UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): May 17, 2021
FTC Solar, Inc.
(Exact name of registrant as specified in its charter)
Delaware
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001-40350
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81-4816270
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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9020 N Capital of Texas Hwy, Suite I-260,
Austin, Texas 78759
(Address of principal executive offices) (Zip Code)
(737) 787-7906
(Registrant’s telephone number, including area code)
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
Title of each class:
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Trading symbol(s)
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Name of exchange on which registered
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Common Stock, par value $0.0001 per share
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FTCI
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Nasdaq Global Market
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
Act. ☐
Item 2.02. |
Results of Operations and Financial Condition.
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On May 17, 2021, FTC Solar, Inc. (the “Company”) issued a press release announcing the date of its first quarter 2021 earnings release and providing a statement
regarding the Company’s first quarter 2021 results and current supply chain environment, a copy of which is attached hereto as Exhibit 99.1.
The information included or incorporated in this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or
otherwise subject to the liabilities of that section, nor shall such information and exhibit be deemed incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be
expressly set forth by specific reference in such a filing.
Item 9.01. |
Financial Statements and Exhibits.
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(d) Exhibits.
Exhibit No.
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Description
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Press Release, dated May 17, 2021.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
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FTC SOLAR, INC.
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By:
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/s/ Patrick M. Cook
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Name:
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Patrick M. Cook
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Title:
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Chief Financial Officer
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Date: May 18, 2021
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Exhibit 99.1
FTC Solar Announces Date of First Quarter 2021 Earnings Release and Conference Call; Comments on Supply Chain
Environment
AUSTIN, Texas, May 17, 2021 – FTC Solar, Inc. (Nasdaq: FTCI), a global provider of solar tracker systems, technology, software and
engineering services, today announced it will report its first quarter 2021 financial results before market open on Tuesday, June 8, 2021.
A conference call for members of the investment community will
be held at 8:30 a.m. E.T. that same day, during which the Company will discuss its first quarter 2021 results, its outlook and other business items. This call will be webcast and can be accessed within the Investor Relations section of the FTC
Solar corporate website at investor.ftcsolar.com.
A replay of the conference call will also be available on the website for 30 days following the webcast.
In advance of the call, FTC Solar President and Chief Executive Officer Anthony Etnyre today provided the following statement regarding the
Company’s first quarter 2021 results and the current supply chain environment:
“We were pleased to become a publicly traded company last month,
and we are now looking forward to providing our first quarter 2021 earnings results and sharing, for the first time, information about our business outlook moving
forward.
“In advance of that discussion, we are certainly aware of meaningful concerns associated with increasing commodity costs, especially for steel, and increasing
logistics costs for international imports. As discussed in detail in our IPO offering materials, FTC Solar is not immune to those pressures, and we have seen steel and logistics pricing continue to increase since that time. However, we are pleased to
report that, during the first quarter of 2021, the financial impact of these factors on our performance was manageable. The impacts for first quarter of 2021 are primarily related to shifting a small amount of revenue from the first quarter into the
second quarter as a result of a supplier production delay, as well as a small increase in expense reflecting the portion of additional logistics costs that were not passed through to customers.
“At FTC Solar we do not currently have any multi-project customer agreements with unprocured or unhedged steel liability. It has been
our strategy to lock in our commodity pricing on a project-by-project basis to align our commodity costs with the pricing we offer to customers. Earlier this year, we also expanded and reinforced our global supplier base that spans across 13
countries, improving our ability to procure all necessary supplies for existing and expected projects.
“While we did not see a significant impact on our business from these factors during the first quarter of 2021, we continue to monitor the global commodity and
logistics environment. In particular, while we expect that increased commodity and logistics costs will result in higher pricing for customers under their agreements with us, we continue to monitor the overall impact that these higher costs, along
with higher costs for other solar project materials not sold by FTC Solar, for example modules, will have on customers and their project-development timelines. We are exploring additional opportunities to limit the impact of rising steel prices and
commodity prices on our customers. In the meantime, our contracted and awarded order volume has continued to grow, we continue to progress on implementation of our cost-reduction roadmap, and our balance sheet was recently strengthened by raising
approximately $181 million in the IPO and establishing a $100 million revolver, each while holding no debt. We believe we are further positioning ourselves to capitalize on the significant growth opportunities we see ahead.”
About FTC Solar, Inc.
Founded in 2017 by a group of renewable energy industry veterans, FTC Solar is a fast-growing, global provider of solar tracker systems,
technology, software, and engineering services. Solar trackers significantly increase energy production at solar power installations by dynamically optimizing solar panel orientation to the sun. FTC Solar’s innovative tracker designs provide
compelling performance and reliability, with an industry-leading installation cost-per-watt advantage.
Forward Looking Statements
This press release contains forward looking statements. These statements are not historical facts but rather are based on our current expectations and projections
regarding our business, operations and other factors relating thereto. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates” and
similar expressions are used to identify these forward looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict.
Actual results may differ materially from those in the forward looking statements as a result of a number of factor, including those described in more detail in our filings with the U.S. Securities and Exchange Commission, including the section
entitled “Risk Factors” contained therein.
FTC Solar undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or
changes in its expectations, except as required by law.
FTC Solar Investor Contact:
Bill Michalek
Vice President, Investor Relations
FTC Solar
T: (737) 241-8618
E: IR@FTCSolar.com
FTC Solar Media Contact:
Scott Deitz
For FTC Solar
T: (336) 908-7759
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