Financial Performance - Total revenue for the three months ended March 31, 2025, was $20,803,000, representing a 65.3% increase from $12,587,000 in the same period of 2024[167]. - Product revenue increased by 66.9% to $18,202,000, while service revenue rose by 54.6% to $2,601,000 compared to the prior year[167]. - The company reported a net loss of $3,819,000 for the three months ended March 31, 2025, compared to a net loss of $8,771,000 in the same period of 2024[165]. - Adjusted EBITDA for the three months ended March 31, 2025, was $(9.75) million, while for the same period in 2024, it was $(10.65) million[233]. - Adjusted net loss per share for the three months ended March 31, 2025, was $(0.84) on a diluted basis, compared to $(0.87) for the same period in 2024[233]. Cost Structure and Expenses - The company experienced a gross loss of $3,447,000 for the three months ended March 31, 2025, with a gross margin percentage of negative 16.6%, relatively flat compared to negative 16.7% in 2024[172][173]. - Operating expenses decreased to $7,113,000, down 31.5% from $10,394,000 in the same period last year, primarily due to reductions in research and development, selling and marketing, and general and administrative expenses[165]. - Research and development expenses were $924,000, a decrease of 35.8% from $1,439,000 in 2024, representing 4.4% of total revenue compared to 11.4% in the prior year[176]. - Selling and marketing expenses dropped to $1,136,000, down 52.4% from $2,388,000 in 2024, accounting for 5.5% of total revenue compared to 19.0% previously[178]. - General and administrative expenses were $5,053,000, a decrease of 23.1% from $6,567,000 in 2024, representing 24.3% of total revenue compared to 52.2% in the prior year[180]. Supply Chain and Market Conditions - The company has diversified its supply chain, reducing reliance on China from 90% in 2019 to qualifying suppliers outside of China for certain commodities as of March 31, 2025[141]. - Disruptions in transportation and supply chain have affected costs, with international conflicts and inflation impacting material prices and logistics[144]. - The company continues to monitor logistics markets and adjust transportation methods to optimize costs amid evolving supply chain challenges[145]. - The average selling price (ASP) of solar tracker systems is influenced by supply and demand dynamics, competitive pricing pressures, and changes in product mix[159]. - The company is exposed to market risks primarily due to customer concentrations and fluctuations in steel and aluminum prices[238]. Product and Technology Development - FTC Solar reported a revenue increase driven by the sale of solar tracker systems and customized components, with contracts ranging from tens of thousands to tens of millions of dollars[155]. - The company introduced SUNOPS, a cloud-based solar asset monitoring solution, in August 2023, enhancing operational performance evaluation for solar deployments[148]. - The company has invested in technology and personnel to enhance product capabilities and expand its patent portfolio, aiming to attract and retain customers[149]. Regulatory and Economic Factors - The Inflation Reduction Act of 2022 provides a 30% Investment Tax Credit (ITC) for solar projects starting construction by the end of 2032, declining to 26% and 22% for projects starting in 2033 and 2034, respectively[143]. - The U.S. imposed a universal 10% tariff on most imports effective April 5, 2025, with a 145% tariff on goods from China, impacting the cost structure of tracker systems[142]. - Climate change is expected to increase solar generation in the U.S. by 34% in 2025 and 17% in 2026, driving demand for FTC Solar's products[150]. Cash Flow and Capital Management - Cash utilized in operating activities was $8.5 million for the three months ended March 31, 2025, compared to $11.9 million in the same period of 2024, indicating a reduction of 28.5%[188][195]. - Working capital decreased from $27.1 million at December 31, 2024, to $20.2 million at March 31, 2025, a decline of approximately 25.5%[198]. - The company had $5.9 million in cash on hand and $20.2 million in working capital as of March 31, 2025[188]. - The company anticipates proceeds of up to $10 million from an additional private placement of debt executed on March 4, 2025[194]. - The company incurred capital expenditures of approximately $0.1 million primarily for tooling during the three months ended March 31, 2025[199]. Investment and Financial Instruments - The company achieved a gain from the disposal of an investment in an unconsolidated subsidiary of $3,204,000, down 21.6% from $4,085,000 in the previous year[182]. - Earnout payments received from Dimension were $3.2 million for the three months ended March 31, 2025, compared to $4.1 million for the same period in 2024, reflecting a decrease of 22%[184]. - The fair value of warrants decreased from $9.5 million at December 31, 2024, to $4.9 million at March 31, 2025, resulting in a non-cash gain of $4.6 million[185]. - Loss from unconsolidated subsidiary Alpha Steel decreased by 57.7%, from $265,000 in Q1 2024 to $112,000 in Q1 2025[186]. - Senior Notes outstanding totaled $15.6 million in principal and accrued interest as of March 31, 2025[243].

FTC Solar (FTCI) came out with a quarterly loss of $0.84 per share versus the Zacks Consensus Estimate of a loss of $0.67. This compares to loss of $0.90 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -25.37%. A quarter ago, it was expected that this solar tracking systems maker would post a loss of $0.83 per share when it actually produced a loss of $0.80, delivering a surprise of 3.61%.Over the last four quarters, the compa ...

May 1, 2025 First Quarter 2025 Earnings Results 2 Forward-Looking Statements and Non-GAAP Financial Measures This presentation contains forward looking statements. These statements are not historical facts but rather are based on our current expectations and projections regarding our business, operations and other factors relating thereto. Words such as "may," "will," "could," "would," "should," "anticipate," "predict,""potential," "continue," "expects," "intends," "plans," "projects," "believes," "estimate ...

