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 ...

Financial Data and Key Metrics Changes - Fourth quarter revenue grew approximately 92% sequentially and 130% year-over-year, significantly exceeding guidance due to revenue pull forward from Q1 [9][30] - GAAP gross loss was $8.6 million, or 8.4% of sales, an improvement from a gross loss of $4.8 million in the prior year period [31] - GAAP net loss was $23.9 million, or $0.25 per share, compared to a loss of $9.7 million, or $0.15 per share in the year-ago quarter [33] - Adjusted EBITDA loss was $16.4 million, at the low end of the guidance range, primarily due to a $3 million reserve for potential customer credit [34] Business Line Data and Key Metrics Changes - The company added three more contracts to its SunPath offering, bringing the total to seven, and launched a new turnkey DG offering targeting the sub 20 megawatt segment [10][11] - Contracts and awarded orders as of March 14th totaled $606 million, with expected delivery dates in 2022 and beyond [35] Market Data and Key Metrics Changes - The company anticipates annual revenue growth of about 62% for 2022, significantly outpacing market growth [12][39] - The bidding activity has increased significantly following a seasonally slow holiday period, with expectations for resolution on WRO [36] Company Strategy and Development Direction - The company announced its intent to acquire HX Tracker, a strategic move to accelerate international expansion and enhance product offerings [12][19] - The acquisition is expected to generate $59 million in revenue and $4 million of EBITDA accretion in 2023, and $67 million in revenue and $7 million in 2024 [19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about long-term growth opportunities in the U.S. and increasing traction internationally, despite challenges in the current operating environment [22][23] - The company is focused on improving gross margins through various initiatives, including reducing steel content and optimizing logistics [87] Other Important Information - The company completed its initial public offering in April 2021, strengthening its balance sheet [20] - Management announced a leadership change, with Patrick Cook transitioning to Chief Commercial Officer and Phelps Morris appointed as the new CFO [24][25] Q&A Session Summary Question: What drove the significant pull forward in revenues? - Management indicated that several factors contributed, including supplier collaboration and customer requests for additional project progress [43] Question: What is the geographic mix of revenue expected from the HX acquisition? - The acquisition is expected to have a robust mix across international markets, particularly in China, Africa, and the Middle East [65][69] Question: How is the company managing steel price fluctuations? - The company is refreshing project bids every two weeks to manage steel exposure and maintain margins [63] Question: What percentage of deliveries this year are expected for projects without modules? - Management confirmed that some developers are placing orders for trackers even without 100% certainty on module availability [82][85] Question: What are the risks associated with the transition from Q1 to Q2 margins? - Management acknowledged various risks, including external factors like WRO and AD/CVD, but emphasized a strong focus on controllable aspects to achieve margin improvement [88]

Financial Performance & Outlook - Fourth quarter revenue exceeded guidance, showing a 92% quarter-over-quarter (q/q) increase and a 130% year-over-year (y/y) increase[4] - The company is targeting approximately 62% revenue growth in 2022[4, 13] - First quarter 2022 revenue is projected to be between $55 million and $65 million[13] - Full year 2022 revenue is projected to be between $415 million and $460 million[13] - Non-GAAP gross margin for the first quarter of 2022 is expected to be between -7% and 0%, and for the full year 2022, between 11% and 14%[13] - Adjusted EBITDA for the first quarter of 2022 is projected to be between negative $175 million and negative $135 million, and for the full year 2022, between negative $4 million and $11 million[13] Acquisition of HX Tracker - The company announced the acquisition of HX Tracker, an international tracker company[4] - HX Tracker's pipeline is estimated at approximately 20 gigawatts[5, 6] - The upfront consideration for HX Tracker is $43 million in cash plus 14 million shares[9] - HX Tracker is projected to contribute $10 million in revenue in 2022, $59 million in 2023, and $67 million in 2024[7] - HX Tracker's adjusted EBITDA contribution is projected to be negative $1 million in 2022, $4 million in 2023, and $7 million in 2024[8]

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 ...

