Core Insights - FTC Solar has launched the 1P Pioneer+ Terrain Following (TF) tracker, aimed at minimizing site grading and accelerating construction timelines while adapting to complex terrain [1][3]. Product Features - **Mechanical Articulation**: The Pioneer+ TF tracker features +/- 10 degrees of mechanical adjustability at the center post and up to 1.5 degrees at each line post, with undulation and reveal adjustment up to 18 inches, potentially reducing grading volumes by up to 95% depending on site conditions [1][2]. - **PathFinder Integration**: The tracker is supported by FTC Solar's proprietary terrain analysis engine, PathFinder, which evaluates solar sites before construction, optimizing layouts and minimizing grading through automatic balancing of cut and fill [1][2]. Environmental and Economic Benefits - The Pioneer+ TF tracker preserves natural drainage patterns and limits soil disturbance, supporting erosion control and habitat protection, which enhances a project's ESG profile [2]. - The design flexibility of the Pioneer+ TF allows for faster installation and accommodates late-stage module changes, contributing to better economics and broader site viability [2][3]. Company Commitment - FTC Solar emphasizes its commitment to providing adaptable tracker solutions that address the complexities of modern solar project sites, aiming to reduce costs and risks for customers [3].

Core Insights - FTC Solar, Inc. has launched an automated 80° high angle stow capability for its 1P Pioneer tracker, enhancing protection for solar assets in hail-prone regions [1][2][3] Product Features - The new high angle stow strategy allows Pioneer trackers to tilt to an 80° position when hail is detected, reducing the surface area exposed to hail and minimizing damage risk [2][3] - The system integrates with FTC Solar's SUNOPS™ software, enabling customizable thresholds based on hail size, storm probability, and site-specific conditions [3][7] - Operators can automate stow actions based on third-party weather alerts or manually override as needed, ensuring minimal downtime post-storm [3][4] Market Positioning - The 1P Pioneer tracker with high angle stow capability sets a new standard in tracker resilience, aimed at safeguarding uptime and extending asset lifespans in challenging climates [4][5] - FTC Solar emphasizes its commitment to smarter tracker solutions that combine intelligent software, robust engineering, and flexible design to meet the evolving demands of solar projects [5]

Core Insights - FTC Solar, Inc. has entered into an agreement with Levona Renewables to supply solar trackers and software for one gigawatt of solar projects starting in early 2026 [1][2] - The first project under this agreement, CT Solar One, will be a 140-megawatt facility in Snyder, Texas, with construction expected to begin in early 2026 [2] - The overall site development will include additional projects, CT Solar Two and CT Solar Three, adding approximately 650 megawatts [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 [4] - The company offers a robust product lineup, including high-wind and terrain-following trackers, along with performance-enhancing software [3][4] Partnership Dynamics - Levona Renewables has praised FTC Solar for its collaborative approach and expertise, which has added significant value to their development projects [3] - The partnership aims to optimize site layout, energy yield, and construction efficiency, minimizing civil costs [3]

Core Insights - FTC Solar, Inc. is actively engaging with investors through multiple upcoming conferences and events, indicating a focus on investor relations and market presence [1][2]. Company Overview - FTC Solar, founded in 2017, specializes in solar tracker systems, technology, software, and engineering services, aimed at enhancing energy production in solar installations [4]. - The company's solar trackers optimize panel orientation to the sun, significantly increasing energy output and offering a competitive installation cost-per-watt advantage [4]. Upcoming Events - The company will participate in the H.C. Wainwright Global Investment Conference on September 8, 2025, hosting virtual investor meetings [1]. - FTC Solar will also be present at the Roth Solar & Storage Symposium and RE+ 2025 in Las Vegas on September 9-10, 2025, conducting in-person and group investor meetings [2]. - Interested parties are encouraged to visit FTC Solar's booth V7655 at the events to learn more about their innovative solutions [3].

Core Viewpoint - FTC Solar has launched the Pioneer+ High Wind tracker, designed for extreme wind conditions, enhancing the capabilities of its existing 1P Pioneer single-axis tracker [1][2]. Group 1: Product Features - The Pioneer+ High Wind tracker can withstand wind speeds up to 150 mph, making it suitable for coastal, hurricane-prone, and high-altitude regions [1]. - It incorporates advanced analytical modeling and third-party validated engineering to ensure reliable performance under increased wind loads [3]. - The system features a wind direction-agnostic safety stow position, reducing wind loads and foundation depth requirements while maximizing energy production during wind stow [7]. Group 2: Market Adaptation - The tracker addresses the growing need for resilient solar solutions as projects move into more climate-sensitive environments [3]. - It is designed to meet evolving industry standards, with over 100 projects in the Southeastern U.S. reclassified from Risk Category I to II, raising wind design thresholds from 113 mph to 130 mph or more [4]. - The Pioneer+ High Wind tracker is a response to market feedback, aiming to solve real challenges for developers with fast, easy, and safe installation [6]. Group 3: Structural Enhancements - Key enhancements include reinforced torque tubes, drive posts, and damper assemblies for added structural rigidity [7]. - The tracker is compatible with various module form factors, providing broad design flexibility [7]. - Preassembled module-agnostic rails simplify onsite logistics and reduce installation errors [8]. Group 4: Company Background - FTC Solar, founded in 2017, specializes in solar tracker systems and technology, aiming to increase energy production at solar installations [9]. - The company emphasizes delivering innovative tracker designs that offer performance and reliability with a competitive installation cost-per-watt advantage [9].

