Business
FTC Solar Announces First Quarter 2022 Financial Results
First Quarter Highlights and Recent Developments First quarter revenue of $49.6 million, net of $5.0 million reserve International project pipeline reaches
About this update from Ftc Solar, Inc.
[{"type":"text","content":"First Quarter Highlights and Recent Developments\n First quarter revenue of $49.6 million, net of $5.0 million reserve International project pipeline reaches new record levels at 32+ GigawattsAwarded first projects in Kenya, South Africa and MalaysiaAdded $112 million to executed contracts and awarded orders since March 15Planned acquisition of HX Tracker remains on track to close in second quarter AUSTIN, Texas, May 10, 2022 (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, 2022. “Our results for the quarter were generally in-line with our expectations, net of the effects of a credit reserve,” said Sean Hunkler, FTC Solar President and Chief Executive Officer. “As we look at the current market environment, conditions are increasingly uncertain in the wake of the AD/CVD investigation announcement in the U.S. While customers increasingly value our solutions and service and want us to be ready to execute on projects quickly, the investigation has added to existing WRO and module pricing concerns to compound customers’ difficulties in procuring solar modules. This, in turn, is causing project decisions and schedules to continue to get pushed out in time. “Despite the near-term uncertainty, solar demand over the long-term remains quite strong. In fact, our pipeline1 has reached a new record high level, driven by more than 20% growth year-to-date outside the U.S. The record high excludes our pending acquisition of HX Tracker, an emerging China-based supplier of 1P tracker systems, which we believe will further accelerate FTC Solar’s international expansion with a complementary tracker solution optimized for low labor cost markets. The acquisition remains on track for a second-quarter close. “In addition to pipeline growth, we’ve also made nice progress bringing our executed contracts and awarded orders to $664 million, with $112 million added in the past two months. Almost half of the recent additions were international, showing our strong organic growth outside the U.S. This includes our first awards in three new countries: Kenya, South Africa, and Malaysia. “With a differentiated product, strong customer adoption, significant cost reduction initiatives and operational ...