FTC SOLAR Reports 5.3% Increase in Revenue for Second Quarter of Fiscal Year Ending June 30, 2023
August 14, 2023
☀️Earnings Overview
On August 9 2023, FTC SOLAR ($NASDAQ:FTCI) released their results for the second quarter of the fiscal year ending June 30 2023, showing total revenue of USD 32.4 million – a 5.3% increase compared to the same period last year – and net income of USD -10.4 million, a significant improvement from the -25.7 million reported the year prior.
Analysis
GoodWhale’s analysis of FTC SOLAR‘s financials shows that it is a high risk investment. GoodWhale has identified four potential risks when it comes to the income sheet, balance sheet, cashflow statement, and financial journal. GoodWhale looked at the income sheet for any red flags, the balance sheet to check the company’s assets to liabilities ratio, the cashflow statement to see whether the company has enough cash on hand and is managing it properly, and the financial journal to identify any major changes in the company’s financial situation. Risk Rating has determined that FTC SOLAR is a high risk investment in terms of financial and business aspects. Potential investors should be aware that there are several risks associated with investing in this company and should take these into consideration. To get a better understanding of the risks, potential investors can register on goodwhale.com and check out the detailed analysis provided by GoodWhale. More…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Ftc Solar. More…
| Total Revenues | Net Income | Net Margin |
| 116.05 | -68.31 | -60.1% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Ftc Solar. More…
| Operations | Investing | Financing |
| -48.92 | -4.17 | 20.97 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Ftc Solar. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 137.44 | 58.04 | 0.71 |
Key Ratios Snapshot
Some of the financial key ratios for Ftc Solar are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 32.3% | – | -58.3% |
| FCF Margin | ROE | ROA |
| -42.6% | -57.3% | -30.8% |
Peers
FTC Solar Inc is a leading solar company that provides solar panels and other solar products to homeowners and businesses. The company has a strong presence in the market and competes with other solar companies such as Sunrun Inc, SolarEdge Technologies Inc, and ABCO Energy Inc. FTC Solar Inc offers a variety of solar products and services that are designed to meet the needs of customers. The company has a team of experienced and knowledgeable solar experts who are dedicated to providing the best possible service to their customers. FTC Solar Inc is committed to providing the highest quality solar products and services to its customers.
– Sunrun Inc ($NASDAQ:RUN)
Sunrun is a publicly traded company that provides solar energy services to residential and commercial customers in the United States. As of 2022, the company had a market capitalization of 4.58 billion and a return on equity of -4.92%. The company offers solar panel installation, financing, and leasing options to customers. It also provides battery storage systems and home solar batteries.
– SolarEdge Technologies Inc ($NASDAQ:SEDG)
SolarEdge Technologies Inc is a publicly traded company that manufactures solar inverters and power optimizers. The company was founded in 2006 and is headquartered in Israel. SolarEdge’s products are used in photovoltaic systems and enable the maximum power output of solar panels. The company’s products are sold worldwide and its customer base includes solar installers, distributors, and system integrators.
– ABCO Energy Inc ($OTCPK:ABCE)
The company’s market cap is 234.46k as of 2022. The company’s ROE is 27.46%. The company’s Return on Equity (ROE) is the percentage of net income that is returned to shareholders as dividends. The company’s net income is the profit that the company generates after all expenses have been paid. The company’s dividend is the portion of the company’s net income that is distributed to shareholders. The company is a publicly traded company that engages in the exploration, production, and development of oil and natural gas properties.
Summary
Investors of FTC SOLAR were surprised by the second quarter earnings report on August 9 2023, which showed total revenue of USD 32.4 million, a 5.3% increase from the prior year. Net income was at USD -10.4 million, an improvement from -25.7 million in the same period last year. Despite this encouraging financial performance, investors reacted negatively by sending the stock price down on the same day. Considering the company’s relatively short history in the market, investors should take a long-term approach when making decisions on FTC SOLAR investments.
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