Core Insights - FTC Solar reported a strong revenue growth of 74.9% year over year, reaching $20.0 million, but this fell short of analyst expectations of $21.1 million [1][5] - Non-GAAP EPS was $(0.86), missing the consensus estimate of $(0.80), indicating ongoing profitability challenges despite revenue growth [1][2] - The company continues to face negative gross margins and deep net losses, highlighting struggles to achieve profitability [1][6] Financial Performance - Revenue (GAAP) for Q2 2025 was $20.0 million, a 75.4% increase from $11.4 million in Q2 2024 [2][5] - Non-GAAP gross margin was reported at (17.4%), slightly worse than (16.8%) in Q2 2024 [2][6] - Operating expenses decreased by 21% year over year to $6.5 million, marking a multi-year low [6] Business Overview and Strategy - FTC Solar designs and supplies solar tracking systems and software, focusing on technological upgrades and customer requirements [3][4] - Recent product launches include a solar tracker for 2,000-volt systems and enhancements to the SunOps software platform [8] - The company aims to manage operational efficiency and navigate regulatory changes to maintain competitiveness [4] Operational Developments - The contracted backlog decreased by approximately 2.5% to around $470 million, attributed to regulatory uncertainties affecting project timelines [7] - Cash and equivalents dropped to $3.5 million from $11.2 million at the end of 2024, prompting a new $75 million strategic financing facility [9][10] - Inventory balances decreased to $7.3 million, indicating improved inventory management despite ongoing profitability challenges [10] Future Outlook - For Q3 2025, revenue guidance is set between $18.0 million and $24.0 million, with expectations of reaching break-even for non-GAAP gross margin at the high end [11] - A significant revenue ramp is anticipated in Q4 2025, with close monitoring of revenue growth and backlog evolution necessary due to regulatory headwinds [12]

Financial Data and Key Metrics Changes - Revenue for the second quarter was $20 million, a decrease of 4% compared to the prior quarter but an increase of 75% year-over-year due to higher product volume [23] - GAAP gross loss was $3.9 million, or 19.6% of revenue, compared to a gross loss of $3.4 million, or 16.6% of revenue in the prior quarter [23] - GAAP net loss was $15.4 million, or $1.18 per diluted share, compared to a loss of $3.8 million, or $0.58 per diluted share in the prior quarter [25] - Adjusted EBITDA loss was $10.4 million, at the top end of the guidance range, driven by lower operating expenses [25] Business Line Data and Key Metrics Changes - The company reported a non-GAAP gross loss of $3.5 million, or 17.4% of revenue, which included a $4 million accrual related to a joint venture facility [24] - Operating expenses were $7.6 million on a GAAP basis, with non-GAAP operating expenses at $6.5 million, marking the lowest level since 2020 [24] Market Data and Key Metrics Changes - The company noted a slow decision-making process among customers due to regulatory uncertainties, impacting project planning [12] - There is optimism for a significant ramp in revenue in the fourth quarter, despite current market uncertainties [27] Company Strategy and Development Direction - The company aims to position itself as a leading single access tracker provider, emphasizing faster installation times and lower capital expenditures for customers [6][8] - A $75 million financing facility was secured to support growth and enhance the balance sheet, which is expected to open new business opportunities [10][21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future bookings and the potential for acceleration in project decisions once regulatory clarity is achieved [34] - The company is well-positioned for growth in 2026, with foundational pieces in place, including a strong balance sheet and a robust product offering [38] Other Important Information - The company has made significant advancements in its product offerings, including features for high wind zones and enhanced hail solutions [14][15] - The introduction of a new tracker designed for 2,000 volt systems is expected to reduce operational costs and increase power capacity [16] Q&A Session Summary Question: Outlook for bookings amid regulatory uncertainty - Management indicated that the transition to a 1P marketplace is ongoing, and while some peers are more established, FTC is making progress in positioning itself for success [31] Question: Timing for acceleration of bookings - Management is optimistic about bookings accelerating significantly, particularly as regulatory uncertainties are resolved [34] Question: Voice of smaller IPPs and EPCs regarding project financing - Confidence in moving projects forward comes from close collaboration with smaller project developers, despite challenges in securing financing [42] Question: Clarification on the $4 million charge - The $4 million charge was related to minimum purchase commitments with a joint venture partner, not directly tied to new regulations [45] Question: Rationale behind the recent capital raise - The capital raise was seen as opportunistic, providing a strong partnership with Clean Hill and enhancing the company's balance sheet to support future growth [49]

[Forward-Looking Statements](index=4&type=section&id=FORWARD-LOOKING%20STATEMENTS) [Nature of Forward-Looking Statements](index=4&type=section&id=Nature%20of%20Forward-Looking%20Statements) This section clarifies that the report contains forward-looking statements, which are predictions based on current expectations and projections about future events and financial trends - All statements other than historical or current facts in this Quarterly Report may be forward-looking statements, identifiable by words like 'believe,' 'plan,' 'expect,' etc[8](index=8&type=chunk) - Forward-looking statements are predictions based on current expectations and projections about future events and financial trends, but involve known and unknown risks, uncertainties, and other important factors[9](index=9&type=chunk) - Investors should not unduly rely on these statements as predictions of future events, as actual results could differ materially[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) [PART I - FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Presents unaudited condensed consolidated financial statements, including balance sheets, comprehensive loss, equity, cash flows, and notes [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The condensed