Core Insights - FTC Solar, Inc. is positioned to assist utility-scale developers in achieving "begin construction" status to secure full Investment Tax Credit (ITC) eligibility under the Inflation Reduction Act (IRA) and new "One Big Beautiful Bill" (OBBB) rules [1][2] Group 1: Safe Harbor Strategies - The company offers two viable paths for safe harbor qualification, addressing regulatory uncertainty and maximizing project returns for solar developers [2][7] - FTC Solar's 1P "Pioneer" trackers utilize universal torque tubes and innovative designs, allowing flexibility for module changes late in the design process [2][3] Group 2: Product Offerings - FTC Solar's products are optimized for safe harbor eligibility, with a robust offering across both 1P and 2P technologies, tailored for various project conditions [4][6] - The company emphasizes simplicity in design, enabling developers to optimize capital expenditures by procuring additional structural components adaptable to diverse project configurations [3][4] Group 3: Engineering and Support - A dedicated engineering team is available to identify site-specific installation opportunities and provide consultative support for tracker component procurement strategies [8] - FTC Solar is actively booking safe harbor orders and providing immediate support to meet customer goals [5][8] Group 4: Supply Chain and Capacity - The company is scaling its domestic supply chain, with 100% U.S.-sourced trackers available for orders starting in Q4 2025 [8]

Core Viewpoint - FTC Solar, Inc. is set to report its second quarter 2025 financial results on August 5, 2025, before market open, indicating ongoing transparency and engagement with investors [1]. Company Overview - FTC Solar, Inc. was founded in 2017 by renewable energy industry veterans and specializes in solar tracker systems, technology, software, and engineering services [3]. - The company's solar trackers enhance energy production by optimizing solar panel orientation, providing a competitive edge in performance and reliability, along with an industry-leading installation cost-per-watt advantage [3]. Investor Communication - A conference call for the investment community will take place on August 5, 2025, at 8:30 a.m. E.T., where the company will discuss its financial results and outlook [2]. - The conference call will be accessible via webcast and will be available for replay on the company's Investor Relations website for 30 days [2].

Core Viewpoint - A group of legislators, led by Senator Elizabeth Warren, is introducing the Price Gouging Bill of 2025 to combat price gouging by large corporations amid rising inflation and increasing tariffs [1][2]. Group 1: Legislative Details - The Price Gouging Bill of 2025 aims to make price gouging illegal and empower the Federal Trade Commission (FTC) and state attorneys general to litigate against alleged market abuses [2][6]. - The bill requires companies with over $100 million in revenue to report any price changes exceeding the average price from the previous 120 days, along with details on product costs and margins [6]. - An additional $1 billion in funding will be allocated to the FTC to enforce the new price gouging law [7]. Group 2: Economic Context - The proposed legislation follows a resurgence of inflation as indicated by the June consumer price index and the ongoing impact of tariffs [2][4]. - Corporations, including Costco and Best Buy, have cited tariffs as a reason for price increases during their second-quarter earnings calls [9]. Group 3: Political Statements - Senator Warren criticized President Trump's tariff policies for enabling corporations to raise prices excessively, claiming that the bill is a chance for Congress to protect families from corporate abuse [4][8]. - Senator Baldwin emphasized that the bill aims to address corporate greed and the rising costs of everyday items affecting families [8]. Group 4: Support and Criticism - The bill has garnered support from labor organizations like the AFL-CIO and United Steelworkers, who believe it is overdue [10]. - There has been criticism of price gouging policies from both political sides, with some arguing that such measures may not be sound economics [11].

Core Viewpoint - FTC Solar, Inc. has secured a new $75 million strategic financing facility to support its growth and balance sheet, with an initial term loan of up to $37.5 million [2][3][4] Financing Details - The financing facility includes an initial term loan of $37.5 million, with $14.3 million already closed on July 2, 2025, and an additional $23.2 million expected to close in Q3 2025, pending shareholder approval [3][4] - The total potential financing available under the facility is $75 million, which can be accessed upon mutual agreement between the company and investors [4] Company Insights - FTC Solar is recognized as a leading provider of solar tracker systems, software, and engineering services, enhancing energy production at solar installations [8] - The company has recently added over 6.5 gigawatts of new business with Tier 1 customers, indicating strong demand for its innovative tracker technology [5] Strategic Importance - The financing is aimed at strengthening the company's balance sheet, accelerating growth, and ensuring continued product and service delivery to global customers [5] - Cleanhill Partners, a private equity firm, expressed confidence in FTC Solar's potential as an industry leader, highlighting the scalability of their investment [5][7]

