Ftc Solar, Inc. · NASDAQ:FTCI
Ftc Solar — Q3 2022 Earnings Presentation
11 slides from Ftc Solar's earnings presentation, Nov 9, 2022
Slide 1: Third Quarter 2022 Earnings Results
November 9, 2022 Third 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: Four Key Takeaways
3 Four Key Takeaways 1. Total backlog approaching $1 billion mark ($961m), growing nicely • $203m added since August 9 • Continued international growth, including announcing largest project to-date in Australia (128mw) 2. $165m of $203m recent backlog additions not impacted by UFLPA • New solution f
Slide 4: Q3 Financial Performance
Q3 Financial Performance 4 (in thousands, except per share data and percentages) GAAP Non-GAAP Three months ended September 30, (in thousands, except per share data) 2022 2021 2022 2021 Revenue $ 16,572 $ 52,989 $ 16,572 $ 52,989 Gross margin percentage (57.4%) (15.2%) (49.8%) (14.5%) Total operatin
Slide 5: Outlook
Outlook 5 4Q’22 Guidance Revenue ($M) $23-$27 Non-GAAP Gross Profit $(3.5)-$0.0 Non-GAAP Gross Margin (%) (15%)-0% Non-GAAP OpEx ($M) $10-$11 Adjusted EBITDA ($M) $(14.5)-$(10.0) Based on what we see today, we expect: • 3Q: Low-water mark in revenue, margin • 4Q: ~40%-60% revenue growth in 4Q off lo
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 September 30, 2022, and 2021, respectively: Thre e months e nde d Se pte mbe r 30, (in thousands, e xce pt pe rce ntage s) 2022 2021 GAAP revenue $ 16,572
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 September 30, 2022, and 2021, respectively: Thre e months e nde d Se pte mbe r 30, (in thousands) 2022 2021 GAAP loss from operations $ (26,694) $
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 September 30, 2022, and 2021, respectively: Thre e months e nde d Se pte mbe r 30, 2022 2021 (in thousands, e xce pt shar
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