FTC Solar reports Q2 EPS ($1.18), consensus (72c)

Reports Q2 revenue $20.0M, consensus $20.06M. “Q2 results were in-line with our guidance ranges, with continued cost controls allowing for Adjusted EBITDA to come in at the high-end of the range”, commented Yann Brandt, CEO “As we approach my one-year anniversary with FTC Solar (FTCI), I believe we are in a much stronger position than just a year ago, with the company making great strides in enhancing its product, market and financial position. Over the past year we have added multiple gigawatts of business with Tier 1 accounts, along with other awards, strengthened our sales team, and increased our commercial traction with bids on many gigawatts of future projects. The most significant of our recent announcements was the $75M financing facility announced last month. In addition to giving us ample runway to achieve profitability, it gives incremental comfort to customers that we’ll be supporting them long into the future…One other innovation we’re announcing today is an extra-long tracker built specifically for 2,000-volt systems. As the industry prepares to make this transition, longer trackers can reduce eBOS and O&M costs while increasing power capacity by 33%. When customers are ready to make that transition, we are ready to support them with the fast, safe and easily constructible design that customers have come to expect from FTC”.