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• Revenue: $13.2 million, a 30.2% increase from the prior quarter, but a 43.1% decrease from the year-ago quarter.

• GAAP Gross Loss: $3.8 million or 29.1% of revenue, improved from $4.3 million or 42.5% of revenue in the prior quarter.

• Non-GAAP Gross Loss: $3.4 million or 25.6% of revenue, compared to $3.9 million or 38.3% of revenue in the prior quarter.

• GAAP Operating Expenses: $9.6 million.

• Non-GAAP Operating Expenses: $7.4 million, down from $10.8 million in the same quarter last year.

• GAAP Net Loss: $12.2 million or $0.96 per diluted share.

• Adjusted EBITDA Loss: $9.8 million, better than the guidance range.

• Backlog: Contracted backlog stands at $502 million.

• Cash on Balance Sheet: $11.2 million at the end of the quarter.

• Q1 Revenue Outlook: Between $18 million and $20 million, up about 44% at the midpoint relative to Q4.

• Q1 Non-GAAP Gross Loss Outlook: Between $4.8 million and $2.3 million.

• Q1 Non-GAAP Operating Expenses Outlook: Between $7.7 million and $8.4 million.

• Q1 Adjusted EBITDA Loss Outlook: Between $13.3 million and $10 million.

• Warning! GuruFocus has detected 5 Warning Signs with FTCI.

Release Date: March 31, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• FTC Solar Inc (NASDAQ:FTCI) has significantly increased its backlog, adding many multiples of its current annual revenue run rate.

• The company has signed long-term agreements with major players like Recurrent Energy, securing a five-year, five-gigawatt supply arrangement.

• FTC Solar Inc (NASDAQ:FTCI) has strengthened its sales team with the appointment of industry veteran Ken James as Chief Commercial Officer for North America.

• The company has seen a significant increase in its bidding run rate, nearly doubling compared to the previous year.

• FTC Solar Inc (NASDAQ:FTCI) is focusing on domestic content capabilities, expecting to have 100% domestic content available by Q3 of this year.

Negative Points

• FTC Solar Inc (NASDAQ:FTCI) reported a GAAP gross loss of $3.8 million, representing 29.1% of revenue.

• The company's revenue decreased by 43.1% compared to the year-earlier quarter due to lower product volumes.

• FTC Solar Inc (NASDAQ:FTCI) experienced a GAAP net loss of $12.2 million or $0.96 per diluted share.

• The company anticipates a non-GAAP gross loss between $4.8 million and $2.3 million for the first quarter.

• FTC Solar Inc (NASDAQ:FTCI) expects the year to be back half-weighted, indicating potential challenges in achieving consistent growth throughout the year.

Q & A Highlights

Q: Can you provide details on the five gigawatt agreement with Recurrent Energy, including the mix of 1P versus 2P technology and the geographical focus? A: Yann Brandt, President and CEO, explained that the agreement with Recurrent Energy involves both 1P and 2P technologies, with a geographical focus on the US, Europe, and Australia. The projects in the US and Europe are likely to commence first. The 1P technology will dominate, aligning with the current pipeline, which is 85-90% 1P. The decision to use 1P or 2P will depend on geographical and technical considerations.