price up icon8.97%   0.0345
pre-market  Pre-market:  .42   0.001   +0.24%

Why is Ftc Solar Inc (FTCI) Stock down?

We've noticed a 14.05% decline in Ftc Solar Inc (FTCI) stock during the 2024-07-01 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
08 Nov, 2023:

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.
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