Financial Performance - First quarter revenue reached $20.8 million, representing a 58% increase quarter-over-quarter and a 65.3% increase year-over-year[6][7] - The net loss for the first quarter was $3.8 million, or $0.58 per diluted share, an improvement from a net loss of $12.2 million in the prior quarter[9] - Total revenue for the three months ended March 31, 2025, was $20,803,000, a 65.2% increase from $12,587,000 in the same period of 2024[23] - For the three months ended March 31, 2025, the company reported a net loss of $3,819,000 compared to a net loss of $8,771,000 for the same period in 2024, representing a 56.5% improvement in net loss[34] - Adjusted Non-GAAP net loss for Q1 2025 was $9,750,000, slightly improved from $10,655,000 in Q1 2024, indicating a 8.5% reduction year-over-year[34] Operating Expenses - Total operating expenses decreased to $7.1 million, a multi-year low, compared to $10.4 million in the prior quarter[6][8] - Operating expenses decreased to $7,113,000 in Q1 2025 from $10,394,000 in Q1 2024, a reduction of 31.9%[23] - The company incurred stock-based compensation of $280,000 in Q1 2025, down from $1,639,000 in Q1 2024, reflecting a 82.9% decrease[34] - The company incurred severance costs of $175,000 in Q1 2025 due to restructuring changes[36] Gross Margin and EBITDA - The gross margin percentage improved to (16.6%) compared to (29.1%) in the prior quarter, with a non-GAAP gross loss of $3.0 million or 14.4% of revenue[8][9] - Adjusted EBITDA loss for Q1 2025 was $9.8 million, consistent with the prior quarter's loss[9][14] - Adjusted EBITDA for Q1 2025 was $(9,750,000), slightly better than $(10,655,000) in Q1 2024[32] - Non-GAAP gross loss for Q1 2025 was $(2,997,000), with a non-GAAP gross margin percentage of (14.4%) compared to (13.7%) in Q1 2024[32] Cash and Assets - Cash and cash equivalents decreased to $5,909,000 as of March 31, 2025, down from $11,247,000 at the end of 2024[26] - Total assets decreased to $84,061,000 as of March 31, 2025, compared to $89,928,000 at the end of 2024[26] - Total liabilities were $68,533,000 as of March 31, 2025, a slight decrease from $70,892,000 at the end of 2024[26] Strategic Initiatives - The company added over 6.5 gigawatts to its backlog with Tier 1 customers, bringing the total contracted backlog to approximately $482 million[3][5] - Bid activity increased by 60% year-over-year, indicating heightened customer interest and engagement[6] - The company expects revenue for Q2 2025 to be in the range of $19.0 million to $24.0 million, continuing sequential growth[13][14] - FTC Solar anticipates achieving adjusted EBITDA breakeven on a quarterly basis within 2025, with revenue weighted towards the second half of the year[13] - The company has strengthened its Board of Directors with the addition of two new members, enhancing leadership capabilities[10][11] - The company is implementing sign-on bonuses for the new CEO, which will be expensed through October 1, 2026, reflecting a strategic investment in leadership[35] Interest and Gains - Interest expense increased to $711,000 in Q1 2025 from $317,000 in Q1 2024, marking a 124.5% rise[34] - The company reported a gain from the disposal of investment in an unconsolidated subsidiary of $3,204,000 in Q1 2025, compared to a gain of $4,085,000 in Q1 2024, a decrease of 21.5%[34]
FTC Solar(FTCI) - 2025 Q1 - Quarterly Results