FTC Solar Posts 26.1% Q3 Revenue Growth Amid Going-Concern Doubt
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FTC Solar Inc. posted 26.1% year-over-year revenue growth in the third quarter, while management concluded there was substantial doubt about the company’s ability to continue as a going concern during the next year. Revenue for the three months ended Sept. 30 was $32.813 million, up 25.4% from the second quarter. GAAP gross profit totaled $1.901 million, equal to 5.8% of revenue. The quarter’s revenue growth accompanied a $5.181 million adjusted EBITDA loss, a non-GAAP measure. FTC Solar recorded GAAP net income of $6.702 million, compared with a $23.938 million net loss in the year-earlier quarter.
Source: TokenPost
