AUSTIN, Texas, April 08, 2025 (GLOBE NEWSWIRE) -- FTC Solar, a leading provider of cutting-edge solar tracker technology, is excited to unveil its latest innovation with the dual-row configuration for the 1P Pioneer Tracker™, setting a new standard in efficiency and adaptability for solar installations. Designed to meet the demands of challenging terrain, FTC’s dual-row system significantly enhances project yield, reduces costs, and maximizes land utilization. With unmatched East-West slope tolerance and cu ...

Financial Data and Key Metrics Changes - Revenue for Q3 2024 was $10.1 million, a decrease of 11.3% compared to the prior quarter and a decrease of 66.8% year-over-year due to lower product volumes [34] - GAAP gross loss was $4.3 million, or 42.5% of revenue, compared to a gross loss of $2.3 million, or 20.5% of revenue in the prior quarter [35] - GAAP net loss was $15.4 million, or $0.12 per diluted share, compared to a loss of $12.2 million, or $0.10 per diluted share in the prior quarter [37] - Adjusted EBITDA loss was $12.2 million, which was better than the midpoint of guidance, compared to losses of $10.5 million in the prior quarter [38] - The company ended the quarter with $8.3 million in cash on the balance sheet [39] Business Line Data and Key Metrics Changes - Over 70% of current purchase orders are in the 1P category, indicating a significant shift from previous quarters where 1P revenues were only 16% and 30% in Q2 and Q3 respectively [13] - The company has transitioned from a 2P only company to one that offers both 1P and 2P solutions, significantly increasing the total addressable market [15] Market Data and Key Metrics Changes - The company is seeing strong growth in the Northeast and Southwest U.S. markets, with opportunities expanding in the Southeast due to high wind product offerings [46] - The company has signed a multi-year supply agreement with Strata Clean Energy for at least 500 megawatts of 2P trackers, which could expand to over 1 gigawatt [28] Company Strategy and Development Direction - The company is focused on expanding its 1P product offerings, which now include high wind solutions and compatibility for various module types, to capture a larger market share [14] - The management believes that the company is poised to achieve quarterly profitability in 2025, driven by strong margins and a robust product cost structure [25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the solar market's resilience, noting that solar has experienced growth regardless of political changes [48] - The company expects to see continued improvement in revenue, margin, and adjusted EBITDA in Q4, with a target of achieving adjusted EBITDA breakeven on a quarterly basis in 2025 [41] Other Important Information - The company entered into a binding term sheet for a $15 million promissory note, which is expected to close by the end of November [21] - The company received an additional $4.7 million in cash from an earn-out on a prior investment, improving its liquidity position [39] Q&A Session Summary Question: What proportion of the backlog is coming from 1P revenues? - Management indicated that about 70% of signed purchase orders are in the 1P category, with expectations for revenue growth from this segment [43] Question: How is the geographic distribution of projects? - The company has a diverse geographic focus, with strong growth in the Northeast, Southwest, and Southeast markets [46] Question: What is the breakeven revenue range? - Management confirmed that the breakeven revenue range remains at $50 million to $60 million, consistent with previous discussions [51] Question: What is the outlook for 2025 revenue guidance? - Management expects about 60% of the signed backlog to start recognizing revenue in 2025, indicating strong growth potential [53] Question: Will there be opportunities for 1P in the Strata supply agreement? - Currently, the agreement is for 2P delivery, but there are expectations for future opportunities to cross-sell between 1P and 2P products [54]

This presentation contains non-GAAP financial measures relating to our performance. You can find the reconciliation of these measures to the most directly comparable GAAP financial measure in the Appendix at the end of this presentation. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, the financial measures prepared in accordance with GAAP. Please refer to the notes to reconciliation of non-GAAP financial measures in FTC Solar's quarterly e ...

FTC Solar, Inc. (FTCI) Q4 2024 Earnings Conference Call March 31, 2025 08:30 AM ET Company Participants Bill Michalik - Vice President of Investor RelationsKathy Boehnen - Chief Financial OfficerJan Brandt - President and Chief Executive OfficerOperator - Conference Call OperatorPhilip Shen - Roth Capital PartnersJeff Osborne - TD Cowan Operator Good day and thank you for standing by. Welcome to the FTC Solar Fourth Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only m ...

