On his appointment, Mr. Brandt commented, "I am thrilled to be selected to lead FTC Solar, a top brand in the tracking market. I have been familiar with FTC Solar since its inception and continue to be impressed with the reputation it has developed for innovation and ease of use. It is an exciting time to join FTC Solar and work with their customers and prospects, many of which I know well, and provide the best tracker solutions for their projects, while helping to take FTC's business to the next level. Tog ...

AUSTIN, Texas, May 30, 2024 /PRNewswire/ -- FTC Solar, Inc. (Nasdaq: FTCI) a leading provider of innovative solar energy solutions, announces the launch of its Automated Hail Stow Solution, aimed at minimizing solar panel damage caused by hail storms. The solution integrates advanced technology with meteorological data to automatically adjust the positioning of solar panels, reducing the risk of hail-related damage. Hail storms pose a significant threat to solar panel installations, with insurance claims in ...

AUSTIN, Texas, May 15, 2024 (GLOBE NEWSWIRE) -- FTC Solar, Inc. (NASDAQ:FTCI), a leading provider of solar tracker systems, software, and engineering services, announced new leadership appointments and an expanded sales leadership team designed to enhance customer experience and success while supporting global sales and strategic growth. The leadership appointments include: Patrick Cook, to Senior Vice President, Capital Markets and Business Development. Cook most recently served as FTC Solar's Chief Commer ...

3 Three Key Takeaways 2. Continued focus on advancing key initiatives to support growth and profitability 4 Recent Progress Bookings & Product Enhancements • Bookings remain healthy, POs ~$50m/mo • Improved customer engagement & enhanced product portfolio, first order for high-wind Pioneer • Contracted portion of backlog ~$485m May 10, 2024 First Quarter 2024 Earnings Results 2 Forward-Looking Statements and Non-GAAP Financial Measures This presentation contains forward looking statements. These statements ...

Financial Performance - Total revenue for Q1 2024 was $12.6 million, a decrease of 69.2% compared to Q1 2023[4] - GAAP net loss for Q1 2024 was $8.8 million, or $0.07 per share, compared to a net loss of $11.8 million, or $0.11 per share in Q1 2023[8] - The company reported a net loss of $8,771,000 for the three months ended March 31, 2024, an improvement from a net loss of $11,762,000 in the same period of 2023, representing a 25.4% reduction in losses[22] - U.S. GAAP revenue decreased to $12,587,000 in Q1 2024, down 69.2% from $40,894,000 in Q1 2023[26] - Adjusted EBITDA loss for Q1 2024 was $10.7 million, compared to losses of $7.2 million in Q1 2023[8] - Adjusted EBITDA for Q1 2024 was a loss of $10,655,000, worsening from a loss of $7,152,000 in Q1 2023, reflecting increased operational challenges[27] - The company’s non-GAAP net loss per share for Q1 2024 was $(0.09), compared to $(0.07) in Q1 2023, indicating a worsening loss per share[27] Operational Metrics - Gross margin percentage for Q1 2024 was -16.7%, compared to 5.0% in the prior quarter[4] - Non-GAAP gross profit for Q1 2024 was a loss of $1,724,000, compared to a gross profit of $2,975,000 in Q1 2023, indicating a significant decline in profitability[26] - Non-GAAP operating expenses for Q1 2024 were $8.7 million, down from $10.1 million in the year-ago quarter[6] - Non-GAAP operating expenses decreased to $8,702,000 in Q1 2024 from $10,053,000 in Q1 2023, a reduction of 13.4%[26] - Stock-based compensation expenses were $1,639,000 in Q1 2024, down from $4,890,000 in Q1 2023, a decrease of 66.6%[26] Cash Flow and Assets - Cash and cash equivalents as of March 31, 2024, were $14.0 million, down from $25.2 million at the end of 2023[20] - Total assets decreased to $115.0 million as of March 31, 2024, from $123.1 million at the end of 2023[20] - Cash and cash equivalents at the end of the period were $15,937,000, down from $41,493,000 at the end of Q1 2023, a decrease of 61.7%[22] - The company experienced a net cash used in operations of $11,857,000 in Q1 2024, compared to $8,316,000 in Q1 2023, indicating increased cash outflow[22] Future Outlook - The company expects Q2 2024 revenue to be slightly up from Q1 2024, with a target of breakeven on an Adjusted EBITDA basis in Q3 2024[9] - The company aims to achieve quarterly profitability in 2024[7] - Total backlog now stands at approximately $1.8 billion[3] Investment Gains - The company recorded a gain from the disposal of an investment in an unconsolidated subsidiary amounting to $4,085,000 in Q1 2024, compared to a gain of $898,000 in Q1 2023[22]

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 ...