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]
FTC Solar(FTCI) - 2024 Q1 - Quarterly Results