Business
FTC Solar Announces Second Quarter 2021 Financial Results
Second Quarter Highlights and Recent Developments Second quarter revenue of $50.1 million; total 1H’21 revenue up 39% y/y; Added to executed contracts and
About this update from Ftc Solar, Inc.
[{"type":"text","content":"Second Quarter Highlights and Recent Developments Second quarter revenue of $50.1 million; total 1H’21 revenue up 39% y/y; Added to executed contracts and awarded orders, now totaling $419 million YTD through Aug. 1*;Continuing to win new customers, including another top 5 construction firm/EPC;Recognized first revenue for our SunPath software solution;Sold stake in minority investment (Dimension Energy) for $22 million; andTargeting significant 2H’21 revenue growth, with increased logistics cost impact in Q3 followed by significant progress toward profitability in Q4 AUSTIN, Texas , Aug. 11, 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 second quarter ended June 30, 2021. “Revenue for the second quarter came in above the high-end of our guidance range for the period, with lower-than-expected non-GAAP operating expenses,” said Tony Etnyre, FTC Solar President and Chief Executive Officer. “Despite an additional $10 million of expense incurred in a continued challenging and tightening global logistics environment, our Non-GAAP net loss was within our guidance range.” “While the solar industry continues to contend with higher commodities and logistics pricing, FTC Solar has taken meaningful actions to mitigate the impact to our business, while providing compelling solutions for our customers. During this difficult time for the industry, we continue to work with our customers to limit the impact of these short-term cost disruptions, while at the same time developing innovative logistics solutions that provide price certainty for our customers and drive significant improvement towards profitability for Q4. “This approach has helped support a continued growth in demand for our products. This demand is reflected in growth of our contracted and awarded orders, which have grown 385% on a year-to-date basis through August 1, with another $203 million added since our last update as of June 1. Excluding the amount included in reported first-half revenue, executed contracts and awarded orders as of August 1 were $478 million, with expected delivery dates in 2021 and 2022.” Summary Financial Performance: Q2 2021 and Q2 2020 (in thousands, except per share data and percentages) GAAP Non-GAAP Three Mon...