FTC Solar reports Q3 adjusted EPS (10c), consensus (8c)

Reports Q3 revenue $10.14M, consensus $9.89M. “I’m excited to have begun my tenure as CEO during the third quarter,” said Yann Brandt, President and Chief Executive Officer of FTC Solar (FTCI). “As I take stock of our positioning at the 90-day mark, I believe the company is in an enviable position in many respects. This includes having a product portfolio that customers love, a business they appreciate working with, and a cost structure poised to enable strong margin growth and profitability. In addition, the company now has a compelling and expanded 1P product set that opens up the vast majority of the market that wasn’t available to the company in the past. The company is in a strong position as it relates to some of the most critical aspects of the business, and I can’t wait to work alongside our team to scale our market share. With a solid underlying foundation, we have also been pleased to announce some recent business wins, including a 500-megawatt, scalable supply agreement with industry leader Strata Clean Energy, a one-gigawatt plus agreement with new customer Dunlieh Energy, additional project detail on one-gigawatt worth of projects with Sandhills Energy, as well as new announcements today of a $15 million note placement and a $4.7 million earn out on a prior investment, both of which add incremental strength to our balance sheet.”