Ftc Solar, Inc. · NASDAQ:FTCI
Ftc Solar — Q2 2023 Earnings Presentation
12 slides from Ftc Solar's earnings presentation, Aug 9, 2023
Slide 1: Second Quarter 2023 Earnings Results
August 9, 2023 Second 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: Overview
Overview 3 2Q-3Q 2023 • Project delays impact near-term revenue • Contracted revenue push from Q2 to Q4 – domestic content • Bidding activity remains high, timing to purchase order slower / push outs • Delays more impactful at current run-rates 4Q 2023 • Significant uptick in project activity and wi
Slide 4: Remain Well Positioned
Remain Well Positioned 4 1) Improved manufacturing cost • Now in-line with large peers, will further improve with scale 2) New project margins enable target gross margins • Target GM 12%-18% at $150m rate/q, 20%+ long-term • Achieved 90bps expansion in Q2 on lower revenue, now 58 points higher over
Slide 5: Q2 Financial Performance
Q2 Financial Performance 5 Delayed projects impact revenue. Gross margin shows continued improvement. Non-GAAP Gross Margin 7.3% 8.2% Y/Y Q/Q Non-GAAP Non-GAAP Revenue Gross Margin Revenue Gross Margin 5% 21% 90bps 3Q'22 4Q'22 1Q'23 2Q'23 up up 2,560bps down up -3.4% -49.8% U.S. GAAP Non-GAAP Three
Slide 6: Outlook
Outlook 6 3Q'23 • Targeting revenue to be approximately flat 3Q’23 Guidance with 2Q Revenue ($M) $24.0-$34.0 • Gross margin will directionally follow revenue Non-GAAP Gross Profit ($M) $0.7-$3.1 Looking Ahead Non-GAAP Gross Margin (%) 3%-9% • Revenue growth in Q4 with Non-GAAP OpEx ($M) $10-$11 cont
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 June 30, 2023, and 2022, respectively: The following table reconciles U.S. GAAP operating expenses to Non-GAAP operating expenses
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 June 30, 2023, and 2022, respectively:
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 June 30, 2023, and 2022, respectively: (a) Non-routine legal fees represent legal fees and other costs incurred
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