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FTC Solar Announces Second Quarter 2024 Financial Results
Second Quarter Highlights and Recent Developments Second quarter revenue of $11.4 millionIndustry veteran Yann Brandt named new CEO, effective August
About this update from Ftc Solar, Inc.
[{"type":"text","content":"Second Quarter Highlights and Recent Developments\nSecond quarter revenue of $11.4 millionIndustry veteran Yann Brandt named new CEO, effective August 19Contracted portion of backlog now stands at $505 millionCompany continues to identify operational efficiencies while investing strategically in sales resources AUSTIN, Texas, Aug. 08, 2024 (GLOBE NEWSWIRE) -- FTC Solar, Inc. (Nasdaq: FTCI), a leading provider of solar tracker systems, software and engineering services, today announced financial results for the second quarter ended June 30, 2024. Second Quarter Results“Results for the second quarter were in line with our targets,” said Shaker Sadasivam, Chairman of the Board of FTC Solar. “The company continues to drive key initiatives to support future growth and profitability and is well positioned with a robust product offering across 1P and 2P configurations, and a lowered breakeven revenue level to enable strong margin improvement as revenue grows. We were pleased to announce last month that Yann Brandt will be joining the company as our new CEO and a member of the Board of Directors, effective August 19. He is an exceptional, strategic leader and industry insider with deep experience and relationships throughout the solar industry. We believe he is the right leader to build on this strong foundation and take the company to the next level.” The contracted portion of the company’s backlog1 now stands at $505 million. Summary Financial Performance: Q2 2024 compared to Q2 2023 U.S. GAAP Non-GAAP (b) Three months ended June 30, (in thousands, except per share data) 2024 2023 2024 2023 Revenue $11,430 $32,359 $11,430 $32,359 Gross margin percentage (20.5%) 6.8% (16.8%) 8.2%Total operating expenses $9,581 $12,568 $8,278 $9,740 Loss from operations(a) $(11,924) $(10,367) $(10,451) $(7,239)Net loss $(12,241) $(10,414) $(10,730) $(7,163)Diluted loss per share $(0.10) $(0.09) $(0.09) $(0.06) (a) Adjusted EBITDA for Non-GAAP(b) See below for reconciliation of Non-GAAP financial measures to nearest comparable GAAP measures Total second-quarter revenue was $11.4 million, within our target range. This revenue level represents a decrease of 9.2% compared to the prior quarter and a decrease of 64.7% compared to the year-earlier quarter, on both lower product and logistics volumes. GAAP gross loss was $2.3 million, or 20.5% of revenue, compa...