PART I – FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Unaudited financial statements for Q3 2021 show significant asset growth from the IPO, but also increased net losses due to higher costs and operating expenses [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Balance sheets show total assets surged to **$235.4 million** by Sep 30, 2021, driven by IPO cash, significantly boosting stockholders' equity Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Dec 31, 2020 | Sep 30, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Cash | $32,359 | $140,662 | | Total current assets | $65,717 | $229,164 | | **Total assets** | **$71,393** | **$235,429** | | **Liabilities & Equity** | | | | Total current liabilities | $59,809 | $66,408 | | **Total liabilities** | **$63,942** | **$72,070** | | Accumulated deficit | $(42,643) | $(125,351) | | **Total stockholders' equity** | **$7,451** | **$163,359** | [Condensed Consolidated Statements of Comprehensive Loss](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Loss) Q3 2021 saw a net loss of **$22.9 million** on **$53.0 million** revenue, a significant deterioration from the prior year due to gross loss and rising operating expenses Q3 and Nine-Month Performance Comparison (in thousands, except per share data) | Metric | Q3 2020 | Q3 2021 | Nine Months 2020 | Nine Months 2021 | | :--- | :--- | :--- | :--- | :--- | | Total revenue | $59,640 | $52,989 | $143,173 | $168,804 | | Gross profit (loss) | $2,866 | $(8,039) | $8,464 | $(23,970) | | Loss from operations | $(2,525) | $(22,771) | $(5,587) | $(103,261) | | Net loss | $(2,840) | $(22,916) | $(6,196) | $(82,707) | | Net loss per share (Basic & Diluted) | $(0.04) | $(0.24) | $(0.09) | $(1.00) | [Condensed Consolidated Statements of Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) Stockholders' equity substantially increased in the first nine months of 2021, primarily from **$241.2 million** in IPO proceeds, despite a **$54.2 million** stock repurchase and growing accumulated deficit - The company issued 19,840,000 shares of common stock in connection with its IPO, raising **$241.2 million** in net proceeds[22](index=22&type=chunk)[91](index=91&type=chunk) - Stock-based compensation expense for the nine months ended September 30, 2021, was **$58.5 million**, a significant increase from **$1.4 million** in the same period of 2020[22](index=22&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Nine-month cash flow shows **$92.4 million** used in operations, offset by **$178.1 million** from IPO financing and **$21.6 million** from investing, leading to a **$107.3 million** cash increase Nine-Month Cash Flow Summary (in thousands) | Cash Flow Activity | Nine Months 2020 | Nine Months 2021 | | :--- | :--- | :--- | | Net cash used in operating activities | $(14,638) | $(92,414) | | Net cash provided by investing activities | $0 | $21,554 | | Net cash provided by financing activities | $26,784 | $178,140 | | **Net increase in cash and restricted cash** | **$12,126** | **$107,289** | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the April 2021 IPO raising **$241.2 million**, a Q2 2021 financial statement revision, a **$20.8 million** gain from an equity disposal, a new **$100 million** credit facility, and a **$134 million** lawsuit - The company completed its IPO on April 30, 2021, issuing 19,840,000 shares and receiving net proceeds of **$241.2 million** after underwriting discounts[27](index=27&type=chunk)[29](index=29&type=chunk) - Previously issued financial statements for Q2 2021 were revised to correct immaterial errors in the calculation of EPS and an overstatement of stock-based compensation expense by **$3.5 million**[33](index=33&type=chunk) - On June 24, 2021, the company disposed of its investment in Dimension Energy LLC for approximately **$22.0 million**, recognizing a gain of **$20.8 million**[69](index=69&type=chunk) - The company is defending against a lawsuit from FCX Solar, LLC, which seeks damages of approximately **$134 million**; management believes the claims are without merit and the likelihood of a material loss is remote[82](index=82&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q3 2021 performance, noting a 7% YoY product revenue decrease, negative gross margin due to **$5.5 million** in unpassed shipping costs, and surging operating expenses from IPO-related stock-based compensation, while maintaining strong liquidity post-IPO [Results of Operations](index=26&type=section&id=Results%20of%20Operations) Q3 2021 total revenue decreased to **$53.0 million**, resulting in an **$8.0 million** gross loss due to a 27% increase in cost per MW, while operating expenses surged to **$14.7 million** from increased stock-based compensation - Q3 2021 product revenue decreased by 7% YoY to **$45.6 million**, driven by a 16% decrease in MW shipped, partially offset by a higher Average Selling Price (ASP)[138](index=138&type=chunk) - Gross margin was negative for Q3 2021, impacted by approximately **$5.5 million** in increased shipping and logistics costs that were not passed on to customers[144](index=144&type=chunk) - For the nine months ended Sep 30, 2021, cost of revenue was impacted by approximately **$4.5 million** in expenditures for retrofits, remediations, and product reconfigurations for certain previously installed solar tracker systems[143](index=143&type=chunk) - General and administrative expenses for the nine months of 2021 increased to **$63.2 