In This Article:
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Revenue: $20.8 million, a 58% increase from the prior quarter and a 65% increase from the year-ago quarter.
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GAAP Gross Loss: $3.4 million or 16.6% of revenue, compared to $3.8 million or 29.1% of revenue in the prior quarter.
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Non-GAAP Gross Loss: $3 million or 14.4% of revenue, compared to $3.4 million or 25.6% of revenue in the prior quarter.
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GAAP Operating Expenses: $7.1 million.
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Non-GAAP Operating Expenses: $6.6 million, down from $8.7 million in the same quarter last year and $7.4 million in the prior quarter.
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GAAP Net Loss: $3.8 million or $0.58 per diluted share, compared to a loss of $12.2 million or $0.96 per diluted share in the prior quarter.
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Adjusted EBITDA Loss: $9.8 million, compared to losses of $9.8 million in the prior quarter and $10.7 million in the year-ago quarter.
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Contracted Backlog: $482 million.
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Cash: Ended the quarter with $5.9 million, excluding up to $10 million to $15 million from the upsizing of notes offering expected to close in Q2.
Release Date: May 01, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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FTC Solar Inc (NASDAQ:FTCI) added multiples of its current annual revenue run rate to its backlog, signing agreements totaling more than 6.5 gigawatts with Tier 1 accounts.
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The company has introduced a new 1P solution, Pioneer, which has been greatly expanded and includes high wind offerings and compatibility with a wide range of modules.
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FTC Solar Inc (NASDAQ:FTCI) reported a 58% increase in revenue compared to the prior quarter, exceeding the high end of their guidance range.
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The company has reduced its operating expenses for the sixth consecutive quarter, achieving its lowest level since 2020.
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FTC Solar Inc (NASDAQ:FTCI) has a contracted backlog of $482 million, indicating strong future revenue potential.
Negative Points
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FTC Solar Inc (NASDAQ:FTCI) reported a GAAP gross loss of $3.4 million, representing 16.6% of revenue.
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The company faces uncertainties in the market due to tariffs, duties, and changes to permitting processes, which could impact project timelines.
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Despite improvements, FTC Solar Inc (NASDAQ:FTCI) still has a long way to go to achieve its desired revenue levels.
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The company is experiencing a non-GAAP gross loss, which was $3 million or 14.4% of revenue.
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FTC Solar Inc (NASDAQ:FTCI) ended the quarter with a cash balance of $5.9 million, which may be considered low given the scale of operations.
Q & A Highlights
Q: Can you explain FTC Solar's exposure to tariffs on imported components? A: Yann Brandt, President and CEO, stated that while there are imported items subject to tariffs, FTC Solar has a diversified supply chain to mitigate this. Most tariffs are contractually passed through to customers, minimizing the impact on the company.