Ftc solar announces second quarter 2023 financial results

Second quarter highlights and recent developments  gross margin expansion of 180 basis points q/q gaap, 90 bps non-gaap, despite project push-outs project backlog reaches $1.6 billion, with $259 million recently added awarded landmark 1gw solar project, part of cat creek's renewables agreement with bayer awarded 300mw of solar projects in spain and italy, expanding served market awarded 120mw solar project in south africa austin, texas, aug. 09, 2023 (globe newswire) -- ftc solar, inc. (nasdaq: ftci), a leading provider of solar tracker systems, software and engineering services, today announced financial results for the second quarter ended june 30, 2023. “project delays, including some related to domestic content discussions around the inflation reduction act, have continued to challenge us as certain revenue anticipated in the second quarter has been pushed into future periods resulting in an overall disappointing quarter,” said sean hunkler, ftc solar president and chief executive officer.
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