Business
FTC Solar Announces Fourth Quarter 2022 Financial Results
Fourth Quarter Highlights and Recent Developments Revenue growth of 58% q/q, significant gross margin improvementProject backlog crosses billion-dollar mark
About this update from Ftc Solar, Inc.
[{"type":"text","content":"Fourth Quarter Highlights and Recent Developments\nRevenue growth of 58% q/q, significant gross margin improvementProject backlog crosses billion-dollar mark for first time at $1.2B, with $240 million addedTotal project pipeline1 reaches new record high of 110GWAnnounced U.S. manufacturing joint venture utilizing domestic steel AUSTIN, Texas, Feb. 28, 2023 (GLOBE NEWSWIRE) -- FTC Solar, Inc. (Nasdaq: FTCI), a leading provider of solar tracker systems, software and engineering services, today announced financial results for the fourth quarter ended December 31, 2022. “I’m pleased to report that fourth quarter results came in above the mid-point of our guidance on all metrics,” said Sean Hunkler, FTC Solar President and Chief Executive Officer. “While the U.S. market continues to be impacted by a UFLPA-related module shortage, we were able to finish the year on an improving trajectory, demonstrating 58% revenue growth over the third-quarter lows, along with significantly improved gross margin, as our cost-reduction initiatives are just beginning to show up in our results. “As I reflect on my first full calendar year as CEO in 2022, I am proud of how the team navigated many external challenges. The year began with historically high logistics and steel costs, followed by a rather challenging regulatory environment in the U.S. The team responded well to the challenges, utilizing the downturn to focus on what we can control and significantly improving our competitive positioning across nearly all aspects of our business. “We now have a materially lower product cost structure on current and future projects, which puts us on track for additional improvement in gross margin as our revenue grows. We have a more comprehensive product line that expands our addressable market in the U.S. and internationally. We are growing and diversifying in new markets and are positioned with a strengthened supply chain, including our recently announced U.S. manufacturing joint venture, which will bolster our ability to support customers with domestic content to capture monetary benefits from the Inflation Reduction Act. We also have a record backlog and pipeline that demonstrates increasing customer interest and global adoption. Looking ahead, we believe the solar market is not only poised to recover but is poised to recover with powerful and increasing, ...