consolidated balance sheets provide a snapshot of the company's financial position, showing a decrease in total assets and stockholders' equity, while total liabilities increased from December 31, 2024, to June 30, 2025 | (in thousands) | June 30, 2025 | December 31, 2024 | | :--------------- | :------------ | :---------------- | | Cash and cash equivalents | $3,519 | $11,247 | | Accounts receivable, net | $45,648 | $39,709 | | Inventories | $7,316 | $10,144 | | Total current assets | $70,296 | $76,128 | | Total assets | $82,955 | $89,928 | | Total current liabilities | $60,633 | $49,073 | | Long-term debt | $10,895 | $9,466 | | Warrant liability | $— | $9,520 | | Total liabilities | $73,913 | $70,892 | | Total stockholders' equity | $9,042 | $19,036 | [Condensed Consolidated Statements of Comprehensive Loss](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Loss) The statements of comprehensive loss indicate a significant increase in total revenue for both the three and six months ended June 30, 2025, compared to the prior year, but the company continued to report a net loss, which also increased for the three-month period | (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total revenue | $19,993 | $11,430 | $40,796 | $24,017 | | Total cost of revenue | $23,912 | $13,773 | $48,162 | $28,468 | | Gross loss | $(3,919) | $(2,343) | $(7,366) | $(4,451) | | Loss from operations | $(11,499) | $(11,924) | $(22,059) | $(24,426) | | Net loss | $(15,430) | $(12,241) | $(19,249) | $(21,012) | | Basic and diluted net loss per share | $(1.18) | $(0.97) | $(1.49) | $(1.67) | - Total revenue increased by **74.9%** for the three months ended June 30, 2025, and by **69.9%** for the six months ended June 30, 2025, compared to the respective prior year periods[16](index=16&type=chunk)[197](index=197&type=chunk)[219](index=219&type=chunk) - Net loss increased to **$(15,430) thousand** for the three months ended June 30, 2025, from **$(12,241) thousand** in the prior year, while for the six months, net loss decreased to **$(19,249) thousand** from **$(21,012) thousand**[16](index=16&type=chunk) [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) The statements of changes in stockholders' equity show a decrease in total stockholders' equity from $19,036 thousand at December 31, 2024, to $9,042 thousand at June 30, 2025, primarily due to net losses and the exercise of warrants | (in thousands) | Balance as of Dec 31, 2024 | Balance as of June 30, 2025 | | :--------------- | :------------------------- | :-------------------------- | | Additional paid-in capital | $367,318 | $376,464 | | Accumulated deficit | $(347,741) | $(366,990) | | Total stockholders' equity | $19,036 | $9,042 | - Exercise of warrants resulted in an increase of **$7,927 thousand** in additional paid-in capital during the six months ended June 30, 2025[19](index=19&type=chunk) - Accumulated deficit increased by **$19,249 thousand** during the six months ended June 30, 2025, reflecting the net loss for the period[19](index=19&type=chunk)[16](index=16&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The cash flow statements reveal that the company continued to use cash in operating activities, but at a reduced rate compared to the prior year | (in thousands) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--------------- | :----------------------------- | :----------------------------- | | Net cash used in operations | $(10,780) | $(15,635) | | Net cash provided by investing activities | $2,989 | $1,154 | | Net cash provided by financing activities | $3 | $3 | | Decrease in cash and cash equivalents | $(7,728) | $(14,456) | | Cash and cash equivalents at end of period | $3,519 | $10,779 | - Net cash used in operations decreased by **$4,855 thousand (31%)** from **$15,635 thousand** in 2024 to **$10,780 thousand** in 2025 for the six-month period[25](index=25&type=chunk) - Investing activities provided **$2,989 thousand** in cash for the six months ended June 30, 2025, primarily from a **$3,204 thousand** earnout payment from the disposal of an unconsolidated subsidiary[25](index=25&type=chunk)[258](index=258&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed explanations and disclosures integral to understanding the condensed consolidated financial statements, covering business description, accounting policies, liquidity, specific balance sheet and income statement items, and subsequent events [Description of Business](index=10&type=section&id=Description%20of%20business) FTC Solar, Inc. is a Delaware-incorporated global provider of solar tracker systems, proprietary software, and engineering services, serving utility-scale and distributed generation projects worldwide with products like Pioneer (1P) and Voyager (2P) trackers, and software such as SUNPATH and SUNOPS - FTC Solar, Inc. is a global provider of solar tracker systems, proprietary software (SUNPATH, SUNOPS), and value-added engineering services[28](index=28&type=chunk) - The company offers **1P (Pioneer)** and **2P (Voyager)** solar tracker systems and mounting solutions for U.S.-manufactured thin-film modules[28](index=28&type=chunk) - Customers are primarily engineering, procurement and construction companies (EPCs), developers, and owners, with international subsidiaries in Australia, China, India, South Africa, and Spain[28](index=28&type=chunk) [Summary of Significant Accounting Policies](index=10&type=section&id=Summary%20of%20significant%20accounting%20policies) Outlines significant accounting policies for unaudited condensed consolidated financial statements, covering basis, consolidation, liquidity, and key asset/liability treatments - The financial statements are prepared under U.S. GAAP, assuming the company will continue as a going concern, despite management's conclusion of substantial doubt about this ability[30](index=30&type=chunk) - Revenue from solar tracker systems and customized components is recognized over time using a cost-to-cost input measure, while individual part sales and term-based software licenses are recognized at a point in time[69](index=69&type=chunk)[83](index=83&type=chunk)[85](index=85&type=chunk) - The company accounts for warrants as liabilities if they could require cash settlement and adjusts them to fair value each period, with changes reflected in results of operations[63](index=63&type=chunk)[64](index=64&type=chunk) [Liquidity and Going Concern](index=12&type=section&id=Liquidity%20and%20Going%20Concern) The company has incurred cumulative losses and cash outflows from operations, leading