Why Is FTC Solar Stock Slumping Today
Portfolio Pulse from Nabaparna Bhattacharya
FTC Solar, Inc. (NASDAQ:FTCI) reported Q2 revenues of $32.36 million, missing the analyst consensus of $47.38 million. Adjusted EPS of $(0.06) loss also missed the consensus of $(0.04) loss. However, revenues rose 5.3% Y/Y, driven by higher product volume. The company also announced new orders from European renewables developer Five-E and a 1-Gigawatt tracker agreement for the Cat Creek Energy and Storage Project. FTCI expects Q3 revenues of $24 million-$34 million, significantly lower than the consensus of $73.98 million.
August 09, 2023 | 1:06 pm
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FTC Solar's Q2 results missed analyst expectations, and the company's Q3 revenue outlook is significantly lower than consensus. However, the announcement of new orders could provide some positive momentum.
FTC Solar's lower than expected Q2 results and disappointing Q3 outlook are likely to negatively impact the stock in the short term. However, the announcement of new orders could provide some positive momentum for the stock.
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