PART I [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The company reported a significant net loss and decreased assets, raising substantial doubt about its going concern ability [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $211.4 million by March 31, 2022, driven by a significant reduction in cash and equivalents Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $49,383 | $102,185 | | Accounts receivable, net | $132,230 | $107,548 | | Total current assets | $204,293 | $235,779 | | **Total assets** | **$211,408** | **$243,020** | | **Liabilities & Equity** | | | | Total current liabilities | $84,460 | $93,248 | | **Total liabilities** | **$91,240** | **$100,154** | | Accumulated deficit | $(177,025) | $(149,232) | | **Total stockholders' equity** | **$120,168** | **$142,866** | [Condensed Consolidated Statements of Comprehensive Loss](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Loss) Total revenue declined to $49.6 million, leading to a significant gross loss and a widened net loss of $27.8 million Q1 2022 vs Q1 2021 Performance (in thousands, except per share data) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Total revenue | $49,553 | $65,707 | | Gross profit (loss) | $(9,287) | $119 | | Loss from operations | $(27,778) | $(8,019) | | **Net loss** | **$(27,793)** | **$(7,442)** | | **Net loss per share (diluted)** | **$(0.28)** | **$(0.11)** | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities significantly increased to $53.1 million, reducing cash and equivalents to $49.4 million Cash Flow Summary (in thousands) | Activity | Three months ended March 31, 2022 | Three months ended March 31, 2021 | | :--- | :--- | :--- | | Net cash used in operating activities | $(53,106) | $(25,904) | | Net cash used in investing activities | $(186) | $(85) | | Net cash provided by (used in) financing activities | $428 | $(2,045) | | **Net decrease in cash** | **$(52,802)** | **$(28,033)** | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes highlight substantial doubt about going concern, management's mitigation plans, and details on reserves and legal proceedings - The company has determined there is **substantial doubt** about its ability to continue as a going concern within one year, based on recurring losses, the impact of the AD/CVD investigation, and expected continued operating losses[37](index=37&type=chunk) - Management has initiated actions to mitigate liquidity issues, including negotiating with lenders, improving operational performance, freezing non-essential hiring, negotiating payment terms, and exploring options for additional capital[38](index=38&type=chunk)[155](index=155&type=chunk) - The company is involved in a lawsuit with FCX Solar, LLC, which alleges breach of contract and patent infringement, but the company believes the claims are without merit and that a material loss is remote[84](index=84&type=chunk) - A **$5.0 million** reserve against revenue was recognized during the quarter for a potential customer concession[71](index=71&type=chunk) - In February 2022, the company engaged FEOC, a related party, for consulting services, incurring **$1.1 million** in general and administrative expenses for the quarter[92](index=92&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes poor Q1 2022 performance to supply chain issues and trade investigations, impacting revenue, margins, and liquidity - Key factors negatively impacting performance include government trade actions (AD/CVD investigation), disruptions in transportation and supply chains leading to higher costs for steel and logistics, and the ongoing effects of the COVID-19 pandemic[99](index=99&type=chunk)[100](index=100&type=chunk)[103](index=103&type=chunk) - The U.S. Department of Commerce's AD/CVD investigation has caused developers to defer projects, which is expected to negatively impact the company's anticipated revenues and cash flows[35](index=35&type=chunk)[150](index=150&type=chunk) Non-GAAP Reconciliation Highlights (in thousands) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Net loss per GAAP | $(27,793) | $(7,442) | | Adjusted EBITDA | $(19,965) | $(6,664) | | Adjusted Net Loss | $(20,284) | $(6,676) | | Adjusted EPS (Diluted) | $(0.20) | $(0.10) | [Results of Operations](index=23&type=section&id=Results%20of%20Operations) Total revenue declined 24.6% to $49.6 million, with gross margin plummeting to -18.7% due to various cost pressures Revenue Breakdown by Type (in thousands) | Revenue Type | Q1 2022 | Q1 2021 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Product | $30,968 | $56,462 | $(25,494) | (45.2)% | | Service | $18,585 | $9,245 | $9,340 | 101.0% | | **Total revenue** | **$49,553** | **$65,707** | **$(16,154)** | **(24.6)%** | - The decrease in product revenue was primarily due to a customer concession reserve, a **34% decrease in MW produced**, and an **11% decrease in Average Selling