management to conclude there is substantial doubt about its ability to continue as a going concern within the next year, despite a new $75 million senior secured term facility and available ATM program capacity - The company has incurred cumulative losses and utilized **$10.8 million** in cash from operations during the six months ended June 30, 2025[34](index=34&type=chunk) - **Liquidity and Going Concern** | Metric | Amount (as of June 30, 2025) | | :----- | :--------------------------- | | Cash on hand | $3.5 million | | Working capital | $9.7 million | | ATM program capacity | ~$13.8 million | | Initial Term Loans (funded July 2, 2025) | $14.3 million (net proceeds ~$13.0 million) | - Substantial doubt exists about the company's ability to continue as a going concern within the next year, due to operating losses and the conditional nature of additional financing under the Credit Agreement[37](index=37&type=chunk) [Accounts Receivable, Net](index=24&type=section&id=Accounts%20receivable,%20net) Accounts receivable, net, increased to $45,648 thousand at June 30, 2025, from $39,709 thousand at December 31, 2024, driven by higher trade receivables and revenue recognized in excess of billings | (in thousands) | June 30, 2025 | December 31, 2024 | | :--------------- | :------------ | :---------------- | | Trade receivables | $23,239 | $22,369 | | Related party receivables | $4,005 | $3,121 | | Revenue recognized in excess of billings | $20,133 | $15,936 | | Total | $47,557 | $41,426 | | Allowance for credit losses | $(1,909) | $(1,717) | | Accounts receivable, net | $45,648 | $39,709 | - The allowance for credit losses increased from **$1,717 thousand** at December 31, 2024, to **$1,909 thousand** at June 30, 2025, with **$192 thousand** charged to earnings during the six months ended June 30, 2025[99](index=99&type=chunk)[101](index=101&type=chunk) [Inventories](index=26&type=section&id=Inventories) Inventories decreased to $7,316 thousand at June 30, 2025, from $10,144 thousand at December 31, 2024, primarily due to a reduction in finished goods, while the allowance for slow-moving and obsolete inventory remained constant | (in thousands) | June 30, 2025 | December 31, 2024 | | :--------------- | :------------ | :---------------- | | Finished goods | $7,832 | $10,660 | | Allowance for slow-moving and obsolete inventory | $(516) | $(516) | | Total | $7,316 | $10,144 | [Prepaid and Other Current Assets](index=26&type=section&id=Prepaid%20and%20other%20current%20assets) Prepaid and other current assets decreased to $13,813 thousand at June 30, 2025, from $15,028 thousand at December 31, 2024, mainly due to a reduction in vendor deposits | (in thousands) | June 30, 2025 | December 31, 2024 | | :--------------- | :------------ | :---------------- | | Vendor deposits | $6,344 | $7,184 | | Vendor deposits with related party | $2,029 | $2,005 | | Prepaid expenses | $763 | $842 | | Other current assets | $3,655 | $3,969 | | Total | $13,813 | $15,028 | [Leases](index=26&type=section&id=Leases) The company leases office and warehouse space, with total lease costs decreasing for both the three and six months ended June 30, 2025, compared to the prior year | (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Operating lease cost | $267 | $300 | $594 | $609 | | Short-term lease cost | $82 | $111 | $148 | $204 | | Total lease cost | $349 | $411 | $742 | $813 | | (in thousands) | June 30, 2025 | | :--------------- | :------------ | | Total lease payments | $1,065 | | Present value of operating lease liabilities | $929 | | Current portion of operating lease liability | $493 | | Operating lease liability, net of current portion | $436 | [Property and Equipment, Net](index=28&type=section&id=Property%20and%20equipment,%20net) Property and equipment, net, decreased to $1,931 thousand at June 30, 2025, from $2,217 thousand at December 31, 2024, primarily due to accumulated depreciation | (in thousands) | June 30, 2025 | December 31, 2024 | | :--------------- | :------------ | :---------------- | | Total property and equipment | $5,280 | $4,963 | | Accumulated depreciation | $(3,349) | $(2,746) | | Property and equipment, net | $1,931 | $2,217 | - Depreciation expense for the six months ended June 30, 2025, totaled **$0.6 million**, up from **$0.5 million** in the prior year[107](index=107&type=chunk) [Goodwill](index=28&type=section&id=Goodwill) Goodwill increased slightly to $7,268 thousand at June 30, 2025, from $7,139 thousand at December 31, 2024, primarily due to translation adjustments, with no impairment recognized | (in thousands) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--------------- | :----------------------------- | :----------------------------- | | Balance at beginning of period | $7,139 | $7,538 | | Translation | $129 | $(369) | | Balance at end of period | $7,268 | $7,169 | - No impairment of goodwill was recognized as of June 30, 2025, or during 2024[57](index=57&type=chunk) [Equity Method Investment](index=28&type=section&id=Equity%20method%20investment) The company holds a 45% interest in Alpha Steel LLC, recognizing losses of $0.6 million for the six months ended June 30, 2025 - The company has a **45%** equity interest in Alpha Steel LLC, a steel component producer for utility-scale solar projects[109](index=109&type=chunk) - Recognized losses from Alpha Steel were **$0.6 million** for the six months ended June 30, 2025, and **$0.5 million** for the same period in 2024[110](index=110&type=chunk) - The company is committed to minimum purchase orders from Alpha Steel, with a potential cash payment of up to **$4.0 million** if commitments are not met for the period from July 1, 2025, to June 30, 2026[111](index=111&type=chunk) [Accrued Expenses and Other Current Liabilities](index=30&type=section&id=Accrued%20expenses%20and%20other%20current%20liabilities) Total accrued expenses increased significantly to $30,410 thousand at June 30, 2025, from $20,134 thousand at December 31, 2024, driven by higher accrued cost of revenue, including related party amounts | (in thousands) | June 30, 2025 | December 31, 2024 | | :--------------- | :------------ | :---------------- | | Accrued cost of revenue | $19,885 | $13,033 | | Related party accrued cost of revenue | $5,915 | $1,718 | | Accrued compensation | $2,699 | $3,687 | | Total accrued expenses | $30,410 | $20,134 | | Warranty reserves | $9,861 | $9,482 | | Total other current liabilities | $10,456 | $10,313 | - Warranty accruals increased to **$11,810 thousand** at June 30, 2025, from **$11,904 thousand** at