Business
FTC Solar Announces First Quarter 2021 Financial Results
First Quarter Highlights and Recent Developments GAAP Revenue of $65.7 million, increased 103% compared with same quarter in 2020Secured first sales of our
About this update from Ftc Solar, Inc.
[{"type":"text","content":"First Quarter Highlights and Recent Developments GAAP Revenue of $65.7 million, increased 103% compared with same quarter in 2020Secured first sales of our new SunPath performance enhancement software productAwarded two international projects in AustraliaAdded over $280 million to executed contracts and awarded orders YTD through June 1*Closed Initial Public Offering (IPO) on April 30, adding $181 million to our balance sheet AUSTIN, Texas, June 08, 2021 (GLOBE NEWSWIRE) -- FTC Solar, Inc. (Nasdaq: FTCI), a fast-growing global provider of solar tracker systems, software and engineering services, today announced financial results for the first quarter ended March 31, 2021. This is the company’s first public announcement of quarterly financial results, as it initiated trading as a public company on April 28, 2021, on Nasdaq. “Our first quarter results were largely in line with our expectations,” said Tony Etnyre, FTC Solar President and Chief Executive Officer. “While the marketplace has seen significant increases in steel prices and freight, their impact to our first quarter results was manageable relative to estimates. “We are pleased that with our IPO complete, we are well-funded to pursue the many significant growth opportunities we see ahead, and to continue our growth trajectory,” Etnyre continued. “The solar industry continues to see significant growth as part of a multi-decade, fundamental change in energy markets. At the same time, the industry is transitioning to trackers because of the increased energy production benefit. FTC Solar is well positioned to benefit from these developments as we offer the global solar market a unique and differentiated offering. “In addition to doubling our revenue year-over-year in the first quarter, we are seeing meaningful growth in our executed contracts and awarded orders, as well as our overall project pipeline. Our executed contracts and awarded orders have grown by 260% on a year-to-date basis through June 1, with another $55 million added since the last update at the time of the company’s IPO. Subtracting the amount included in reported first quarter revenue, that brings the new balance to $326 million, with $159 million remaining with expected delivery in 2021, and $167 million currently expected to be delivered in 2022. These metrics give us additional confidence in the long-term ...