Ftc Solar, Inc. · NASDAQ:FTCI
Ftc Solar — Q4 2021 Earnings Presentation
16 slides from Ftc Solar's earnings presentation, Mar 15, 2022
Slide 1: Fourth Quarter 2021 Earnings Results
March 15, 2022 Fourth Quarter 2021 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: Fourth Quarter & Recent Highlights
Fourth Quarter & Recent Highlights 3 4Q revenue above guidance range, with growth of 92% q/q and 130% y/y Added three more SunPath contracts Launched turnkey DG offering for sub 20MW market Continue to target strong ~62% revenue growth in 2022 Announced acquisition of international tracker company,
Slide 4: Strategic Rationale
Strategic Rationale 4 Accelerates • Immediately adds team positioned for large tracker markets (China, Middle East, SE Asia, Africa) where FTC Solar has limited/no presence International • Home market of China expected to be largest tracker market outside U.S. by 2030, top 3 market between 2021-2030
Slide 5: HX Tracker Overview
HX Tracker Overview 5 • China-based tracker supplier founded in 2019 by industry veterans Business Overview • 1P tracker launched in 2021; Pipeline estimated at ~20GW Products and • Low steel content; design optimized for low-labor cost markets, large format modules capabilities • High torsional str
Slide 6: Terms & Financial Overview
Terms & Financial Overview 6 Revenue Contribution Outlook Adjusted EBITDA Contribution Outlook* ($mm) ($mm) $67 $59 $7+ $4+ 7 67 59 4 $(1) $10 -1 10 2022E 2023E 2024E 2022E 2023E 2024E Revenue Adjusted EBITDA • Upfront consideration $4.3 mil cash funded through cash on hand plus 1.4 million shares •
Slide 7: Full Year 2021 Highlights
Full Year 2021 Highlights 7 Annual revenue growth of 44% Top 15 developer and EPC penetration to 47% and 60%, respectively (from 40% each) Completing IPO, further strengthening balance sheet Tripling international pipeline to 26GW; winning first international projects in Australia, Africa Launching
Slide 8: Q4 Financial Performance
Q4 Financial Performance 8 (in thousands, except per share data and percentages) GAAP Non-GAAP Three months ended December 31, (in thousands, except per share data) 2021 2020 2021 2020 Revenue $ 101,721 $ 44,179 $ 101,721 $ 44,179 Gross margin percentage (8.4%) (10.9%) (7.3%) (10.7%) Total operating
Slide 9: Outlook
Outlook 9 Guidance 1Q’22 FY 2022 Revenue ($M) $55-$65 $415-$460 Non-GAAP Gross Margin (%) (7%)-0% 11%-14% Non-GAAP OpEx ($M) $12-13 $49-$54 Adjusted EBITDA ($M) $(17.5)-$(13.5) $(4)-$11 • Targeting achieving quarterly gross margin and Adjusted EBITDA breakeven during 2022 • Full-year target represen
Slide 10: Q&A
Q&A
Slide 11: Appendix
Appendix
Slide 12: Reconciliation of Non-GAAP Gross Margin and Operating Expenses
Reconciliation of Non-GAAP Gross Margin and Operating Expenses 12 The following table reconciles Non-GAAP gross margin for the three and twelve months ended December 31, 2021 and 2020, respectively: Thre e months e nde d De ce mbe r 31, Ye ar e nde d De ce mbe r 31, (in thousands, e xce pt pe rce nt
Slide 13: Reconciliation of Non-GAAP Loss from Operations
Reconciliation of Non-GAAP Loss from Operations 13 The following table reconciles GAAP loss from operations to Non-GAAP loss from operations for the three and twelve months ended December 31, 2021 and 2020, respectively: Thre e months e nde d De ce mbe r 31, Ye ar e nde d De ce mbe r 31, (in thousan
Slide 14: Reconciliation of Net Loss to Adjusted EBITDA and Adjusted Net Loss
Reconciliation of Net Loss to Adjusted EBITDA and Adjusted Net Loss 14 The following table reconciles Net loss to Adjusted EBITDA and Adjusted Net Loss for the three months ended December 31, 2021 and 2020, respectively: Thre e months e nde d De ce mbe r 31, 2021 2020 (in thousands, e xce pt share s
Slide 15: Reconciliation of Net Loss to Adjusted EBITDA and Adjusted Net Loss
Reconciliation of Net Loss to Adjusted EBITDA and Adjusted Net Loss 15 The following table reconciles Net loss to Adjusted EBITDA and Adjusted Net Loss for the twelve months ended December 31, 2021 and 2020, respectively: Ye ar e nde d De ce mbe r 31, 2021 2020 (in thousands, e xce pt share s and pe
Slide 16: Notes to Reconciliations of Non-GAAP Financial Measures
Notes to Reconciliations of Non-GAAP Financial Measures 16 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