AUSTIN, Texas - FTC Solar, Inc. (NASDAQ:FTCI), a provider of solar tracker systems and related services, announced the resignation of Isidoro Quiroga Cortes from its Board of Directors, effective last Sunday. Quiroga Cortes, who has served on the board for over four years, was recognized for his contributions to the company's corporate strategy and governance.
During his tenure, Quiroga Cortes played a significant role in guiding the company through various strategic initiatives. "I'd like to sincerely thank Isidoro for his service to the Board and continued support of FTC Solar," said Shaker Sadasivam, Chairman of the Board. The company highlighted Quiroga Cortes's valuable insights and his role as a valuable asset throughout his years of service.
In his parting remarks, Quiroga Cortes expressed his pleasure in serving on the FTC Solar Board and his intent to remain actively engaged with the company as a shareholder. "It has been a pleasure to serve as a member of the FTC Solar Board while the company has worked tirelessly to serve its customers with innovative solutions," he said.
FTC Solar, founded in 2017 by renewable energy veterans, specializes in solar tracker systems that optimize the orientation of solar panels to the sun, thus increasing energy production at solar power installations. The company prides itself on its innovative tracker designs that offer compelling performance and reliability, as well as a cost-effective installation advantage.
The press release also included forward-looking statements regarding the company's business operations and projections. These statements, which are not guarantees of future performance, involve risks and uncertainties. The company advised that these forward-looking statements should not be relied upon as predictions of future events and that actual results could differ materially.
The announcement is based on a press release statement, and FTC Solar has made no further comments on the matter. The company has not disclosed any immediate plans for replacing Quiroga Cortes on the Board of Directors.
In other recent news, FTC Solar reported its second-quarter financial results and announced the appointment of a new CEO, Yann Brandt. The company's Q2 revenue was $11.4 million, accompanied by a gross loss of $2.3 million and a net loss of $12.2 million. Despite these figures, FTC Solar has secured $500 million in signed purchase orders and maintains a contracted backlog of $505 million.
The company anticipates project delays that may affect revenue in the upcoming quarters, with third-quarter revenue projected to fall between $9 million and $11 million. However, FTC Solar remains optimistic about the future, forecasting positive EBITDA by 2025 with quarterly revenues ranging between $50-60 million.
Analysts noted the company's revenue for Q2 decreased by 9.2% compared to the previous quarter and 64.7% year-over-year, but also highlighted FTC Solar's ability to maintain competitive product costs and successfully reduce its break-even revenue level. These are recent developments that investors should consider while evaluating the company's performance and future prospects.
InvestingPro Insights
In light of the recent board changes at FTC Solar, Inc. (NASDAQ:FTCI), investors may be closely monitoring the company's financial health and market performance. According to InvestingPro data, FTC Solar currently holds a market capitalization of $32.38 million, reflecting the scale of the company within the solar industry. The data also reveals a significant revenue decline over the last twelve months as of Q2 2023, with a decrease of approximately 33%. Moreover, the company's gross profit margin stands at a negative 0.16%, indicating challenges in maintaining profitability against costs.
InvestingPro Tips for FTC Solar underscore some critical aspects for potential investors to consider. The company holds more cash than debt on its balance sheet, which could provide some financial flexibility in its operations. However, analysts have flagged that FTC Solar is quickly burning through cash and does not expect the company to be profitable this year. In addition, the stock is known for its high price volatility, which has been reflected in its price performance, with a significant decrease over the last year and the last three months.
For those considering an investment in FTC Solar, it's worth noting that the company does not pay a dividend to shareholders, which might influence the investment strategy for income-focused investors. For further insights, there are additional InvestingPro Tips available at https://www.investing.com/pro/FTCI, which could provide a deeper understanding of the company's financial position and market dynamics.
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