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] Upcoming Investor Meetings - FTC Solar's management team, including CEO Yann Brandt, will participate in investor meetings at the CLEANPOWER 2025 conference on May 20, 2025, in Phoenix, alongside analysts from UBS, Guggenheim, and Roth Securities [1] - The company will host in-person investor meetings at the Bank of America Power, Utilities and Alternative Energy Conference on May 28, 2025, in New York [2] - FTC Solar will also hold in-person investor meetings at the Roth Securities London Conference on June 25, 2025, in London [2] Contact Information - For investor inquiries, FTC Solar's Vice President of Investor Relations, Bill Michalek, can be contacted at (737) 241-8618 or via email at IR@FTCSolar.com [4]

Financial Data and Key Metrics Changes - Revenue for the first quarter was $20.8 million, exceeding guidance and representing a 58% increase from the prior quarter and a 65% increase year-over-year due to higher product volumes [20][21] - GAAP gross loss was $3.4 million, or 16.6% of revenue, compared to a gross loss of $3.8 million, or 29.1% of revenue in the prior quarter [20] - Non-GAAP gross loss was $3 million, or 14.4% of revenue, an improvement from $3.4 million, or 25.6% of revenue in the prior quarter [21] - GAAP net loss was $3.8 million, or $0.58 per diluted share, compared to a loss of $12.2 million, or $0.96 per diluted share in the prior quarter [21] - Adjusted EBITDA loss was $9.8 million, slightly better than the top end of guidance, compared to losses of $9.8 million in the prior quarter [22] Business Line Data and Key Metrics Changes - The company has added over 6.5 gigawatts to its backlog, with agreements signed with tier one accounts [5] - The average project size of bids increased by 65% year-over-year, indicating a significant uptick in bidding activity [11] - 1P solutions now represent 90% of all bidding activity, reflecting a strategic shift in product focus [13] Market Data and Key Metrics Changes - Customer visits to product demonstration facilities increased by 100% and 240% over the past six and nine months, respectively [11] - Bidding volume in the first quarter was up 60% compared to the previous year, indicating heightened market activity [11] Company Strategy and Development Direction - The company is focused on converting backlog into sustainable growth and profitability, with a strong emphasis on expanding its 1P product line [5][6] - The strategic shift from 2P to 1P solutions is aimed at addressing market demand and expanding the served market [9][12] - The company is actively involved in advocating for the continuation of investment tax credits and manufacturing credits to support industry growth [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the solar market, noting high demand for solar generation and active involvement from corporate customers in project development [16] - The company anticipates continued growth in backlog and revenue, with expectations of achieving adjusted EBITDA breakeven on a quarterly basis within 2025 [23][25] - Management acknowledged uncertainties in the market due to tariffs and permitting processes but emphasized the importance of maintaining operational flexibility [14][39] Other Important Information - The contracted backlog now stands at $482 million, with cash at the end of the quarter reported at $5.9 million [22][18] - The company has reduced operating expenses for six consecutive quarters, achieving the lowest level since becoming public [21] Q&A Session Summary Question: Exposure to tariffs for components - Management acknowledged that there is some exposure to tariffs on imported items but emphasized a diversified supply chain to mitigate impacts [28] Question: Impact of module change configurations on backlog - Management indicated that while there is movement in module configurations, they have not seen significant project shifts due to module impacts [30][31] Question: Percentage of projects on hold due to tariff clarity - Management noted that while there is some resequencing of projects, the majority remain on track, with flexibility built into project timelines [38] Question: Development activity slowdown - Management clarified that development activity has not slowed, but negotiations between off-takers and project owners have paused due to tariff uncertainties [41] Question: Expectations for gross margin and adjusted EBITDA - Management highlighted that higher volumes and market share gains are driving expectations for improved gross margins and positive adjusted EBITDA [47]

