AUSTIN, Texas, May 06, 2024 (GLOBE NEWSWIRE) -- FTC Solar, Inc. (Nasdaq: FTCI), a leading provider of solar tracker systems, software, and engineering services, today announced it will report its first quarter financial results before market open on Friday, May 10, 2024. A conference call for members of the investment community will be held at 8:30 a.m. E.T. that same day, during which the Company will discuss its first quarter 2024 results, its outlook and other business items. This call will be webcast an ...

AUSTIN, Texas, May 06, 2024 (GLOBE NEWSWIRE) -- FTC Solar, Inc. (NASDAQ:FTCI), a leading provider of solar tracker systems, software, and engineering services, today announced it will report its first quarter financial results before market open on Friday, May 10, 2024. A conference call for members of the investment community will be held at 8:30 a.m. E.T. that same day, during which the Company will discuss its first quarter 2024 results, its outlook and other business items. This call will be webcast and ...

Financial Performance - The company reported a net loss of $50.3 million for the year ended December 31, 2023, with an accumulated deficit of $299.1 million[79]. - During the three-year period ended December 31, 2023, the company used $240.0 million of cash to fund its operating activities, leaving $25.2 million in cash and cash equivalents at year-end[79]. - A $7.1 million credit loss provision was recognized in 2023 due to expectations of a specific customer being unable to fully satisfy payment obligations[93]. - The company recognized a loss of approximately $0.7 million for its equity share of the net operating loss of Alpha Steel during 2023[102]. - The company had $25.2 million in cash and cash equivalents as of December 31, 2023, with no outstanding debt[361]. Market Competition - The company faces significant competition in the solar tracker market, with competitors like Array Technologies, Inc. and Nextracker Inc. posing challenges due to their larger resources and market presence[82]. - The market for solar energy products is highly competitive, with low barriers to entry, leading to potential pricing pressures and revenue declines[82]. - The solar industry is rapidly evolving, and the company may not achieve profitability if demand for solar energy does not continue to grow[76]. Regulatory Risks - The company has encountered risks related to government regulations, including changes in incentives and tariffs that could adversely affect demand for its products[74]. - Changes in government incentives and regulations could adversely affect demand for solar energy systems, impacting the company's financial performance[108]. - The U.S. trade environment, including tariffs on solar products from China, may adversely affect revenue and operational results[123]. - The expiration of the moratorium on solar module imports from certain Southeast Asian countries on June 6, 2024, introduces uncertainty regarding supply and pricing[131]. Customer Concentration - Four customers accounted for approximately 23%, 19%, 17%, and 13% of total revenue for the year ended December 31, 2023, indicating a high customer concentration risk[92]. - Four customers accounted for approximately 42%, 20%, 13%, and 11% of total accounts receivable as of December 31, 2023[362]. Supply Chain and Manufacturing - The company relies on a limited number of contract manufacturers, with 42% of spending in the U.S., 23% in Hong Kong, 19% in China, and 12% in India, making it vulnerable to supply chain disruptions[134]. - The company is currently disputing tariff assessments from CBP related to imports from Thailand, which could materially affect financial results[129][130]. - The company has entered partnerships with manufacturers in the U.S., Hong Kong, India, Mexico, Canada, Spain, Brazil, Turkey, Saudi Arabia, Thailand, Vietnam, and Korea to optimize costs and reduce reliance on China[131]. Intellectual Property - The company has 61 patents granted and 4 pending as of December 31, 2023, with U.S. patents expected to expire between 2024 and 2043[147]. - The company’s ability to protect its intellectual property is crucial for maintaining a competitive advantage in the market[149]. - The company reached a settlement in December 2022, agreeing to pay $1.5 million and issue 797,396 shares valued at $2.0 million to resolve a patent infringement claim[151]. Operational Challenges - The company has experienced delays in project timelines, negatively impacting revenue and cash flows in 2022 and 2023, with potential continued effects into 2024[93]. - The commercial contracting and bidding process for solar project development is lengthy and uncertain, affecting the conversion of project leads into binding purchase orders[94]. - The company has experienced delays and price increases in international transportation and logistics markets, impacting product delivery timelines[146]. Workforce and Management - The company has made workforce reductions in December 2022 and August 2023, impacting key personnel and potentially hindering future growth[107]. - The company’s ability to attract and retain key personnel is critical for growth, with intense competition for skilled individuals in the industry[107]. Compliance and Legal Risks - The company is subject to various risks related to compliance with federal, state, local, and foreign laws regarding privacy and data protection, which could lead to regulatory sanctions[161]. - The company may face significant costs related to cybersecurity incidents, including potential litigation and regulatory penalties[158]. - The company may incur additional costs due to evolving regulatory requirements related to data protection and privacy[160]. Stock Performance - The company's common stock was notified by Nasdaq on December 22, 2023, for not maintaining a minimum closing bid price of $1.00 per share for 30 consecutive business days[166]. - The trading price of the company's common stock fluctuated between a high of $3.870 and a low of $0.282 per share from January 3, 2023, to December 28, 2023, closing at $0.693 per share[169]. - The company is classified as an "emerging growth company," allowing it to take advantage of reduced disclosure requirements, which may make its common stock less attractive to investors[182].

