Slide 1: Fourth Quarter 2024 Earnings Results
March 31, 2025 Fourth Quarter 2024 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: Summary Observations
Summary Observations 3 1. FTC Solar is at an inflection point due to positioning and traction in 1P. 2. Relationships with global customer base in great position 3. Easier, faster and safer to install 4. Poised to achieve quarterly profitability in 2025
Slide 4: Wins Highlighted on 3Q Call
Wins Highlighted on 3Q Call 4 Multi-Year Agreement with Strata Clean Energy • 500MW of 2P trackers • Expandable to 1GW+ 1GW Agreement with Dunlieh Energy • New customer • First project is 500MW in Nebraska Additional Project Detail on Sandhills Energy Agreement • Three projects 225MW, 320MW, 448MW $
Slide 5: New Wins & Highlights
New Wins & Highlights 5 Entered into 5-Gigawatt Supply Arrangement with Recurrent Energy • Projects expected in U.S, Europe and Australia; 1P and 2P trackers Awarded 330+ Megawatt Project Award from GPG Naturgy • New customer; 1P project in Australia Awarded 280-Megawatt Project from Rosendin • 1P p
Slide 6: Q4 Financial Performance
Q4 Financial Performance 6 Summary Financial Performance: Q4 2024 compared to Q4 2023 U.S. GAAP Non-GAAP(c) Three months ended December 31, (in thousands, except per share data) 2024 2023 2024 2023 Revenue $ 13,202 $ 23,201 $ 13,202 $ 23,201 Gross margin percentage (29.1%) 3.0% (25.6%) 4.8% Total op
Slide 7: Outlook
Outlook 7 1Q’25 Guidance Revenue ($M) $18.0-$20.0 Non-GAAP Gross Profit ($M) $(4.8)-$(2.3) Non-GAAP Gross Margin (%) (26.6%)-(11.7%) Non-GAAP OpEx ($M) $7.7-$8.4 Adjusted EBITDA ($M) $(13.3)-$(10.0) • 1Q’25: Expect 1Q revenue at midpoint to be up approximately 44% • Continue to expect to achieve Adj
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 U.S. GAAP gross margin to Non-GAAP gross margin for the three months ended December 31, 2024, and 2023, respectively: Thre e months e nde d De ce mbe r 31, (in thousands, e xce pt pe rce ntage s) 2024 20
Slide 11: Reconciliation of Non-GAAP Loss from Operations
Reconciliation of Non-GAAP Loss from Operations 11 The following table reconciles U.S. GAAP loss from operations to Adjusted EBITDA for the three months ended December 31, 2024, and 2023, respectively: Thre e months e nde d De ce mbe r 31, (in thousands) 2024 2023 U.S. GAAP loss from operations $ (1
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 U.S. GAAP Net loss to Adjusted EBITDA and Adjusted Net Loss for the three months ended December 31, 2024, and 2023, respectively: Thre e months e nde d De ce mbe r 31, (a) We exclude the gain from c
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