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AUSTIN, Texas - FTC Solar, Inc. (NASDAQ:FTCI), a global provider of solar tracker systems and services, has announced the addition of Pablo Barahona to its Board of Directors, effective as of last Sunday. The appointment follows the resignation of Isidoro Quiroga Cortes, who stepped down from the board the previous day after more than four years of service.
Barahona brings over 30 years of international experience to the board, with a strong background in corporate governance and global market operations. His expertise spans several economic sectors, particularly in Latin America and Europe. His most recent role was President of Global Retail Markets West for Liberty Mutual, where he oversaw operations across multiple countries from January 2016 until June 2024.
The Chairman of the Board at FTC Solar, Shaker Sadasivam, expressed confidence in Barahona's vast knowledge and experience, which he believes will be invaluable as the company continues to expand and leverage its product offerings in the solar energy market.
Barahona's career includes significant leadership positions within Liberty Mutual, including President and CEO of Liberty Seguros Brazil and Liberty Seguros Chile. He has also served as Chairman of the Board for various Liberty Mutual subsidiaries. His academic credentials include a master's degree in economics from Duke University and a Bachelor of Arts from Universidad De Chile.
In his statement, Barahona expressed his enthusiasm about joining FTC Solar and contributing to the company's success in the clean energy sector.
FTC Solar, founded in 2017 by renewable energy industry veterans, specializes in solar tracker systems that optimize solar panel orientation to the sun, thereby increasing energy production at solar power installations. The company emphasizes its innovative tracker designs that offer performance, reliability, and cost-effectiveness.
This news is based on a press release statement and should be considered in light of the forward-looking statements it contains, which are not guarantees of future performance. The actual results could differ materially due to various risks and uncertainties. FTC Solar has no obligation to update these forward-looking statements unless required by law.
In other recent news, FTC Solar announced significant changes within the company. Board member Isidoro Quiroga Cortes has resigned from his position, having served for over four years and contributed significantly to the company's strategic initiatives. FTC Solar has not yet disclosed plans for his replacement.
In financial news, FTC Solar reported second-quarter earnings, with revenue standing at $11.4 million. However, the company also reported a gross loss of $2.3 million and a net loss of $12.2 million. Despite these figures, FTC Solar has secured $500 million in signed purchase orders and maintains a contracted backlog of $505 million.
The company has also announced the appointment of a new CEO, Yann Brandt. Looking ahead, FTC Solar forecasts third-quarter revenue to be between $9 million and $11 million, and anticipates positive EBITDA by 2025 with quarterly revenues ranging between $50-60 million. However, analysts have noted a decrease in the company's revenue for Q2 compared to the previous quarter and year-over-year. These are recent developments that investors should consider in their evaluations of FTC Solar.
InvestingPro Insights
As FTC Solar, Inc. (NASDAQ:FTCI) welcomes Pablo Barahona to its Board of Directors, the company's financial health and stock performance are critical factors for investors to consider. According to InvestingPro, FTC Solar holds more cash than debt on its balance sheet, which is a positive sign for the company's financial stability. However, the firm is quickly burning through cash, which could be a concern for its long-term financial health. Additionally, FTC Solar's stock is known for its high price volatility, which may influence investor decisions in the context of board changes and strategic direction.
InvestingPro Data provides further insights into the company's financial metrics. As of the last twelve months ending Q2 2024, FTC Solar has a market capitalization of approximately $30.58 million. The company's revenue for the same period stands at $77.77 million, though it has experienced a significant revenue decline of nearly 33%. The gross profit margin is notably weak at -0.16%, reflecting challenges in profitability and cost management.
For investors seeking more in-depth analysis, there are additional InvestingPro Tips available on the platform. These tips include detailed assessments of the company's valuation multiples, cash flow yield, and stock price performance over various timeframes. As of now, FTC Solar does not pay a dividend to shareholders, which may influence investment decisions for those seeking regular income streams.
For more comprehensive insights and tips on FTC Solar, investors can explore the full list of 17 InvestingPro Tips available at: https://www.investing.com/pro/FTCI.
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