FTC Solar Names Cathy Behnen as Chief Financial Officer
FTC Solar has officially announced the appointment of Cathy Behnen as its Chief Financial Officer (CFO). Behnen, who has been serving as the company’s interim CFO since November 2023, brings with her over two decades of financial leadership experience. Prior to her role as interim CFO, she served as Chief Accounting Officer at FTC Solar since 2020. Behnen’s career also includes positions such as CFO and VP of Finance at Penn National Gaming’s Hollywood Casino Jamul – San Diego and Partner at accounting firm RubinBrown. She is a Certified Public Accountant and holds an MBA from St. Louis University.
Shaker Sadasivam, Chairman of the Board at FTC Solar, expressed confidence in Behnen’s appointment, highlighting her extensive knowledge of the company and the wider market, as well as her proven track record in financial leadership. Behnen herself is optimistic about guiding FTC Solar towards long-term profitability, pointing to recent advancements in improving the company’s market position and cost structure.
Founded in 2017 by industry veterans in renewable energy, FTC Solar specializes in solar tracker technology that optimizes panel orientation to the sun, thereby boosting energy production at solar power installations.
The financial health and market performance of FTC Solar hold significant importance for investors. The company currently has a market capitalization of $78.75 million and stands out with a high cash to debt ratio, signaling a strong balance sheet. However, it is also experiencing substantial cash burn, a crucial factor for investors evaluating the long-term viability of the company. While Behnen’s appointment may inspire investor confidence, the company’s stock has faced notable price volatility. In the past week alone, it has shown a remarkable return of 22.45%. However, over the past year, the stock has experienced a significant decline with a return of -79.21%, indicating challenges in market sentiment.
As of Q3 2023, FTC Solar reported revenue of $130.02 million over the past twelve months, with a gross profit margin of 4.5%. These figures are crucial as they showcase the company’s ability to convert revenue into profit, a particularly relevant aspect given Behnen’s focus on improving market positioning and cost structure.
Analyst comment
This news is positive as it announces the official appointment of Cathy Behnen as CFO of FTC Solar. Behnen’s financial leadership experience and knowledge of the company are expected to guide FTC Solar towards long-term profitability. However, the company’s stock has faced notable price volatility and has experienced a significant decline over the past year. Investors will closely monitor the company’s ability to convert revenue into profit, especially with Behnen’s focus on improving market positioning and cost structure.