December 31, 2024, with **$1,614 thousand** added and **$1,241 thousand** settled during the six-month period[114](index=114&type=chunk) [Income Taxes](index=31&type=section&id=Income%20taxes) The company recorded income tax expense of $0.29 million for the six months ended June 30, 2025, lower than the statutory rate due to a valuation allowance against U.S. deferred tax assets | (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Income tax expense | $39 | $65 | $293 | $54 | - Income tax expense is lower than the statutory rate primarily due to a valuation allowance against U.S. deferred tax assets[115](index=115&type=chunk) - The One Big Beautiful Bill Act, signed July 4, 2025, is not expected to materially impact income tax expense or liability due to the existing valuation allowance[117](index=117&type=chunk) [Debt](index=31&type=section&id=Debt) Long-term debt, net, increased to $10,895 thousand at June 30, 2025. The company's Senior Notes, with an effective interest rate of approximately 18%, were amended on July 2, 2025, to subordinate them to a new $75 million Credit Agreement and reduce their interest rate | (in thousands) | June 30, 2025 | December 31, 2024 | | :--------------- | :------------ | :---------------- | | Senior notes | $16,147 | $15,146 | | Less: discount and deferred loan costs | $(5,252) | $(5,680) | | Long-term debt, net | $10,895 | $9,466 | - The Senior Notes have an effective interest rate of approximately **18%**, including paid-in-kind interest and amortization of discount/costs[120](index=120&type=chunk) - On July 2, 2025, the Senior Notes were amended and subordinated to a new **$75 million** Credit Agreement, with their interest rate reduced to **5% cash** and **7% paid-in-kind**[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk) [Commitments and Contingencies](index=32&type=section&id=Commitments%20and%20contingencies) The company is involved in legal proceedings, including U.S. Customs and Border Protection (CBP) tariff assessments totaling approximately $4.85 million, which the company disputes and has not accrued - CBP issued tariff assessments totaling approximately **$2.84 million** (625 Assessment) and **$2.01 million** (Revised 939 Assessment) for imported torque beams[128](index=128&type=chunk)[129](index=129&type=chunk) - The company believes the CBP assessments are incorrect, particularly regarding Section 301 tariffs and Section 232 duties, and has filed formal protests, thus making no accrual as of June 30, 2025[130](index=130&type=chunk)[131](index=131&type=chunk) - FTC Solar, Inc. filed a lawsuit against BayWa r.e. Power Solutions, Inc. for breach of contract related to the purported cancellation of a large equipment supply agreement[132](index=132&type=chunk) [ATM Program](index=34&type=section&id=ATM%20program) The company has an At-the-Market (ATM) offering program with capacity for nearly $13.8 million in common stock sales for general corporate purposes, though no shares were sold under the program during the three or six months ended June 30, 2025 or 2024 - The ATM program allows for the sale of up to approximately **$13.8 million** of common stock[134](index=134&type=chunk) - No shares were sold under the ATM program during the three and six months ended June 30, 2025, or 2024[137](index=137&type=chunk) [Stock-based Compensation](index=36&type=section&id=Stock-based%20compensation) Total stock-based compensation expense decreased for both the three and six months ended June 30, 2025, compared to the prior year, reflecting cost reduction initiatives and executive award forfeitures | (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Cost of revenue | $248 | $240 | $491 | $456 | | Research and development | $58 | $93 | $118 | $174 | | Selling and marketing | $34 | $114 | $50 | $158 | | General and administrative | $596 | $838 | $557 | $2,136 | | Total stock compensation expense | $936 | $1,285 | $1,216 | $2,924 | - The decrease in general and administrative stock-based compensation for the six months ended June 30, 2025, was largely due to executive award forfeitures[227](index=227&type=chunk)[228](index=228&type=chunk) [Related Party Transactions](index=36&type=section&id=Related%20party%20transactions) The company has significant related party transactions with Alpha Steel, including receivables for future material cost discounts and liabilities for accrued cost of revenue and minimum purchase commitments - Related party receivables from Alpha Steel totaled **$4.0 million** at June 30, 2025, for future material cost discounts related to manufacturing incentives under the Inflation Reduction Act[139](index=139&type=chunk) - Related party liabilities to Alpha Steel totaled **$5.9 million** at June 30, 2025, for accrued cost of revenue and **$4.0 million** in incurred contractual obligations for minimum purchase commitments[140](index=140&type=chunk) - Purchases from Alpha Steel totaled **$7.6 million** for the six months ended June 30, 2025[141](index=141&type=chunk) [Net Loss Per Share](index=36&type=section&id=Net%20loss%20per%20share) Basic and diluted net loss per share for the three months ended June 30, 2025, was $(1.18), compared to $(0.97) in the prior year | ($ in thousands, except shares and per share data) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net loss for basic and diluted calculation | $(15,430) | $(12,241) | $(19,249) | $(21,012) | | Weighted average shares outstanding | 13,098,825 | 12,617,128 | 12,948,189 | 12,581,608 | | Basic and diluted loss per share | $(1.18) | $(0.97) | $(1.49) | $(1.67) | - Potentially dilutive securities, including stock options and RSUs, were excluded from diluted loss per share calculation as they were anti-dilutive[143](index=143&type=chunk)[144](index=144&type=chunk) [Segment Information](index=37&type=section&id=Segment%20information) The company operates in a single business segment: the manufacturing and servicing of solar tracker systems - The company operates in one business segment: manufacturing and servicing of solar tracker systems[33](index=33&type=chunk)[145](index=145&type=chunk) - Product revenue includes sales of solar tracker systems, customized components, individual parts, and term-based software licenses[146](index=146&type=chunk) - Service revenue includes shipping and handling, engineering consulting, pile testing, subscription-based enterprise licensing, and maintenance/support services[146](index=146&type=chunk) [Subsequent Events](index=38&type=section&id=Subsequent%20events) On July 2, 2025, the company entered into a