Price (ASP)**[126](index=126&type=chunk) - Gross profit fell by **$9.4 million**, resulting in a gross loss of **$9.3 million** (**-18.7% margin**) in Q1 2022, compared to a gross profit of **$0.1 million** (**0.2% margin**) in Q1 2021[131](index=131&type=chunk)[132](index=132&type=chunk) - General and administrative expenses increased **171.8%** to **$13.8 million**, mainly due to higher stock-based compensation (**$3.2M**), payroll (**$2.9M**), and legal/professional fees (**$1.0M**)[139](index=139&type=chunk) [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity significantly tightened with cash at $49.4 million and limited available liquidity due to debt covenants - As of March 31, 2022, the company had **$49.4 million** in cash, **$119.8 million** in working capital, and **$98.1 million** of unused borrowing capacity[148](index=148&type=chunk) - A minimum liquidity covenant of **$125.0 million** on the revolving credit facility restricts available liquidity, which was approximately **$22.4 million** as of March 31, 2022[148](index=148&type=chunk) - The company collected approximately **$62 million** of receivables subsequent to quarter-end, increasing its cash balance to around **$71 million** as of May 12, 2022[149](index=149&type=chunk) - The company may need to issue additional debt or equity to fund operations for the next twelve months if its initiatives are not successful or if market conditions deteriorate[153](index=153&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from commodity price fluctuations and customer concentrations, potentially impacting margins - The primary market risks are customer concentrations and fluctuations in the prices of steel, aluminum, and logistics/transportation[199](index=199&type=chunk) - The company is subject to indirect risk from fluctuating commodity prices (steel, aluminum) as its contract manufacturers procure these materials, where significant price increases could reduce operating margins[200](index=200&type=chunk) [Item 4. Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls were ineffective due to material weaknesses in internal controls, with a remediation plan underway - Management concluded that disclosure controls and procedures were **not effective** as of March 31, 2022[201](index=201&type=chunk) - Three material weaknesses were identified: 1) Insufficient experienced personnel for public company accounting; 2) Inadequate controls over the period-end close and financial reporting process; 3) Ineffective information technology general controls[204](index=204&type=chunk)[205](index=205&type=chunk) - A remediation plan is in progress, including hiring a Director of SEC Reporting, a Corporate Controller, a Director of Internal Audit, and a CIO, as well as implementing new tools and formalizing policies[207](index=207&type=chunk) PART II – OTHER INFORMATION [Item 1. Legal Proceedings](index=35&type=section&id=Item%201.%20Legal%20Proceedings) The company is defending against FCX Solar lawsuits alleging breach of contract and patent infringement, deeming material loss remote - FCX Solar, LLC filed lawsuits alleging breach of contract, fraud, unjust enrichment, and patent infringement, though the fraud and unjust enrichment claims were dismissed[212](index=212&type=chunk) - The company believes the claims are without merit, plans to vigorously defend against them, and has determined that a material loss is remote[212](index=212&type=chunk) [Item 1A. Risk Factors](index=35&type=section&id=Item%201A.%20Risk%20Factors) Significant risks include a history of losses, intense competition, supply chain disruptions, and tight liquidity - Key business risks include a history of losses, competition from larger companies, and dependence on the solar industry's competitiveness[214](index=214&type=chunk) - Manufacturing and supply chain risks stem from reliance on contract manufacturers and their ability to source raw materials and deliver products in a timely, cost-effective manner[214](index=214&type=chunk) - Regulatory risks include changes in government incentives, tax credits, and international trade policies, such as tariffs, which could adversely affect business[220](index=220&type=chunk) - The company has a history of cash outflows and limited available liquidity of **$22.4 million** as of March 31, 2022, after considering debt covenants[215](index=215&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=36&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company completed its IPO in April 2021, generating $241.2 million in net proceeds for general corporate purposes - The company completed its IPO on April 30, 2021, with net proceeds of **$241.2 million**[217](index=217&type=chunk) - **$54.2 million** of IPO proceeds were used to purchase **4,455,384 shares** of common stock, with the remainder used for general corporate purposes[217](index=217&type=chunk)