Financing and Investment - The company entered into a Securities Purchase Agreement, selling $15.0 million in senior secured promissory notes and warrants, with the notes maturing on December 4, 2029[29]. - The warrants, valued at $5.2 million, are exercisable for 10 years at an exercise price of $0.10 per share, allowing the purchase of up to 1,750,000 shares[30]. - As of December 31, 2024, the company had $11.2 million in cash and cash equivalents, down from $25.2 million in 2023[384]. - The estimated fair value of the company's Warrants was approximately $9.5 million as of December 31, 2024[385]. Business Operations and Strategy - In 2024, the company announced new project awards for delivery of up to 1 gigawatt of tracker technology with multiple energy partners[31]. - The company operates primarily in the U.S. and Australia, with 66% of spending on partners located in the U.S. and 11% in China[45]. - The company aims to increase market share in the U.S. and expand internationally, enhancing tracker product offerings and reducing operating costs[53]. - The company is focused on reducing reliance on China and enhancing its U.S.-based supply chain through investments like Alpha Steel[59]. - The company launched its SUNOPS and SUNPATH software to optimize tracker performance and maximize energy production[37]. - The company has expanded its Voyager tracker portfolio to accommodate ultra-large-format modules and improved wind speed tolerance up to 150 miles per hour[35]. - The company competes with major players in the tracker industry, including Array Technologies and GameChange Solar, focusing on product performance and total cost of ownership[77]. Financial Performance - During the year ended December 31, 2024, four customers contributed approximately 71% of total revenue, a significant increase from 72% in 2023[387]. - At December 31, 2024, three customers accounted for approximately 74% of total accounts receivable, compared to four customers accounting for 86% in 2023[386]. - The company is exposed to credit risks within the solar industry, necessitating ongoing evaluation of credit loss allowances[388]. Research and Development - The company reported research and development costs of $5.9 million for the year ended December 31, 2024, which includes employee salaries and benefits[79]. - The company holds 49 patents in the United States and 4 in Australia, with issued U.S. patents expected to expire between 2027 and 2043[81]. Environmental and Social Responsibility - The company has maintained ISO 14001:2015 certification since 2018, demonstrating its commitment to environmental management[62]. - The company has invested in diversifying its supplier base to mitigate climate-related risks and enhance operational resilience[74]. - The company’s workforce includes 164 males and 38 females, reflecting a commitment to diversity[82]. - The company has implemented a Women's Innovation Network to support the advancement of women in the workplace[84]. - The company’s Scope 1 emissions are primarily from a fleet of light-duty trucks, while Scope 2 emissions are associated with purchased electricity[63]. Workforce and Governance - As of December 31, 2024, the total headcount was 202, a decrease from 213 in 2023, with notable reductions in operations and support[82]. - The board of directors consists of seven members, including five independent members, ensuring governance and oversight[70]. Market Trends - The Inflation Reduction Act of 2022 provides a 30% investment tax credit for solar projects starting construction by the end of 2032, declining thereafter[48]. - Solar generation in the U.S. is projected to increase by 34% in 2025 and 17% in 2026 due to capacity additions[51]. Supply Chain and Material Risks - The company does not procure raw materials directly but is subject to indirect risks from fluctuating prices of commodities like steel and aluminum[389].

