FTC Solar Shares Hit All-Time Low on Exit of CEO, CFO

By Dean Seal

Shares of FTC Solar hit a record low after the company said its chief executive and chief financial officer are on their way out.
The stock opened 39% lower at 73 cents and then continued to drop, hitting an all-time low of 54 cents. Shares have declined 80% since the start of the year.

The maker of solar-tracker systems and technology said Wednesday morning that Sean Hunkler and Phelps Morris have departed their respective roles as CEO and CFO. They will formally leave the company in December.
Chairman Shaker Sadasivam said the board decided it was time for new leadership to reflect FTC’s “improved positioning.”
The Austin-based company also released its third-quarter results on Wednesday morning, posting a loss of 14 cents a share and a loss 8 cents a share as adjusted for one-time items. Analysts had been expecting an adjusted loss of 7 cents a share.
Revenue shot up 84% to $30.5 million, above analyst forecasts for $29.2 million, according to FactSet.
Write to Dean Seal at [email protected]