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					</table><p>U.S.-based solar tracker systems provider <a href="https://www.ftcsolar.com/" target="_blank" rel="noopener">FTC Solar</a>’s net loss narrowed to $11.8 million for the first quarter (Q1) of the financial year (FY) 2023 from $27.8 million year-over-year (YoY) despite a decline in revenue because the cost of revenue associated with engineering services saw a sharper cut.</p>
<p>The cost reduction was accompanied by a 17.5% year-over-year (YoY) drop in total revenue at $40.9 million, mainly driven by lower logistics volume, partially offset by higher product average selling price.</p>
<p>While the company’s Q1 revenue from products rose by 5% to $32.6 million, it was offset by a 44.7% decline in revenues from engineering services at $8.3 million.</p>
<p>The company said that the Q1 loss also dented the available Inflation Reduction Act incentives.</p>
<p>During Q1, FTC Solar eliminated over 20% of its product steel content while it launched a high-margin distributed generation business.</p>
<p>The company also introduced a new solution for the U.S. thin-film modules and one module in portrait (1P) solar tracker solution.</p>
<p>During the quarter, FTC further strengthened its portfolio of 1P, 2P, thin-film, and software-based solutions for solar.</p>
<p>“The new Pioneer 1P tracker shipping remained ahead of schedule, with first orders in the U.S. and Australia,” the company said.</p>
<p>FTC’s President and CEO Sean Hunkler commented, “In addition to improving our cost and margin profile by eliminating more than a fifth of the steel from our products and launching a higher-margin business, we have taken several other steps to improve our overall competitive positioning. We expanded our product offering and available market opportunity by adding a thin-film solution to our 2P Voyager tracker and introducing a new and differentiated 1P tracker called Pioneer, for which we just won our first project awards in the U.S. and Australia.”</p>
<p>FTC Solar <a href="https://www.mercomindia.com/ftc-solar-loss-narrows-by-14-yoy-in-2022" target="_blank" rel="noopener">posted</a> a net loss of $20.5 million in the fourth quarter of 2022, a YoY improvement of 14.15% compared to a loss of $23.88 million during the corresponding period in 2021.</p>
<p>The company’s net loss <a href="https://www.mercomindia.com/ftc-solars-q3-loss-widens-to-25-6-million" target="_blank" rel="noopener">widened</a> to $25.6 million in the third quarter of the previous FY compared to $22.9 YoY due to low demand induced by regulatory hurdles.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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Solar Tracker Provider FTC Solar’s Q1 Loss Narrows on Lower Cost of Services


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					</table><p>U.S.-based solar tracker systems provider <a href="https://ftcsolar.com/" target="_blank" rel="noopener">FTC Solar</a> recorded a revenue of $30.7 million in the second quarter (Q2) of 2022, a year-over-year (YoY) drop of 39% compared to $50.1 million in the same quarter last year.</p>
<p>FTC Solar’s adjusted earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter amounted to $17.74 million, a YoY surge of 6% from $16.75 million.</p>
<p>The company’s net loss declined to $25.62 million from $52.34 million in the same quarter last year.</p>
<p>In Q1, 2022, the company <a href="https://mercomindia.com/solar-tracking-ftc-solars-revenue-q1-2022/" target="_blank" rel="noopener">posted</a> revenue of $49.5 million and incurred a net loss of $27.7 million.</p>
<p>The revenue level reflected the lower demand environment in the U.S. amid the regulatory environment and solar module availability constraints. It represented a decrease of 38% compared to the prior quarter and a decrease of 39% year-over-year, driven by lower volume and partially offset by a higher average selling price.</p>
<p>FTC Solar added $141 million to its contracted and awarded orders, bringing its total to $774 million during the second quarter.</p>
<p>“Second quarter results were generally in-line with our expectations and reflect what has been a challenging solar-module constrained U.S. market environment. Following the President’s executive order on clean energy in June, we have observed a significant uptick in customer project discussions. Developer and EPC customers are eagerly working to secure sufficient module supply for both delayed 2022 projects as well as a strong funnel of 2023 projects. Based on these and other discussions, we believe that successfully navigating UFLPA import restrictions on solar modules remains the last hurdle for the industry to overcome to ensure a very strong recovery in 2023,” said Sean Hunkler, FTC Solar President and Chief Executive Officer.</p>
<p>FTC Solar recently <a href="https://mercomindia.com/funding-and-ma-roundup-power-factors-acquires-inaccess/" target="_blank" rel="noopener">announced</a> the acquisition of HX Tracker, a China-based supplier of 1P tracker systems. In July last year, FTC Solar <a href="https://mercomindia.com/funding-and-ma-roundup-partners-community-solar/" target="_blank" rel="noopener">received</a> a net payout of approximately $22 million in connection with the sale of its minority investment position in Dimension Energy.</p>
<p>FTC Solar was <a href="https://mercomindia.com/daily-news-wrap-up-isro-solar-energy-potential/" target="_blank" rel="noopener">awarded</a> a solar project in Africa to use FTC Solar’s latest Voyager+ tracker solution. The 1 MW project has been developed by AAAS Energy in conjunction with BUAN, with the last mile development and EPC works undertaken by Soventix, South Africa. The project is expected to begin generating power in early 2022.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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Solar Tracking Systems Company FTC Solar’s Loss Reduces to $25.62 Million in Q2 2022

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