Financial Performance - Third quarter revenue was $10.1 million, a decrease of 66.8% compared to the same quarter last year[4] - Gross margin percentage was -42.5%, compared to -20.5% in the prior quarter[5] - Total operating expenses were $10.7 million, down from $19.7 million in the prior year[6] - Net loss for the quarter was $15.4 million, or $0.12 per diluted share, compared to a net loss of $16.9 million, or $0.14 per diluted share in the same quarter last year[7] - Total revenue for the three months ended September 30, 2023, was $30,548,000, a decrease from $34,153,000 for the nine months ended September 30, 2024[16] - Gross profit for the three months ended September 30, 2023, was $3,379,000, compared to a gross loss of $8,757,000 for the nine months ended September 30, 2024[16] - Net loss for the three months ended September 30, 2023, was $16,937,000, which is an improvement from a net loss of $39,113,000 for the nine months ended September 30, 2024[16] - U.S. GAAP revenue for the nine months ended September 30, 2024, was $34,153,000, a decrease from $103,801,000 in the same period of 2023[22] - Non-GAAP gross profit for the nine months ended September 30, 2024, was $(7,524,000), compared to $9,519,000 in the same period of 2023, reflecting a significant decline[22] - Non-GAAP gross margin percentage for the nine months ended September 30, 2024, was (22.0%), down from 9.2% in the same period of 2023[22] - U.S. GAAP operating expenses for the nine months ended September 30, 2024, were $30,645,000, a decrease from $46,656,000 in the same period of 2023[23] - Adjusted EBITDA for the nine months ended September 30, 2024, was $(33,280,000), compared to $(24,097,000) in the same period of 2023[26] - The net loss per U.S. GAAP for the nine months ended September 30, 2024, was $(36,371,000), compared to $(39,113,000) in the same period of 2023[26] - Stock-based compensation for the nine months ended September 30, 2024, was $4,243,000, down from $9,044,000 in the same period of 2023[26] Cash and Assets - Cash and cash equivalents decreased to $8,255,000 as of September 30, 2024, down from $25,235,000 as of December 31, 2023[17] - Accounts receivable decreased to $37,345,000 as of September 30, 2024, compared to $65,279,000 as of December 31, 2023[17] - Total assets decreased to $91,693,000 as of September 30, 2024, from $123,070,000 as of December 31, 2023[17] - Total liabilities increased slightly to $61,285,000 as of September 30, 2024, compared to $60,599,000 as of December 31, 2023[17] - The company reported a net cash used in operations of $18,008,000 for the nine months ended September 30, 2024, compared to $46,383,000 for the same period in the previous year[18] - The company’s accumulated deficit increased to $335,506,000 as of September 30, 2024, from $299,135,000 as of December 31, 2023[17] Future Outlook - The company added $18 million in new purchase orders since August 8, 2024, bringing the contracted backlog to $513 million[2] - A binding term sheet was entered into for a $15 million promissory note to strengthen the balance sheet[9] - For Q4 2024, revenue is expected to be flat to up 39% relative to Q3 2024, with guidance of $9.0 million to $11.0 million[11] - The company anticipates achieving adjusted EBITDA breakeven on a quarterly basis in 2025[11] Agreements and Investments - A $4.7 million earn-out was received post quarter-end related to a prior investment in Dimension Energy[8] - The company has a new 1GW tracker supply agreement with Dunlieh Energy and a multi-year agreement with Strata Clean Energy for 500MW, expandable to 1GW+[1] Other Expenses - The company incurred one-time recruitment fees related to hiring a new CEO in August 2024, which will be expensed over the next two years[27] - Non-routine legal fees incurred in 2023 amounted to $181,000, reflecting specific legal matters not routine to the business operations[27] - The weighted-average common shares outstanding for the nine months ended September 30, 2024, were 126,234,997, compared to 112,794,562 in the same period of 2023[27]
FTC Solar(FTCI) - 2024 Q3 - Quarterly Results