Credit Agreement for a senior secured term facility of up to $75 million, with an initial funding of $14.3 million - On July 2, 2025, the company entered into a Credit Agreement for a senior secured term facility of up to **$75 million**, with **$14.3 million** in Initial Term Loans funded, yielding approximately **$13.0 million** net proceeds[36](index=36&type=chunk)[149](index=149&type=chunk) - The Credit Agreement includes financial covenants such as minimum unrestricted cash (**$20.0 million** by September 30, 2025), minimum revenue, product margin, EBITDA, and purchase order targets[153](index=153&type=chunk) - The company issued New Warrants to lenders for up to **5,418,292 shares** of common stock, with additional Delayed Draw Term Loans subject to stockholder approval for warrant exercise[149](index=149&type=chunk)[159](index=159&type=chunk)[246](index=246&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=43&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial condition and results, analyzing revenue, expenses, liquidity, critical accounting policies, and non-GAAP measures [Overview](index=43&type=section&id=Overview) FTC Solar, Inc. is a global provider of solar tracker systems and related software, headquartered in Austin, Texas, with international subsidiaries - FTC Solar, Inc. is a global provider of solar tracker systems, proprietary software (SUNPATH, SUNOPS), and value-added engineering services[166](index=166&type=chunk) - The company's main products are the **Pioneer (1P)** and **Voyager (2P)** solar tracker systems, designed to optimize solar energy production[166](index=166&type=chunk) - FTC Solar serves large utility-scale and distributed generation projects globally, with headquarters in Austin, Texas, and international subsidiaries[166](index=166&type=chunk) [Key Factors Affecting Our Performance](index=43&type=section&id=Key%20Factors%20Affecting%20Our%20Performance) The company's performance is significantly influenced by project timing delays, evolving government regulations (tariffs, IRA changes), supply chain disruptions, strategic investments in technology and personnel, and the impact of climate change on demand and operations - Project timing is significantly impacted by customer delays due to interconnection issues, permit delays, equipment shortages, financing, and regulatory uncertainty[168](index=168&type=chunk) - Government regulations, including U.S. tariffs (e.g., universal **10%** tariff, doubled steel/aluminum tariffs) and changes to the Inflation Reduction Act (IRA) via the One Big Beautiful Bill Act, can impact profitability and demand[169](index=169&type=chunk)[171](index=171&type=chunk)[173](index=173&type=chunk) - The company invests in technology (e.g., SUNOPS, Automated Hail Stow Solution, Pioneer dual-row configuration) and personnel to enhance products and expand capabilities[179](index=179&type=chunk)[180](index=180&type=chunk) [Key Components of Our Results of Operations](index=47&type=section&id=Key%20Components%20of%20Our%20Results%20of%20Operations) Details components of results of operations, including revenue, cost of revenue, gross profit/loss, and operating expenses, influenced by volume, ASP, and government incentives - Revenue is generated from product sales (solar tracker systems, components, software licenses) and service sales (shipping, engineering, subscriptions, maintenance)[186](index=186&type=chunk) - Cost of revenue includes raw materials, manufacturing, freight, tariffs, product warranty, remediation, and personnel costs[190](index=190&type=chunk) - Operating expenses consist of research and development, selling and marketing, and general and administrative expenses, with personnel-related costs being the most significant component[192](index=192&type=chunk) [Results of Operations - Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024](index=51&type=section&id=Results%20of%20Operations%20(Three%20Months%20Ended%20June%2030,%202025%20vs.%202024)) For the three months ended June 30, 2025, total revenue increased by 74.9% to $19,993 thousand, driven by a 147% increase in MW produced | (in thousands) | 2025 | 2024 | $ Change | % Change | | :--------------- | :--- | :--- | :------- | :------- | | Product Revenue | $15,867 | $8,776 | $7,091 | 80.8% | | Service Revenue | $4,126 | $2,654 | $1,472 | 55.5% | | Total Revenue | $19,993 | $11,430 | $8,563 | 74.9% | | Total Cost of Revenue | $23,912 | $13,773 | $10,139 | 73.6% | | Gross Loss | $(3,919) | $(2,343) | $(1,576) | (67.3)% | | Research and Development | $1,129 | $1,535 | $(406) | (26.4)% | | Selling and Marketing | $1,291 | $2,036 | $(745) | (36.6)% | | General and Administrative | $5,160 | $6,010 | $(850) | (14.1)% | | Net Loss | $(15,430) | $(12,241) | $(3,189) | (26.0)% | - Product revenue increased by **80.8%** due to a **147%** increase in MW produced, partially offset by a **27%** decrease in ASP[198](index=198&type=chunk) - A non-cash loss of **$(2,836) thousand** was recognized from the change in fair value of warrant liability due to an increase in common stock price[215](index=215&type=chunk) [Results of Operations - Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024](index=57&type=section&id=Results%20of%20Operations%20(Six%20Months%20Ended%20June%2030,%202025%20vs.%202024)) For the six months ended June 30, 2025, total revenue increased by 69.9% to $40,796 thousand, driven by a 147% increase in MW produced | (in thousands) | 2025 | 2024 | $ Change | % Change | | :--------------- | :--- | :--- | :------- | :------- | | Product Revenue | $34,069 | $19,681 | $14,388 | 73.1% | | Service Revenue | $6,727 | $4,336 | $2,391 | 55.1% | | Total Revenue | $40,796 | $24,017 | $16,779 | 69.9% | | Total Cost of Revenue | $48,162 | $28,468 | $19,694 | 69.2% | | Gross Loss | $(7,366) | $(4,451) | $(2,915) | (65.5)% | | Research and Development | $2,053 | $2,974 | $(921) | (31.0)% | | Selling and Marketing | $2,427 | $4,424 | $(1,997) | (45.1)% | | General and Administrative | $10,213 | $12,577 | $(2,364) | (18.8)% | | Net Loss | $(19,249) | $(21,012) | $1,763 | 8.4% | - Product revenue increased by **73.1%** due to a **147%** increase in MW produced, partially offset by a **30%** decrease in ASP[220](index=220&type=chunk) - A non-cash gain of **$1,768 thousand** was recognized from the change in fair value of warrant liability due to a decrease in common stock price[235](index=235&type=chunk) - Operating expenses decreased across all categories, with General and Administrative expenses seeing the largest reduction of **$2,364 thousand**, partly