FTC Solar Q2 Revenue Beats, Guides Q3 Above Views on New Project Wins
FTCI is trading near its 52-week low of $2.57 (15% above the low).
Summary
FTC Solar's Q2 revenue of $26.16M beat the $24.39M consensus, driven by a 400MW U.S. project and wins in Australia and India. The company guided Q3 revenue to $30M-$35M, above the pre-release estimate, and reaffirmed 40% full-year growth. A new 1P tracker line is gaining traction. This follows an earlier report that focused on the steep $1.69 per-share loss; the revenue and guidance details provide a more complete picture. The company also disclosed a $20M equity line with Lincoln Park Capital, adding financing flexibility.
At the time of this announcement, FTCI was trading at $2.95 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $49.3M. The 52-week trading range was $2.57 to $12.75. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.