AUSTIN, Texas - FTC Solar, Inc. (NASDAQ:FTCI), a prominent provider of solar tracker systems and related services, has officially named Cathy Behnen as its Chief Financial Officer, effective immediately. Behnen, who has been serving as the company's interim CFO since November 2023, brings over two decades of financial leadership experience to her new permanent role.
Before her tenure as interim CFO, Behnen held the position of Chief Accounting Officer at FTC Solar since 2020. Her extensive background includes roles such as CFO and VP of Finance at Penn National Gaming (NASDAQ:PENN)'s Hollywood Casino Jamul – San Diego and Partner at accounting firm RubinBrown. She is also a Certified Public Accountant and has earned an MBA from St. Louis University.
Shaker Sadasivam, Chairman of the Board at FTC Solar, expressed confidence in Behnen's appointment, citing her deep understanding of the company and the broader market, as well as her proven track record in financial leadership. Behnen herself is optimistic about her role in guiding FTC Solar towards its long-term profitability goals, highlighting recent progress in improving the company's market positioning and cost structure.
FTC Solar, established in 2017 by renewable energy industry veterans, specializes in solar tracker technology that enhances energy production at solar power installations by optimizing panel orientation to the sun.
This announcement is based on a press release statement.
InvestingPro Insights
As FTC Solar, Inc. (NASDAQ:FTCI) welcomes Cathy Behnen as its new Chief Financial Officer, the company's financial health and market performance remain pivotal for investors. With a market capitalization of $78.75 million, FTC Solar's financial position is characterized by a high cash to debt ratio, suggesting a solid balance sheet foundation as per one of the InvestingPro Tips. However, this is contrasted by the company's significant cash burn, which is an important consideration for investors looking at the company's long-term viability.
The recent appointment may instill investor confidence, but FTC Solar's stock has experienced substantial price volatility, another point highlighted by the InvestingPro Tips. This volatility is reflected in the company's stock price, which has seen a notable return over the past week of 22.45%. Despite these short-term gains, the company's stock price has fallen significantly over the past year, with a -79.21% return, indicating challenges in market sentiment and potentially providing a cautious note for investors considering the stock's historical performance.
FTC Solar's revenue for the last twelve months as of Q3 2023 stands at $130.02 million, with a gross profit margin of 4.5%. These figures are critical as they shed light on the company's ability to turn revenue into profit, which is particularly relevant given Behnen's focus on improving the company's market positioning and cost structure.
For those interested in a deeper dive into FTC Solar's financials and stock performance, more InvestingPro Tips are available, which could provide additional insights into the company's valuation and profitability outlook. Investors can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, where they can access a total of 16 InvestingPro Tips for FTC Solar.
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