U.S.-based solar tracker systems provider FTC Solar recorded a revenue of $49.5 million in the first quarter (Q1) of 2022, a year-over-year (YoY) drop of 25%compared to $65.7 million in the same quarter last year.
The operating expenses of FTC Solar for Q1 totaled $18.4 million, a YoY increase of 127% from $8.1 million last year.
FTC Solar’s adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) for the quarter amounted to $20 million, a YoY surge of 186% from $7 million in the same period a year ago.
The company’s net loss mounted to $27.7 million from $7.4 million in Q1 2021.
FTC Solar recorded a loss of $27.7 million from operations, a YoY surge of 246.2% from $8 million in the same period a year ago.
The company had contracted and awarded orders worth $664 million with expected delivery dates in 2022 and beyond. This includes the addition of $112 million worth of projects since March.
The President and CEO of FTC Solar, Sean Hunkler, said that the current market environment was increasingly looking uncertain in the wake of the anti-dumping/ countervailing duties investigation in the U.S. The investigation and module pricing issues compound customers’ difficulties in procuring solar modules.
Earlier this year, the U.S. Department of Commerce declared that a probe would be initiated into the import of solar modules from the Southeast Asian nations of Malaysia, Cambodia, Thailand, and Vietnam. A California-based solar module manufacturer, Auxin Solar, filed a petition with the Department of Commerce alleging that the Chinese module makers had shifted production to the above four Asian countries circumventing the anti-dumping duties in the U.S.
FTC Solar entered the African market in November 2021 when it was awarded a 1 MW solar project. The project would use FTC Solar’s latest Voyager+ tracker technology, extending all advantages of FTC’s two-panel-in-portrait design, including industry-significant installation pace, high slope tolerance, reduced part count, and D.C. collection advantage.