U.S.-based solar tracker systems provider FTC Solar‘s net loss for the second quarter (Q2) 2024 was $12.2 million, up 17.3% from a net loss of $10.4 million in Q2 2023.

The increased net loss reflects the impact of reduced revenue and higher operational costs.

The company reported a revenue of $11.4 million for Q2, down 73% YoY from $42.4 million in the same period last year.

Project delays and challenging market conditions impacted sales, resulting in lower revenue.

Adjusted EBITDA for the quarter was a loss of $8.7 million, a 12.9% year-over-year (YoY) increase from a loss of $7.7 million.

The company’s contracted backlog stands at $505 million.

Shaker Sadasivam, Chairman of the Board of FTC Solar, said, “The company continues to drive key initiatives to support future growth and profitability and is well positioned with a robust product offering across 1P and 2P configurations, and a lowered breakeven revenue level to enable strong margin improvement as revenue grows.”

The company said it will continue to identify operational efficiencies while investing strategically in sales resources.

FTC Solar is a global provider of advanced solar tracker systems, offering innovative solutions that optimize solar energy production. The company’s products are designed to increase efficiency, reduce costs, and provide reliable performance for solar energy projects worldwide.

The company’s net loss narrowed to $8.8 million during the first quarter of 2024 from a loss of ₹11.8 million a year ago.

After the first quarter results were announced, the company had said its product portfolio was expanding, with a focus on optimizing customer project portfolios. Improvement in the “2P tracker” market had prompted ongoing systems, processes, and pricing enhancements.

FTC Solar’s net loss for the fourth quarter of 2023 amounted to $11.2 million from a loss of $20.5 million as operating expenses declined in light of lower product volume.