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 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.
FTC Solar, Inc. (Nasdaq: FTCI) has secured a multi-year tracker supply agreement with Strata Clean Energy. The deal involves supplying approximately 500 megawatts of FTC's Voyager 2P solar tracker technology for multiple U.S. project sites. FTC Solar will be Strata's preferred 2P solar tracker supplier over an initial three-year term, with potential expansion to over a gigawatt of volume. The agreement includes the use of FTC's SunPath software to enhance output and performance. Strata's CEO praised FTC's trackers for their ease of installation, adaptability, and quality. The first project under this agreement is expected to begin in Q4 2024.
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.