AUSTIN, Texas, March 15, 2024 (GLOBE NEWSWIRE) -- FTC Solar, Inc. (NASDAQ:FTCI), a leading provider of solar tracker systems, software and engineering services, today announced that it is scheduled to present at the 36th Annual Roth Conference on March 18, 2024 at 9:00 a.m. Pacific Time. A live webcast and replay of this event will be accessible from the Events section of FTC Solar's website at www.ftcsolar.com. The company will also participate in meetings with investors that day. About FTC Solar Inc.Found ...

FTC Solar (FTCI) came out with a quarterly loss of $0.08 per share versus the Zacks Consensus Estimate of a loss of $0.07. This compares to loss of $0.11 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -14.29%. A quarter ago, it was expected that this solar tracking systems maker would post a loss of $0.06 per share when it actually produced a loss of $0.08, delivering a surprise of -33.33%.Over the last four quarters, the com ...

Fourth quarter revenue of $23.2 millionContinue to improve cost structure to lower break-even revenue levelAdded approximately $213 million to backlog1 since Nov. 8; acceleration in contracted projectsAnthony Carroll appointed Chairman of Customer Advisory Board AUSTIN, Texas, March 13, 2024 (GLOBE NEWSWIRE) -- FTC Solar, Inc. (NASDAQ:FTCI), a leading provider of solar tracker systems, software and engineering services, today announced financial results for the fourth quarter ended December 31, 2023. Fourth ...

Exhibit 99.1 AUSTIN, Texas—March 13, 2024–FTC Solar,Inc. (Nasdaq: FTCI), a leading provider of solar tracker systems, software and engineering services, today announced financial results for the fourth quarter endedDecember 31, 2023. Fourth Quarter Results "The company's fourth-quarter results were in line with our targets," said Shaker Sadasivam, Chairman of the Board of FTC Solar. "Along with those results, the company is making good progress advancing key initiatives that will support the company's futur ...

Financial Data and Key Metrics Changes - The company reported Q3 revenue of $30.5 million, a decline of 5.6% sequentially but an increase of 84.3% year-over-year [98] - GAAP gross profit was $3.4 million (11.1% of revenue), compared to $2.2 million (6.8% of revenue) in the prior quarter, indicating a significant improvement in gross margin [82] - The net loss for the quarter was $16.9 million ($0.14 per share), compared to a net loss of $10.4 million ($0.09 per share) in the previous quarter [84] Business Line Data and Key Metrics Changes - The company has seen growth in its 1P solution, Pioneer, which is expected to enhance international prospects [78] - The backlog has grown to approximately $1.6 billion, with $60 million added since August 9 [79] - The company expects a substantial revenue recovery in Q1 2024 as delayed projects ramp up [85] Market Data and Key Metrics Changes - The U.S. remains the largest market for the company, with challenges in interconnection and financing impacting project timelines [14] - Internationally, the company is expanding its presence, with recent awards in Spain, Italy, and South Africa [57][95] - The company is experiencing project delays due to financing costs and interconnection issues, particularly in the U.S. market [129] Company Strategy and Development Direction - The company is focused on repositioning for growth, emphasizing improved cost structure and competitive positioning [50] - The leadership transition aims to accelerate progress and achieve profitable growth [49][50] - The strategy includes expanding both in the U.S. and internationally, targeting top-tier EPCs and developers [149] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth prospects in 2024, anticipating revenue growth and margin improvement [16][86] - The leadership team is confident in achieving profitability in 2024, supported by a strong backlog and improved operational efficiency [138] - Management acknowledged challenges in the current operating environment, including project delays and increased financing costs [129] Other Important Information - The company has no debt on its balance sheet and maintains a healthy cash position of $31.5 million [63][101] - A $4 million credit loss was recorded related to a specific customer account, but there is no dispute regarding the receivable [62][39] - The company plans to provide more transparency regarding its backlog in future communications [20] Q&A Session Summary Question: Why replace the CEO and CFO during a time of transition? - Management indicated that the board identified opportunities for improvement in execution and decision-making, leading to the leadership change [5] Question: Update on the manufacturing joint venture? - All equipment is installed, and qualification runs are ongoing, with revenue expected to increase in 2024 [8] Question: Concerns about the $1.6 billion backlog? - Management acknowledged the skepticism and indicated plans to provide more transparency regarding specific projects in the backlog [19][20] Question: Status of CEO and CFO permanent replacements? - The board is taking a deliberate approach to find suitable candidates for CEO and CFO roles, with no rush to make a decision [18] Question: Are there any project cancellations impacting results? - Management confirmed that there have been no project cancellations, only delays [31] Question: Expectations for revenue growth in 2024? - Management expects a strong revenue recovery in 2024, with potential year-over-year improvements throughout the year [36][86]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________to__________ Commission File Number 001-40350 FTC SOLAR, INC. (Exact name of Registrant as Specified in its Charter) (State or Other Jurisdiction of Incorp ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________to__________ Commission File Number 001-40350 FTC SOLAR, INC. (Exact name of Registrant as Specified in its Charter) (State or Other Jurisdiction of Incorporati ...