% annual interest rate if paid in cash, or 13% if paid-in-kind, maturing on December 4, 2029. The warrants allow purchase of 1,750,000 shares of Common Stock at $0.10 per share over a five-year period. The company plans to use the proceeds for balance sheet support, growth acceleration, and general corporate purposes.
FTC Solar announced a 1-for-10 reverse stock split effective November 29, 2024, to meet Nasdaq Capital Market's minimum $1.00 bid price requirement. The split will affect all stockholders uniformly, reducing outstanding shares from approximately 127.7 million to 12.7 million. Trading under symbol FTCI will continue on Nasdaq, with split-adjusted trading beginning December 2, 2024. The split won't affect authorized shares or par value, but will proportionally adjust exercise prices and terms of outstanding stock options, restricted stock units, and equity awards.
FTC Solar reported Q3 2024 revenue of $10.1 million, representing a 66.8% decrease from Q3 2023. The company posted a GAAP net loss of $15.4 million, or $0.12 per share. Key developments include signing a 1GW tracker supply agreement with Dunlieh Energy and a multi-year agreement with Strata Clean Energy for 500MW, expandable to 1GW+. Post-quarter, FTC Solar received a $4.7 million earn-out payment and entered into a binding term sheet for a $15 million promissory note. The company's contracted backlog stands at $513 million, with $18 million in new purchase orders since August 2024.
FTC Solar (Nasdaq: FTCI) has scheduled its third quarter 2024 financial results announcement for Tuesday, November 12, 2024, before market open. The solar tracker systems provider will host a conference call at 8:30 a.m. E.T. on the same day to discuss the results, outlook, and other business matters. Investors can access the webcast through the company's Investor Relations website, with a replay available for 30 days following the presentation.
FTC Solar (Nasdaq: FTCI) has secured a significant agreement with Dunlieh Energy to supply trackers for over one gigawatt of solar projects starting in 2025. The first project under this agreement is the Situla Energy Project, a 500-megawatt utility-scale solar and battery facility in Banner County, Nebraska. The project is expected to create over 225 local construction jobs and contribute $1.4 million annually in nameplate capacity taxes. Tracker delivery will begin in second half of 2025. This agreement follows recent partnerships with Strata Clean Energy and Sandhills Energy.
FTC Solar announced it will supply its 1P Pioneer trackers for three Sandhills Energy projects totaling 1 gigawatt in Nebraska. The projects include a 448-megawatt facility in Burt County, a 320-megawatt project in Cass County, and a 225-megawatt project in Butler County. The high-density design trackers feature fast assembly time, high energy density, reduced pile count, and shorter embedment depth. Delivery is scheduled to begin in Q3 2025 and continue through Q4 2026. The projects' value was previously included in the company's contracted backlog disclosed on August 8, 2024.