Financial Performance - Fourth quarter revenue was $13.2 million, representing a 30.2% increase compared to the prior quarter but a 43.1% decrease year-over-year due to lower product volumes [8]. - The company reported a GAAP gross loss of $3.8 million, or 29.1% of revenue, compared to a gross loss of $4.3 million, or 42.5% of revenue in the prior quarter [9]. - Total revenue for Q4 2024 was $13,202,000, a decrease of 43% compared to $23,201,000 in Q4 2023 [24]. - Gross profit for Q4 2024 was a loss of $3,837,000, compared to a profit of $692,000 in Q4 2023 [24]. - Net loss for the year ended December 31, 2024, was $48,606,000, slightly improved from a net loss of $50,290,000 in 2023 [30]. - U.S. GAAP revenue for Q4 2024 was $13,202,000, a decrease of 43% compared to $23,201,000 in Q4 2023 [34]. - For the year ended December 31, 2024, U.S. GAAP revenue was $47,355,000, a decline from $127,002,000 in 2023 [34]. - The total net loss for the year ended December 31, 2024, was $(48,606,000), compared to $(50,290,000) in 2023 [41]. Cash Flow and Assets - Cash and cash equivalents decreased to $11,247,000 as of December 31, 2024, down from $25,235,000 in 2023 [27]. - Total assets decreased to $89,928,000 in 2024, compared to $123,070,000 in 2023 [27]. - Total liabilities increased to $70,892,000 in 2024, up from $60,599,000 in 2023 [27]. Operating Expenses - Non-GAAP operating expenses for the fourth quarter were $7.4 million, a decrease from $10.8 million in the year-ago quarter [10]. - U.S. GAAP operating expenses for Q4 2024 were $9,591,000, down 23% from $12,428,000 in Q4 2023 [35]. - The company is focusing on improving cash flow and reducing operating expenses in the upcoming year [31]. - Stock-based compensation for the year ended December 31, 2024, was $5,412,000, down from $8,295,000 in 2023 [41]. - The company incurred severance costs of $638,000 in 2024, significantly reduced from $4,422,000 in 2023 [41]. Future Outlook - The contracted backlog now stands at approximately $502 million, reflecting net purchase order additions since November 12, 2024 [7]. - A new 5-gigawatt supply arrangement was entered into with Recurrent Energy, with expected project revenue beginning in the second half of 2025 [12]. - The company expects first quarter revenue to be up approximately 44% relative to the fourth quarter, with guidance set between $18.0 million and $20.0 million [13]. - The company anticipates achieving adjusted EBITDA breakeven on a quarterly basis within 2025 [14]. Margins and Profitability - The gross margin percentage for the fourth quarter was -25.6%, compared to 4.8% in the prior year [7]. - Non-GAAP gross profit for Q4 2024 was $(3,382,000), compared to $1,114,000 in Q4 2023, resulting in a Non-GAAP gross margin percentage of -25.6% [34]. - Adjusted EBITDA for Q4 2024 was $(9,840,000), slightly improved from $(10,050,000) in Q4 2023 [36]. - The company reported a loss from operations of $52,830,000 for the year, compared to a loss of $50,777,000 in 2023 [24]. - Adjusted EBITDA for the year was not disclosed but is used as a supplemental measure of performance [31]. Management Changes - The company appointed Kent James as U.S. Chief Commercial Officer to strengthen its sales team [6]. Other - An additional $3.2 million earn-out on a prior investment was received post-quarter end, bringing total earn-outs since 2021 to over $15 million [20]. - A reverse stock split was implemented effective November 29, 2024, with a ratio of 1-for-10 [44].
FTC Solar(FTCI) - 2024 Q4 - Annual Results