due to lower stock-based compensation from executive award forfeitures[225](index=225&type=chunk)[226](index=226&type=chunk)[227](index=227&type=chunk)[228](index=228&type=chunk) [Liquidity and Capital Resources](index=61&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is constrained by cumulative losses and cash outflows from operations, leading to substantial doubt about its going concern ability - The company had **$3.5 million** cash on hand and **$9.7 million** working capital as of June 30, 2025, with **$10.8 million** cash used in operations during the six months[238](index=238&type=chunk) - A new **$75 million** senior secured term facility was entered into on July 2, 2025, with **$14.3 million** (net **$13.0 million**) funded initially[240](index=240&type=chunk) - The ability to meet liquidity needs depends on cash on hand, increased project activity, additional Credit Agreement proceeds (subject to stockholder approval for warrants), and ATM program utilization, alongside cost-saving measures[243](index=243&type=chunk) [Critical Accounting Policies and Significant Management Estimates](index=65&type=section&id=Critical%20Accounting%20Policies%20and%20Significant%20Management%20Estimates) Details critical accounting policies and significant management estimates for revenue, accounts receivable, warranty, stock-based compensation, warrants, and impairment assessments - Revenue recognition involves significant judgment in identifying performance obligations, estimating total project costs, and measuring progress, which can be impacted by external factors like supply chain disruptions and tariffs[266](index=266&type=chunk)[267](index=267&type=chunk) - The allowance for credit losses for accounts receivable is based on lifetime expected credit loss, utilizing historical experience and current economic conditions, which may lead to fluctuations in expense[268](index=268&type=chunk)[269](index=269&type=chunk) - Warranty obligations are estimated based on industry data and historical experience, with inherent uncertainties that could lead to material adjustments in future periods[272](index=272&type=chunk)[273](index=273&type=chunk)[274](index=274&type=chunk) - Valuation of stock-based compensation and warrants relies on assumptions for expected term, volatility, risk-free interest rate, and dividend yield, with changes in these assumptions or stock price potentially impacting fair value and expense[275](index=275&type=chunk)[276](index=276&type=chunk)[277](index=277&type=chunk)[278](index=278&type=chunk)[279](index=279&type=chunk)[281](index=281&type=chunk)[282](index=282&type=chunk) - Impairment assessments for long-lived assets and goodwill involve judgments on triggering events, future cash flow estimates, and fair value determination, with no impairments identified in the current periods[283](index=283&type=chunk)[284](index=284&type=chunk)[285](index=285&type=chunk) [Non-GAAP Financial Measures](index=71&type=section&id=Non-GAAP%20Financial%20Measures) The company uses non-GAAP financial measures, Adjusted EBITDA, Adjusted Net Loss, and Adjusted EPS, to provide supplemental insight into operational performance by excluding certain non-recurring or non-cash items - Adjusted EBITDA is defined as net loss plus provision for income taxes, interest expense (less income), depreciation, amortization of intangibles, stock-based compensation, loss from warrant liability changes, and certain non-routine costs, less contingent gains from disposals[289](index=289&type=chunk) - Adjusted Net Loss includes adjustments for amortization of debt discount/issue costs, intangibles, stock-based compensation, warrant liability changes, CEO transition costs, non-routine legal fees, Reverse Stock Split costs, and severance, along with related tax impacts[289](index=289&type=chunk) - **Non-GAAP Financial Measures** | (in thousands, except shares and per share data) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :----------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net loss per U.S. GAAP | $(15,430) | $(12,241) | $(19,249) | $(21,012) | | Adjusted Non-GAAP amounts (Adjusted EBITDA) | $(10,360) | $(10,451) | $(20,110) | $(21,106) | | Adjusted Non-GAAP amounts (Adjusted Net Loss) | $(11,213) | $(10,730) | $(22,014) | $(21,603) | | U.S. GAAP net loss per share (Basic and diluted) | $(1.18) | $(0.97) | $(1.49) | $(1.67) | | Adjusted Non-GAAP net loss per share (Basic and diluted) | $(0.86) | $(0.85) | $(1.70) | $(1.72) | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=76&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks primarily from customer concentrations, fluctuations in commodity prices (steel, aluminum, logistics), and changes in the trading price of its common stock affecting warrant valuations - Market risk exposure primarily stems from customer concentrations and fluctuations in steel, aluminum, and logistics/transportation prices[301](index=301&type=chunk) - The fair value of warrants is estimated using a Black-Scholes model, impacted by common stock price, expected holding period, volatility, risk-free interest rate, and dividend yield[302](index=302&type=chunk) - The company relies on a small number of customers for a large portion of its revenue and receivables, exposing it to industry-specific credit risks[308](index=308&type=chunk) - Indirect commodity price risk from steel and aluminum, procured by contract manufacturers, could reduce operating margins if cost increases cannot be recovered from customers[309](index=309&type=chunk)[310](index=310&type=chunk) [Item 4. Controls and Procedures](index=78&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were not effective as of June 30, 2025, due to a material weakness identified in the fourth quarter of 2024 related to accounting for contract change orders, which resulted in an overstatement of revenue on specific projects - Disclosure controls and procedures were **not effective** as of June 30, 2025[311](index=311&type=chunk) - A material weakness was identified in the fourth quarter of 2024 regarding accounting for contract change orders, leading to an overstatement of revenue on certain projects[313](index=313&type=chunk)[314](index=314&type=chunk) - The company is enhancing internal accounting processes and management review controls to prevent and detect such errors more timely in the future[314](index=314&type=chunk) [PART II – OTHER INFORMATION](index=79&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=79&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in legal