FTC Solar Q4 rev $101.7M (+130% YoY) beats guidance; acquires HX Tracker; new CFO

FTC Solar, Inc.

Q4 revenue $101.7M, above $70-80M guidance; GAAP net loss $23.9M ($0.25/share).
Full-year 2021 revenue $270.5M (+44% YoY); GAAP gross margin -12.0%.
Acquiring China-based HX Tracker for $4.3M cash + 1.4M shares; close expected Q2 2022; ~3x 2023 EBITDA.
Ali Mortazavi (EVP Global Sales) departing; Patrick Cook (CFO) moves to CCO effective March 31; Phelps Morris named CFO.
FY 2022 revenue guidance $415-460M (62% YoY growth at midpoint); Q1 guidance revenue $55-65M.

item 2.02 item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Ali Mortazavi

Executive Vice President, Global Sales and Marketing

FTCI · FTC Solar, Inc.

Filed: March 15, 2022, 7:59 PM ET

On March 11, 2022, Ali Mortazavi and the Chief Executive Officer of the Company agreed that Mr. Mortazavi would cease to be employed by the Company as Executive Vice President, Global Sales and Marketing, after a transition period of approximately 30 days in order to facilitate an effective transition.

Appointed

Phelps Morris

Chief Financial Officer

FTCI · FTC Solar, Inc.

Effective: 2022-03-31
Filed: March 15, 2022, 7:59 PM ET

The Company will be appointing Phelps Morris, its current Vice President, Corporate Finance, to succeed Mr. Cook as Chief Financial Officer, effective March 31, 2022.

Role change

Patrick Cook

Chief Commercial Officer

FTCI · FTC Solar, Inc.

Effective: 2022-03-31
Successor: Phelps Morris
Filed: March 15, 2022, 7:59 PM ET

As of March 15, 2022, the Company will be transitioning Patrick Cook, its current Chief Financial Officer, to a new expanded role as Chief Commercial Officer, effective March 31, 2022.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Ali Mortazavi departed as Executive Vice President, Global Sales and Marketing at FTC Solar, Inc..

Action: ceased to be employed
Role: Executive Vice President, Global Sales and Marketing

Exact text from the filing

On March 11, 2022, Ali Mortazavi and the Chief Executive Officer of the Company agreed that Mr. Mortazavi would cease to be employed by the Company as Executive Vice President, Global Sales and Marketing, after a transition period of approximately 30 days in order to facilitate an effective transition.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Phelps Morris was appointed as Chief Financial Officer at FTC Solar, Inc..

Action: appointed
Role: Chief Financial Officer

Exact text from the filing

The Company will be appointing Phelps Morris, its current Vice President, Corporate Finance, to succeed Mr. Cook as Chief Financial Officer, effective March 31, 2022.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Patrick Cook changed role as Chief Commercial Officer at FTC Solar, Inc..

Action: transitioned
Role: Chief Commercial Officer

Exact text from the filing

As of March 15, 2022, the Company will be transitioning Patrick Cook, its current Chief Financial Officer, to a new expanded role as Chief Commercial Officer, effective March 31, 2022.

View on SEC.gov

FTC Solar, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-22-003644

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