In This Article:
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Revenue: $11.4 million, a decrease of 9.2% from the prior quarter and 64.7% from the year-ago quarter.
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GAAP Gross Loss: $2.3 million or 20.5% of revenue.
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Non-GAAP Gross Loss: $1.9 million or 16.8% of revenue.
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GAAP Operating Expenses: $9.6 million.
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Non-GAAP Operating Expenses: $8.3 million, the lowest level in more than three years.
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GAAP Net Loss: $12.2 million or $0.10 per share.
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Adjusted EBITDA Loss: $10.5 million.
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Cash and Restricted Cash: $10.8 million at the end of the quarter.
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Backlog: Contracted portion increased by $32 million to $505 million.
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Third Quarter Revenue Outlook: Between $9 million and $11 million.
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Fourth Quarter Revenue Outlook: Expected to more than double relative to the third quarter.
Release Date: August 08, 2024
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) announced the appointment of Yann Brandt as the new CEO, bringing extensive experience in the solar industry.
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The company has secured a strong position in the market with its 2P offering and is expanding into the 1P segment.
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FTC Solar Inc (NASDAQ:FTCI) has a contracted backlog of $505 million, indicating a solid foundation for future revenue.
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The company has improved its breakeven revenue level to $50 million to $60 million per quarter, enhancing its path to profitability.
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FTC Solar Inc (NASDAQ:FTCI) has a broad and comprehensive product portfolio, allowing it to be technology agnostic and optimize customer projects.
Negative Points
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FTC Solar Inc (NASDAQ:FTCI) experienced a 64.7% decrease in revenue compared to the year-ago quarter, reflecting significant challenges.
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The company is facing project delays due to interconnection and financing issues, impacting revenue expectations for the second half of the year.
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FTC Solar Inc (NASDAQ:FTCI) reported a GAAP gross loss of $2.3 million, indicating ongoing financial struggles.
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The company has a low cash balance of $10.8 million, raising concerns about liquidity and the need for fresh capital.
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FTC Solar Inc (NASDAQ:FTCI) is currently subscale in revenue, making it more vulnerable to customer project delays.
Q & A Highlights
Q: For the contracted portion of the backlog of $505 million, how much of that can be recognized in the next 12 months? And what are the catalysts needed to release more of the backlog sooner? How do you expect bookings to trend over the next few quarters? A: Cathy Behnen, CFO: The $500 million in contracted purchase orders are lined up and ready, with execution dependent on customer actions. We expect continued acceleration of bookings due to the addition of strong sales leaders and the new CEO's industry relationships.