Financial Performance - Total revenue for the three months ended March 31, 2025, was $20,803,000, representing a 65.3% increase from $12,587,000 in the same period of 2024[167]. - Product revenue increased by 66.9% to $18,202,000, while service revenue rose by 54.6% to $2,601,000 compared to the prior year[167]. - The company reported a net loss of $3,819,000 for the three months ended March 31, 2025, compared to a net loss of $8,771,000 in the same period of 2024[165]. - Adjusted EBITDA for the three months ended March 31, 2025, was $(9.75) million, while for the same period in 2024, it was $(10.65) million[233]. - Adjusted net loss per share for the three months ended March 31, 2025, was $(0.84) on a diluted basis, compared to $(0.87) for the same period in 2024[233]. Cost Structure and Expenses - The company experienced a gross loss of $3,447,000 for the three months ended March 31, 2025, with a gross margin percentage of negative 16.6%, relatively flat compared to negative 16.7% in 2024[172][173]. - Operating expenses decreased to $7,113,000, down 31.5% from $10,394,000 in the same period last year, primarily due to reductions in research and development, selling and marketing, and general and administrative expenses[165]. - Research and development expenses were $924,000, a decrease of 35.8% from $1,439,000 in 2024, representing 4.4% of total revenue compared to 11.4% in the prior year[176]. - Selling and marketing expenses dropped to $1,136,000, down 52.4% from $2,388,000 in 2024, accounting for 5.5% of total revenue compared to 19.0% previously[178]. - General and administrative expenses were $5,053,000, a decrease of 23.1% from $6,567,000 in 2024, representing 24.3% of total revenue compared to 52.2% in the prior year[180]. Supply Chain and Market Conditions - The company has diversified its supply chain, reducing reliance on China from 90% in 2019 to qualifying suppliers outside of China for certain commodities as of March 31, 2025[141]. - Disruptions in transportation and supply chain have affected costs, with international conflicts and inflation impacting material prices and logistics[144]. - The company continues to monitor logistics markets and adjust transportation methods to optimize costs amid evolving supply chain challenges[145]. - The average selling price (ASP) of solar tracker systems is influenced by supply and demand dynamics, competitive pricing pressures, and changes in product mix[159]. - The company is exposed to market risks primarily due to customer concentrations and fluctuations in steel and aluminum prices[238]. Product and Technology Development - FTC Solar reported a revenue increase driven by the sale of solar tracker systems and customized components, with contracts ranging from tens of thousands to tens of millions of dollars[155]. - The company introduced SUNOPS, a cloud-based solar asset monitoring solution, in August 2023, enhancing operational performance evaluation for solar deployments[148]. - The company has invested in technology and personnel to enhance product capabilities and expand its patent portfolio, aiming to attract and retain customers[149]. Regulatory and Economic Factors - The Inflation Reduction Act of 2022 provides a 30% Investment Tax Credit (ITC) for solar projects starting construction by the end of 2032, declining to 26% and 22% for projects starting in 2033 and 2034, respectively[143]. - The U.S. imposed a universal 10% tariff on most imports effective April 5, 2025, with a 145% tariff on goods from China, impacting the cost structure of tracker systems[142]. - Climate change is expected to increase solar generation in the U.S. by 34% in 2025 and 17% in 2026, driving demand for FTC Solar's products[150]. Cash Flow and Capital Management - Cash utilized in operating activities was $8.5 million for the three months ended March 31, 2025, compared to $11.9 million in the same period of 2024, indicating a reduction of 28.5%[188][195]. - Working capital decreased from $27.1 million at December 31, 2024, to $20.2 million at March 31, 2025, a decline of approximately 25.5%[198]. - The company had $5.9 million in cash on hand and $20.2 million in working capital as of March 31, 2025[188]. - The company anticipates proceeds of up to $10 million from an additional private placement of debt executed on March 4, 2025[194]. - The company incurred capital expenditures of approximately $0.1 million primarily for tooling during the three months ended March 31, 2025[199]. Investment and Financial Instruments - The company achieved a gain from the disposal of an investment in an unconsolidated subsidiary of $3,204,000, down 21.6% from $4,085,000 in the previous year[182]. - Earnout payments received from Dimension were $3.2 million for the three months ended March 31, 2025, compared to $4.1 million for the same period in 2024, reflecting a decrease of 22%[184]. - The fair value of warrants decreased from $9.5 million at December 31, 2024, to $4.9 million at March 31, 2025, resulting in a non-cash gain of $4.6 million[185]. - Loss from unconsolidated subsidiary Alpha Steel decreased by 57.7%, from $265,000 in Q1 2024 to $112,000 in Q1 2025[186]. - Senior Notes outstanding totaled $15.6 million in principal and accrued interest as of March 31, 2025[243].

