FTC Solar Inc shares plummeted 62% to $0.46 in late-morning trading on Wednesday after the solar tracking systems maker announced a third quarter 2023 adjusted loss of $0.08 per share, falling short of the analyst consensus forecast for a $0.06 per-share deficit.
Its revenue for the period, however, rose 84% year over year to $30.5 million, edging past the $29.1 million Wall Street estimate although its top-line results fell 5.6% sequentially.
FTC also said its CEO Sean Hunkler and chief financial officer Phelps Morris will be leaving the company in December 2023.
"As the Board evaluated opportunities to accelerate momentum, we’ve agreed that now is the right time to bring new leadership to FTC Solar as we enter our next phase of growth and execution," FTC Solar chairman Shaker Sadasivam said in a statement.
Looking ahead, the company expects its 4Q revenue to be in the range of $18 million to $28 million.
Shares of FTC Solar have fallen 82% year to date.
Contact Sean at sean@proactiveinvestors.com