million** from **$7.6 million** in 2020, primarily due to a **$47.4 million** increase in stock-based compensation triggered by the IPO[152](index=152&type=chunk) [Liquidity and Capital Resources](index=30&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$140.7 million** cash post-IPO and an undrawn **$100 million** credit facility, despite using **$92.4 million** in cash for operations in the first nine months - The company's primary source of financing has been sales of common stock, including the recent IPO, and customer payments[155](index=155&type=chunk) - A new **$100 million** senior secured revolving credit facility was established on April 30, 2021, and remains undrawn as of September 30, 2021[164](index=164&type=chunk) - The company intends to make up to **$30 million** of development capital available to a tracker customer as part of a significant project commitment[155](index=155&type=chunk) [Non-GAAP Financial Measures](index=32&type=section&id=Non-GAAP%20Financial%20Measures) Non-GAAP metrics show an Adjusted EBITDA loss of **$16.1 million** for Q3 2021 and **$39.5 million** for the nine-month period, primarily adjusted for stock-based compensation and equity investment disposal gains Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | Metric | Q3 2020 | Q3 2021 | Nine Months 2020 | Nine Months 2021 | | :--- | :--- | :--- | :--- | :--- | | Net loss | $(2,840) | $(22,916) | $(6,196) | $(82,707) | | Stock-based compensation | $448 | $5,381 | $1,381 | $58,531 | | (Gain) from disposal of equity investment | $0 | $(210) | $0 | $(20,829) | | Non-routine legal fees | $0 | $988 | $0 | $1,763 | | **Adjusted EBITDA** | **$(2,075)** | **$(16,092)** | **$(4,164)** | **$(39,501)** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=35&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from customer concentrations and commodity price fluctuations, particularly steel and aluminum, and rising logistics costs, without using financial hedges - The company is subject to indirect risk from fluctuating market prices of commodity raw materials, including steel and aluminum, as increases in these prices raise the cost of procuring services from its contract manufacturers[186](index=186&type=chunk) [Item 4. Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were ineffective as of September 30, 2021, due to material weaknesses in internal control over financial reporting, with ongoing remediation efforts - Management concluded that disclosure controls and procedures were not effective as of the end of the period due to material weaknesses in internal control over financial reporting[187](index=187&type=chunk) - Identified material weaknesses include: a lack of sufficient experienced personnel for public company accounting, inadequate controls over the period-end close process, and ineffective IT general controls (ITGC)[188](index=188&type=chunk)[189](index=189&type=chunk)[190](index=190&type=chunk) - Remediation efforts are ongoing, including hiring a new Director of Internal Audit, increasing employee training, and enhancing accounting policies and procedures[192](index=192&type=chunk)[194](index=194&type=chunk) PART II – OTHER INFORMATION [Item 1. Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) The company is defending against two lawsuits from FCX Solar, LLC, including one seeking **$134 million** in damages, with management believing claims are without merit and a material loss is remote - FCX Solar, LLC has filed two lawsuits against the company, one alleging breach of contract and tort claims seeking damages of approximately **$134 million**, and another alleging patent infringement[197](index=197&type=chunk) - The company believes the claims are without merit and has determined that it is not probable that FCX will prevail, viewing the likelihood of any material loss as remote[197](index=197&type=chunk) [Item 1A. Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the company's IPO Prospectus dated April 29, 2021 - No material changes to the risk factors disclosed in the IPO Prospectus have occurred[198](index=198&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=39&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the use of **$241.2 million** net IPO proceeds, with **$54.2 million** used for stock repurchase and the remainder for general corporate purposes and potential investments - The IPO on April 30, 2021, generated net proceeds of **$241.2 million** after underwriting discounts and commissions[201](index=201&type=chunk)[203](index=203&type=chunk) - **$54.2 million** of the net proceeds were used to purchase and retire 4,455,384 shares of common stock[204](index=204&type=chunk) - The remaining proceeds are being used for general corporate purposes, working capital, and potential funding for a 1.7 GW multi-project transaction[205](index=205&type=chunk) [Item 3. Defaults Upon Senior Securities](index=39&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) Not applicable [Item 4. Mine Safety Disclosures](index=39&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Not applicable [Item 5. Other Information](index=39&type=section&id=Item%205.%20Other%20Information) None [Item 6. Exhibits](index=40&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed as part of the Form 10-Q report, including corporate governance documents, credit agreements, and SEC certifications

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 ...

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