FTC Solar Q2 revenue misses estimates
Overview
FTC Solar Q2 revenue rises 74.9% y/y but misses analyst expectations
Adjusted EPS for Q2 misses estimates, reflecting ongoing financial challenges
Co secures $75 mln strategic financing facility, enhancing financial stability
Outlook
Company expects Q3 revenue to rise approximately 5% from Q2
FTC Solar anticipates significant revenue ramp in Q4
Company sees Q3 revenue between $18 mln and $24 mln
Introduction of extra-long tracker for 2,000-volt systems to reduce costs
Result Drivers
COST EFFICIENCIES - Operating expenses reduced to multi-year low, contributing to improved financial position
HIGHER PRODUCT VOLUMES - Revenue growth of 74.9% y/y driven by increased product volumes
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | Miss | $19.99 mln | $21.10 mln (3 Analysts) |
Q2 Adjusted EPS | Miss | -$0.86 | -$0.72 (3 Analysts) |
Q2 Adjusted Net Income | Miss | -$11.21 mln | -$9.76 mln (3 Analysts) |
Q2 Adjusted Income From Operations | Beat | -$10.36 mln | -$11.90 mln (2 Analysts) |
Q2 Adjusted Gross Margin |
| -17.4% |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the electrical components & equipment peer group is "buy"
Wall Street's median 12-month price target for FTC Solar Inc is $4.40, about 50.2% below its August 4 closing price of $6.61
Press Release: ID:nGNXb7df0B
