Financial Performance - First quarter revenue reached $20.8 million, representing a 58% increase quarter-over-quarter and a 65.3% increase year-over-year[6][7] - The net loss for the first quarter was $3.8 million, or $0.58 per diluted share, an improvement from a net loss of $12.2 million in the prior quarter[9] - Total revenue for the three months ended March 31, 2025, was $20,803,000, a 65.2% increase from $12,587,000 in the same period of 2024[23] - For the three months ended March 31, 2025, the company reported a net loss of $3,819,000 compared to a net loss of $8,771,000 for the same period in 2024, representing a 56.5% improvement in net loss[34] - Adjusted Non-GAAP net loss for Q1 2025 was $9,750,000, slightly improved from $10,655,000 in Q1 2024, indicating a 8.5% reduction year-over-year[34] Operating Expenses - Total operating expenses decreased to $7.1 million, a multi-year low, compared to $10.4 million in the prior quarter[6][8] - Operating expenses decreased to $7,113,000 in Q1 2025 from $10,394,000 in Q1 2024, a reduction of 31.9%[23] - The company incurred stock-based compensation of $280,000 in Q1 2025, down from $1,639,000 in Q1 2024, reflecting a 82.9% decrease[34] - The company incurred severance costs of $175,000 in Q1 2025 due to restructuring changes[36] Gross Margin and EBITDA - The gross margin percentage improved to (16.6%) compared to (29.1%) in the prior quarter, with a non-GAAP gross loss of $3.0 million or 14.4% of revenue[8][9] - Adjusted EBITDA loss for Q1 2025 was $9.8 million, consistent with the prior quarter's loss[9][14] - Adjusted EBITDA for Q1 2025 was $(9,750,000), slightly better than $(10,655,000) in Q1 2024[32] - Non-GAAP gross loss for Q1 2025 was $(2,997,000), with a non-GAAP gross margin percentage of (14.4%) compared to (13.7%) in Q1 2024[32] Cash and Assets - Cash and cash equivalents decreased to $5,909,000 as of March 31, 2025, down from $11,247,000 at the end of 2024[26] - Total assets decreased to $84,061,000 as of March 31, 2025, compared to $89,928,000 at the end of 2024[26] - Total liabilities were $68,533,000 as of March 31, 2025, a slight decrease from $70,892,000 at the end of 2024[26] Strategic Initiatives - The company added over 6.5 gigawatts to its backlog with Tier 1 customers, bringing the total contracted backlog to approximately $482 million[3][5] - Bid activity increased by 60% year-over-year, indicating heightened customer interest and engagement[6] - The company expects revenue for Q2 2025 to be in the range of $19.0 million to $24.0 million, continuing sequential growth[13][14] - FTC Solar anticipates achieving adjusted EBITDA breakeven on a quarterly basis within 2025, with revenue weighted towards the second half of the year[13] - The company has strengthened its Board of Directors with the addition of two new members, enhancing leadership capabilities[10][11] - The company is implementing sign-on bonuses for the new CEO, which will be expensed through October 1, 2026, reflecting a strategic investment in leadership[35] Interest and Gains - Interest expense increased to $711,000 in Q1 2025 from $317,000 in Q1 2024, marking a 124.5% rise[34] - The company reported a gain from the disposal of investment in an unconsolidated subsidiary of $3,204,000 in Q1 2025, compared to a gain of $4,085,000 in Q1 2024, a decrease of 21.5%[34]

Core Insights - FTC Solar reported strong first-quarter results for 2025, exceeding target mid-points across all metrics, with significant growth in backlog and customer agreements [2][7][15] - The company has strengthened its product offerings, particularly with its innovative 1P product line, which has driven increased customer engagement and bidding activity [3][4][8] - The outlook for the second quarter remains positive, with expectations for continued revenue growth and a path towards adjusted EBITDA breakeven within 2025 [15][16] Financial Performance - Total revenue for Q1 2025 was $20.8 million, representing a 57.6% increase quarter-over-quarter and a 65.3% increase year-over-year [7][10] - Gross loss for the quarter 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 [10][11] - Net loss for Q1 2025 was $3.8 million, or $0.58 per diluted share, an improvement from a net loss of $8.8 million, or $0.70 per diluted share in the same quarter last year [11][22] Operational Highlights - The company added over 6.5 gigawatts of agreements with Tier 1 customers, significantly boosting its backlog to approximately $482 million [2][6] - Operating expenses were reduced to $7.1 million, a multi-year low, reflecting cost efficiencies [8][10] - Customer interest and bidding activity increased by 60% year-over-year, indicating strong market demand [8] Strategic Developments - The Board of Directors was strengthened with the addition of two new members, enhancing leadership capabilities [12][13][14] - The company anticipates continued sequential revenue growth in Q2 2025, with a focus on converting increased customer interest into sustainable growth [15][16]

Core Viewpoint - FTC Solar, Inc. is set to report its first quarter 2025 financial results on May 1, 2025, before market open, indicating a focus on transparency and communication with investors [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, showcasing its commitment to engaging with the investment community [2]. - The conference call will be accessible via webcast, and a replay will be available for 30 days, enhancing investor accessibility to information [2]. Group 2: Company Overview - FTC Solar, founded in 2017 by renewable energy industry veterans, specializes in solar tracker systems, technology, software, and engineering services, positioning itself as a leader in the solar energy sector [3]. - The company's solar trackers optimize solar panel orientation to increase energy production, highlighting its innovative approach and competitive edge in installation cost-per-watt [3].

