Slide 1: Second Quarter 2022 Earnings Results
August 9, 2022 Second 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: Current Market Environment
3 Current Market Environment Market poised for significant recovery. Awaiting incremental data on module availability. May August AD/CVD UFLPA • Executive Order WRO • UFLPA Implemented • Inflation Act (IRA) • U.S. module imports • Industry cheers Exec. Order essentially halted (and potential Inflati
Slide 4: Our Focus
4 Our Focus • Driving gross margin improvement program, including DTV • Building higher-margin DG business • Improving operational efficiency, controlling costs • Building, strengthening customer relationships (new customers, strong bookings, record pipeline) • Accelerating international expansion •
Slide 5: Highlights
5 Highlights Good progress, international growth International Spotlight Continued International Expansion Q2 Q1 Bookings progress: $774 million with $141 million added since May 9 Kenya Malaysia Added new top 10 utility customer, new strategic EPC South Africa Thailand First project in Thailand 90%
Slide 6: Q2 Financial Performance
Q2 Financial Performance 6 (in thousands, except per share data and percentages) GAAP Non-GAAP Three months ended June 30, (in thousands, except per share data) 2022 2021 2022 2021 Revenue $ 30,721 $ 50,108 $ 30,721 $ 50,108 Gross margin percentage (21.2%) (32.0%) (17.5%) (16.8%) Total operating exp
Slide 7: 2H Outlook
2H Outlook 7 3Q’22 Guidance 4Q’22 Guidance Revenue ($M) $16.5-$19.0 $75-$90 Non-GAAP Gross Profit $(8.3) - $(3.8) Non-GAAP Gross Margin (%) (50%)-(20%) 9%-14% Non-GAAP OpEx ($M) $10-11 Adjusted EBITDA ($M) $(19)-$(14) $(3)-$3 Based on what we see today, we expect: • 3Q low-water mark in revenue, mar
Slide 8: Q&A
Q&A
Slide 9: Appendix
Appendix
Slide 10: Reconciliation of Non-GAAP Gross Margin and Operating Expenses
Reconciliation of Non-GAAP Gross Margin and Operating Expenses 10 The following table reconciles Non-GAAP gross margin for the three months ended June 30, 2022, and 2021, respectively: Thre e months e nde d June 30, (in thousands, e xce pt pe rce ntage s) 2022 2021 GAAP revenue $ 30,721 $ 50,108 GAA
Slide 11: Reconciliation of Non-GAAP Loss from Operations
Reconciliation of Non-GAAP Loss from Operations 11 The following table reconciles GAAP loss from operations to Adjusted EBITDA for the three months ended June 30, 2022, and 2021, respectively: Thre e months e nde d June 30, (in thousands) 2022 2021 GAAP loss from operations $ (25,239) $ (72,472) Dep
Slide 12: Reconciliation of Net Loss to Adjusted EBITDA and Adjusted Net Loss
Reconciliation of Net Loss to Adjusted EBITDA and Adjusted Net Loss 12 The following table reconciles Net loss to Adjusted EBITDA and Adjusted Net Loss for the three months ended June 30, 2022, and 2021, respectively: Thre e months e nde d June 30, 2022 2021 (in thousands, e xce pt share s and pe r
Slide 13: Notes to Reconciliations of Non-GAAP Financial Measures
Notes to Reconciliations of Non-GAAP Financial Measures 13 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