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FTC Solar (NASDAQ:FTCI) -21.3% premarket Wednesday after reporting a wider-than-expected GAAP loss in the third quarter and announcing a turnover in its leadership ranks, as Sean Hunkler and Phelps Morris are leaving their respective CEO and CFO positions, and will be Leaving the company in December.
Chief Accounting Officer Cathy Behnen was named CFO on an interim basis; Prior to joining FTC Solar (FTCI) in 2020, she was CFO and Vice President of Finance at Penn National Gaming Hollywood Casino San Diego.
A new CEO was not named, but FTC Solar (FTCI) said the combination of Chief Commercial Officer Patrick Cook, Chief Operating Officer Sasan Aminpour and Behnen will provide day-to-day management of the company.
The company said it expects fourth-quarter revenue to decline from the third quarter, with gross margin reflecting lower cost absorption, followed by a “fairly substantial revenue and margin recovery” in the first quarter of 2024 as that increase projects.