Group 1 - FTC Solar reported a quarterly loss of $0.84 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.67, but an improvement from a loss of $0.90 per share a year ago, indicating a surprise of -25.37% [1] - The company posted revenues of $20.8 million for the quarter ended March 2025, exceeding the Zacks Consensus Estimate by 12.45%, and showing a significant increase from $12.59 million in the same quarter last year [2] - FTC Solar shares have declined approximately 42.1% since the beginning of the year, contrasting with the S&P 500's decline of -5.3% [3] Group 2 - The earnings outlook for FTC Solar is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The trend for earnings estimate revisions for FTC Solar is currently favorable, leading to a Zacks Rank 2 (Buy) for the stock, suggesting it is expected to outperform the market in the near future [6] - The current consensus EPS estimate for the upcoming quarter is -$0.67 on revenues of $18.04 million, and for the current fiscal year, it is -$1.84 on revenues of $87.15 million [7] Group 3 - The solar industry, to which FTC Solar belongs, is currently ranked in the bottom 16% of over 250 Zacks industries, indicating that the industry's outlook can significantly impact stock performance [8] - Tigo Energy, another company in the solar industry, is expected to report a quarterly loss of $0.13 per share, reflecting a year-over-year change of +31.6%, with revenues anticipated to be $17.68 million, up 80.5% from the previous year [9]

May 1, 2025 First Quarter 2025 Earnings Results 2 Forward-Looking Statements and Non-GAAP Financial Measures This presentation contains forward looking statements. These statements are not historical facts but rather are based on our current expectations and projections regarding our business, operations and other factors relating thereto. Words such as "may," "will," "could," "would," "should," "anticipate," "predict,""potential," "continue," "expects," "intends," "plans," "projects," "believes," "estimate ...

Financial Data and Key Metrics Changes - Revenue for the first quarter of 2025 was $20.8 million, representing a 58% increase compared to the prior quarter and a 65% increase year-over-year due to higher product volumes [19] - GAAP gross loss was $3.4 million or 16.6% of revenue, improved from a gross loss of $3.8 million or 29.1% of revenue in the prior quarter [19] - Non-GAAP gross loss was $3 million or 14.4% of revenue, compared to a non-GAAP gross loss of $3.4 million or 25.6% of revenue in the prior quarter [20] - GAAP net loss was $3.8 million or $0.58 per diluted share, improved from a loss of $12.2 million or $0.96 per diluted share in the prior quarter [20] - Adjusted EBITDA loss was $9.8 million, slightly better than the top end of guidance, compared to losses of $9.8 million in the prior quarter [21] Business Line Data and Key Metrics Changes - The company has added over 6.5 gigawatts to its backlog, with agreements signed with tier one accounts [6] - The average project size of bids increased by 65% compared to a year ago, indicating a significant increase in bidding activity [11] - 1P solutions now represent 90% of all bidding activity, reflecting a shift in market demand [13] Market Data and Key Metrics Changes - Customer visits to product demonstration facilities increased by 100% and 240% over the past six and nine months, respectively, compared to the previous year [11] - Bidding volume in the first quarter was up 60% year-over-year, indicating heightened market activity [11] Company Strategy and Development Direction - The company is focused on converting backlog into sustainable growth and profitability, with a strong emphasis on expanding its 1P product line [6][9] - The company aims to achieve adjusted EBITDA breakeven on a quarterly basis within 2025, indicating a strategic focus on improving financial performance [22] - The company is actively involved in advocating for the continuation of investment tax credits and manufacturing credits, which are crucial for the solar market's growth [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the high demand for solar generation, despite uncertainties in the market due to tariffs and permitting processes [15] - The company believes it is well-positioned in a strong growth industry with increasing interest and demand for its solutions [17] - Management noted that while there are uncertainties, the majority of the pipeline is still moving toward construction starts, with some customers waiting for clarity on tariffs [35][36] Other Important Information - The contracted backlog now stands at $482 million, reflecting the company's ability to secure significant contracts [21] - The company ended the quarter with $5.9 million in cash, not including expected proceeds from an upsized notes offering [21] Q&A Session Summary Question: Exposure to tariffs for components - Management acknowledged that there are items imported that are subject to tariffs, but the majority of the tariff costs are passed on to customers, minimizing the impact [26][27] Question: Impact of module change configurations on backlog - Management indicated that while there is movement in module configurations, they have not seen significant project shifts due to module impacts [29] Question: Percentage of projects on hold due to tariff clarity - Management noted that while there is some resequencing of projects, the majority remain on track, with flexibility built into project timelines [35][36] Question: Activity required for future project development - Management stated that development activity has not slowed, but negotiations between off-takers and project owners have paused due to tariff uncertainties [40][41] Question: Expectations for gross margin and adjusted EBITDA - Management highlighted that the company is at an inflection point, with a focus on 1P deployment driving expectations for improved margins and EBITDA [46][48]