Revenue of the solar company FTC Solar increased by 130%.

Solar company FTC Solar, Inc. (FTCI) has published a report for the fourth quarter and the whole of 2021. The company shows strong sales growth and is counting on additional factors to increase demand for solar energy. According to the results of the fourth quarter ended December 31, 2021, FTC Solar’s revenue increased by 130% year-on-year to $101.7 million.

For the full year, revenue was $270.5 million, compared to $187.3 million in 2020. The annual net loss was $106.5 million, or $1.24 per share. Increased logistics and personnel costs, as well as investments in business expansion, pressured the financial indicators. 

In the last quarter, FTC Solar managed the targeted market, triple the portfolio of projects on the international market, improved margins, and increase the efficiency of steel use by 20%. 

Also last year, FTC Solar presented a solution for distributed solar generation of small capacity (up to 20 MW) with turnkey delivery. Such projects are in demand in the suburbs, in small industries, and in remote settlements. In addition, FTC Solar gained the company HX Tracker, which develops, manufactures, and installs trackers – devices that turn solar panels after the sun. 

FTC Solar already has an offer of trackers, including the Voyager brand, which, according to the company, reduces installation time by over 40%. The intention of several countries to speed up the transition to green energy is a positive long-term factor for FTC Solar. In 2022, the company expects revenue growth of about 60% to $415-$460 million. They expect adjusted EBITDA to be negative between $4-$11 million.