FTC Solar plummets on Q3 results; CEO, CFO departure

FTC Solar

08/11/2023 13:14

** Shares of FTC Solar  FTCI.O  fall 22.50% to 92 cents
premarket
    ** Adj. loss of 8 cents per share vs. est. adj. loss of 7
cents per share - LSEG data
    ** Co, which posted Q3 revenue of $30.5 mln, said it expects
Q4 revenue "to be down from the third quarter with gross margin
reflecting lower cost absorption"; forecasts $18 mln to $28 mln
for Q4
    ** FTC's adjusted operating expenses for the quarter rose
44% to $13.222 mln from $9.15 mln the previous year, includes
credit loss provision of $4 mln
    ** CEO Steve Hunkler and CFO Phelps Morris to leave by
December this year; Chief Accounting Officer Cathy Behnen named
CFO on an interim basis
    ** Up to last close, stock is down 55.60% YTD

 (Reporting by Kabir Dweit)
 ((Kabir.Dweit@thomsonreuters.com))