- FTC Solar announces its financial results for the first quarter ended 31 March, 2021
- The total first quarter revenue was $65.7 million, representing a growth of 103% when compared to the first quarter of 2020
- This growth can be attributed to increased product volumes
- GAAP Gross profit was $119,000, down from $7 million in the prior year period
US solar tracker Company FTC Solar announced its financial results for the first quarter ended 31 March, 2021. This is the company’s first public announcement of quarterly results, after it initiated trading as a public company on Nasdaq in April this year.
The total revenue in the first quarter was $65.7 million, representing a growth of 103% when compared to the first quarter of 2020. This growth can be attributed to increased product volumes. While GAAP Gross profit was $119,ooo, down from $7 million in the prior year period, this decline was primarily due to a strong ramp up in employee count and other overhead expenses to support the company’s growth trajectory, according to FTC.
Expressing satisfaction at the results, FTC Solar President and Chief Executive Officer Tony Etnyre said, “Our first quarter results were largely in line with our expectations. While the marketplace has seen significant increases in steel prices and freight, their impact to our first quarter results was manageable relative to estimates. We are pleased that with our IPO complete, we are well-funded to pursue the many significant growth opportunities we see ahead, and to continue our growth trajectory.”
In March 2021 FTC Solar had filed its IPO papers with the US Securities and Exchange Commission (SEC) to raise up to $100 million (see US Solar Tracker Supplier Eyeing $100 Million Through IPO). The company had closed the IPO on April 30, adding $181 million to its balance sheet.
For the latest on Solar Tracker technology, please check our first survey on this topic, which includes 36 tracker products from 19 companies, including all market leaders from three continents – Asia, Europe and America (see TaiyangNews Solar Tracker Market Survey 2021). We also organized a Solar Tracker Conference; the presentation recordings are accessible here.