Financial Performance - Fourth quarter revenue was $13.2 million, representing a 30.2% increase compared to the prior quarter but a 43.1% decrease year-over-year due to lower product volumes [8]. - The company reported a GAAP gross loss of $3.8 million, or 29.1% of revenue, compared to a gross loss of $4.3 million, or 42.5% of revenue in the prior quarter [9]. - Total revenue for Q4 2024 was $13,202,000, a decrease of 43% compared to $23,201,000 in Q4 2023 [24]. - Gross profit for Q4 2024 was a loss of $3,837,000, compared to a profit of $692,000 in Q4 2023 [24]. - Net loss for the year ended December 31, 2024, was $48,606,000, slightly improved from a net loss of $50,290,000 in 2023 [30]. - U.S. GAAP revenue for Q4 2024 was $13,202,000, a decrease of 43% compared to $23,201,000 in Q4 2023 [34]. - For the year ended December 31, 2024, U.S. GAAP revenue was $47,355,000, a decline from $127,002,000 in 2023 [34]. - The total net loss for the year ended December 31, 2024, was $(48,606,000), compared to $(50,290,000) in 2023 [41]. Cash Flow and Assets - Cash and cash equivalents decreased to $11,247,000 as of December 31, 2024, down from $25,235,000 in 2023 [27]. - Total assets decreased to $89,928,000 in 2024, compared to $123,070,000 in 2023 [27]. - Total liabilities increased to $70,892,000 in 2024, up from $60,599,000 in 2023 [27]. Operating Expenses - Non-GAAP operating expenses for the fourth quarter were $7.4 million, a decrease from $10.8 million in the year-ago quarter [10]. - U.S. GAAP operating expenses for Q4 2024 were $9,591,000, down 23% from $12,428,000 in Q4 2023 [35]. - The company is focusing on improving cash flow and reducing operating expenses in the upcoming year [31]. - Stock-based compensation for the year ended December 31, 2024, was $5,412,000, down from $8,295,000 in 2023 [41]. - The company incurred severance costs of $638,000 in 2024, significantly reduced from $4,422,000 in 2023 [41]. Future Outlook - The contracted backlog now stands at approximately $502 million, reflecting net purchase order additions since November 12, 2024 [7]. - A new 5-gigawatt supply arrangement was entered into with Recurrent Energy, with expected project revenue beginning in the second half of 2025 [12]. - The company expects first quarter revenue to be up approximately 44% relative to the fourth quarter, with guidance set between $18.0 million and $20.0 million [13]. - The company anticipates achieving adjusted EBITDA breakeven on a quarterly basis within 2025 [14]. Margins and Profitability - The gross margin percentage for the fourth quarter was -25.6%, compared to 4.8% in the prior year [7]. - Non-GAAP gross profit for Q4 2024 was $(3,382,000), compared to $1,114,000 in Q4 2023, resulting in a Non-GAAP gross margin percentage of -25.6% [34]. - Adjusted EBITDA for Q4 2024 was $(9,840,000), slightly improved from $(10,050,000) in Q4 2023 [36]. - The company reported a loss from operations of $52,830,000 for the year, compared to a loss of $50,777,000 in 2023 [24]. - Adjusted EBITDA for the year was not disclosed but is used as a supplemental measure of performance [31]. Management Changes - The company appointed Kent James as U.S. Chief Commercial Officer to strengthen its sales team [6]. Other - An additional $3.2 million earn-out on a prior investment was received post-quarter end, bringing total earn-outs since 2021 to over $15 million [20]. - A reverse stock split was implemented effective November 29, 2024, with a ratio of 1-for-10 [44].

AUSTIN, Texas, March 31, 2025 (GLOBE NEWSWIRE) -- FTC Solar,Inc. (NASDAQ:FTCI), a leading provider of solar tracker systems, today announced financial results for the fourth quarter that endedDecember 31, 2024. "In addition to reporting favorable quarterly results relative to our targets, I'm pleased to say that we have had a number of recent wins and building momentum," said Yann Brandt, President and Chief Executive Officer of FTC Solar. "Last quarter I highlighted a new 1-gigawatt supply agreement with D ...

Core Viewpoint - FTC Solar, Inc. is set to report its fourth quarter and full year 2024 financial results on March 31, 2025, before market open [1] Group 1: Financial Reporting - The company will hold a conference call at 8:30 a.m. E.T. on the same day to discuss its financial results, outlook, and other business matters [2] - The conference call will be accessible via webcast and will have a replay available for 30 days [2] Group 2: Company Overview - FTC Solar, founded in 2017, specializes in solar tracker systems, technology, software, and engineering services [3] - The company's solar trackers enhance energy production by optimizing solar panel orientation, offering a competitive installation cost-per-watt advantage [3]

Core Viewpoint - FTC Solar, Inc. is set to report its fourth quarter and full year 2024 financial results on March 31, 2025, before market open, indicating a significant upcoming event for investors [1]. Financial Results Announcement - The company will hold a conference call at 8:30 a.m. E.T. on the same day to discuss its financial results, outlook, and other business matters, which will be accessible via webcast [2]. Company Overview - FTC Solar, founded in 2017, specializes in solar tracker systems, technology, software, and engineering services, enhancing energy production by optimizing solar panel orientation [3]. - The company's innovative tracker designs offer strong performance and reliability, boasting an industry-leading installation cost-per-watt advantage [3].

Company Overview - FTC Solar, Inc. is a leading provider of solar tracker systems, software, and engineering services, founded in 2017 by renewable energy industry veterans [3] - The company specializes in solar trackers that enhance energy production by optimizing solar panel orientation, offering a competitive installation cost-per-watt advantage [3] Leadership Appointment - Kent James has been appointed as Chief Commercial Officer for North America, effective January 6, 2025, to lead FTC's North American commercial strategy [1] - Kent James brings over 20 years of experience in the solar industry, having previously served in various roles including SVP of Sales and Development at Primoris Renewable Energy, where he contributed to the company's growth to a top 5 industry leader with revenues exceeding $1 billion [2][3] - His strategic and relationship-driven approach is expected to strengthen FTC's market position and drive significant revenue growth [2] Market Position and Growth Potential - FTC Solar is recognized for its exceptional product portfolio, which is well-regarded in the industry and has a strong growth potential [2] - The company has a robust pipeline of projects and aims to expand its relationships within the solar market [2]