Financial Performance - First Quarter 2022 revenue was $49553 thousand, compared to $65707 thousand in the same period of 2021[11] - Gross margin percentage for the first quarter of 2022 was negative 18.7%, compared to 0.2% in the first quarter of 2021[11] - Net loss for the first quarter of 2022 was $27793 thousand, compared to $7442 thousand in the first quarter of 2021[11] - Diluted loss per share for the first quarter of 2022 was $0.28, compared to $0.11 in the first quarter of 2021[11] - Second Quarter 2022 revenue guidance is $30 million to $35 million[13] - Second Quarter 2022 Non-GAAP gross margin is expected to be negative 29% to negative 19%[13] - Adjusted EBITDA for the second quarter of 2022 is projected to be negative $19.7 million to negative $16.7 million[13] Business Highlights - Bookings progress reached $664 million, with $112 million added since March 15[5] - Approximately 50% of recent bookings are international[5] - The international pipeline has reached 32 GW, representing a 20%+ year-to-date growth[5, 7, 16]

FTC Solar, Inc. (NASDAQ:FTCI) Q1 2022 Results Conference Call May 10, 2022 8:30 AM ET Company Participants Bill Michalek - Vice President, Investor Relations Sean Hunkler - President and Chief Executive Officer Phelps Morris - Chief Financial Officer Patrick Cook - Chief Commercial Officer Conference Call Participants Philip Shen - ROTH Capital Maheep Mandloi - Credit Suisse Pavel Molchanov - Raymond James Julien Dumoulin-Smith - Bank of America Donovan Schafer - Northland Capital Kashy Harrison - Piper San ...

For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-40350 FTC SOLAR, INC. (Exact name of Registrant as specified in its Charter) Delaware 81-4816270 (State or other jurisdiction of inco ...

FTC Solar, Inc. (NASDAQ:FTCI) Q4 2021 Earnings Conference Call March 15, 2022 8:30 AM ET Company Participants Bill Michalek - VP, IR Sean Hunkler - President & CEO Patrick Cook - CFO Conference Call Participants Donovan Schafer - Colliers Securities Kashy Harrison - Piper Sandler Pavel Molchanov - Raymond James Maheep Mandloi - Credit Suisse Philip Shen - ROTH Capital Partners Alex Morgan - Bank of America Operator Good day and thank you for standing by. Welcome to the FTC Solar Fourth Quarter and Full-Year ...

March 15, 2022 Fourth Quarter 2021 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," "est ...

November 10, 2021 Third Quarter 2021 Earnings Results 2 Forward-Looking Statements and Non-GAAP Financial Measures This presentation contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this presentation, including statements regarding the Company's strategy, future operations, future financial position, future revenues, projected costs, prospects, plans and objectives of management, are forward-looking ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☐ 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. 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, 2021 OR (Exact name of Registrant as Specified in its Charter) (State or Other Jurisdiction of Incorp ...

FTC Solar, Inc. (NASDAQ:FTCI) Q3 2021 Earnings Conference Call November 10, 2021 8:30 AM ET Company Participants Bill Michalek - Vice President, Investor Relations Sean Hunkler - President and Chief Executive Officer Patrick Cook - Chief Financial Officer Conference Call Participants Kashy Harrison - Piper Sandler Philip Shen - ROTH Capital Partners Maheep Mandloi - Credit Suisse Pavel Molchanov - Raymond James Moses Sutton - Barclays Jeff Osborne - Cowen & Company Operator Good day and thank you for standi ...

FTC Solar, Inc. (NASDAQ:FTCI) Q2 2021 Earnings Conference Call August 11, 2021 8:30 AM ET Company Participants Bill Michalek - Vice President, Investor Relations Tony Etnyre - President, Chief Executive Officer Patrick Cook - Chief Financial Officer Conference Call Participants Pavel Molchanov - Raymond James Philip Shen - Roth Capital Partners Maheep Mandloi - Credit Suisse Julien Dumoulin-Smith - Bank of America Securities Moses Sutton - Barclays Jeff Osborne - Cowen and Company Operator Ladies and gentle ...