Ftc Solar, Inc. · NASDAQ:FTCI
Ftc Solar — Q1 2025 Earnings Presentation
12 slides from Ftc Solar's earnings presentation, May 1, 2025
Slide 1: First Quarter 2025 Earnings Results
May 1, 2025 First Quarter 2025 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: Recent Highlighted Wins
Recent Highlighted Wins 3 • 5-Gigawatt Supply Arrangement with Recurrent Energy • 500MW+ Multi-Year Agreement with Strata Clean Energy • 1GW Agreement with Dunlieh Energy • Awarded 330+ Megawatt Project Award from GPG Naturgy • Awarded 280-Megawatt Project from Rosendin • Appointed Kent James U.S. C
Slide 4: 1P Product Line Enhancements
1P Product Line Enhancements 4 Customer Interest • High wind offerings extend up to 150mph • Module compatibility across module vendors and types Customer Visits • Late-stage module flexibility Bidding Volume • Reduced land grading/terrain following Project size • Large range of stow, integration wi
Slide 5: Q1 Financial Performance
Q1 Financial Performance 5 Revenue growth and margin Non-GAAP Operating Expense Q/Q Y/Y 8.7 7.4 Non-GAAP Non-GAAP 6.6 Revenue Gross Margin Revenue Gross Lo Margin up 58% up 1,121bps up 65% down 70bps 1Q'24 4Q'24 1Q'25 Summary Financial Performance: Q1 2025 compared to Q1 2024 U.S. GAAP Non-GAAP(c) T
Slide 6: Outlook
Outlook 6 2Q’25 Guidance Revenue ($M) $19.0-$24.0 Non-GAAP Gross Profit ($M) $(4.4)-$(2.0) Non-GAAP Gross Margin (%) (23.4%)-(8.5%) Non-GAAP OpEx ($M) $7.8-$8.6 Adjusted EBITDA ($M) $(13.3)-$(10.0) • 2025 revenue second half weighted • Continue to expect to achieve Adjusted EBITDA breakeven on quart
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, 2025, and 2024, respectively: Thre e months e nde d March 31, (in thousands, e xce pt pe rce ntage s) 2025 2024 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, 2025, and 2024, respectively: Thre e months e nde d March 31, (in thousands) 2025 2024 U.S. GAAP loss from operations $ (10,560) $
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, 2025, and 2024, respectively: Three months ended March 31, (a) We exclude the gain from collections o
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