Slide 1: Third Quarter 2024 Earnings Results
November 12, 2024 Third Quarter 2024 Earnings Results
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
2 Forward-Looking Statements and Non-GAAP Financial Measures 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: Observations
3 Observations 1. FTC Solar is at an inflection point due to positioning and traction in 1P. • >70% of bookings are now 1P (vs. 16 % of revs in Q2 and 30% of revs in Q3) • Most complete 1P offering to-date with additions of: • High wind offerings extending to 150mph • Compatibility for all module ty
Slide 4: Recent Wins
4 Recent Wins 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 Binding Term Shee
Slide 5: Q3 Financial Performance
5 Q3 Financial Performance U.S. GAAP Non-GAAP(b) Three months ended September 30, (in thousands, except per share data) 2024 2023 2024 2023 Revenue $ 10,136 $ 30,548 $ 10,136 $ 30,548 Gross margin percentage (42.5%) 11.1% (38.3%) 12.8% Total operating expenses $ 10,670 $ 19,656 $ 8,131 $ 13,222 Loss
Slide 6: Outlook
6 Outlook 4Q’24 Guidance Revenue ($M) $10.0-$14.0 Non-GAAP Gross Profit ($M) $(4.2)-$(1.5) Non-GAAP Gross Margin (%) (42.2%)-(10.7%) Non-GAAP OpEx ($M) $8.2-$9.0 Adjusted EBITDA ($M) $(13.7)-$(9.9) • 4Q’24: Expect 4Q revenue to be approximately flat to up 39% • 1Q’25: Expect continued improvement in
Slide 7: Q&A
Q&A
Slide 8: Appendix
Appendix
Slide 9: Reconciliation of Non-GAAP Gross Margin and Operating Expenses
9 Reconciliation of Non-GAAP Gross Margin and Operating Expenses The following table reconciles U.S. GAAP gross margin to Non-GAAP gross margin for the three months ended September 30, 2024, and 2023, respectively: Thre e months e nded Se pte mbe r 30, (in thousands, e xce pt pe rce ntage s) 2024 20
Slide 10: Reconciliation of Non-GAAP Loss from Operations
10 Reconciliation of Non-GAAP Loss from Operations The following table reconciles U.S. GAAP loss from operations to Adjusted EBITDA for the three months ended September 30, 2024, and 2023, respectively: Thre e months e nded Se pte mbe r 30, (in thousands) 2024 2023 U.S. GAAP loss from operations $ (
Slide 11: Reconciliation of Net Loss to Adjusted EBITDA and Adjusted Net Loss
11 Reconciliation of Net Loss to Adjusted EBITDA and Adjusted Net Loss The following table reconciles U.S. GAAP Net loss to Adjusted EBITDA and Adjusted Net Loss for the three months ended September 30, 2024, and 2023, respectively: Thre e months e nded Se pte mbe r 30, 2024 2023 (in thousands, e xc
Slide 12: Notes to Reconciliations of Non-GAAP Financial Measures
12 Notes to Reconciliations of Non-GAAP Financial Measures 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