Ftc Solar, Inc. · NASDAQ:FTCI
Ftc Solar — Q1 2023 Earnings Presentation
12 slides from Ftc Solar's earnings presentation, May 10, 2023
Slide 1: First Quarter 2023 Earnings Results
May 10, 2023 First Quarter 2023 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: Market Update
Market Update 3 • Increase in projects with modules/module visibility appearing in project funnel • Encouraging sign for the back half of 2023 into 2024 • Very strong long-term solar demand to be further enhanced by Inflation Reduction Act (IRA)
Slide 4: Improved Positioning & Results
Improved Positioning & Results 4 Action Taken Benefit Improved Cost & • Eliminated >20% of product steel content • Significant margin expansion in progress Margin Structure • Launched high-margin DG business • Estimate 12%-18% margin at $150m run-rate/q Expanded Product • New solution for U.S. thin-
Slide 5: Q1 Financial Performance
Q1 Financial Performance 5 Results at High-End of Target Ranges Non-GAAP Revenue Gross Margin Up 56% Up 11 points Quarter over Quarter Quarter over Quarter • 1Q results better than mid-point of guidance ranges on all metrics U.S. GAAP Non-GAAP Three months ended March 31, (in thousands, except per s
Slide 6: Outlook
Outlook 6 2Q'23 2Q’23 Guidance • Targeting continued revenue growth and Revenue ($M) $42.5-$52.5 margin expansion in 2Q • 170-470 bps of margin expansion Non-GAAP Gross Profit $4.0-$6.5 Non-GAAP Gross Margin (%) 9%-12% Beyond 2Q Non-GAAP OpEx ($M) $10-$11 • Increasing confidence in the potential for
Slide 7: Q&A
Q&A
Slide 8: Appendix
Appendix
Slide 9: Reconciliation of Non-GAAP Gross Margin and Operating Expenses
Reconciliation of Non-GAAP Gross Margin and Operating Expenses 9 The following table reconciles U.S. GAAP gross margin to Non-GAAP gross margin for the three months ended March 31, 2023, and 2022, respectively: Thre e months e nde d March 31, (in thousands, e xce pt pe rce ntage s) 2023 2022 U.S. GA
Slide 10: Reconciliation of Non-GAAP Loss from Operations
Reconciliation of Non-GAAP Loss from Operations 10 The following table reconciles U.S. GAAP loss from operations to Adjusted EBITDA for the three months ended March 31, 2023, and 2022, respectively: Thre e months e nde d March 31, (in thousands) 2023 2022 U.S. GAAP loss from operations $ (12,397) $
Slide 11: Reconciliation of Net Loss to Adjusted EBITDA and Adjusted Net Loss
Reconciliation of Net Loss to Adjusted EBITDA and Adjusted Net Loss 11 The following table reconciles U.S. GAAP Net loss to Adjusted EBITDA and Adjusted Net Loss for the three months ended March 31, 2023, and 2022, respectively: Thre e months e nde d March 31, 2023 2022 (in thousands, e xce pt share
Slide 12: Notes to Reconciliations of Non-GAAP Financial Measures
Notes to Reconciliations of Non-GAAP Financial Measures 12 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