FTC Solar, Inc., a prominent provider of solar tracker systems, software, and engineering services, has disclosed its financial performance for the first quarter . Despite a decrease in revenue compared to previous quarters, the company’s strategic initiatives remain focused on enhancing gross margin potential and bolstering customer engagement.
FTC Solar’s first-quarter results for 2024 have been unveiled, demonstrating a revenue of $12.6 million, which aligns with the company’s predefined targets. Shaker Sadasivam, Chairman of the Board of FTC Solar, expressed satisfaction with the quarterly performance, highlighting the company’s commitment to advancing key initiatives aimed at driving future growth and profitability.
The company’s total backlog now stands impressively at approximately $1.8 billion, underscoring the robust demand for its solar tracker systems and services.
In terms of financial performance, there was a notable decline in revenue compared to both the prior quarter and the same period last year, attributed to lower product and logistics volumes. Gross margin percentage also saw a decrease, primarily due to the impact of lower revenues on fixed indirect costs.
GAAP gross loss for the quarter was $2.1 million, while non-GAAP gross loss amounted to $1.7 million, reflecting the challenges posed by reduced revenue levels. Operating expenses were reported at $10.4 million on a GAAP basis and $8.7 million on a non-GAAP basis, including a credit loss provision primarily related to a specific customer.
The company reported a GAAP net loss of $8.8 million, or $0.07 per share, for the quarter, compared to losses of $11.2 million and $11.8 million in the prior quarter and the year-ago quarter, respectively. Adjusted EBITDA loss for the quarter stood at $10.7 million, indicating ongoing efforts to manage operational expenses.
Looking ahead, FTC Solar anticipates a slight increase in revenue for the second quarter of 2024 compared to the first quarter. The company aims to achieve breakeven on an Adjusted EBITDA basis in the third quarter and expects profitability on that basis in the fourth quarter.
To discuss these financial results and provide insights into future prospects, FTC Solar will host a conference call for investors. The call will be webcast and accessible through the Investor Relations section of FTC Solar’s website. A replay of the conference call will also be available on the website for 30 days following the webcast
FTC Solar’s first-quarter financial results reflect a period of strategic focus and operational resilience despite challenges posed by market dynamics. With a solid backlog and a commitment to driving profitability, the company remains poised for future growth in the solar energy sector.
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