FTC Solar (FTCI) Q1 2025 Earnings Call May 01, 2025 08:30 AM ET Speaker0 Good day, and thank you for standing by. Welcome to the FTC Solar First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. To ask a question during the session, you will need to press 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your questio ...

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]

First Quarter Highlights and Recent DevelopmentsFirst quarter revenue of $20.8 million, up 58% q/q, above targetCost efficiencies drive operating expenses to multi-year lowSeeing increased customer interest and activity including bid activity up 60% y/yUpsized promissory note offering expected to close in Q2Strengthened Board of Directors with addition of two new members AUSTIN, Texas, May 01, 2025 (GLOBE NEWSWIRE) -- FTC Solar, Inc. (Nasdaq: FTCI), a leading provider of solar tracker systems, today announc ...

Core Viewpoint - FTC Solar, Inc. is set to report its first quarter 2025 financial results on May 1, 2025, before market open, indicating a focus on transparency and communication with investors [1]. Group 1: Financial Reporting - The company will hold a conference call at 8:30 a.m. E.T. on the same day to discuss its financial results, outlook, and other business matters, showcasing its commitment to engaging with the investment community [2]. - The conference call will be accessible via webcast, and a replay will be available for 30 days, enhancing investor accessibility to information [2]. Group 2: Company Overview - FTC Solar, founded in 2017 by renewable energy industry veterans, specializes in solar tracker systems, technology, software, and engineering services, positioning itself as a leader in the solar energy sector [3]. - The company's solar trackers optimize solar panel orientation to increase energy production, highlighting its innovative approach and competitive edge in installation cost-per-watt [3].

AUSTIN, Texas, April 08, 2025 (GLOBE NEWSWIRE) -- FTC Solar, a leading provider of cutting-edge solar tracker technology, is excited to unveil its latest innovation with the dual-row configuration for the 1P Pioneer Tracker™, setting a new standard in efficiency and adaptability for solar installations. Designed to meet the demands of challenging terrain, FTC’s dual-row system significantly enhances project yield, reduces costs, and maximizes land utilization. With unmatched East-West slope tolerance and cu ...

FTC Solar (FTCI) Q4 2024 Earnings Call March 31, 2025 02:36 PM ET Company Participants Bill Michalek - Vice President of Investor Relations & Corporate CommunicationsYann Brandt - President & CEOCathy Behnen - Chief Financial Officer Conference Call Participants Philip Shen - Managing Director, Senior Research AnalystJeffrey Osborne - Analyst Operator Good day and thank you for standing by. Welcome to the FTC Solar Fourth Quarter twenty twenty four Earnings Conference Call. At this time, all participants ar ...

Financial Data and Key Metrics Changes - Revenue for Q3 2024 was $10.1 million, a decrease of 11.3% compared to the prior quarter and a decrease of 66.8% year-over-year due to lower product volumes [34] - GAAP gross loss was $4.3 million, or 42.5% of revenue, compared to a gross loss of $2.3 million, or 20.5% of revenue in the prior quarter [35] - GAAP net loss was $15.4 million, or $0.12 per diluted share, compared to a loss of $12.2 million, or $0.10 per diluted share in the prior quarter [37] - Adjusted EBITDA loss was $12.2 million, which was better than the midpoint of guidance, compared to losses of $10.5 million in the prior quarter [38] - The company ended the quarter with $8.3 million in cash on the balance sheet [39] Business Line Data and Key Metrics Changes - Over 70% of current purchase orders are in the 1P category, indicating a significant shift from previous quarters where 1P revenues were only 16% and 30% in Q2 and Q3 respectively [13] - The company has transitioned from a 2P only company to one that offers both 1P and 2P solutions, significantly increasing the total addressable market [15] Market Data and Key Metrics Changes - The company is seeing strong growth in the Northeast and Southwest U.S. markets, with opportunities expanding in the Southeast due to high wind product offerings [46] - The company has signed a multi-year supply agreement with Strata Clean Energy for at least 500 megawatts of 2P trackers, which could expand to over 1 gigawatt [28] Company Strategy and Development Direction - The company is focused on expanding its 1P product offerings, which now include high wind solutions and compatibility for various module types, to capture a larger market share [14] - The management believes that the company is poised to achieve quarterly profitability in 2025, driven by strong margins and a robust product cost structure [25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the solar market's resilience, noting that solar has experienced growth regardless of political changes [48] - The company expects to see continued improvement in revenue, margin, and adjusted EBITDA in Q4, with a target of achieving adjusted EBITDA breakeven on a quarterly basis in 2025 [41] Other Important Information - The company entered into a binding term sheet for a $15 million promissory note, which is expected to close by the end of November [21] - The company received an additional $4.7 million in cash from an earn-out on a prior investment, improving its liquidity position [39] Q&A Session Summary Question: What proportion of the backlog is coming from 1P revenues? - Management indicated that about 70% of signed purchase orders are in the 1P category, with expectations for revenue growth from this segment [43] Question: How is the geographic distribution of projects? - The company has a diverse geographic focus, with strong growth in the Northeast, Southwest, and Southeast markets [46] Question: What is the breakeven revenue range? - Management confirmed that the breakeven revenue range remains at $50 million to $60 million, consistent with previous discussions [51] Question: What is the outlook for 2025 revenue guidance? - Management expects about 60% of the signed backlog to start recognizing revenue in 2025, indicating strong growth potential [53] Question: Will there be opportunities for 1P in the Strata supply agreement? - Currently, the agreement is for 2P delivery, but there are expectations for future opportunities to cross-sell between 1P and 2P products [54]