proceedings, including ongoing disputes with U.S. Customs and Border Protection (CBP) over tariff assessments totaling approximately $4.85 million, which the company believes are incorrect and has not accrued - CBP issued tariff assessments of approximately **$2.84 million** (625 Assessment) and **$2.01 million** (Revised 939 Assessment) for imported torque beams[318](index=318&type=chunk) - The company disputes the CBP assessments, believing Section 301 tariffs and Section 232 duties are not applicable, and has not accrued these amounts as probable obligations[319](index=319&type=chunk)[320](index=320&type=chunk) - FTC Solar, Inc. filed a lawsuit against BayWa r.e. Power Solutions, Inc. for breach of contract related to the alleged cancellation of a large equipment supply agreement[321](index=321&type=chunk) [Item 1A. Risk Factors](index=81&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks, including adverse impacts from evolving international trade policies (tariffs), changes in solar energy regulations (e.g., IRA tax credit phase-outs), restrictive covenants and potential default under the new Credit Agreement, and the dilutive effect of a substantial number of shares issuable under New Warrants - Recent developments in international trade policy, including new universal and reciprocal tariffs, may impact expected profitability under existing contracts and future revenue[323](index=323&type=chunk) - Changes in solar energy regulations, such as the acceleration of IRA tax credit phase-outs by the One Big Beautiful Bill Act, could reduce demand for solar energy systems[324](index=324&type=chunk)[325](index=325&type=chunk) - The Credit Agreement contains restrictive financial covenants (minimum cash, revenue, margin, EBITDA, purchase orders) and events of default, which, if breached, could lead to foreclosure on company assets[326](index=326&type=chunk)[327](index=327&type=chunk)[329](index=329&type=chunk) - The issuance of New Warrants for up to **6,836,237 shares** of common stock (approximately **31.5%** of outstanding shares) will have a dilutive impact on existing stockholders and could adversely affect the stock price[331](index=331&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=83&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section states that there were no unregistered sales of equity securities or use of proceeds to report during the period - No unregistered sales of equity securities or use of proceeds occurred during the period[332](index=332&type=chunk)[333](index=333&type=chunk) [Item 3. Defaults Upon Senior Securities](index=83&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section indicates that there are no defaults upon senior securities to report - Not applicable; no defaults upon senior securities to report[335](index=335&type=chunk) [Item 4. Mine Safety Disclosures](index=83&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section states that mine safety disclosures are not applicable to the company - Not applicable; no mine safety disclosures to report[336](index=336&type=chunk) [Item 5. Other Information](index=83&type=section&id=Item%205.%20Other%20Information) This section confirms that no other information required to be disclosed in a Form 8-K was unreported, and no directors or officers adopted, amended, or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter - No information required by Form 8-K was unreported during the period[337](index=337&type=chunk) - No directors or officers adopted, amended, or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the three months ended June 30, 2025[337](index=337&type=chunk) [Item 6. Exhibits](index=85&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed as part of the Quarterly Report on Form 10-Q, including various corporate documents, agreements, and certifications - The exhibits include Amended and Restated Certificate of Incorporation, Bylaws, Specimen Common Stock Certificate, Amended and Restated Promissory Note, Form of Warrant to Purchase Common Stock, At the Market Offering Agreement, Credit Agreement, Guarantee and Collateral Agreement, Patent Security Agreement, Trademark Security Agreement, Subordination Agreement, Amendment No. 1 to Securities Purchase Agreement, Form of Registration Rights Agreement, and various certifications[338](index=338&type=chunk)[339](index=339&type=chunk) [SIGNATURE](index=87&type=section&id=SIGNATURE) [Report Signature](index=87&type=section&id=Report%20Signature) The report was duly signed on behalf of FTC Solar, Inc. by Cathy Behnen, Chief Financial Officer, on August 5, 2025 - The report was signed by Cathy Behnen, Chief Financial Officer, on August 5, 2025[344](index=344&type=chunk)

分组1 - FTC Solar reported a quarterly loss of $0.86 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.64, and compared to a loss of $0.9 per share a year ago, indicating an earnings surprise of -34.38% [1] - The company posted revenues of $19.99 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 4.13%, and showing a significant increase from year-ago revenues of $11.43 million [2] - FTC Solar shares have increased approximately 20% since the beginning of the year, outperforming the S&P 500's gain of 7.6% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is -$0.57 on revenues of $22.98 million, and for the current fiscal year, it is -$2.07 on revenues of $88.45 million [7] - The Zacks Industry Rank indicates that the Solar industry is currently in the bottom 39% of over 250 Zacks industries, suggesting potential challenges for stock performance [8]

Financial Performance - Second quarter revenue reached $19993 thousand, a 75% increase year-over-year compared to $11430 thousand in the second quarter of 2024[12] - The company's GAAP gross margin was -196% in the second quarter of 2025, compared to -205% in the second quarter of 2024[12] - Non-GAAP gross margin was -174% in the second quarter of 2025, compared to -168% in the second quarter of 2024[12] - GAAP net loss was $15430 thousand in the second quarter of 2025, compared to $12241 thousand in the second quarter of 2024[12] - Non-GAAP net loss was $11213 thousand in the second quarter of 2025, compared to $10730 thousand in the second quarter of 2024[12] Outlook for Third Quarter 2025 - The company expects revenue to be between $18 million and $24 million[13] - Non-GAAP gross profit is projected to be between -$24 million and -$06 million[13] - Non-GAAP gross margin is expected to range from -134% to 25%[13] - Adjusted EBITDA is forecasted to be between -$108 million and -$68 million[13]