FTC Photo voltaic Pronounces First Quarter 2021 Outcomes Launch Date and Convention Name; Feedback on the availability chain surroundings

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AUSTIN, Texas, Could 17, 2021 (GLOBE NEWSWIRE) – FTC Photo voltaic, Inc. (Nasdaq: FTCI), a worldwide supplier of photo voltaic monitoring methods, know-how, software program and engineering companies, as we speak introduced that ” it is going to report on its monetary report for the primary quarter of 2021 earlier than market outcomes on Tuesday, June 8, 2021.

A convention name for members of the funding neighborhood shall be held at 8:30 a.m. ET on the identical day, throughout which the Firm will focus on its first quarter 2021 outcomes, outlook and different enterprise components. This name shall be webcast and may be seen within the Investor Relations part of the FTC Photo voltaic firm web site at investor.ftcsolar.com. A replay of the convention name will even be obtainable on the web site for 30 days after the webcast.

Previous to the decision, FTC Photo voltaic President and CEO Anthony Etnyre as we speak issued the next assertion concerning the corporate’s first quarter 2021 outcomes and the present provide chain surroundings:

“We have been happy to turn out to be a publicly traded firm final month, and now stay up for reporting our first quarter 2021 outcomes and sharing, for the primary time, info on our enterprise outlook going ahead.

“Forward of this dialogue, we’re actually conscious of the numerous considerations related to rising prices for commodities, particularly for metal, and rising logistics prices for worldwide imports. As mentioned intimately in our supplies IPO, FTC Photo voltaic isn’t immune to those pressures, and now we have seen metal and logistics costs proceed to rise since then. Nonetheless, we’re joyful to report that in the course of the first quarter of 2021, the monetary impression of those components on our efficiency was manageable. The impacts for the primary quarter of 2021 are primarily associated to the switch of a small quantity of income from the primary quarter to the second quarter attributable to a delay in provider manufacturing, in addition to a slight improve in bills reflecting the share of further logistics prices that weren’t handed on to clients.

“At FTC Photo voltaic, we at the moment wouldn’t have any multi-project buyer agreements with unsecured or uncovered metal legal responsibility. Our technique has been to lock within the pricing of our merchandise on a project-by-project foundation as a way to align our uncooked materials prices with the costs we provide to clients. Earlier this yr, we additionally expanded and strengthened our international provider base that spans 13 nations, bettering our capacity to supply all obligatory provides for present and deliberate tasks.

“Whereas we didn’t see a major impression on our enterprise from these components within the first quarter of 2021, we proceed to observe the worldwide commodity and logistics surroundings. Particularly, whereas we anticipate that rising product and logistics prices will end in larger costs for patrons as a part of their agreements with us, we proceed to observe the general impression of those larger prices, in addition to larger prices for different photo voltaic undertaking supplies not bought by FTC. Photo voltaic modules, for instance, will tackle clients and their undertaking growth timelines. We’re exploring further alternatives to restrict the impression of rising metal costs and uncooked materials costs on our clients. Within the meantime, our quantity of orders taken and awarded has continued to develop, we proceed to make progress in implementing our price discount roadmap, and our steadiness sheet was just lately strengthened by elevating roughly $ 181 million. in the course of the IPO and establishing a revolver of $ 100 million, every with none debt. We consider we’re positioning ourselves additional to capitalize on the numerous development alternatives that we see forward. “

About FTC Photo voltaic, Inc.Based in 2017 by a gaggle of renewable power {industry} veterans, FTC Photo voltaic is a quickly rising international supplier of photo voltaic monitoring methods, know-how, software program and engineering companies. Photo voltaic trackers dramatically improve power manufacturing in photo voltaic installations by dynamically optimizing the orientation of photo voltaic panels relative to the solar. FTC Photo voltaic’s revolutionary tracker designs ship uncompromising efficiency and reliability, with an industry-leading price per watt set up benefit.

Ahead-looking statementsThis press launch incorporates forward-looking statements. These statements should not historic info, however fairly are based mostly on our present expectations and projections concerning our enterprise, operations and different components relating thereto. Phrases akin to “might”, “will”, “might”, “would”, “ought to”, “anticipate”, “foresee”, “potential”, “proceed”, “anticipate”, “has the intention ”,“ plans ”,“ plans ”,“ believes ”,“ estimates ”and related expressions are used to determine these forward-looking statements. These statements are solely predictions and, as such, should not ensures of future efficiency and contain dangers, uncertainties and assumptions which are troublesome to foretell. Precise outcomes might differ materially from forward-looking statements attributable to plenty of components, together with these described in additional element in our filings with the USA Securities and Trade Fee, together with the part entitled ” Danger components ”contained therein.

FTC Photo voltaic assumes no obligation or obligation to replace any forward-looking statements contained on this press launch on account of new info, future occasions, or modifications in its expectations, besides as required by legislation.

FTC Photo voltaic investor contact:Invoice Michalek Vice President, Investor Relations FTC SolarT: (737) 241-8618 E: [email protected]

Contact FTC Photo voltaic Media:Scott Deitz For FTC SolarT: (336) 908-7759

Monetary Information

Supply: FTC Photo voltaic, Inc

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