FTC Solar, a prominent provider of solar tracker systems, software, and engineering services, unveiled its financial results for the third quarter (Q3) concluding on September 30, 2023. Additionally, the company announced a significant leadership transition, with Sean Hunkler and Phelps Morris stepping down from their positions as CEO and CFO, respectively. Both executives are set to depart the company in December 2023. In response to these developments, FTC Solar’s stock witnessed a sharp decline of over 74% on the day of the announcement.
At the time of this publication, FTC Solar Inc stock (FTCI) has witnessed a decline.
FTC Solar Inc
Current Price: $0.31
Change : -0.88
Change (%): (-74.23%)
Volume: 19.2MSource: Tomorrow Events Market Data
Cathy Behnen, who has been the company’s Chief Accounting Officer since 2020, has been appointed as the interim CFO. Behnen brings with her a wealth of financial leadership experience, boasting more than two decades in the field. Prior to joining FTC Solar, she served as the CFO and VP of Finance at Penn National Gaming Hollywood Casino San Diego.
The triad of Executive Leadership members, comprising Patrick Cook as Chief Commercial Officer, Sasan Aminpour as Chief Operating Officer, and interim CFO Cathy Behnen, will collectively assume responsibility for the day-to-day management of the company. The Board of Directors will intensify its oversight of these leaders and increase its involvement on a more regular basis to ensure a seamless transition for both the company and its stakeholders.
FTC Solar Q3 Results
FTC Solar reported a revenue of USD 30.55 million, reflecting a substantial increase from the USD 16.57 million recorded in the corresponding period the previous year. The net loss for Q3 amounted to USD 16.94 million, a notable improvement from the USD 25.64 million loss reported in the same quarter last year. Basic loss per share from continuing operations stood at USD 0.14, compared to USD 0.25 in the previous year. Similarly, diluted loss per share from continuing operations was USD 0.14, down from USD 0.25 in the same period last year.
FTC Solar Nine Month Results
Looking at the company’s performance over the nine-month period, revenue totaled USD 103.8 million, slightly surpassing the USD 96.85 million generated in the previous year. The net loss for the nine months was USD 39.11 million, a significant reduction from the USD 79.11 million loss reported in the corresponding period last year. Basic loss per share from continuing operations was USD 0.35, down from USD 0.79 in the previous year. Diluted loss per share from continuing operations also showed an improvement, standing at USD 0.35, compared to USD 0.79 in the same period last year.