Core Insights - FTC Solar has introduced a dual-row configuration for its 1P Pioneer Tracker™, enhancing efficiency and adaptability for solar installations [1][8] - The new design significantly improves project yield, reduces costs, and maximizes land utilization, particularly in challenging terrains [1][8] Product Features - The dual-row configuration boasts an industry-leading East-West slope tolerance of 17.5%, allowing installations on more challenging terrains while minimizing site preparation costs [3][8] - Configurable options of 4x4, 3x3, and 2x2 setups increase power density by up to 23%, optimizing energy output while maintaining the same land footprint [4][8] - The design integrates a shared drive tube, streamlining components and reducing material requirements, which enhances cost-effectiveness without compromising performance [5][8] Economic Benefits - The dual-row configuration optimizes capital costs and lowers installation complexity, providing a scalable solution for solar developers and EPCs [5][8] - Enhanced flexibility allows for the integration of both independent and dual-row trackers within the same site, optimizing site design and lowering capital expenditures (CAPEX) [6][8] - The design reduces mechanical complexity, leading to lower maintenance costs and improved energy output over the system's lifetime [6][8] Strategic Impact - The introduction of the dual-row configuration enables developers to maximize energy production while minimizing installation complexity and capital costs, enhancing project economics [7][8] - FTC Solar's innovations empower customers to expand project viability and improve long-term project economics [8]

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 ...

Financial Data and Key Metrics Changes - Revenue for Q4 2024 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 [27][28] - GAAP gross loss was $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 [28] - GAAP net loss was $12.2 million, or $0.96 per diluted share, an improvement from a loss of $15.4 million, or $1.21 per diluted share in the prior quarter [30] - Adjusted EBITDA loss was $9.8 million, better than guidance, compared to losses of $12.2 million in the prior quarter [31] Business Line Data and Key Metrics Changes - The company added multiples of its current annual revenue run rate to its backlog, signing agreements totaling more than 6.5 gigawatts with Tier 1 accounts [21] - The contracted portion of the company's backlog now stands at $502 million, reflecting $67 million in new purchase order additions since November 12, 2024 [31] Market Data and Key Metrics Changes - The company is seeing increasing international traction, particularly in Australia and Europe, with a focus on a specially designed tracker for the Indian market [19][24] - The bidding run rate has nearly doubled compared to the second quarter of the previous year, indicating strong market demand [18] Company Strategy and Development Direction - The company is focused on converting its backlog into revenue and achieving quarterly profitability in 2025 [13][26] - The strategy includes enhancing domestic content capabilities and increasing international project engagements [18][19] - The company aims to provide value through easier, faster, and safer installations, which is critical in a stressed labor market [22][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's recovery and growth prospects, highlighting a clear inflection point in the adoption of its differentiated technology [10][25] - The company anticipates a back-half weighted year, with significant growth expected in the second half of 2025 [48] Other Important Information - The company ended the quarter with $11.2 million in cash and has additional liquidity from a $3.2 million earn-out and an upsized note offering expected to bring in $10 to $15 million [32] - The company is also focused on improving its supply chain management to mitigate exposure to steel price volatility [74] Q&A Session Summary Question: Can you share the mix of 1P versus 2P in the five-gigawatt agreement with Recurrent Energy? - The agreement will predominantly utilize 1P technology, with a mix of 1P and 2P based on geographical considerations [39][44] Question: What is the revenue outlook for Q2 and Q3? - The company expects Q2 to potentially be flat compared to Q1, with a focus on execution and project completion [50] Question: How much faster is the 1P technology compared to previous estimates? - The 1P technology is still expected to be 30% to 40% faster, with a focus on safety and efficiency in installation [61] Question: What are the target gross margins for the business in the long term? - The company aims to align its gross margins with peers, with expectations of improvement as volume increases [67][70] Question: How is the company managing supply chain exposure amid steel price volatility? - The company has limited exposure as it secures steel at the time of purchase order negotiation, mitigating risks associated with price fluctuations [74]

FTC Solar (FTCI) Q4 2024 Earnings Call March 31, 2025 02:36 PM ET Company Participants Bill Michalek - Vice President of Investor Relations & Corporate CommunicationsYann Brandt - President & CEOCathy Behnen - Chief Financial Officer Conference Call Participants Philip Shen - Managing Director, Senior Research AnalystJeffrey Osborne - Analyst Operator Good day and thank you for standing by. Welcome to the FTC Solar Fourth Quarter twenty twenty four Earnings Conference Call. At this time, all participants ar ...

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 ...