FTC Solar reports Q1 EPS (58c), consensus (76c)

Reports Q1 revenue $20.8M, consensus $18.83M. “We’re pleased to report first quarter results which were ahead of target mid-points on all metrics,” said CEO Yann Brandt. “In recent months we have added multiples of our current annual revenue run rate to our backlog, signed agreements totaling more than 6.5 gigawatts with Tier 1 customers, added incremental liquidity for our balance sheet, strengthened our sales team, further strengthened our product offering and capabilities, and increased our commercial traction with bids on many gigawatts of future projects. Much of our recent momentum has been driven by the significant expansion of our innovative and differentiated 1P product line, including high wind offerings up to 150mph, terrain-following options, large stow range, compatibility across module manufacturers and types, and the upcoming availability of 100% domestic content. This compelling product line has helped drive significant increases in customer visits, bidding volume, average project size and customer access. Overall, I’m bullish on the long-term potential and prospects for FTC Solar (FTCI). We’re well positioned in a growth market to take significant share, with the right combination of people and products, providing the best value for our customers. Our priority is to demonstrate continued progress and convert the increased customer interest and wins into sustainable growth and profitability.”