Ftc Solar Inc (FTCI)

FTC Solar Inc Stock (FTCI) dropped by 64.45% from $1.19 to $0.423 in the trading on Wednesday November 8, 2023. The reason why FTCI stock down today include

• Q3 loss: FTC Solar reported a larger than expected Q3 GAAP loss of -$0.14, missing the consensus by $0.04 and revenue of $30.5M, up 84.1% Y/Y, missing the consensus by $5.98M. The company said it expects Q4 revenue will decline from Q3, with gross margin reflecting lower cost absorption.
• Leadership transition: FTC Solar has announced a turnover in its leadership ranks, as Sean Hunkler and Phelps Morris are departing their respective CEO and CFO positions, and will be leaving the company in December. A new CEO was not named, but FTC Solar (FTCI) said the combination of Chief Commercial Officer Patrick Cook, Chief Operating Officer Sasan Aminpour and Behnen will provide day-to-day management of the company.