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FTC Solar Announces Second Quarter 2023 Financial Results
Second Quarter Highlights and Recent Developments Gross margin expansion of 180 basis points q/q GAAP, 90 bps Non-GAAP, despite project push-outsProject
About this update from Ftc Solar, Inc.
[{"type":"text","content":"Second Quarter Highlights and Recent Developments Gross margin expansion of 180 basis points q/q GAAP, 90 bps Non-GAAP, despite project push-outsProject backlog reaches $1.6 billion, with $259 million recently addedAwarded landmark 1GW solar project, part of Cat Creek’s renewables agreement with BayerAwarded 300MW of solar projects in Spain and Italy, expanding served marketAwarded 120MW solar project in South Africa AUSTIN, Texas, Aug. 09, 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 second quarter ended June 30, 2023. “Project delays, including some related to domestic content discussions around the Inflation Reduction Act, have continued to challenge us as certain revenue anticipated in the second quarter has been pushed into future periods resulting in an overall disappointing quarter,” said Sean Hunkler, FTC Solar President and Chief Executive Officer. “However, on the positive side, we were pleased to show continued gross margin expansion in the quarter, with non-GAAP gross margin improving another 90 basis points over the prior quarter. Improved margins and continued cost controls allowed us to report Adjusted EBITDA flat with the prior quarter, despite the lower revenue. “While we’re disappointed that customer project delays have impacted near-term revenue, we are pleased to report that we have seen a significant uptick in project wins in the last few weeks, including several notable projects, which should set us up for meaningful revenue growth into 2024. Among these wins is a multi-year exclusive one-gigawatt award with Cat Creek Energy. The largest portion of this will supply the solar PV component of the landmark Cat Creek Energy & Water Storage facilities in Idaho, as part of the recently signed Bayer/Cat Creek contract to produce 1,400 GWh of clean renewable energy annually. We are also pleased to announce our expansion in Europe with a 300-megawatt tracker award in Spain and Italy, which includes utility-scale agrivoltaic projects, and marks our first projects in each country. Other notable wins include a new 120 megawatt award in South Africa. “With these new project awards, our total backlog2 has grown to $1.6 billion, with another $259 million added since May 10. While our larger...