Press Release

Grand News Network | November 8, 2023

FTC Solar Stock Diving On CEO, CFO Departure & Weak Guidance: Here's Details

FTC Solar Inc (NASDAQ: FTCI) shares are trading lower by around 37% after it reported Q3 FY23 earnings.

Revenues rose 84% Y/Y to $30.5 million, beating the analyst consensus of $29.2 million, led by higher product volume. Revenues fell 5.6% sequentially.

Non-GAAP gross profit was $3.90 million (margin at 12.8%) vs. a loss of $(8.2) million in the prior-year period, led by significantly improved product direct margins and lower warranty, retrofit, and other indirect costs.

Non-GAAP operating expenses rose to $13.2 million from $9.1 million a year ago.

Adjusted EBITDA loss was $(9.7) million in Q3, narrower than the $(17.7) ...

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