Business
FTC Solar Announces Third Quarter 2021 Financial Results
Third Quarter Highlights and Recent Developments Third quarter revenue of $53.0 million, up 5.8% q/q; nine-month revenue up 18% y/y; Added to executed
About this update from Ftc Solar, Inc.
[{"type":"text","content":"Third Quarter Highlights and Recent Developments\nThird quarter revenue of $53.0 million, up 5.8% q/q; nine-month revenue up 18% y/y; Added to executed contracts and awarded orders, now totaling $752 million YTD through Nov. 9*; Announced 1.7GW transaction to supply trackers to multiple projects in development by a leading project developer;Awarded three new projects in Australia, including largest to-date, and first two projects in Africa;Sean Hunkler named CEO; andContinue to expect strong sequential revenue growth in Q4, despite project delays/push-outs. AUSTIN, Texas, Nov. 10, 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 third quarter ended September 30, 2021. “Adjusted EBITDA for the third quarter came in toward the high-end of the company’s guidance range”, said Sean Hunkler, FTC Solar President and Chief Executive Officer, “with lower logistics and operating expenses offsetting lower than target revenue, as some production/revenue recognition shifted between periods.” “As I cross the six-week mark as CEO, I’m excited by what I have seen so far and by the promising long-term prospects ahead for FTC Solar. We have strong and expanding customer relationships, underscored by our multi-year transaction with a leading project developer for a significant portion of the pipeline being developed by them – a first of its kind transaction for FTC Solar. As part of the transaction, FTC intends to make a limited amount of development capital available to some of these projects. We also have numerous opportunities to add new customers both domestically and around the world. We are pleased to report that we’ve recently seen additional growth on this front, including our first two projects in Africa as well as three more projects awards in Australia, including our largest there to-date. “These wins have supported our contracted and awarded order growth, which was up about 580% on a year-to-date basis to today, with another $267 million added since our most recent update as of August 1. Excluding the amount included in reported first-nine months revenue, executed contracts and awarded orders as of November 9 were $692 million, with expected delivery dates in 2021 and beyond. At this point, we’ve...