L R AS Published on Sunday 14 November 2021 - n° 382 - Categories:company results
US tracker manufacturer FTC Solar suffers in late 2021/early 2022
US tracker manufacturer FTC Solar suffered a deferral of orders from Q4 2021 to 2022, limiting sales and hurting profitability
Third quarter sales of $53m
up 6% on the previous quarter. The company experienced higher procurement costs. This resulted in a net loss of $23m compared to a loss of $52m in Q2
To reassure, the company announced a $267 million increase in orders in three months (in Q3 ) and announced that it had taken steps to reduce costs and return the business to profitability in Q4
PV Tech of 11 November 2021
The contrast between Array and FTC is great: the former seems to have reached the bottom of its business in the third quarter and has announced that it is starting again. FTC, on the other hand, will experience a drop in activity in the fourth quarter, which could continue into the first half of 2022 as the shortage of panels will limit activity and therefore the need for followers!
