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FTC Solar , Inc. (NASDAQ:FTCI), a semiconductor and related devices manufacturer with a market capitalization of $59 million, announced the results of its Annual Meeting of Stockholders held on June 11, 2025. According to InvestingPro data, the company has shown strong momentum with a 29% price return over the past six months, despite facing profitability challenges. Shareholders voted on two key proposals during the meeting.
Proposal 1 involved the election of directors. All nominated directors were elected to serve until the 2028 Annual Meeting of Stockholders or until their successors are duly elected and qualified. The elected directors are Pablo Barahona, Darrell Jackson, and David Springer. The voting results for the directors were as follows: Pablo Barahona received 3,497,835 votes for and 68,430 withhold/abstain votes, Darrell Jackson received 3,531,293 votes for and 34,972 withhold/abstain votes, and David Springer received 3,518,300 votes for and 47,965 withhold/abstain votes. There were 4,201,757 broker non-votes for each director nominee.
Proposal 2 addressed the ratification of the appointment of BDO USA, P.C. as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025. The appointment was ratified with 7,678,083 votes for, 57,615 votes against, and 32,324 withhold/abstain votes.
The announcement of the voting results from the Annual Meeting of Stockholders is based on the company’s recent SEC filing.
In other recent news, FTC Solar Inc. reported a significant increase in revenue for the first quarter of 2025, with figures rising 58% quarter-over-quarter and 65% year-over-year, reaching $20.8 million. Despite a GAAP net loss of $3.8 million, the company has been focusing on reducing operating expenses for six consecutive quarters. FTC Solar’s contracted backlog stands at $482 million, indicating strong future prospects. The company has set a revenue target of $19-24 million for the second quarter of 2025, with expectations for the second half of the year to surpass the first half. FTC Solar aims to achieve adjusted EBITDA breakeven in 2025. Analysts from firms like TD Cowen and Roth Capital Partners (WA:CPAP) have been inquiring about the impact of tariffs and other market conditions, with FTC Solar indicating minimal exposure. The company continues to expand its market share with its 1P tracker solution, despite challenges such as tariffs and supply chain disruptions.
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