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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>


Solar Tracker Provider FTC Solar’s Q1 Loss Narrows on Lower Cost of Services

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