FTC Solar reports Q3 non-GAAP EPS (17c), consensus (18c)

Reports Q3 revenue $16.57M, consensus $17.22M. "Q3 results were in-line with our guidance ranges, and we continue to expect that quarter to represent the low point from which we grow," said CEO Sean Hunkler. "While the U.S. market recovery has been slower than expected, as customers continue to struggle to obtain imported solar modules amid UFLPA-related reviews, our international presence continues to grow, and our efforts to further strengthen our competitive position through this downturn have progressed quite well….our total backlog continues to grow nicely and is approaching the $1B mark at $961M; of the $203M of backlog we added in the last three months, $165M is not expected to be impacted by UFLPA; we continue to believe we’re on track for double-digit gross margins as our revenue recovers; and our liquidity position is stable, ending the quarter with $50M in cash on the balance sheet, a $100M undrawn revolver and no debt….Overall, we see significant long-term growth opportunities ahead for the market, and believe we are poised to once-again outpace the market when the module market normalizes."