Slide 1: Fourth Quarter 2022 Earnings Results
February 28, 2023 Fourth Quarter 2022 Earnings Results
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
Forward-Looking Statements and Non-GAAP Financial Measures 2 This presentation contains forward looking statements. These statements are not historical facts but rather are based on our current expectations and projections regarding our business, operations and other factors relating thereto. Words
Slide 3: Summary & Highlights
Summary & Highlights 3 Improvement across the board in Q4 Solar Market • Strong and improving LT demand trends (lowest cost to install, Gov’t & Corporate policies, RPS, Technology) • Further enhanced by fossil fuel pricing, war/energy security, Inflation Reduction Act (IRA) First 9 Months 2022 4Q’22
Slide 4: Q4 Financial Performance
Q4 Financial Performance 4 Results Ahead of Target Ranges Revenue Gross Margin ncome Up 58% Up 46 points Quarter over Quarter Quarter over Quarter • 4Q results better than mid-point of guidance ranges on all metrics GAAP Non-GAAP Three months ended December 31, (in thousands, except per share data)
Slide 5: Outlook
Outlook 5 1Q'23 1Q’23 Guidance • Targeting continued revenue growth and Revenue ($M) $36-$40 margin expansion in 1Q • 37%-53% revenue growth Non-GAAP Gross Profit $0.7-$3.2 • 540-1,140 bps of margin expansion Non-GAAP Gross Margin (%) 2%-8% Non-GAAP OpEx ($M) $10-$11 Beyond 1Q Adjusted EBITDA ($M) $
Slide 6: Q&A
Q&A
Slide 7: Appendix
Appendix
Slide 8: Reconciliation of Non-GAAP Gross Margin and Operating Expenses
Reconciliation of Non-GAAP Gross Margin and Operating Expenses 8 The following table reconciles Non-GAAP gross margin for the three months ended December 31, 2022, and 2021, respectively: Thre e months e nde d De ce mbe r 31, (in thousands, e xce pt pe rce ntage s) 2022 2021 GAAP revenue $ 26,220 $
Slide 9: Reconciliation of Non-GAAP Loss from Operations
Reconciliation of Non-GAAP Loss from Operations 9 The following table reconciles GAAP loss from operations to Adjusted EBITDA for the three months ended December 31, 2022, and 2021, respectively: Thre e months e nde d De ce mbe r 31, (in thousands) 2022 2021 GAAP loss from operations $ (19,861) $ (2
Slide 10: Reconciliation of Net Loss to Adjusted EBITDA and Adjusted Net Loss
Reconciliation of Net Loss to Adjusted EBITDA and Adjusted Net Loss 10 The following table reconciles Net loss to Adjusted EBITDA and Adjusted Net Loss for the three months ended December 31, 2022, and 2021, respectively: Three months ended December 31, 2022 2021 (in thousands, except shares and per
Slide 11: Notes to Reconciliations of Non-GAAP Financial Measures
Notes to Reconciliations of Non-GAAP Financial Measures 11 Notes to Reconciliations of Non-GAAP Financial Measures to Nearest Comparable GAAP Measures We utilize Adjusted EBITDA, Adjusted Net Loss, and Adjusted EPS as supplemental measures of our performance. We define Adjusted EBITDA as net loss pl